Cascade Bancorp, the parent of Bank of the Cascades, has agreed to acquire 12 Oregon and three Washington branch locations from Bank of America, National Association.
The deal will add about $707m of branch deposits to Cascade Bancorp’s portfolio, and will pave way for the bank’s entry into the Washington market, Cascade Bancorp stated in a release.
It is also expected to boost Cascade Bancorp’s core deposit and customer relationship base in the Southern and Coastal counties of Oregon, the release added.
Cascade Bancorp intends to retain the existing employees of the branches following the takeover and is also committed to a smooth transition for customers.
The transaction is scheduled to close in the first quarter of 2016, subject to regulatory approval and customary closing conditions.
Cascade Bancorp president and CEO Terry Zink said: "I am pleased to announce that this acquisition will include additional locations in Southern Oregon, as well as new branches in Coastal Oregon communities and will provide an entry into neighboring Washington State.
"We look forward to welcoming our new employees and customers to a locally based bank that has served communities in the Pacific Northwest for nearly 40 years."