Key Developments For Cascade Bancorp
Cascade Bancorp (CACB.O) (Consolidated Issue listed on NASDAQ Capital Market)
Cascade Bancorp Enters Into Agreements To Sell $65 Million Of Common Stock In Private Placements
Cascade Bancorp announced that it has entered into a Securities Purchase Agreement with David F. Bolger for the purchase and sale of $25 million of shares of common stock. In addition, on October 29, 2009 the Company entered into a Securities Purchase Agreement with an affiliate of Lightyear Fund II, L.P. for the purchase and sale of $40 million of shares of common stock. The total gross proceeds from the sales of common stock to Mr. Bolger and Lightyear (the private offerings) will be $65 million. The shares of common stock in the private offerings are being sold at a per share purchase price equal to the lesser of (A) $0.87 per share, and (B) the net proceeds per share to the Company in connection with the previously announced public offering of the Company's common stock registered under the Securities Act of 1933, as amended. The shares of common stock to be offered in the private offerings will not be registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Davis Wright Tremaine LLP is acting as legal advisor to the Company in connection with the Private Offerings. Sullivan & Cromwell LLP is acting as legal advisor to Mr. Bolger and Simpson Thacher & Bartlett LLP is acting as legal advisor to Lightyear.
Cascade Bancorp Files Registration Statement With Securities and Exchange Commission
Cascade Bancorp announced that a registration statement on Form S-1 had been filed with the Securities and Exchange Commission (the SEC) pursuant to which it intends to sell up to $70,000,000 of its common stock. The Company intends to use the net proceeds from the offering to provide funds to its wholly-owned subsidiary, Bank of the Cascades, to support its regulatory capital needs and growth and to use the remainder for general working capital purposes. The registration statement has been filed with the SEC but has not yet become effective. The securities may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective.
Cascade Bancorp Announces Quarterly Cash Dividend Payment of $0.01 Per Share
Cascade Bancorp announced a quarterly cash dividend payment of $0.01 per share. This quarterly cash dividend of $0.01 per share will be payable on November 14, 2008, to shareholders of record as of November 4, 2008.
Cascade Bancorp Announces Quarterly Cash Dividend
Cascade Bancorp announced that the Board of Directors approved payment of a $0.10 per share quarterly cash dividend. This regular dividend is payable on May 16, 2008, to shareholders of record as of May 9, 2008.
CORRECTION - Cascade Bancorp Increases Its Estimated Q4 2007 Provision for Credit Losses By $8.1 Million (Pre-Tax) to Approximately $15.6 Million (Pre-Tax)
CORRECTED TO REFLECT A RESTATEMENT INSTEAD OF GUIDANCE Cascade Bancorp announced that it has revised its estimated fourth quarter 2007 earnings from those previously reported in the Company's January 23, 2008 press release. As a result of the revisions, the Company's fourth quarter earnings estimate is reduced to approximately $0.3 million or $0.01 per diluted share, with full year 2007 net income estimated at approximately $30.0 million or $1.05 per diluted share. This updated earnings estimate is the result of an $8.1 million (pre-tax) increase in the Company's fourth quarter 2007 provision for credit losses to approximately $15.6 million (pre-tax) compared to the $7.5 million (pre-tax) previously announced. This increased level of provision adjusts the Company's reserve for credit losses to approximately $37.0 million or 1.81% of gross loans at December 31, 2007.
