The Ashland Bank of America branch will become part of Bank of the Cascades in 2016, pending regulatory approval, Bank of the Cascades announced Wednesday.
Bank of America customers at the branch will become customers of Bank of the Cascades, which is one of Oregon’s largest community banks, it said in a media release, as part of its acquisition of 15 branches. Twelve are in Oregon and three are in Washington, which will be Cascades first branches in the latter state.
Bank of the Cascades says it has a "commitment to reinvest local deposits directly back into Ashland" as part of its $2 billion lending pledge to strengthen businesses and communities.
Cascade will assume approximately $706 million of branch deposits in the transaction. The transaction is expected to be complete by April. Cascade plans on retaining current employees working at the branches.
“We look forward to welcoming new employees and customers to a locally based bank that has served communities in the Northwest for nearly 40 years,” Terry Zink, president and CEO of Cascade, said in statement. “We believe new customers will be very pleased with our personalized approach to banking ... (and) new employees will be pleased with Cascade’s commitment to our people and our communities, including support of volunteer efforts in tandem with donations to local not-for-profit organizations.”
Cascade Bancorp, the bank's holding company, is headquartered in Bend. Founded in 1977, it currently has 37 branches in central, southern and northwest Oregon and in the Boise/Treasure Valley, Idaho, area.