The Bank of the Cascades, which has 12 branches in the Treasure Valley, has been sold, and the fate of its name is undetermined.
First Interstate BancSystem, based in Billings, Mont., announced Thursday that it bought Bank of the Cascades and its parent company, Cascade Bancorp, for $589 million, or $7.60 per share.
Based in Bend, Ore., Bank of the Cascades has 50 branches in Oregon, Idaho and Washington. The bank has $3.2 billion in assets and $2.7 billion in deposits.
The purchase, which is expected to close mid-2017, will give First Interstate a total of $12.1 billion in total assets, $10.1 billion in deposits and 131 branches.
Bank of the Cascades roughly doubled to $2.4 billion in assets when it bought Nampa-based Home Federal in 2014. The acquisition was part of a 13-month consolidation frenzy when nine of the 21 banks operating in the Treasure Valley bought, or were sold to, another bank. Experts at the time expected increasing regulation would spur more consolidation, but merger activity stopped until now.
Cascade Bancorp shareholders will receive about 0.15 shares of First Interstate stock and $1.91 in cash per share.