Cascade Savings Bank forms holding company.EVERETT, Wash.--(BUSINESS WIRE)--Nov. 30, 1994--Cascade 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. announces the formation of its holding company, Cascade Financial Corp., effective Nov. 30, 1994. Cascade Savings Bank now becomes a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Cascade Financial Corp. All issued and outstanding shares of Cascade Savings Bank have been converted into shares of Cascade Financial. Cascade Financial's stock is quoted on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on system under the symbol "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 ." Cascade Savings Bank was chartered in Snohomish County in 1916 and converted to a publicly held stock savings bank in September 1992. Cascade Savings received 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 Savings Bank is locally managed and operates full-service branches in Everett, Lynnwood, Marysville, Issaquah and Bellevue, and home loan centers in Bellingham, Mt. Vernon, Anacortes, Seattle, Federal Way and Olympia. At Sept. 30, 1994, Cascade had assets of $291 million and deposits of $180 million. CONTACT: Cascade Savings Bank
Frank McCord, 206/339-5500
or
Russell E. Rosendal, 206/259-8533
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