Consent of Independent Auditors



The Board of Directors
Cascade Financial Corporation and subsidiary:

We consent to incorporation  by reference in the Registration  Statement on Form
S-4 of Cascade  Financial  Corporation and Cascade Capital Trust I of our report
dated  August 2, 1999  relating to the  consolidated  balance  sheets of Cascade
Financial  Corporation  and  subsidiary  as of June 30,  1998 and 1999,  and the
related  consolidated   statements  of  operations,   stockholders'  equity  and
comprehensive  income,  and cash  flows for each of the years in the  three-year
period  ended June 30,  1999,  which report is  incorporated  by reference  into
Cascade  Financial  Corporation's  1999 Annual  Report on Form 10-K from Cascade
Financial Corporation's 1999 Annual Report to Stockholders.

We also consent to the reference to our firm under the caption  "Experts" in the
registration statement.

                                                     /s/ KPMG


Seattle, Washington
July 21, 2000