Cascade Financial Corporation and Cascade Bank Plan Charter Conversion.Business Editors EVERETT, Wash.--(BUSINESS WIRE)--May 22, 2001 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 ), the parent corporation of Cascade Bank, today announced plans for converting Cascade Financial to a bank holding company with a financial holding company election. In connection with the conversion, Cascade Financial's subsidiary, Cascade Bank, plans to convert from a federally chartered stock savings bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. to a Washington chartered commercial bank. Today's announcement is an important step in completing the conversion to a full service commercial bank. "Our company is undergoing a major transformation," said 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. of Cascade Bank. "We are making many exciting changes that will position us to be the preferred community bank in our market and will allow us to better serve our customers and shareholders. Our planned charter conversion strongly reinforces this strategic direction." Cascade Financial's conversion is subject to the approval of the Board of Governors of the Federal Reserve System Board of Governors of the Federal Reserve System The managing body of the Federal Reserve System, which sets policies on bank practices and the money supply. . The conversion of Cascade Bank to a Washington commercial bank is subject to the approval of the Office of Thrift Supervision The Office of Thrift Supervision (OTS) was established as a bureau of the Treasury Department in August 1989 as part of a major Reorganization Plan of the thrift regulatory structure mandated by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (12 U.S.C.A. , Cascade Bank's current primary regulator, and the Washington Department of Financial Institutions. Chartered in 1916, Cascade Bank is the oldest financial institution headquartered in Snohomish County. The Bank has been locally managed for more than 85 years and has an "Outstanding" Community Reinvestment Act Community Reinvestment Act (CRA) Enacted by Congress in 1977, the CRA encourages banks to help meet the credit needs of their communities for housing and other purposes, particularly in neighborhoods with low or moderate incomes, while maintaining safe and sound operations. rating for serving the credit needs of the local community. Cascade Bank operates fifteen full service offices, located in Everett, Lynnwood, Marysville, Mukilteo, Mount Vernon, Smokey Point, Issaquah, Clearview, Woodinville, Lake Stevens and Bellevue. |
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