Cascade Bancorp : Bank of the Cascades Launches “Preferred” SBA Lending Program for Seattle Small Businesses

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Bank of the Cascades Launches "Preferred" SBA Lending Program for Seattle Small Businesses

25-Year Puget Sound Lender Gwen Schaeffer to Lead Bank of the Cascades' SBA Government Guaranteed Loan Program

SEATTLE, Wash., (July 7, 2016) - Bank of the Cascades, one of the Northwest's largest community banks, today announced the expansion of its Small Business Administration (SBA) lending program into the Seattle market. The bank, which has achieved SBA "preferred lender" status and consistently ranks as a top SBA lender in Oregon and Idaho, has hired Gwen Schaeffer (formerly Lundgren) as Vice President and Government Loan Specialist to lead its local SBA program in serving small and growing businesses across the Puget Sound area.

According to Brandon Elieff, Bank of the Cascades Seattle Market President, the addition of Schaeffer to serve SBA- eligible businesses positions Bank of the Cascades to become the lender of choice for Seattle's small business and entrepreneurial community.

"Bank of the Cascades brings to the market one of the most successful SBA lending programs in the Northwest. Having someone with Gwen's marketplace experience, banking expertise and network of business relationships lead our local SBA efforts immediately establishes Bank of the Cascades as a competitive option for Seattle businesses in need of SBA financing," said Elieff.

Schaeffer, who is tasked with developing and implementing Bank of the Cascades' SBA Government Guaranteed Loan Department in the bank's Seattle office, brings nearly 25 years of related professional experience to her role. Throughout her career, Schaeffer has worked closely with Puget Sound business owners to provide custom financing solutions, with a focus on SBA lending and other government-based loan programs. In addition to serving as a business program manager with the U.S. Small Business Administration, Schaeffer has built a variety of successful lending programs in positions at other financial institutions, including Umpqua Bank, CIT Group and Merrill Lynch.

"There's a tremendous opportunity for a commercial lender with Bank of the Cascades' combination of SBA 'preferred lender' status and comprehensive banking services to become a trusted and valued partner to small businesses in need of tailored financing," said Schaeffer. "I look forward to helping the bank build a competitive SBA lending presence to serve local businesses and benefit our region's economy."

Since Bank of the Cascades established its SBA Government Guaranteed Loan Department in 2013, the bank has provided more than $100 million in SBA financing to small businesses in Oregon and Idaho. Last year, Bank of the Cascades officially entered the Seattle market by opening a commercial lending office with an established team of local commercial bankers to serve mid-size companies in the Puget Sound area.

The bank also recently announced an agreement to acquire Prime Pacific Bank to strengthen its commercial and SBA lending to businesses in Snohomish and King Counties. Today's announcement marks additional progress for Bank of the Cascades in bringing its comprehensive commercial solutions to the region in support of economic growth.

"Bank of the Cascades offers something unique to the Seattle business market. We have the resources for significant lending capacity and local expertise, combined with the ability to deliver the advantages and responsiveness of a community bank," said Elieff. "Our SBA lending program adds one more dimension to our marketplace capabilities that support a full range of services for small and mid-market business."

About Cascade Bancorp and Bank of the Cascades

Bank of the Cascades is the principal subsidiary of Cascade Bancorp (NASDAQ: CACB). Headquartered in Bend, Oregon, Bank of the Cascades delivers personalized relationship banking, competitive financial products and advanced technology applied for the convenience of customers. Founded in 1977, Bank of the Cascades offers full-service community banking through 48 branches in Oregon, Idaho and Washington. Bank of the Cascades was recently named in the top 200 list for Healthiest Banks in America by DepositAccounts.com. Throughout its history, the bank has been recognized for its long-standing tradition of corporate philanthropy. For more information, visit www.botc.com.

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