Cascade Bancorp in Bend, Ore., has hired former Fifth Third Bancorp executive Terry Zink to become its chief executive.
Zink will take the helm at Cascade on Jan. 1, the company said in a press release late Thursday. He will succeed Patricia L. Moss, who announced plans to retire in July. Moss will remain a director of the $1.5 billion-asset company.
Zink's most recent position was president and CEO of Fifth Third Bank Chicago, managing 190 branches and more than $12 billion in assets. He was also an executive vice president at the company level.
Bank of the Cascades had been a strong performer under Moss for many years, but it was hit hard by the real estate crash and was running low on capital until it raised $177 million from private-equity investors late last year.
The company appears to have regained its footing. In the second quarter it earned $2 million, compared to a loss of $336,000 in the same period last year.
