>Cascade Bancorp Takes Another Positive Step Oct 30
CEO Moss says the move makes them much stronger.
by Dave Adams
https://www.yournews.com/copyroom/mynews.asp
A positive step forward is announced for Bank of the Cascades. Cascade Bancorp is entering into an agreement to sell $65-million of common stock in a private placement to New Jersey philanthropist David Bolger and another private company. Bolger is a current shareholder of the Bank. Cascade Bancorp CEO Patty Moss says this strengthens the Bank’s position: “A stronger and more stable balance sheet allows us to do more lending in our community. Having additional capital in the Bank. This will be very beneficial for us and our community.” Moss says this private placement is different than a public offering of stock. Moss says that a private placement is conditional on the Bank raising a total of $150-million.