March 10, 2016
Cascade Bancorp, the holding company for the Bend, OR-headquartered Bank of the Cascades, completed the acquisition of 15 former Bank of America branches in Southern and Coastal Oregon and Western Washington.
The acquisitions make the financial institution Oregon’s largest community bank, with $3 billion in assets and 51 branches operating in Oregon, Washington and Southwest Idaho, as well as commercial banking centers in downtown Portland and Seattle.
The organization’s goal is to grow the institution to $5 billion in assets, through organic loan growth and acquisitions in the northwest.
The Bank of America transaction is Bank of the Cascades’ second major acquisition in the past two years. In 2014, the company acquired Home Federal Bank in Nampa, ID.