>Bank of the Cascades gets third extension
Published: July 21. 2010 4:00AM PST Bank of the Cascades once again received an extension from two investors who have offered to buy $65 million of stock if the bank raises an additional $85 million in other private investment, now by July 30.
The extension is the third since December, when Bank of the Cascades withdrew its public offering of $93 million in stock because of bad market conditions. Instead, the bank said in February it would raise the $85 million in private offerings by May 31, which was later extended to June 30 and July 15.
The bank first entered into a purchase agreement with the investors, a New York-based hedge fund and the company’s largest investor, in September 2009, according to a previous article in The Bulletin. If Bank of the Cascades raises the $85 million, the hedge fund, known as Two-Forty Associates LLC, agreed to invest $45 million. David Bolger agreed to add in $20 million, according to the article.
