Cascade Financial Declares $0.05 Cash Dividend.Business Editors EVERETT, Wash.--(BUSINESS WIRE)--Dec. 19, 2002 Cascade A connected series of devices or images. It often implies that the second and subsequent device takes over after the previous one is used up. For example, cascading tapes in a dual-tape backup system means the second tape is written after the first one is full. 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, today announced its Board of Directors has declared a $0.05 per share quarterly cash dividend. The dividend will be paid January 23rd to shareholders of record on January 9, 2003. This payment will be the company's second cash dividend to shareholders. "This year has been one of solid profitability and growth for us. We are delighted to be able to share that prosperity with our shareholders. We are making excellent progress in building a strong community bank in our market, thanks to the solid relationship building skills of our expanded business banking team," said Carol K. Nelson, President and Chief Executive Officer. On October 22nd, Cascade Financial reported record profits, solid asset quality and improved efficiencies for the third quarter and first nine months of 2002. Third quarter profits increased 38% to $2.1 million, or $0.31 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to $1.5 million, or $0.23 per diluted share, in the quarter ended September 30, 2001. Year-to-date, Cascade's profits increased 49% to $5.9 million, or $0.90 per diluted share, compared to $4.0 million, or $0.62 per diluted share, in the like period of 2001. 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 . 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 15 full service offices, located in Everett, Lynnwood, Marysville, Mukilteo, Smokey Point, Issaquah, Clearview, Woodinville, Lake Stevens, and Bellevue. |
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