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
