Carol K. Nelson, President and CEO of Cascade Financial Corporation, is Recognized by U.S. Banker Magazine as One of 25 Women to Watch among Bankers Across the Nation.

Business Editors

EVERETT, Wash.--(BUSINESS WIRE)--Oct. 10, 2003

Carol K. Nelson, president and CEO of Cascade Financial Corporation (Nasdaq:CASB), was named to U.S. Banker Magazine's list of "25 Women to Watch" in its first annual ranking of the 25 most powerful women in banking and finance today. The list debuted in the October issue of the magazine (www.usbanker.com).

"I am honored to be included among this distinguished group of women, and delighted that our work at Cascade Bank has garnered national and industry recognition," Nelson said.

The magazine profiles Nelson as follows:

"If there is such a thing as star quality, Nelson has it. Joining the bank in 2001, she has steered Cascade Financial to 11 consecutive quarters of record profitability and growth. Total assets are $856 million, up 11 percent over the prior year. Revenues increased nine percent, to $8.2 million from $7.5 million a year earlier. Boot camp for Nelson was at Bank of America, where this magna cum laude graduate from Seattle University set strategic direction and developed a business plan to create a high-performing community bank."

U.S. Banker Magazine Editor-in-Chief Holly Sraeel and her staff considered 4,694 senior banking officials across institutions of all sizes. Trimming the list to 1,000 women, the staff then considered quantitative and qualitative aspects of power: position and responsibility; financial performance; length of time in banking; career path; management style; ties to the community and the influence that one wields across the industry. Careful review and analysis of the final 200 candidates gave way to the lists of the 25 Most Powerful Women in Banking and the 25 Women to Watch.

Sraeel said that the magnitude of responses and applications received for the recognition in the magazine was astounding.

All 50 bankers on the "Most Powerful" and "Women to Watch" lists are invited to attend a black tie recognition event October 29, 2003 at The Palace Hotel in New York. They are all profiled in the magazine at some length.

"This recognition and the black tie event will open doors to new faces and new opportunities for every woman on the list," Sraeel said. "The opportunities for career development and advancement among and between these women are tremendous," she added.

There were four bankers from Washington State named to the two lists. Deanna Oppenheimer, president of the banking and financial services group for Washington Mutual, was named to the #5 position among list of 25 Most Powerful Women in Banking. Susan Pittman Horton, president, CEO, and chairman of Wheatland Bank, Spokane was named to the #13 position. Karen McCormick, president and CEO for First Federal Savings and Loan Association, Port Angeles, was named to the #22 position. On the List of 25 Women to Watch, Carol Nelson, Cascade Financial Corporation, Everett, was noted in the #15 position.

Highlights from Nelson's recognition application include the following:

-- She has built a stellar professional reputation as a result of

her strong work ethic, business values, leadership, community

service, and ongoing pattern of delivering superior business

results.

-- She has led Cascade Financial Corporation to enjoy 11

consecutive quarters of record profitability and growth since

joining the organization in 2001.

-- She has helped to create a best place to work, as evidenced by

the company's recognition among the "Best Companies to Work

For" in the June 2003 issue of Washington CEO magazine.

-- Business reporters from the Puget Sound and trade media invite

Ms. Nelson's commentary about banking trends, further

demonstrating her influence in the industry.

-- The Northwest Asian Weekly reported in July 2003 that Ms.

Nelson is one of only four Asian-American CEOs in the state of

Washington.

-- Nelson is happily married to her husband Ken and is

successfully parenting two young sons.

Established in 1916, Cascade Bank (Nasdaq:CASB), the only operating subsidiary of Cascade Financial Corporation, is a state chartered commercial bank headquartered in Snohomish County, WA. Cascade's vision is to be the preferred community bank whose employees build relationships to deliver financial solutions with exceptional service. The bank has been locally managed for more than 87 years and has an "Outstanding" Community Reinvestment Act rating for serving the credit needs of the local community. Cascade Bank operates 15 full-service offices, located in Everett, Lynnwood, Marysville, Mukilteo, Smokey Point, Issaquah, Clearview, Woodinville, Lake Stevens, and Bellevue. A new branch in Snohomish will open in February of 2004.

Visit www.cascadebank.com to learn more.