Andrew Harrer | Bloomberg Phil Knight, chairman and co-founder of Nike Inc., listens during a panel discussion at the Brookings Institution in Washington, D.C., U.S., in January. Matthew Kish [1] Staff reporter- Portland Business Journal Email[2] | Twitter[3] | Google+[4] Phil Knight[5] has created yet another trust to hold a giant slab of Nike[6] stock. The Nike Inc. co-founder this week put more than $400 million of Nike stock into a new trust, according to a securities filing made late Thursday[7]. It was the third such trust Knight created this year, according to a search of securities filings. In March, Knight put roughly $650 million of Nike stock into a similar trust[8]. In January he created a trust to hold more than $600 million of Nike stock[9]. Each of the trusts is a grantor retained annuity trust which provides Knight an annual payment and helps him reduce taxes on gifts to beneficiaries. "He's putting god-awful amounts of money into these trusts," said Ronald Shellen[10], an estate attorney and partner at Miller Nash. "He puts the stock in and he's in essence making a gift, probably to his children." Knight has two living children, Travis and Christina, according to a 2009 story in The Oregonian[11] about other trusts created by Knight. Knight's son Matthew died in a 2004 diving accident and is survived by a wife and two sons. The beneficiaries of Knight's trusts aren't disclosed. Knight declined to comment. Thursday's securities filing also shows Knight withdrew more than $300 million of Nike stock from a similar trust he created in 2009. He replaced the stock with "property having equal value." Shellen said that could mean Knight wants to pass cash, not stock, to his heirs and beneficiaries. Knight owns more than 75 percent of Nike's powerful Class A stock, the…

Jenna Blakely[1] General Assignment Reporter- Pacific Business News Email[2] | Twitter[3] American Savings Bank[4] was the only Hawaii bank that earned a spot on a national list of 20 financial institutions recognized for community service in education, an award from GoBankingRates.com[5] that the Honolulu-based bank hadn’t even applied for. Aulii Graf[6], director of community relations, said the bank learned it had won after seeing it publicized in the media. “We stumbled on the award; we didn’t even know we won,” Graf said. “The thrilling part of it is that we are in the middle of our ‘Bank for Education’ campaign right now, and it is going off the charts since the last time we ran it. We started it in 2010 with the purpose of finding a way to contribute much needed dollars to our Hawaii schools.” California-based GoBankingRates.com[7] had wanted to start an awards program recognizing banks that specifically give back to education because of the ripple effect that education and financial literacy has in strengthening local economies. “Banks and credit unions were selected according to information provided to us by institutions as well as heavy research around which institutions are currently focusing community service efforts on education,” GobankingRates.com Managing Editor Casey Bond[8] said in an email. “The 20 institutions chosen were the ones we found to be making a measurable impact in this area.” American Savings Bank was recognized for its “Bank for Education” program[9] that helps raise funds for local schools. The bank has given more than $600,000 to local schools since it started the program in 2010. Schools that participate in the campaign, which runs until Dec. 13, try to get the most “designations.” American Savings Bank will donate up to $20 for each primary accountholder who designates the money to the school of their choice,…

Cascade Bancorp (Bank of the Cascades) CEO Terry Zink Matthew Kish [1] Staff reporter- Portland Business Journal Email[2] | Twitter[3] | Google+[4] Cascade Bancorp[5] late Wednesday announced a $266 million deal for Home Federal Bancorp, a deal that trumped a $197 million offer[6] Banner Corp.[7] made for Home Federal last month. Bend-based Cascade Bancorp is the parent of Bank of the Cascades, the third-largest bank based in Oregon. Cascade Bancorp CEO Terry Zink[8] decided to make an offer for Home Federal the moment the Banner Corp. deal was announced. The deal contained a "go shop" provision that gave Nampa, Idaho-based Home Federal 30 days to find a better deal. Such provisions are meant to ensure companies get the best price. "When I saw the deal announced with Banner I felt pretty strongly we should at least enter an offer," said Zink, who has long considered Home Federal an acquisition target. Thirty days isn't a lot of time to thoroughly examine a bank's loan portfolio. Zink said Cascade Bancorp hired an outside firm to help it with due diligence. "It is a shorter time than I would like," Zink said. "But we're very comfortable with the portfolio." The final deal values Home Federal at $265.7 million, or $17.83 per diluted share, nearly a 40 percent premium to the stock's closing price on Wednesday (NASDAQ: HOME). The deal includes $120.8 million in cash and the rest in stock. After the merger Cascade Bancorp will have $2.4 billion in assets. It would also double its market share in the high-growth Boise area and add to its market share in Eugene. Like any bank merger, it also provides an opportunity to cut duplicate overhead costs and increase the bottom line. In a news release, Cascade Bancorp said it also "provides the opportunity to right-size…