Stephen Rosenman
Long/short equity, deep value, special situations

Cascade Bancorp: Underperforming Bank Makes A Bad Deal

The Pacific Northwest has become a hotbed of banking M&A activity. No less than 15 acquisitions have been announced over the last 12 months, including two just last week. Of the 16 Pacific Northwest banks publicly traded, an astounding 11 have made acquisitions within the past year or are in the process of being acquired. It's hard to think of another region so caught up in banking M&A. I've already looked at 2 Pacific Northwest banks - Columbia, a serial acquirer, and Sterling Bank, that caught a bid from Umpqa.

The latest deal: Cascade Bancorp (CACB), a regional bank, is acquiring Home Federal (HOME) for $265 million, adding to its Idaho and Oregon footprint. Management...

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