Subsequent Event

6 Months Ended

Jun. 30, 2016

Subsequent Events [Abstract]

Subsequent Event

Subsequent Event

At close of business on August 1, 2016, the Company acquired Prime Pacific Financial Services, Inc., the holding company of Prime Pacific Bank, National Association, a Snohomish county, national banking association.

The Company received regulatory approval from the Board of Governors of the Federal Reserve System to waive the Federal Reserve's application requirement for the merger, and the approval of the Federal Deposit Insurance Corporation and the Oregon Department of Business and Consumer Services, to consummate the merger of Prime Pacific Bank and Bank of the Cascades, with Bank of the Cascades continuing as the surviving entity.

The Company also received an order from the State of Oregon Department of Consumer and Business Services, Division of Financial Regulation finding that the issuance of shares of Cascade common stock in exchange for shares of Prime Pacific common stock is fair, just and equitable and free from fraud. All regulatory approvals required to be obtained prior to the completion of the Merger have now been obtained.

The Merger was completed following the approval of Prime Pacific's shareholders, as well as the satisfaction of other customary closing conditions.

Prime Pacific Bank had $122.9 million in assets, $100.7 million in net loans, and $101.3 million in total deposits at June 30, 2016.  Based on a $5.79 closing price of Cascade's common stock on July 28, 2016, the aggregated merger consideration is approximately $16.9 million, or $1.77 per share of Prime Pacific common stock.