EVERETT – Cascade Financial Corp., parent company of Cascade Bank, announced that shareholders approved all proposals and supported all nominated directors at its 2010 annual meeting held Tuesday in Everett.
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,” Carol K. Nelson, president and CEO, said in a press release. “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, Cascade’s capital ratios were above regulatory levels for well-capitalized banks with a risk-based capital ratio of 11percent and a Tier 1 capital ratio of 6.75 percent. Cascade’s tangible capital to assets ratio was 3.21 percent at quarterend.
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