Opus Bank in Irvine, Calif., has received regulatory approval to buy Cascade Financial Corp. in Everett, Wash.

The $708 million-asset company said in a Monday press release that it expects to buy Cascade on June 30 now that it has received a green light from the Federal Deposit Insurance Corp. and the California Department of Financial Institutions.

Opus also obtained a written waiver from the Federal Reserve, clearing the way for the acquisition. Cascade shareholders, which are set to receive 45 cents in cash for each share owned, approved the $1.5 billion-asset company's sale on May 31.

Opus, which was recapitalized late last year with $460 million of equity, also allocated $16.25 million to exchange Cascade's $39 million of preferred stock it issued to the Troubled Asset Relief Program. The buyer also agreed to assume Cascade's trust-preferred securities.

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