California bank seeks to buy Cascade Bank
May 10, 2011
California-based Opus Bank announced plans last month to acquire Cascade Bank parent company Cascade Financial for $21.75 million in cash.
Cascade shareholders plan to meet in Everett next month to vote on the buyout. If shareholders and regulators agree to the deal, the transaction should be complete late in the second quarter.
Cascade Bank operates branches in Issaquah along Front Street North and Northwest Maple Street.
“This strategic transaction is an extension of our vision to create a strong super-regional bank in the Western region,” Opus founder, CEO and President Stephen Gordon said in a release.
Combined, the company could include 27 full-service offices, including 22 in the Puget Sound region and five in Southern California. Opus is based in Irvine.
“Opus Bank’s vision of building a high-quality, relationship-based community bank is consistent with Cascade’s own vision and rich legacy,” Cascade CEO and President Carol Nelson said.