FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

ERICKSON STEVEN R 		2. Issuer Name and Ticker or Trading Symbol

CASCADE FINANCIAL CORP [ CASB ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
Real Estate Business Executive
(Last)          (First)          (Middle)

C/O CASCADE BANK, 2828 COLBY AVE 		3. Date of Earliest Transaction (MM/DD/YYYY)

2/14/2007
(Street)

EVERETT, WA 98201
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock                  14229.288   I   By ESOP  
Common Stock                  8701.302   I   By 401(k)  
Common Stock   2/14/2008     M    12890   A $6.928   12890   D  
 
Common Stock   2/14/2008     S    12980   D $13.60   0   D  
 

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (right to buy)   $6.928   2/14/2008     M        12980      (1) 7/21/2008   Common Stock   12980   $0   0   D  
 
Employee Stock Option (right to buy)   $6.832                     (2) 8/23/2009   Common Stock   3437.5     3437.5   D  
 
Employee Stock Option (right to buy)   $3.928                     (3) 7/25/2010   Common Stock   1593.75     1593.75   D  
 
Employee Stock Option (right to buy)   $4.512                     (4) 12/15/2010   Common Stock   2296.25     2296.25   D  
 
Employee Stock Option (right to buy)   $6.208                     (5) 3/26/2012   Common Stock   10937.5     10937.5   D  
 
Employee Stock Option (right to buy)   $10.00                     (6) 7/22/2013   Common Stock   10156.25     10156.25   D  
 
Employee Stock Option (right to buy)   $15.92                     (7) 3/23/2014   Common Stock   7625     7625   D  
 
Employee Stock Option (right to buy)   $14.24                     (8) 3/22/2015   Common Stock   5625     5625   D  
 
Employee Stock Option (right to buy)   $15.00                     (9) 3/28/2016   Common Stock   11250     11250   D  
 

Explanation of Responses:
( 1)  The option vested in five installments on July 21, 2000, 2001, 2002, 2003, and 2004.
( 2)  The option vested in five installments on August 23, 2001, 2002, 2003, 2004, and 2005.
( 3)  The option vested in five installments on July 25, 2002, 2003, 2004, 2005, and 2006.
( 4)  The option vested in five installments on December 15, 2002, 2003, 2004, 2005, and 2006.
( 5)  The options vest in five installments on March 26, 2004, 2005, 2006, 2007, and 2008.
( 6)  The options vest in five installments on July 22, 2004, 2005, 2006, 2007, and 2008.
( 7)  The options vest in five installments on March 23, 2005, 2006, 2007, 2008, and 2009.
( 8)  The options vest in five installments on March 22, 2006, 2007, 2008, 2009, and 2010.
( 9)  The options vest in five installments on March 28, 2007, 2008, 2009, 2010, and 2011.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
ERICKSON STEVEN R
C/O CASCADE BANK
2828 COLBY AVE
EVERETT, WA 98201

Real Estate Business Executive

Signatures
/s/ Lars H. Johnson, pursuant to Conforming Statement 2/15/2007
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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