Cascade Financial Declares 10% Stock Dividend.Business Editors EVERETT, Wash.--(BUSINESS WIRE)--Sept. 26, 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 ), announced today that its Board of Directors has declared a 10% stock dividend to be paid on October 31, 2001, to shareholders of record October 15, 2001. Each shareholder will receive 10 additional shares of common stock for every 100 shares currently owned. 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. . Following the stock dividend, Cascade Financial will have 6 million shares issued and outstanding. "As we reported in July, fiscal 2001 was a record year for us, with a particularly strong fourth quarter. We view stock dividends as a way to share our success with stockholders and as a means of improving trading liquidity by increasing the number of shares available," said Frank M. McCord, Chairman 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. . In July, Cascade reported record profits for fiscal 2001, with net income up 23% to $4.6 million or $0.78 per diluted share, compared to $3.7 million, or $0.63 per diluted share in fiscal 2000. Fourth quarter net income increased 44% to $1.3 million or $.22 per diluted share. Established in 1916, Cascade Bank 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 fourteen full service offices, located in Everett, Lynnwood, Marysville, Mukilteo, Smokey Point, Issaquah, Clearview, Woodinville, Lake Stevens and Bellevue. Statements concerning future performance, developments or events, expectations for earnings, growth and market forecasts, and any other guidance on future periods, constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , which are subject to a number of risks and uncertainties that are beyond the Company's control and might cause actual results to differ materially from the expectations and stated objectives. These factors include but are not limited to: the effect of interest rate changes, trading patterns following issuance of dividends, general market conditions, competition in the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. market, and economic conditions. Cascade Financial undertakes no responsibility to update or revise any forward-looking statements. |
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