Cascade Financial Corporation To Extend Stock Repurchase Program.

Business Editors

EVERETT, Wash.--(BUSINESS WIRE)--May 23, 2001

The Board of Directors of Cascade Financial Corporation, today announced an extension of the Corporation's stock repurchase program. During the first twelve months of the program, the Corporation repurchased approximately 80,000 shares of the 275,000 initially authorized.

The Board has authorized the repurchase 275,000 shares, which represents 5% of the stock outstanding.

The repurchases generally are conducted through open market purchases, but other types of repurchases are not precluded. No shares will be repurchased directly from directors or officers of the company.

The repurchase program is expected to be completed within a year, at which time the Corporation will decide whether to continue or terminate the program.

At March 31, 2001, the Corporation reported total consolidated assets of $715 million. The Corporation operates through its principal subsidiary, Cascade Bank, which conducts its business from its main office in Everett, Washington and fourteen full service offices in Everett, Lynnwood, Marysville, Mukilteo, Mt. Vernon, Smokey Point, Clearview, Woodinville, Lake Stevens, Bellevue, and Issaquah. The Corporation's stock is quoted on the NASDAQ under the symbol "CASB."