By Mike Benbow Herald Writer
EVERETT — Cascade Financial Corp. has cured a rift with a shareholder’s group by agreeing to expand its board of directors.
A group that included Craig Skotdal and Dwayne Lane and amounted to about 11.5 percent of the Everett-based company’s stock had vowed a proxy fight at an upcoming meeting if the board didn’t add directors with differing investment views.
Cascade, the holding company for Cascade Bank, announced Thursday that it had agreed to add three new directors recommended by the group of disgruntled owners. They are Arnold Hofmann, Christian Sievers and Thomas Rainville.
In return, the shareholders have agreed to support the company’s other nominations and proposals for the shareholders meeting, which is set for June 22.
Skotdal and company CEO Carol Nelson issued a joint statement Thursday that they were pleased to have reached an agreement that they think was beneficial to all shareholders.
Asked for comment, Skotdal said he had agreed not to make any further statements.
Nelson said the agreement will eliminate the expense and distraction of a proxy vote and allow the board to focus on its priorities of “improving asset quality, raising capital and returning Cascade to profitable operations.”