Cascade Bancorp plans to purchase the
Cascade Bancorp, the holding company for Bank of the Cascades, announced the execution of a purchase and assumption agreement where, subject to regulatory approval the Bank will purchase the Klamath Falls branch of AmericanWest Bank and will assume the customer relationships including deposits and selected loans of AmericanWest Bank’s Bend and Redmond branch offices. The transaction is expected to close in the fourth quarter of 2013. Each of the three branches were PremierWest Bank branches prior to acquisition by AmericanWest Bank earlier this year.
“We are very pleased to welcome these new customers to Bank of the Cascades and, in conjunction with AmericanWest, to provide them uninterrupted banking service,” said Terry E. Zink, CEO of Cascade Bancorp. “With a 37 year history of investing in our communities, we share a common commitment to customer service with AmericanWest Bank and look forward to serving our new customers with individual attention and an extensive choice of personal and business banking services to meet their financial needs. Our commitment is to deliver the best in banking and provide customers the expertise and advantages of local banking with the value and convenience of anytime, anywhere availability.”
Upon receipt of all necessary regulatory approval, the
In addition the customer relationships at the Bend branch of AmericanWest Bank will be transferred to the Bend Forum Branch of Bank of the Cascades at 2630 NE Hwy. 20, located less than a half mile away in the Forum Shopping Center.
The branch offers full branch and drive-up banking services, Saturday banking hours well as night depository and drive-up ATMs for deposit, balance, transfer and cash withdrawal needs. Further, the customer relationships at the
The
About Cascade Bancorp and Bank of the Cascades
Cascade Bancorp (NASDAQ: CACB), headquartered in