EVERETT, Wash., May 18, 2010 (GLOBE NEWSWIRE) -- Cascade Bank, the principal operating subsidiary of Cascade Financial Corporation (Nasdaq:CASB), has announced that it has been awarded an overall rating of "Outstanding" on its Community Reinvestment Act (CRA) Performance Evaluation from the Federal Deposit Insurance Corporation (FDIC). The rating of "Outstanding" is the highest rating possible by the FDIC, and was awarded to less than 5 % 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 to 2009. The evaluation assesses the Bank's specific initiatives and efforts toward meeting the credit needs of its assessment area in a manner consistent with its resources and capabilities.
"We are extremely proud that Cascade has earned an 'Outstanding' CRA rating, the highest rating possible in an evaluation by the FDIC," said President and CEO Carol K. Nelson. "We believe this rating is a reflection of our longstanding commitment to meeting the banking and credit needs of our communities. Additionally, this recognizes the leadership role Cascade Bank directors and employees play as they contribute their time and talent to a variety of not-for-profit organizations in our market area."
The Community Reinvestment Act (CRA) 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.
About Cascade Financial
Established in 1916, Cascade Bank, the only operating subsidiary of Cascade Financial Corporation, 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. Visit www.cascadebank.com for more information.
In October 2009, Cascade Bank was named Favorite Snohomish County Company in the fourth annual NW.Jobs.com People's Picks awards. In June 2009, Cascade was ranked #55 on the Seattle Times' Northwest 100 list of public companies. In April 2010, Cascade was ranked #8 on the Puget Sound Business Journal's list of largest bank companies headquartered in the Puget Sound area.