Attached files
| file | filename |
|---|---|
| 8-K - CASCADE BANCORP | v195676_8-k.htm |
August
30, 2010
NEWS
RELEASE
|
CONTACT:
|
Patricia
L. Moss, President & Chief Executive Officer, Cascade Bancorp (541)
385-6205
|
Gregory
D. Newton, EVP, Chief Financial Officer, Cascade Bancorp (541)
617-3526
Cascade Bancorp (Oregon)
Announces Securities Purchase Agreements Extended With Private Party
Investors
BEND,
Ore., Aug. 30 /PRNewswire-FirstCall/ -- Cascade Bancorp ("Cascade") (Nasdaq:
CACB) announced today that it has entered into an agreement with each of David
F. Bolger ("Mr. Bolger") and an affiliate of Lightyear Fund II, L.P.
("Lightyear") amending the Securities Purchase Agreements between the Company
and Mr. Bolger and the Company and Lightyear dated October 29, 2009, as amended
February 16, 2010, June 1, 2010, June 30, 2010, July 15, 2010 and August 31,
2010 (the "Securities Purchase Agreements") to extend their conditional
commitments to September 15, 2010.
Per the
new agreement, the extended date by which conditions of closing must be
satisfied is now September 15, 2010. The sales to Mr. Bolger and to Lightyear
are conditioned upon the Company's simultaneous sale of shares of its common
stock in additional private placements to other investors under separate written
agreements such that the total net proceeds from the offerings is at least $150
million, in addition to the other closing conditions set forth in each of the
Securities Purchase Agreements.
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, operates in Oregon and Idaho markets. Founded
in 1977, Bank of the Cascades offers full-service community banking through 32
branches in Central Oregon, Southern Oregon, Portland/Salem and
Boise/Treasure Valley.
FORWARD
LOOKING STATEMENTS
This
release contains forward-looking statements about Cascade Bancorp's plans and
anticipated results of operations and financial condition. These statements
include, but are not limited to, our plans, objectives, expectations and
intentions and are not statements of historical fact. When used in this report,
the word "expects," "believes," "anticipates," "could," "may," "will," "should,"
"plan," "predicts," "projections," "continue" and other similar expressions
constitute forward looking statements, as do any other statements that expressly
or implicitly predict future events, results or performance, and such statements
are made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Certain risks and uncertainties and the Company's
success in managing such risks and uncertainties cause actual results to differ
materially from those projected, including among others, the risk factors
described in our quarterly report on Form 10-Q filed with the Securities and
Exchange Commission (the "SEC") for the quarter ended March 31, 2010 as well as
the following factors: our inability to comply in a timely manner with the cease
and desist order with the Federal Deposit Insurance Corporation ("FDIC") and the
Oregon Division of Finance and Corporate Securities ("DFCS"), under which we are
currently operating, could lead to further regulatory sanctions or orders, which
could further restrict our operations and negatively affect our results of
operations and financial condition; local and national economic conditions could
be less favorable than expected or could have a more direct and pronounced
effect on us than expected and adversely affect our results of operations and
financial condition; the local housing/real estate market could continue to
decline for a longer period than we anticipate; the risks presented by a
continued economic recession, which could continue to adversely affect credit
quality, collateral values, including real estate collateral and OREO
properties, investment values, liquidity and loan originations, reserves for
loan losses and charge offs of loans and loan portfolio delinquency rates and
may be exacerbated by our concentration of operations in the States of Oregon
and Idaho generally, and the Oregon communities of Central Oregon, Northwest
Oregon, Southern Oregon and the greater Boise area, specifically; we may be
compelled to seek additional capital in the future to augment capital levels or
ratios or improve liquidity, but capital or liquidity may not be available when
needed or on acceptable terms; interest rate changes could significantly reduce
net interest income and negatively affect funding sources; competition among
financial institutions could increase significantly; competition or changes in
interest rates could negatively affect net interest margin, as could other
factors listed from time to time in the Company's SEC reports; the reputation of
the financial services industry could further deteriorate, which could adversely
affect our ability to access markets for funding and to acquire and retain
customers; and current regulatory requirements, changes in regulatory
requirements and legislation and our inability to meet those requirements,
including capital requirements and increases in our deposit insurance premium,
could adversely affect the businesses in which we are engaged, our results of
operations and financial condition. These forward-looking statements speak only
as of the date of this release. The Company undertakes no obligation to publish
revised forward looking statements to reflect the occurrence of unanticipated
events or circumstances after the date hereof. Readers should carefully review
all disclosures filed by the Company from time to time with the
SEC.