Merger with Home Federal Bank renews commitment to strengthen local communities. To celebrate its completed merger with Home Federal Bank, Bank of the Cascades yesterday pledged 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.
“In general, we are all in for economic development for growth in communities. The money will not be specifically earmarked, rather distributed to small business loans, mortgages and construction loans.” Asked how the merger allowed the bank to pledge $2 billion in credit, Zink noted, “By combining the two pretty good banks into one great bank, we will be able to deliver a lot more to the communities. Spreading out the costs and risk involved allows us to more successfully navigate the areas of banking.”
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 in 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.
“Our plan is to utilize the charitable foundation already set up by Home Federal to provide the charitable donations,” added Zink. “We have a strategic direction we look at when deciding upon contributions. We tend to focus on Kindergarten through 12th grade education and economic development. However, there is room to offer assistance in other areas.”
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.
About Bank of the Cascades
Bank of the Cascades is the principal subsidiary of Cascade Bancorp (NASDAQ: CACB). Headquartered in Bend, Oregon, Bank of the Cascades delivers personalized relationship banking, competitive financial products and advanced technology applied for the convenience of customers. Founded in 1977, Bank of the Cascades offers full-service community banking through 40 branches in Central Oregon, Southern Oregon, Willamette Valley, Eugene, Portland, Salem and southwest Idaho. Throughout its history, the bank has been recognized for its long-standing tradition of corporate philanthropy.
For more information, visit www.botc.com
