Cascade Financial Corporation (Nasdaq:CASB), parent company of
Cascade Bank, today announced that it has appointed Marion R.
("Robin") Foote to its board of directors. Ms. Foote was appointed
by Cascade's board of directors and will stand for election at the
company's next annual meeting of shareholders on Tuesday, June 22,
2010.
"Robin has extensive commercial banking and marketing experience
with a deep background in financial services and we are pleased to
add someone of her caliber to our board of directors," said David
Duce, Chair of Cascade's Corporate Governance and Nominating
Committee. "Her wide ranging business experience and prior public
board service will be a valuable asset to Cascade."
"Cascade is a venerable franchise in the local community,
distinguished by its talented employees, solid branch network,
strong, growing deposit base, and longstanding commitment to
excellent customer service, and I am very pleased to be joining as
a director," said Ms. Foote. "While it is a challenging time for
all community banks operating in the Pacific Northwest, Cascade has
a vital role to play in the local economy in the years ahead."
Ms. Foote, a resident of Bellingham, Washington, is currently a
Managing Director and Partner at New York based Novantas, LLC, an
international consulting company serving the financial services
industry. She has worked for more than 28 years in the
industry, including a 16 year career in commercial banking, holding
senior executive level positions at Bank of America and First
Chicago/NBD (now part of JP Morgan Chase). She has over 12
years of experience as a Managing Director in firms specializing in
consulting with financial services companies, focusing on creating
value through profitable deposit and loan growth, targeted market
and wallet share gains, distinctive relationship development
programs, and improved customer loyalty, profitability and
experience.
She has held board positions with a wide range of business,
civic and community groups, including current service as a director
of Saturna Trust Company, a subsidiary of Saturna Capital,
headquartered in Bellingham, Washington. Ms. Foote also serves
as a Board Member and Treasurer of St. Joseph's Hospital
Foundation, Bellingham, Washington. She is an advisory
director of privately-held Diacor, Inc., and a former director of
CFSBdirect (now part of E*Trade) and chaired its Audit and
Compensation Committees while it had public ownership.
Ms. Foote earned a Bachelor of Arts degree in the Economics
Honors Program from Smith College, where she graduated Magna Cum
Laude, Phi Beta Kappa in 1967 and a Masters in Business
Administration from Harvard Business School where she graduated
with High Distinction as a Baker Scholar in 1969.
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 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.
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.
CONTACT: Cascade Bank
Investor Contacts:
Carol K. Nelson, CEO
Rob Disotell, CCO
425.339.5500
www.cascadebank.com
Sard Verbinnen & Co
Media Contacts:
Paul Kranhold
Diane Henry
415.618.8750
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