Cascade Bancorp Pulls Share Offering, Receives NASDAQ Non-Compliance Notice

December 28, 2009 (FinancialWire) — Cascade Bancorp (NASDAQ: CACB) said it has withdrawn its registration statement with respect to a public offering of $93 million of its common stock. Separately, on December 17, the company received a notice letter from the NASDAQ Stock Market regarding its non-compliance with respect to the minimum bid price requirement of $1 per share.

The company’s common stock has failed to meet the $1.00 minimum bid price for 30 consecutive business days.

In a statement, Cascade said it plans to continue to pursue capital raising opportunities “once market conditions become more favorable.

On October 29, the company entered into securities purchase agreements with David F. Bolger and an affiliate of Lightyear Fund II, L.P. for the purchase and sale of an aggregate of $65 million of shares of the company’s common stock.

According to Cascade, Bolger and Lightyear are permitted to terminate those securities purchase agreements on December 31. It added that Lightyear and Bolger have indicated a willingness, under certain conditions, to amend these arrangements in order to provide the company additional time to implement a capital raise.

In addition, the company said an agreement to repurchase $66 million in trust preferred securities for an after-tax gain of approximately $31 million remains in place, conditioned upon meeting previously disclosed capital raise related closing conditions.

If the company does not regain compliance with the minimum bid price rule by June 15, 2010, NASDAQ will again provide written notification that the company’s securities are subject to potential delisting.

Oregon-based Cascade Bancorp and its wholly-owned subsidiary, Bank of the Cascades, operates in Oregon and Idaho markets. The bank has 32 branches.

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