Thanks to Jesse Felder for pointing out that Bank of the Cascades lied (misspoke? made an error?) about its results in the last half of 2011.
The "...bank had overstated the amount of capital it had on hand relative to its assets.
The error meant the bank incorrectly reported to investors and regulators that it was in compliance with the order's Tier 1 leverage capital ratio during the last six months of 2011.
The bank in 2009 agreed to shore up its capital as part of a "cease-and-desist" order with the Federal Deposit Insurance Corp. and the Oregon Division of Finance and Corporate Securities." THE OREGONIAN
I don't know why, but I've always been dubious of this bank, especially since it was riding so high during the bubble, that I couldn't imagine how they were escaping the consequences.
They are downplaying the "incorrect" reporting; and the way the regulators are handling banks, they'll no doubt skip right past it.
Still...I've been wondering for a long time how they are really doing....
4 days ago