Shareholders of Cascade Financial Approve Merger with Opus Bank
01 Junho 2011 - 9:00AM
Cascade Financial Corporation ("Cascade Financial") (Nasdaq:CASB),
the parent company of Cascade Bank, announced today that, at a
special meeting of shareholders of Cascade Financial held on
Tuesday May 31, 2011, the merger of Cascade Financial and Cascade
Bank with and into Opus Bank was approved. A total of 8,339,771
shares, or approximately 67.96% of Cascade Financial's outstanding
common stock, were voted in favor of the merger, approximately
6.55% voted against or abstained, and the remaining shares were not
voted. The merger is expected to close in the latter part of June
2011.
"By joining forces with Opus Bank, we will be able to continue
to serve our communities and support the economy of the State of
Washington," said Carol K. Nelson, President and CEO. "As part of a
strong and well-capitalized, multi-billion dollar community bank,
we can continue to have a significant impact on our region's
economy. Opus Bank has a clear vision about rebuilding communities
and their economies, by providing businesses and entrepreneurs with
the lending and other financial services they need to invest in
their businesses, increase staffing and grow. Our 'Real People'
will continue to provide 'Real Attention' to customers and our
community, consistent with Cascade Bank's culture and long
heritage."
Once the merger is completed, each share of Cascade Financial's
outstanding common stock will be exchanged for approximately $0.45
cash, subject to the procedures described in the definitive proxy
statement, dated April 18, 2011, and the merger agreement dated as
of March 3, 2011.
The completion of the transaction is subject to the receipt of
regulatory approvals, and the satisfaction or waiver of other
customary closing conditions.
About Cascade Financial
Established in 1916, Cascade Bank, the only operating subsidiary
of Cascade Financial, is a state chartered commercial bank
headquartered in Everett, Washington. Cascade Bank maintains an
"Outstanding" CRA rating and has proudly served the Puget Sound
region for over 90 years. Cascade Bank operates 22 full service
branches in Everett, Lynnwood, Marysville, Mukilteo, Shoreline,
Smokey Point, Issaquah, Clearview, Woodinville, Lake Stevens,
Bellevue, Snohomish, North Bend, Burlington and Edmonds.
About Opus Bank
Opus Bank is an FDIC insured California state-chartered
commercial bank with $708.0 million of total assets, $182.0 million
of total loans, $293.8 million in total deposits, and $399.9
million of total equity, as of March 31, 2011. Opus Bank provides
high value, relationship-based banking products and exceptional
service to its clients comprised of small and mid-sized commercial
businesses, entrepreneurs, real estate investors, high-net-worth
individuals, professionals, and consumers. Opus Bank offers a wide
range of loan products, including commercial and industrial,
commercial real estate, multifamily residential, jumbo
single-family residential, construction, consumer loans, and is a
Small Business Administration ("SBA") Preferred Lender. Opus Bank
currently operates banking offices in Los Angeles County, CA
located in the communities of Manhattan Beach, Redondo Beach,
Rancho Palos Verdes/San Pedro, Rolling Hills Estates, and Torrance,
located in Los Angeles County and maintains an executive and
administrative office in Irvine, located in Orange County,
California. Opus Bank has announced plans to open new banking
offices in Encino, Beverly Hills, and West Los Angeles, located in
Los Angeles County; Corona del Mar, Newport Coast, and Irvine,
located in Orange County; and La Jolla, located in San Diego County
California.
Forward-Looking Statements
This news release contains statements that are forward-looking
as defined in the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are provided to assist in the
understanding of anticipated future financial results. However,
such forward-looking statements involve risks and uncertainties
relating to interest rates, approval and completion of the merger
with Opus Bank, regulatory enforcement actions to which Cascade
Financial and Cascade Bank are currently and may in the future be
subject, inability to attract and retain deposits, changes in
capital classifications, changes in the level of nonperforming
assets and charge-offs, and general market risks. For a discussion
of certain factors that may cause such forward-looking statements
to differ materially from Cascade Financial's actual results, see
the company's Annual Report on Form 10-K for the year ended
December 31, 2010, the Company's Quarterly Report on Form 10-Q for
the quarter ended March 31, 2011, and other reports filed with the
Securities and Exchange Commission. Further, any forward-looking
statement speaks only as of the date on which it is made, and we
undertake no obligation to update any forward-looking statement to
reflect events or circumstances after the date on which the
statement is made or to reflect the occurrence of unanticipated
events.
CONTACT: Investor Contacts:
Carol K. Nelson, CEO
Debra L. Johnson, CFO
Cascade Bank
425.339.5500
www.cascadebank.com
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