Cascade Financial Corporation Declares 5-for-4 Stock Split.EVERETT, Wash. -- Cascade Financial Corporation (Nasdaq:CASB CASB Cost Accounting Standards Board CASB Colorado Association of School Boards CASB Canadian Aviation Safety Board CASB Catalogs and Surveys Branch CASB Chinese Association at Stony Brook CASB Council for the Advancement of Small Business ), parent company of Cascade Bank, announced at today's Annual Meeting that its Board of Directors has declared a 5-for-4 stock split. The shares will be distributed on May 19, 2006, to shareholders of record on May 5, 2006. Shareholders will receive 25 additional shares of common stock for every 100 shares currently owned, and a cash payment will be made in lieu of fractional shares Fractional share Stocks amounting to less than one full share, usually resulting from splits, acquisitions, exchanges, or dividend reinvestment programs. fractional share Less than one share of stock, that is, one-third or one-half a share. . Cascade currently has approximately 9.6 million shares outstanding, and will have about 12.0 million shares outstanding after the stock dividend. Earlier today, Cascade reported results for the first quarter of 2006, with profits growing 3% over the same quarter last year. Net income was a record $3.17 million, or $0.32 per diluted share in the year, compared to $3.07 million, or $0.31 per diluted share in the quarter ended March 31, 2005. Excluding stock option expense, net income was $3.23 million, or $0.33 per diluted share, in the quarter. Tomorrow morning at 11:00 am PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT , management will host a conference call to discuss the quarter. Interested investors may listen to the call live or via replay at www.cascadebank.com. Investment professionals are invited to dial 303-262-2211 to access the live call. A replay of the call will be available for three weeks at 303-590-3000, using passcode 11056742#. "We are pleased to share the success Cascade has enjoyed with our shareholders through this stock split," stated Carol K. Nelson, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Our increased share count should further benefit shareholders by increasing trading liquidity." About Cascade Financial Established in 1916, Cascade Bank, the only operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. of Cascade Financial Corporation, is a state chartered commercial bank headquartered in Snohomish County, Washington Snohomish County is a county located in the U.S. state of Washington. It is named after the Snohomish tribe. Since 2000, the county's population has grown from 606,024 to 686,300 residents (2007 figures), making it one of the fastest-growing in the state, ranking third in overall . Cascade Bank operates 19 full service offices, located in Everett, Lynnwood, Marysville, Mukilteo, Smokey Point, Issaquah, Clearview, Woodinville, Lake Stevens, Bellevue, Snohomish and North Bend North Bend is the name of several places in the United States of America:
In August 2005, US Banker magazine ranked Cascade #67 out of the Top Publicly Traded Mid-Tier Banks, those with less than $10 billion in assets, based on three-year average return on equity. The same publication has named President and CEO Carol Nelson one of the 25 Most Powerful Women in Banking. |
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