Cascade Bancorp in Bend, Ore., announced this week that President and Chief Executive Officer Patricia L. Moss has notified its board that she intends to retire in July of next year.
Moss has served as CEO of the company and its subsidiary, Bank of the Cascades, since 1998 and has been with the bank since it was founded in 1977.
In a news release Wednesday Moss said that she is retiring because she wants to travel and spend more time with family. She said she gave the board a year's notice so that it would have sufficient time to find her replacement.
Chairman Gary Hoffman said in a statement that the board has already formed a search committee to help identify potential candidates.
Bank of the Cascades had been a strong performer under Moss for many years, but it was hit hard by the real estate crash and was running low on capital until it raised $177 million from private-equity investors late last year.
The company appears to have regained its footing. In the second quarter it earned $2 million, compared to a loss of $336,000 in the same period last year.
Cascade has $1.5 billion of assets and 32 branches in Oregon and Idaho.
