Cascade Bancorp's lead investors are giving the Bend, Ore., company more time to find additional capital.
The $2.2 billion-asset Cascade announced Wednesday that David F. Bolger and an affiliate of Donald Marron's Lightyear Capital LLC private-equity fund have agreed to give Cascade until the end of June to find additional equity partners.
The deadline had been May 31.
Since late last year, Cascade has had standing agreements with Bolger to invest $25 million and Lightyear to invest $40 million, as long as the company raises an additional $85 million in equity.
In a press release, Patricia L. Moss, Cascade's chief executive, said it is "encouraged by a heightened level of activity in the capital markets as we seek to complete our capital raise."
At the end of the first quarter, Cascade's bank unit was undercapitalized with a total risk-based capital ratio of 6.35%.
