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Cascade secures another shareholder to OK sale

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Cascade secures another shareholder to OK sale

Bend, Ore.-based Cascade Bancorp reported that it secured the approval of another of its shareholders -- Mark Vassallo and related investment vehicles -- to vote in favor of the company's pending sale to Billings, Mont.-based First Interstate BancSystem Inc.

The voting agreement was entered into Nov. 17, according to an amended Schedule 13D filed Dec. 22.

The investor group may not transfer any of its shares prior to the merger, except for certain limited purposes. The group has aggregate beneficial ownership of 11,496,411 shares of the company's common stock, translating into a 15.1% stake.

The company struck a similar agreement with Wilbur Ross' affiliated investment group.