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Bank of the Cascades sale cleared

Cascade Bancorp shareholders cleared the way for Billings, Montana-based First Interstate BancSystem to take over Bank of the Cascades.

The $589 million deal announced last November is expected to close May 30.

The banks' combined assets are $12 billion, including Cascade's $3.1 billion figure.

Of the more than 75 million shares of common stock, 57,762,514, or 77 percent, were cast in favor of the merger. According to Securities and Exchange Commission filings, Cascade Bancorp settled with shareholders who objected to terms of the merger prior to the vote.

Bend-based Bank of the Cascades was founded 40 years ago and presently operates 46 branches in Oregon, Idaho and Washington. It has offices on West Main, Biddle Road, Barnett Road and Crater Lake Highway in Medford, one in Ashland and two in Grants Pass.