Oregon Public Broadcasting

Bend-based Bank of the Cascades suffered a potential set back last week when the deadline for a deal with would-be investors came and went on Friday.

Bank of the Cascades has had four such deals with the same two investors dating back to October of 2009.  The first investor is also the bank’s largest shareholder, David Bolger.

Bolger got his stake in Cascade through a 2006 merger with Idaho-based Farmers and Merchants Bank.

The other investor is a New York-based private equity fund, known as Lightyear Fund II.

In each of these four deals, the bank was unable to raise the $85 million required for the investors to take a $65 million combined stake in the company.  But three times now, the bank has managed to revive the agreement.

What’s not clear is if the Bank of the Cascades can renegotiate for a fourth time.

A request for comment to the bank’s CEO, Patricia Moss went unanswered on Friday.