Bank of Cascades swoops in to take Home Federal away from Banner

zkyle@idahostatesman.comOctober 24, 2013 

The Bank of the Cascades said Thursday that it would buy Nampa's Home Federal Bank for an estimated $265.7 million, more than Home Federal shareholders would have received under Home Federal's previously announced sale to Banner Bank.

The purchase would double Cascades' presence in the Treasure Valley.

The announcement comes less than a month after Home Federal announced it was selling to Banner Bank for an estimated $197 million. The terms of that agreement provided a 30-day window for other banks to submit bids for Home Federal, which has 26 branches in Oregon and Idaho, including 11 in the Treasure Valley.

Bank of the Cascades is based in Bend, Ore., and operates on an Oregon state charter.

If the deal is completed, Bank of the Cascades will have about $2.4 billion in assets. The transaction provides for payment to Home Federal shareholders and option holders of $120.8 million in cash and more than 24 million shares of Cascades' common stock, according to a Bank of the Cascades news release.

Zach Kyle: 377-6464

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