Cascade Bancorp Announces Extension of Securities Purchase Agreements

Cascade Bancorp CACB today announced that it has entered into an agreement with each of David F. Bolger and an affiliate of Lightyear Fund II, L.P. amending the Securities Purchase Agreements between the Company and Mr. Bolger and the Company and Lightyear dated October 29, 2009, as previously amended, to extend their conditional commitments to November 12, 2010. Per the new agreement, the extended date by which conditions of closing must be satisfied is now November 12, 2010. The sales to Mr. Bolger and to Lightyear are conditioned upon the Company's simultaneous sale of shares of its common stock in additional private placements to other investors under separate written agreements such that the total net proceeds from the offerings is at least $150 million, in addition to the other closing conditions set forth in each of the Securities Purchase Agreements.