Bend-based Cascade Bancorp, parent company of Bank of the Cascades, said Wednesday that it has withdrawn its public offering of $93 million in common stock and will try again when market conditions are more favorable for community banks.

It’s at least the second Northwest bank to terminate an offering within the past week.

“We still intend to raise capital in 2010,” said Patricia Moss, president and CEO of Cascade Bancorp.

The company, which lost $134.6 million in 2008 and $44.6 million through the first three quarters of 2009, seeks to raise money to improve its depleted capital position, which has suffered from heavy real estate loan losses and declining collateral value.

In August, the Federal Deposit Insurance Corp. issued a cease-and-desist order to the bank to improve its financial condition and operations, including raising its capital levels by the end of January 2010.

The company’s shareholders on Dec. 7 approved proposals to raise $158 million that included a private offering to Lightyear Capital, a New York City-based hedge fund, and David Bolger, the company’s largest individual shareholder.

Their investments, $40 million and $25 million, respectively, are contingent on the company successfully raising $93 million through the public offering.

No shares were issued under the registration statement for the public offering, and the company will need to issue a new registration for a public offering after a 30-day quiet period.

Bolger and Lightyear can terminate their securities purchase agreements on Dec. 31, but they have indicated a willingness, under certain conditions, to amend the agreements to give Cascade Bancorp more time to raise money, according to a company news release.

“We are appreciative of the continuing support of Lightyear and Mr. David F. Bolger as we seek to augment their aggregate conditional commitment of $65 million with additional sources of capital,” Moss said in the release. “Given the challenging capital market conditions, we must remain flexible and persistent in our efforts to raise capital to improve our financial strength.”

Cascade Bancorp’s agreement to repurchase $66 million in trust preferred securities for an after-tax gain of approximately $31 million remains in place, conditioned upon meeting previously disclosed closing conditions related to its raising of capital, the news release said.

The company’s struggles are reflected in its stock price, which has been below $1 per share in Nasdaq trading for more than a month. Dropping below $1 per share triggered a letter from Nasdaq last week that the company is in noncompliance with rules requiring a minimum bid price of $1 per share, which it has failed to meet for 30 consecutive business days.

To regain compliance, the bid price must meet or exceed $1 per share for at least 10 consecutive business days prior to June 15, 2010, according to the news release.

If the company does not regain compliance with the bid price rule by then, the company’s securities are subject to potential delisting.

Cascade Bancorp shares last closed at $1 on Nov. 6. They closed Wednesday at 71 cents, down 8 cents, or 10.1 percent.

The company’s market capitalization Wednesday stood at $20 million, according to Yahoo Finance.

The bank’s total risk-based capital ratio at the end of the third quarter, the latest data available, was 8.61 percent. The FDIC, in its August order, required the bank to develop and adopt a plan to maintain the minimum risk-based capital requirements for what it considers a well capitalized bank, including a total risk-based capital ratio of at least 10 percent. If the bank raises the money it seeks, its total risk-based capital ratio would be 14.1 percent, according to a Dec. 8 article in The Bulletin.

Last Friday, Walla Walla, Wash.-based Banner Corp., parent of Banner Bank and Islanders Bank, also withdrew a planned common stock offering, of $75 million, due to market conditions. The company plans a new offering in 2010 after market conditions become more favorable and after it has released its operating results for its fourth quarter, it said in a news release.