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News Breaks
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March 4, 2011
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| 17:04 EDT |  | CASB |
| theflyonthewall.com: | Cascade Financial and Opus Bank sign definitive merger agreement | | Cascade Financial announced that Cascade Financial, Cascade Bank and Opus Bank, Irvine, CA, have entered into a definitive agreement, providing for Opus Bank to acquire Cascade Financial and its principal operating subsidiary, Cascade Bank, and for the merger of Cascade Bank into Opus Bank. According to the terms of the agreement, Opus Bank will pay approximately $16.25M to retire Cascade Financial's $39M in preferred stock and associated warrants issued to the United States Department of the Treasury under the Treasury's Capital Purchase Program, and $5.5M in cash to the holders of Cascade Financial's common stock. The purchase price for Cascade Financial's common stock represents approximately 45c per share outstanding. :theflyonthewall.com |
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