BEND, Ore. - To celebrate its completed merger with Home Federal Bank, Bank of the Cascades pledged Monday to invest heavily in communities across Oregon and Idaho's Treasure Valley.
The bank will provide $2 billion in credit to small businesses and individuals over the next three years, and is prepared to deliver $175,000 in philanthropic giving to nearly 100 organizations over the coming month.
According to Bank of the Cascades President and CEO Terry Zink, the merger with Home Federal Bank combines the financial strength of two exceptional institutions, which creates greater opportunities to impact communities positively through lending and charitable giving.
"Our customers and communities are the real winners of this merger," said Zink. "Together, we have increased lending capacity to invest in local businesses and organizations making a difference in people's lives. These pledges reflect our commitment to the prosperity of all those we are privileged to serve."
Julie Miller, EVP and Oregon Region President, commented, "Helping business grow and thrive is at the forefront of our mission. Each customer we serve contributes to business growth, job creation and strengthens our local shared economies. We also emphasize local leadership with regional expertise so that we understand and respond effectively to the needs of our customers and communities."
Bank of the Cascades delivers financing and depository services to local business customers across Oregon, and also provides a comprehensive, competitive and convenient line of personal financial services.
Individual customers of the combined bank will have access to enhanced banking solutions that include home loans, trust services, investment services, robust online and mobile banking, and additional retail branches for convenience.
"For communities to thrive, businesses and individuals need smart financial solutions and access to capital," said Zink. "Our products and services are simply a means to that end. The more customers we serve and the more we lend responsibly, the bigger impact we have as a community partner."
Bank of the Cascades has also promised to deliver financial support and contributions to nearly 100 nonprofit organizations over the next month.
"Both Bank of the Cascades and Home Federal Bank have proud histories of giving back to organizations and causes that strengthen our communities," said Miller. "Our combined bank is honored to work together in support of those making a difference for others."
As part of the merger, Bank of the Cascades will assume leadership of Home Federal's charitable foundation, continuing this legacy of giving.
The merger also results in the convenience of additional branch locations. In Oregon, Bank of the Cascades is expanding to Eugene and Springfield, while also adding to its existing network of branches in Central and Southern Oregon.
In Southwest Idaho, the bank now has full service branches in Boise, Eagle, Garden City, Meridian, Nampa, Kuna, Caldwell, Fruitland, Mountain Home and Emmett.
Shareholders on Friday approved the merger, creating a combined company that is expected to have assets in excess of $2.3 billion and deposits of $2 billion, with 40 branches serving the Oregon and Boise, Idaho markets.
Zink said, "I am very excited to welcome the customers and employees of Home Federal to Cascade."
"This acquisition expands our operational footprint in the Pacific Northwest while also providing revenue and cost synergies to the bank," Zink continued. "We look forward to delivering an expanded line of products and services to meet the financial needs of our local business and personal banking customers as we strive to be the premier community bank in the Pacific Northwest."
Under the terms of the merger agreement, former shareholders of Home Federal Bancorp will receive a fixed exchange ratio of 1.6772 shares of Cascade common stock and $8.43 in cash for each share of Home Federal Bancorp common stock, without interest and less withholding for taxes (and cash in lieu of fractional shares).
Cascade was advised in this transaction by Macquarie Capital, as financial advisor, and Hunton & Williams LLP, as legal counsel. Home was advised by Keefe, Bruyette & Woods, as financial advisor, and Vorys, Sater, Seymour and Pease LLP, as legal counsel.
About Cascade Bancorp and Bank of the Cascades
Cascade Bancorp (NASDAQ: CACB), headquartered in Bend, Oregon, and its wholly owned subsidiary, Bank of the Cascades, operate in Oregon and Idaho markets.
Founded in 1977, Bank of the Cascades offers full-service community banking through 28 branches in Central, Southern and Northwest Oregon, as well as in the greater Boise/Treasure Valley, Idaho area.
The Bank has a business strategy that focuses on delivering the best in community banking for the financial well-being of customers and shareholders. It executes its strategy through the consistent delivery of full relationship banking focused on attracting and retaining value-driven customers. For further information, please visit our website at www.botc.com.