BOTC Pledges a Billion in Local Lending | Bent

Coverage for Central Oregon, by Central Oregonians.
100% Local. No Paywalls.

Every day, the Source publishes a mix of locally reported stories on our website, keeping you up to date on developments in news, food, music and the arts. We’re committed to covering this city where we live, this city that we love, and we hear regularly from readers who appreciate our ability to put breaking news in context.

The Source has been a free publication for its 22 years. It has been free as a print version and continued that way when we began to publish online, on social media and through our newsletters.

But, as most of our readers know, times are different for local journalism. Tech giants are hoovering up small businesses and small-business advertising—which has been the staple for locally owned media. Without these resources, journalism struggles to bring coverage of community news, arts and entertainment that social media cannot deliver.

Please consider becoming a supporter of locally owned journalism through our Source Insider program. Learn more about our program’s benefits by clicking through today.

Support Us Here

Friday, February 10, 2012

BOTC Pledges a Billion in Local Lending

Posted By on Fri, Feb 10, 2012 at 5:53 AM

Bank of the Cascades announced Thursday that it is pledging to make a billion dollar's worth of loans to small businesses and other customers in its Oregon and Idaho markets over the next three years.

New CEO Terry Zink, who recently took over the leadership of the Bend-based Bank from longtime CEO Patti Moss, said in a press release that the decision to commit to the aggressive lending strategy was based on the bank’s belief that increased lending is key to the region’s economic recovery.

“We know that business lending creates jobs and strengthens our local ecomonies. As a community bank, that’s exactly what we do. We invest in our communities and the people who live here,” Zink said in a press release.

Like other banks in the region, and across the country, BOTC was heavily hit by the housing collapse and flirted with insolvency just a few years ago. However, a successful stock sale has left the bank well capitalized and ready to lend, according to Zink.

However, the company is still dealing with so-called toxic assets and reported a $54  million loss in the third quarter because of charge offs related to non-performing loans (defaults). The company's stock closed at $5.47 yesterday, down from a 52 week high of $12.58, but above the low of $3.50


Pin It


Subscribe to this thread:

Add a comment

Newsletter Signup

Get Central Oregon daily news
directly in your inbox

More by The Source Staff

Latest in Bent

© 2020 LAY IT OUT INC | 704 NW GEORGIA AVE, BEND, OREGON 97703  |   Privacy Policy

Website powered by Foundation