Bank of the Cascades, the principal operating subsidiary of Cascade Bancorp, has entered into an agreement with the Federal Deposit Insurance Corporation (FDIC) and the Oregon Division of Finance and Corporate Securities (DFCS), which requires the bank to take certain measures to improve its financial condition and operations.
Under the agreement, Bank of the Cascades has agreed to certain measures in order to: improve its capital position, maintain liquidity ratios, reduce its level of non-performing assets, and reduce its loan concentrations in certain portfolios, improve management practices, and to assure that its allowance for loan losses is maintained at an appropriate level.
Cascade Bancorp has said that in consenting to the order, Bank of the Cascades did not concede the findings or admit to any of the assertions therein but it did agree to adopt and implement a corrective program to address certain deficiencies noted in the examination.
According to Cascade Bancorp, the agreement, a cease and desist order, identified items in a routine regulatory exam completed in February 2009.
Patricia Moss, president and CEO of Cascade Bancorp, has said that the issues identified in the regulatory order largely reflect actions already well underway by the board of directors and management.
