Cascade Bancorp said Wednesday night that it planned to withdraw a stock offering meant to raise at least $93 million.
Shares recently traded at 66 cents, down 7%. The stock has lost about 90% this year. The company has a market capitalization of about $18 million.
The bank holding company, based in Bend, Ore., said this month that proceeds of the public offering would go to its subsidiary, Bank of the Cascades, to support its regulatory capital needs and future growth.
In a statement Wednesday night, Cascade said it "plans to continue to pursue capital-raising opportunities once market conditions become more favorable."
Cascade also said the Nasdaq Stock Market notified the company that its stock would be delisted if the price doesn't exceed $1 for at least 10 consecutive business days before June 15.
In October, Cascade arranged for conditional private sales of about $65 million in shares to two investors. Among the conditions was the completion of a public stock offering. The investors may terminate those agreements Dec. 31, but Cascade said they have indicated a willingness to amend the agreements to give the company more time to raise funds.
The Federal Reserve earlier ordered the bank to provide a plan to maintain sufficient capital.
Cascade had total deposits of $1.8 million at the end of the third quarter.