The deal adds about $470m in deposits to the bank’s balance sheet. It also gained around 60,000 new customers.
Bank of the Cascades currently has $3bn in assets and 51 branches, making it Oregon’s largest community bank. It has $1.4bn in deposits in the state.
Cascade plans to increase its assets base to $5bn via organic loan growth and acquisitions in the Northwest.
Cascade president and COO Chip Reeves said: "Our vision to see communities of all sizes across the Northwest thrive economically took an important step forward today.
"We look forward to making a positive difference in our new communities, as well as continuing to invest in the prosperity of all the communities we serve."
Bank of the Cascades has also entered Washington State’s retail banking market by purchasing Bank of America branches in the communities of Cathlamet, Raymond and Westport.
The transaction with Bank of America marks Bank of the Cascades’ second major acquisition over the past two years.
In 2014, Bank of the Cascades acquired Nampa, Idaho-based Home Federal Bank, which expanded its presence in Southwest Idaho and Oregon.
Bank of the Cascades offers access to a range of business and consumer banking products and service lines, apart from making all of its lending decisions at the local level.
Cascade Bancorp has reported a net income of $5.6m, or $0.08 per share, for the fourth quarter of 2015, compared to $5.04m, or $0.07 per share, for the same period in 2014.
Image: Cascade Bancorp acquires 15 former Bank of America branches. Photo: courtesy of adamr/FreeDigitalPhotos.net.
