Cascade Bancorp, the parent of Bank of the Cascades, has completed the acquisition of 15 former Bank of America (BofA) branches in Southern and Coastal Oregon and Western Washington.
Bank of the Cascades agreed to purchase BofA branches in communities of Ashland, Bandon, Lincoln City, Newport, North Bend, Reedsport, Roseburg, Grants Pass, Klamath Falls, Medford and Seaside in Oregon in October 2015.
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The bank has also forayed into the retail banking market in Washington State by purchasing Bank of America branches in Cathlamet, Raymond and Westport communities.
Following the deal, Cascade Bancorp has assumed nearly $470m of branch deposits and gained about 60,000 new customer accounts.
Currently, Bank of the Cascades is the largest community bank in Oregon, managing about $3bn in assets. It operates with 51 branches in Oregon, Washington and Southwest Idaho, as well as commercial banking centres in downtown in Portland and Seattle.
Bank of the Cascades CEO Terry Zink said: "We are very pleased to be able to provide a continuation of banking services to those customers and communities who were impacted by Bank of America’s decision to sell their branches. We provide access to a full range of business and consumer banking products and service lines, in addition to making all of our lending decisions at the local level by knowledgeable bankers who our customers know and trust."
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By GlobalData
