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Subsequent Events
3 Months Ended
Mar. 31, 2014
Subsequent Events [Abstract]  
Subsequent Event
 Subsequent Event

On October 23, 2013 the Company, jointly with Home Federal Bancorp, Inc. (NASDAQ: HOME) ("Home Federal"), the holding company for Home Federal Bank, announced the signing of a definitive agreement and plan of merger whereby the Company and Home Federal intend to merge in a transaction valued at approximately $265.7 million, payable in a mix of cash and the Company's common stock to Home Federal's stockholders. The combined company is expected to have over $2.0 billion in assets and serve communities across Oregon and Idaho. The transaction was unanimously approved by the boards of directors of the Company and Home Federal.
On February 20, 2014, Cascade received regulatory approval from the Federal Deposit Insurance Corporation to merge with Home Federal Bank, with Bank of the Cascades continuing as the surviving entity.
On April 11, 2014, the Company received notice of non-objection from the Federal Reserve Bank, acting on delegated authority from the Board of Governors of the Federal Reserve System, to consummate the merger with Home Federal, and to thereby acquire Home Federal Bank. The Federal Reserve Bank also waived the filing of a formal application by Cascade for the Merger.
As the Company also received the necessary regulatory approvals from the Oregon Department of Consumer and Business Services, Division of Finance and Corporate Securities, as well as the Idaho Department of Finance, all regulatory approvals and non-objections required to be obtained prior to the completion of the Merger have now been obtained.
Completion of the Merger remains subject to approval of Home’s shareholders and Cascade’s shareholders, as well as the satisfaction of other customary closing conditions. Assuming such approvals are received and conditions are satisfied, the Company expects to complete the merger in May 2014.