Cascade Financial Shareholders Elect Skotdal to Board of Directors; and Reelect Halladay and Robinett.

Business Editors

EVERETT, Wash.--(BUSINESS WIRE)--Oct. 24, 2001

Cascade Financial Corporation (Nasdaq:CASB), the parent company of Cascade Bank, today announced that Craig G. Skotdal has been elected, and Janice Halladay and Henry Robinett have been reelected to serve a three-year term as directors of the company.

"Mr. Skotdal brings extensive knowledge of local commercial real estate markets and will be an important resource for us as we continue to build our commercial banking business," said Frank McCord, Chairman and CEO. "Additionally, Ms. Halladay and Mr. Robinett have made significant contributions, and we are very pleased they will continue to enhance Cascade's growth and profitability opportunities over both the short and long-term."

Mr. Skotdal is President of Skotdal Real Estate, a property development, investment and management company based in Everett, Washington. He serves as Treasurer of the Downtown Everett Association and actively supports revitalization projects in Everett's central business district. A Snohomish County native, Skotdal graduated from Stanford University.

Ms. Halladay is a retired bank executive, previously employed by Pioneer Bank, Lynnwood, Washington, as Senior Vice President. She was subsequently employed by a regional accounting firm, Moss Adams LLP. She is currently a member of the Board of Directors of the Northwest Service Area of the Providence Health System and also serves on the Board of Trustees for Deaconess Children's Services.

Mr. Robinett is general partner of Boyden, Robinett & Assoc. L.P. and was a founding director of American First National Bank in 1984. Mr. Robinett is active in real estate development in Snohomish County and is very involved in community activities. Mr. Robinett resides in Snohomish, Washington.

Established in 1916, Cascade Bank is a Washington state chartered commercial bank headquartered in Snohomish County. The Bank has been locally managed for more than 85 years and has an "Outstanding" Community Reinvestment Act 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, 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, competition in the financial services market for both deposits and loans as well as regional and general economic conditions, and the Company's ability to implement its commercial banking strategy. Cascade Financial undertakes no responsibility to update or revise any forward-looking statements.

You may obtain photographs (jpg files) of Mr. Skotdal, Ms. Halladay and Mr. Robinett electronically. Please email your requests to [e-mail] or call 206/762-0993.