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2 of 3 Premium Clicks used this month SUBSCRIBE Print + Online Subscriber Activation | Register x Forgot Password | Need an Account? e-edition | subscribe | newsletter | deals Classifieds Jobs Autos Real Estate FEATURED » NEWS NOW Emergency services, Nov. 6 ... Central Point man arrested on meth charges ... Medford man allegedly sent son's photo to elicit child porn on app ... Emergency services, Nov. 6 ... Central Point man arrested on meth charges ... Medford man allegedly sent son's photo to elicit child porn on app ... MERGERS AND ACQUISITIONS Cascade Bancorp buying 15 branches from Bank of America Comment By Greg Stiles Mail Tribune MailTribune.com By Greg Stiles Mail Tribune Posted Oct. 29, 2015 at 2:20 PM Updated Oct 29, 2015 at 3:32 PM By Greg Stiles Mail Tribune Posted Oct. 29, 2015 at 2:20 PM Updated Oct 29, 2015 at 3:32 PM » Social News Bank of America is prepared to leave Southern Oregon a quarter-century after entering the market. Bend-based Cascade Bancorp, Bank of the Cascades' parent company, said it has reached an agreement with the Charlotte, N.C.-based banking giant to purchase 12 Oregon branches and three in Washington. The acquisition, expected to close early next year, will expand Bank of the Cascades presence to the Oregon Coast and give it entry into the Washington market. Bank of the Cascades said it will assume about $707 million of branch deposits. Based on June 30 FDIC market share data, Bank of the Cascades combined with Bank America would leap to No. 5 from No. 10 in Jackson County with deposits of nearly $268 million, accounting for almost 9 percent of the market. Bank of the Cascades said it will move to No. 3 in market share overall in Southern Oregon counties. Of the deposits, 40 percent are in checking accounts. The bank anticipates retaining $565 million of the $707 million of deposits. In a Securities and Exchange Commission filing, Cascade Bancorp said "markets with overlap provide potential consolidation opportunity." In a press release announcing the deal, Bank of the Cascades said it plans to retain current employees working at the branches. Cascade’s strategic goal is to reach $5 billion in assets through loan growth and acquisitions in the Northwest. The SEC documents note Cascade expects to see a 33-percent bump in service-fee revenues with the acquisition. Known as BankAmerica and based in San Francisco three decades ago, the financial giant had one branch in Oregon prior to September 1990, when it acquired Benj. Franklin Federal Savings & Loan Association, the state' s largest thrift, for $162.3 million, outbidding Security Pacific Corp. By Greg Stiles Mail Tribune MailTribune.com By Greg Stiles Mail Tribune Posted Oct. 29, 2015 at 2:20 PM Updated Oct 29, 2015 at 3:32 PM » Comment or view comments Reader Reaction » STAY INFORMED Email NewsLetter Sign Up Today Sign up for our newsletter and have the top headlines from your community delivered right to your inbox. Southern Oregon Directory Featured Businesses Loading... Business Name address Location, ST | website.com Find Southern Oregon Attractions Bars Restaurants Beauty Salons Entertainment Doctors Medical Specialists Contractors Education Lawn Services Lawyers Shopping Travel Tanning Used Cars Wedding Services ▼ Add your business here + Events Calendar Connect with MailTribune.com Facebook Twitter RSS Back to top Reader Services Reader Services Home Subscriptions Subscriber controls Contact us Submissions Photos Events Letters to the editor Corrections Announcements Obituaries Story ideas Since you asked Alerts Email Alerts RSS Feeds Text Alerts Advertise Media Kit Home Products and services Ad rates Advertising contacts Propel Marketing Mail Tribune Daily Tidings The Nickel Shop Our Valley Blogs Mobile Site Stay Informed Email newsletter Sign Up Today Sign up for our newsletter and have the top headlines from your community delivered right to your inbox. Your privacy is important, read our privacy policy. © Copyright 2015 Local Media Group, Inc. All Rights Reserved. Privacy Policy | Terms of Service | Local Media Group Publications Original content available for non-commercial use under a Creative Commons license, except where noted. MailTribune.com | P.O. Box 1108, Medford, OR 97501