The $1.9 billion-asset company announced Thursday morning that it has one more day to satisfy the closing conditions of a recapitalization deal with its largest shareholder, David F. Bolger, and Donald Marron's Lightyear Capital LLC. Bolger and Lightyear had agreed to invest $65 million in the company, which has been under a regulatory order to raise capital since August 2009. Cascade must raise an additional $85 million on its own.

After pushing back a deadline, initially set for May 31, several times, Bolger and Lightyear gave Cascade one more week — until Nov. 5 — to secure the additional capital. On Thursday, Cascade said its anchor investors had agreed to extend the deadline again, until Nov. 12.

Analysts said it's unclear what continues to hold up the deal, which was announced in November 2009.

"I think it's kind of a mystery," said Timothy Coffey, an analyst at FIG Partners LLC. "I think that the longer it takes to complete it, … the harder it is to convince investors that this is a good deal."

Cascade needs about $115 million to fill its capital hole, said Jeff Rulis, an analyst with D.A. Davison & Co.

At Sept. 30, its leverage ratio was 3.9%. "This effectively is a do-or-die situation," Coffey said.

In August, Cascade filed a lawsuit against Cohen & Co. Financial Management, alleging the latter was holding up the deal by failing to honor an agreement to transfer $66.5 million of trust-preferred securities to Cascade for $13.3 million in redeemable notes, which would be paid at the effort's closing.

At the time, Cascade chief executive Patricia Moss said investors were unwilling to pony up until Cascade could trim some of its debt. In an Aug. 23 court filing, the Oregon banking company said it was close to a resolution with Cohen. On Sept. 2, it voluntarily dismissed the lawsuit.

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