Cascade Bancorp, the holding company for Bank of the Cascades announced Monday that it's buying the Klamath Falls branch of AmericanWest bank and assuming the customers, deposits and some loans of its Bend and Redmond branches.
The bank late Monday announced the execution of a purchase and assumption agreement where the Bend-based bank will take those steps, subject to regulatory approval.
The transaction is expected to close in the fourth quarter of 2013. Each of the three branches were PremierWest Bank branches prior to acquisition by AmericanWest Bank earlier this year.
"We are very pleased to welcome these new customers to Bank of the Cascades and, in conjunction with Spokane-based AmericanWest, to provide them uninterrupted banking service," said Terry E. Zink, CEO of Cascade Bancorp.
"With a 37-year history of investing in our communities, we share a common commitment to customer service with AmericanWest Bank and look forward to serving our new customers with individual attention and an extensive choice of personal and business banking services to meet their financial needs," Zink said in a news release.
"Our commitment is to deliver the best in banking and provide customers the expertise and advantages of local banking with the value and convenience of anytime, anywhere availability," he added.
Upon receipt of all necessary regulatory approval, the Klamath Falls branch of AmericanWest Bank will become a Bank of the Cascades branch. According to Zink, "We are proud to have the opportunity to serve these new customers as the only Oregon based bank in Klamath Falls and believe in the advantages of banking local and using local deposits to fund local loans in support of the area's economic strength and stability."
In addition, the customer relationships at the Bend branch of AmericanWest Bank will be transferred to the Bend Forum Branch of Bank of the Cascades at 2630 NE Hwy. 20, located less than a half-mile away in the Forum Shopping Center.
The branch offers full branch and drive-up banking services, Saturday banking hours well as night depository and drive-up ATMs for deposit, balance, transfer and cash withdrawal needs.
Also,, the customer relationships at the Redmond branch of AmericanWest Bank will be transferred to the Redmond branch of Bank of the Cascades at 154 SW Sixth Street.
The Redmond branch also offers full branch, drive up banking and ATM service.
No matter where their accounts are located, new customers will be able to utilize any Bank of the Cascades location throughout Central Oregon, Southern Oregon, Salem/Keizer, Portland and the Boise/Treasure Valley.