Unassociated Document
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
PURSUANT
TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
Date of
Report (Date of earliest event reported): September 3,
2009
CASCADE
BANCORP
(Exact
name of Registrant as specified in its charter)
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Oregon
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0-23322
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93-1034484
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(State
or other jurisdiction of
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(Commission
File Number)
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(I.R.S.
Employer Identification No.)
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incorporation
or organization)
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1100
NW Wall Street
Bend,
Oregon 97701
(Address
of principal executive offices)
(Zip
Code)
(541)
385-6205
(Registrant’s
telephone number, including area code)
Check the
appropriate box below if the Form 8-K file is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following
provisions:
o Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
ITEM
5.02 DEPARTURE OF DIRECTORS
OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS;
COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS. FINANCIAL CONDITION
On
September 3, 2009, Cascade Bancorp ("Company") announced that Michael Allison
had been approved to serve as Executive Vice President and Chief Credit Officer
of the Company and Bank of the Cascades. Most recently he was the principal of
Cascadia Advisors in Mercer Island, Washington, a Regional and Community Bank
advisory firm supporting community bank Boards and Executive Management teams
with policy, process and regulatory solutions. Prior to organizing
the advisory firm, he held numerous positions in the Commercial Division with
Washington Mutual in Seattle, Washington including serving as EVP and Senior
Credit Officer, EVP of Commercial Real Estate, and EVP of Strategy and Growth
before being named the institution’s Deputy Chief Credit Officer. He has
also served in senior management and executive level positions with Bank of
America and Seafirst Bank. Mr. Allison attended two years of Albers
Graduate School of Business at Seattle University and is a graduate of California State
University in Chico, California. Mr. Allison is 53 years
old.
There are
no arrangements or understandings between Mr. Allison and any other persons
pursuant to which he was selected as an officer. Mr. Allison is not a party to
any transaction with the Company that would require disclosure under Item 404(a)
of Securities and Exchange Commission's Regulation S-K.
In
connection with his employment, it is currently anticipated that Mr. Allison
will receive a grant of nonvested restricted stock in September
2009 consisting of 25,000 shares of the Company's common stock pursuant to
the 2008 Cascade Bancorp Performance Incentive Plan. The shares will vest over a
four year period.
SIGNATURE
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereto duly
authorized.
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CASCADE
BANCORP |
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By:
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/s/ Patricia L. Moss |
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Patricia L.
Moss |
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President
& Chief Executive Officer |
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Date:
September 3,
2009