Regulators have lifted an enforcement action on Bank of the Cascades in Bend, Ore.
Cascade Bancorp (CACB), the holding company for the $1.3 billion-asset bank, said Thursday that the Federal Deposit Insurance Corp. and the Oregon Division of Finance and Corporate Securities have terminated an August 2009 cease-and-desist order with the bank.
The order mandated that Bank of the Cascades' board improve its oversight of the lender and that the bank raise its Tier 1 capital ratio to 10%, among other requirements. The bank had a Tier 1 leverage ratio of 10.45% and a total risk-based capital ratio of 15.39% as of the end of 2012, according to data from the FDIC.
"Relief from the order underscores significant progress made at Bank of the Cascades, and is a result of actions taken to strengthen its' financial position," Chief Executive Terry Zink said in a news release. "Importantly, we believe this underscores the improvements in the economies of the communities and customers we serve."
Cascade Bancorp is still under a 2009 written agreement with the Federal Reserve Bank of San Francisco, according to the Federal Reserve's website.
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