ITEM 8.01 OTHER EVENTS

On January 2, 2009, Cascade Bancorp (the "Company") filed amended Quarterly Reports on Form 10-Q for its quarterly periods ended June 30, 2008 and September 30, 2008. The Company amended Item 1 Financial Statements and Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations to reflect a restatement of the interim period financial statements in connection with an increase in the balance for the reserve for loan losses, and a corresponding increase in loan loss provision that were deemed to have existed as of June 30, 2008 and September 30, 2008, in the amount of approximately $5.8 million (pretax) and $0.3 million (pretax), respectfully. The restatement relates to managements' discovery of a miscalculation within its loan data extract software program specifically with respect to the treatment of classified loans that have been partially participated to other financial institutions. Correction of the miscalculation resulted in an understated balance with respect to the estimated reserve for loan losses as of June 30, 2008 and September 30, 2008. Accordingly the Company's Form 10-Q's for both June 30, 2008 and September 30, 2008 have been amended.