May 3, 2010 (FinancialWire) — Cascade Financial Corp. (NASDAQ: CASB), parent company of Cascade Bank, has reached an agreement with the entities and persons affiliated with a shareholder group to settle their potential proxy contest related to the company's 2010 annual meeting of shareholders to be held on June 22, 2010 in Everett, WA.

As part of the agreement, the shareholder group which includes Cascade directors Craig G. Skotdal and Dwayne R. Lane and collectively own approximately 11.53% of Cascade's common stock, have agreed to vote their shares in support of all Board nominees and Board proposals at the upcoming annual meeting.

Four members of Cascade's current board of directors are currently scheduled to stand for election at the 2010 annual meeting of shareholders: Richard Anderson, CPA, Janice Halladay, Marion R. Foote and Craig G. Skotdal. Under the terms of the settlement agreement, Cascade will expand the size of its board from 12 to 15 directors and will appoint the individuals recommended by the shareholder group to fill the three new seats on the board, subject to obtaining regulatory approval of the proposed new directors. The three new directors will be Arnold R. Hofmann, Christian H. Sievers and Thomas H. Rainville. In addition, the shareholder group will support the company's other nominees for election to the board at the upcoming annual meeting.

Established in 1916, Cascade Bank, the only operating subsidiary of Cascade Financial Corp., is a state chartered commercial bank headquartered in Everett, Washington. Cascade Bank has proudly served the Puget Sound region for over 90 years and 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.

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