Cascade Financial (CASB) Shareholders Approve Outstanding Common Increase, Director Nominations
Cascade Financial Corporation (Nasdaq: CASB) today announced that shareholders approved all proposals and supported all nominated directors at its 2010 Annual Meeting held yesterday in Everett, WA. Among the proposals shareholders approved was an increase in Cascade's authorized common stock from 25 million shares to 65 million shares.
The following directors were elected at the meeting: Richard L. Anderson, C.P.A., Marion R. Foote, Janice E. Halladay, Thomas H. Rainville and Craig G. Skotdal.
"We are pleased that Cascade's shareholders agreed with the board's recommendations and voted for all proposals and directors at the annual meeting," said Carol K. Nelson, President and CEO. "By voting to increase the number of authorized shares of common stock, shareholders have provided us with greater flexibility to raise capital in the future and demonstrated their support of our plan to strengthen our capital position."
As of March 31, 2010, Cascade's capital ratios were above regulatory levels for well-capitalized banks with a risk-based capital ratio of 11.00% and a Tier 1 capital ratio of 6.75%. Cascade's tangible capital to assets ratio was 3.21% at quarter-end.
The following directors were elected at the meeting: Richard L. Anderson, C.P.A., Marion R. Foote, Janice E. Halladay, Thomas H. Rainville and Craig G. Skotdal.
"We are pleased that Cascade's shareholders agreed with the board's recommendations and voted for all proposals and directors at the annual meeting," said Carol K. Nelson, President and CEO. "By voting to increase the number of authorized shares of common stock, shareholders have provided us with greater flexibility to raise capital in the future and demonstrated their support of our plan to strengthen our capital position."
As of March 31, 2010, Cascade's capital ratios were above regulatory levels for well-capitalized banks with a risk-based capital ratio of 11.00% and a Tier 1 capital ratio of 6.75%. Cascade's tangible capital to assets ratio was 3.21% at quarter-end.
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