RiskMetrics and Glass Lewis Recommend Cascade Financial Shareholders Vote FOR Proposed Increase in Authorized Common Stock; Reco
15 Juni 2010 - 10:00PM
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.
CONTACT: Investor Contacts:
Carol K. Nelson, CEO
Rob Disotell, CCO
Cascade Bank
425.339.5500
www.cascadebank.com
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