Rochester, NY 8/10/2009 10:35:48 PM
Cascade Bancorp CACB, Withdraws Application for Federal Money
Cascade Bancorp
The cascades may have troubled waters but the Bank of the Cascades is sailing smoothly forward as the company reported in its Q2 report that it has withdrawn its application from the Troubled Asset Relief Program.
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Patricia Moss, president and CEO stated the company has plan to
Company President and CEO Patricia Moss said the company plans to obtain supplementary capital to shore up its capital position. This after the company posted a $28.1 million loss this past quarter (ending June 20).
Regulatory restrictions may plague the company however the bank has increased deposits and disposed on a number of problem loans or nonperforming assets.
"Management continues to aggressively write down (nonperforming assets), which is extremely positive," Coffey said. "(It) means they aren’t waiting for rising economic tides to lift the market. They are taking the markdowns right now and dealing with it the best they can." said Tim Coffee of Fig Partners LLC, a San Francisco-based bank analyst.
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