Market Overview

Shareholders Approve Merger of Cascade Bancorp with and into First Interstate BancSystem, Inc.


Cascade Bancorp ("Cascade") (NASDAQ:CACB) and First Interstate
BancSystem, Inc. ("First Interstate") (NASDAQ:FIBK) announced that each
of its shareholders have approved the proposed merger of Cascade with
and into First Interstate.

Final voting results for the special meeting of Cascade will be
disclosed in a Form 8-K to be filed with the Securities and Exchange
Commission. Final voting results for the annual meeting of First
Interstate will be disclosed in a Form 8-K to be filed with the
Securities and Exchange Commission. The merger is expected to close on
May 30, 2017, subject to satisfaction of customary closing conditions.

About Cascade Bancorp and Bank of the Cascades

Cascade Bancorp (NASDAQ:CACB), headquartered in Bend, Oregon, and its
wholly owned subsidiary, Bank of the Cascades, operates in the Pacific
Northwest. Founded in 1977, Bank of the Cascades offers full-service
community banking through 46 branches in Oregon, Idaho and Washington.
The Bank has a business strategy that focuses on delivering the best in
community banking for the financial well-being of customers and
shareholders. It executes its strategy through the consistent delivery
of full relationship banking focused on attracting and retaining
value-driven customers.

About First Interstate BancSystem, Inc. and First Interstate Bank

First Interstate BancSystem, Inc. is a financial and bank holding
company incorporated in 1971 and headquartered in Billings, Montana. The
Company operates 80 banking offices, including detached drive-up
facilities, in 46 communities in Montana, Wyoming and South Dakota.
Through First Interstate Bank, the Company delivers a comprehensive
range of banking products and services to individuals, businesses,
municipalities and other entities throughout the Company's market areas.

Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Rule 175 promulgated thereunder, and Section 21E of the Securities
Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder,
that involve inherent risks and uncertainties. Such statements are
identified as those that include words or phrases such as "believes,"
"expects," "anticipates," "plans," "trend," "objective," "continue" or
similar expressions or future or conditional verbs such as "will,"
"would," "should," "could," "might," "may" or similar expressions.
Forward-looking statements involve known and unknown risks,
uncertainties, assumptions, estimates and other important factors that
could cause actual results to differ materially from any results,
performance or events expressed or implied by such forward-looking
statements. These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially from
those projected, including but not limited to the possibility that the
merger does not close when expected or at all because required
conditions to closing are not received or satisfied on a timely basis or
at all.

All forward-looking statements attributable to Cascade or persons acting
on Cascade's behalf or attributable to First Interstate or persons
acting on First Interstate's behalf are expressly qualified in their
entirety by the cautionary statements set forth above. Forward-looking
statements speak only as of the date they are made and Cascade and First
Interstate do not undertake or assume any obligation to update publicly
any of these statements to reflect actual results, new information or
future events, changes in assumptions or changes in other factors
affecting forward-looking statements, except to the extent required by
applicable laws. If Cascade or First Interstate update one or more
forward-looking statements, no inference should be drawn that Cascade or
First Interstate will make additional updates with respect to those or
other forward-looking statements.

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