Cascade Bancorp raises money

Cascade Bancorp, parent company of Bank of the Cascades, has completed its effort to raise $177 million.

It issued approximately 44.2 million shares of common stock. The private equity firms of Leonard Green & Partners, Lightyear Capital and WL Ross & Co., each hold an approximately 24.4 percent stake of Cascade Bancorp. David Bolger owns approximately 14 percent.

A net of $166.2 million was brought in by last Friday, with approximately $150 million going to Bank of the Cascades.

Another approximately $15 million will go towards retiring $66.5 million of the company's trust preferred debentures and interest of $3.9 million, leading to a $55 million first-quarter 2011 gain.

Cascade Bancorp now exceeds regulatory "well capitalized" levels.

— Greg Stiles

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