BEND, Ore., Oct. 28 /PRNewswire-FirstCall/ -- The Company announced a quarterly cash dividend payment of $0.01 per share. "The Board of Directors of Cascade Bancorp is acutely aware that cash dividends are very important to our shareholders," said Patricia L. Moss, CEO, "Maintaining the current dividend level underscores our commitment to preserving capital in light of the uncertain duration of the economic downturn." This quarterly cash dividend of $0.01 per share will be payable on November 14, 2008, to shareholders of record as of November 4, 2008. The board could adjust the dividend amount for future quarters based upon its evaluation of economic and business prospects.
Cascade Bancorp (headquartered in Bend, Oregon) and its wholly-owned subsidiary, Bank of the Cascades, operates in Oregon and Idaho markets. In terms of banking growth markets, Cascade ranks as the top community bank footprint in the Northwest. Cascade has a business strategy that focuses on delivering the best in community banking for the financial well-being of customers and shareholders. The Bank implements its strategy by combining outstanding service, competitive financial products, local expertise and advanced technology applied for the convenience of customers. Founded in 1977, Bank of the Cascades offers full-service community banking through 33 branches in Central Oregon, Southern Oregon, Portland/Salem and Boise/Treasure Valley. The Bank has been repeatedly named among the top performing banks in the nation by industry publications. The Bank is honored to be among the top Oregon "Best 100 Companies to Work For", as compiled by Oregon Business Magazine. For further information on Bank of the Cascades, please visit our web site at http://www.botc.com/.
