EVERETT – Cascade Financial Corp. (NASDAQ: CASB), parent company of Cascade Bank, announced Tuesday 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.”
As of March 31, Cascade’s capital ratios were above regulatory levels for well-capitalized banks with a risk-based capital ratio of 11 percent and a Tier 1 capital ratio of 6.75 percent. Cascade’s tangible capital to assets ratio was 3.21 percent at quarter-end.
Cascade’s annual meeting of shareholders is scheduled for 6:30 p.m. June 22 at the Everett
Civic Auditorium.
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