California bank seeks to buy Cascade Bank

May 10, 2011

California-based Opus Bank announced plans last month to acquire Cascade Bank parent company Cascade Financial for $21.75 million in cash.

Cascade shareholders plan to meet in Everett next month to vote on the buyout. If shareholders and regulators agree to the deal, the transaction should be complete late in the second quarter.

Cascade Bank operates branches in Issaquah along Front Street North and Northwest Maple Street.

“This strategic transaction is an extension of our vision to create a strong super-regional bank in the Western region,” Opus founder, CEO and President Stephen Gordon said in a release.

Combined, the company could include 27 full-service offices, including 22 in the Puget Sound region and five in Southern California. Opus is based in Irvine.

“Opus Bank’s vision of building a high-quality, relationship-based community bank is consistent with Cascade’s own vision and rich legacy,” Cascade CEO and President Carol Nelson said.

ArtWalk plans to go out with a bang at finale

August 31, 2010

A pedestrian pauses to look at art displayed at the UP Front Gallery sidewalk on Front Street North during ArtWalk. By Greg Farrar

The start of Labor Day weekend marks the end for ArtWalk.

Before the outdoor happening goes on hiatus until May 2011, head to downtown Issaquah and Gilman Village for a final first Friday of artists and musicians. ArtWalk runs from 5-9 p.m. Sept. 3 along Front Street and in Gilman Village, 317 N.W. Gilman Blvd.

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Who’s News

June 22, 2010

Issaquah man wins Gold’s Gym award

Christopher Prochazka, of Issaquah, won a national award and prize in Gold’s Gym’s Know Your Own Strength Challenge.

In just 12 weeks, Prochazka lost 67 pounds for a total of 22 percent of total body weight lost, making him the top male in the 40-49 age category.

Prochazka was one of 10 winners that were presented with a check for $2,000 sponsored by Met-Rx and Polar Watches for his remarkable fitness achievements.

Issaquah student receives Lowe’s scholarship

Christian Osgood, from Issaquah High School, received a $2,500 scholarship from Lowe’s Charitable and Educational Foundation.

Osgood will use the scholarship to attend Washington State University.

In 2010, Lowe’s awarded 190 scholarships totaling more than $600,000 to high school students nationwide based on academic achievement, leadership and community involvement. Read more

Cascade Bank awarded outstanding CRA rating by FDIC

May 25, 2010

Cascade Bank, the principal operating subsidiary of Cascade Financial Corp., has been awarded an overall rating of “outstanding” on its Community Reinvestment Act Performance Evaluation from the Federal Deposit Insurance Corporation.

The rating of “outstanding” is the highest rating possible by the FDIC, and was awarded to less than 5 percent of banks nationally in 2009.

The CRA evaluation is based on performance in three tests, including lending, investment and service, as well as CRA activities conducted between 2006 and 2009. The evaluation assesses a bank’s specific initiatives and efforts toward meeting the credit needs of its assessment area in a manner consistent with its resources and capabilities.

The Community Reinvestment Act is a federal law created in 1977 to encourage commercial banks and savings associations to meet the needs of borrowers in all segments of their communities by reducing discriminatory credit practices against low- and moderate-income neighborhoods.

Cascade Bank, a state-chartered commercial bank headquartered in Everett, operates 22 full-service branches

Cascade Bank wins healthy company competition

April 20, 2010

Cascade Bank won a Silver Award from Healthyroads, Inc., the prevention and wellness subsidiary of national health and wellness company American Specialty Health Incorporated, in its first Fit Company Awards.

Cascade was one of 20 companies in the nation to receive an award, and one of six companies in the small- and medium-sized business category that was recognized.

American Specialty Health is a national health and wellness company that provides population health management programs including prevention and wellness services, fitness and exercise services to health plans, insurance carriers and employer groups.

Established in 1916, Cascade Bank — the only operating subsidiary of Cascade Financial Corp. — is a state-chartered commercial bank headquartered in Everett, and has served the Puget Sound region for more than 90 years, operating 22 full-service branches, including one in Issaquah.