EVERETT, Wash., June 23, 2010 (GLOBE NEWSWIRE) -- Cascade Financial Corporation (Nasdaq:CASB), parent company of Cascade Bank, today announced that shareholders approved all proposals and supported all nominated directors at its 2010 Annual Meeting held yesterday in Everett, WA. Among the proposals shareholders approved was an increase in Cascade's authorized common stock from 25 million shares to 65 million shares.
The following directors were elected at the meeting: Richard L. Anderson, C.P.A., Marion R. Foote, Janice E. Halladay, Thomas H. Rainville and Craig G. Skotdal.
"We are pleased that Cascade's shareholders agreed with the board's recommendations and voted for all proposals and directors at the annual meeting," said Carol K. Nelson, President and CEO. "By voting to increase the number of authorized shares of common stock, shareholders have provided us with greater flexibility to raise capital in the future and demonstrated their support of our plan to strengthen our capital position."
As of 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.
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 and operates 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.