EVERETT, Wash., June 15, 2010 (GLOBE NEWSWIRE) -- Cascade Financial Corporation (Nasdaq: CASB), parent company of Cascade Bank, today announced that RiskMetrics and Glass Lewis, the leading independent U.S. proxy advisory firms, have both recommended that the company's shareholders vote "FOR" all proposals in its 2010 Proxy Statement as well as voting "FOR" all director candidates.
"While Cascade continues to be well capitalized by regulatory standards, we are actively exploring a range of strategies to strengthen the bank's capital position. By voting in favor of our common stock authorization proposal, shareholders will provide us with greater flexibility to raise capital in the future," said Carol K. Nelson, President and CEO. "We are delighted that RiskMetrics and Glass Lewis agree with this assessment of our capital needs and has offered their support for all of our proposals and director candidates."
At March 31, 2010, Cascade's capital ratios were above regulatory levels for well-capitalized banks with a risk-based capital ratio of 11.00% and a Tier 1 capital ratio of 6.75%. Cascade's tangible capital to assets ratio was 3.21% at quarter-end.
Cascade's annual meeting of shareholders is scheduled to be held at 6:30 p.m. on Tuesday, June 22, 2010 at the Everett Civic Auditorium.
About Cascade Financial
Established in 1916, Cascade Bank, the only operating subsidiary of Cascade Financial Corporation, is a state chartered commercial bank headquartered in Everett, Washington. Cascade Bank maintains an "Outstanding" CRA rating and has proudly served the Puget Sound region for over 90 years, operating 22 full service branches in Everett, Lynnwood, Marysville, Mukilteo, Shoreline, Smokey Point, Issaquah, Clearview, Woodinville, Lake Stevens, Bellevue, Snohomish, North Bend, Burlington and Edmonds.
In October 2009, Cascade Bank was named Favorite Snohomish County Company in the fourth annual NW.Jobs.com People's Picks awards. In June 2009, Cascade was ranked #55 on the Seattle Times' Northwest 100 list of public companies. In April 2010, Cascade was ranked #8 on the Puget Sound Business Journal's list of largest bank companies headquartered in the Puget Sound area.
Forward-Looking Statements
Certain of the statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Reform Act. CASB's actual results may differ materially from those included in the forward-looking statements. Forward-looking statements are typically identified by words or phrases such as "believe," "expect," "intend," "may increase," "may fluctuate," and similar expressions or future or conditional verbs such as "will," "should," "would," and "could." These forward-looking statements involve risks and uncertainties including, but not limited to, economic conditions, portfolio growth, the credit performance of the portfolios, including bankruptcies, and seasonal factors; changes in general economic conditions including the performance of financial markets, prevailing inflation and interest rates, realized gains from sales of investments, gains from asset sales, and losses on commercial lending activities; results of various investment activities; the effects of competitors' pricing policies, of changes in laws and regulations on competition and of demographic changes on target market populations' savings and financial planning needs; industry changes in information technology systems on which we are highly dependent; failure of acquisitions to produce revenue enhancements or cost savings at levels or within the time frames originally anticipated or unforeseen integration difficulties; the adoption by CASB of an FFIEC policy that provides guidance on the reporting of delinquent consumer loans and the timing of associated credit charge-offs for financial institution subsidiaries; and the resolution of legal proceedings and related matters. In addition, the banking industry in general is subject to various monetary and fiscal policies and regulations, which include those determined by the Federal Reserve Board, the Federal Deposit Insurance Corporation, and state regulators, whose policies and regulations could affect CASB's results. These statements are representative only on the date hereof, and CASB undertakes no obligation to update any forward-looking statements made.