FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 22, 2001
Cascade Financial Corporation
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(Exact name of registrant as specified in its charter)
Delaware 0-25286 91-0167790
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State or other jurisdiction Commission (I.R.S. Employer
of incorporation File Number Identification No.)
2828 Colby Avenue, Everett, Washington 98201
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number (including area code) (425) 339-5500
Not Applicable
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(Former name or former address, if changed since last report)
Item 5. Other Events
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On May 22, 2001, Cascade Financial Corporation ("Corporation") issued a
press release, which announced that its Board of Directors had authorized the
reorganization of the Corporation into a bank holding company with a financial
holding company election. In connection with the reorganization, the
Corporation's subsidiary, Cascade Bank, will convert from a federally
chartered stock savings bank to a Washington chartered commercial bank.
Additional information concerning the reorganization and charter
conversion is contained in the press release issued by the Corporation on May
22, 2001, attached hereto as Exhibit 99 and incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(c) Exhibits:
99 Press Release dated May 22, 2001.
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
CASCADE FINANCIAL CORPORATION
DATE: May 23, 2001 By:/s/Frank M. McCord
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Frank M. McCord
Chairman and Chief Executive Officer
Exhibit 99
Press Release Dated May 22, 2001
PRESS RELEASE CASCADE FINANCIAL CORPORATION
May 22, 2001 FOR IMMEDIATE RELEASE
Contact: Lars Johnson Telephone: (425) 339-5500
CASCADE FINANCIAL CORPORATION AND CASCADE BANK
PLAN CHARTER CONVERSION
EVERETT, Wash. - May 22, 2001 - Cascade Financial Corporation (Nasdaq: CASB),
the parent corporation of Cascade Bank, today announced plans for converting
Cascade Financial to a bank holding company with a financial holding company
election. In connection with the conversion, Cascade Financial's subsidiary,
Cascade Bank, plans to convert from a federally chartered stock savings bank
to a Washington chartered commercial bank.
Today's announcement is an important step in completing the conversion to a
full service commercial bank. "Our company is undergoing a major
transformation," said Carol K. Nelson, President and CEO of Cascade Bank. "We
are making many exciting changes that will position us to be the preferred
community bank in our market and will allow us to better serve our customers
and shareholders. Our planned charter conversion strongly reinforces this
strategic direction."
Cascade Financial's conversion is subject to the approval of the Board of
Governors of the Federal Reserve System. The conversion of Cascade Bank to a
Washington commercial bank is subject to the approval of the Office of Thrift
Supervision, Cascade Bank's current primary regulator, and the Washington
Department of Financial Institutions.
Charter in 1916, Cascade Bank is the oldest financial institution
headquartered in Snohomish County. The Bank has been locally managed for more
than 85 years and has an "Outstanding" Community Reinvestment Act rating for
serving the credit needs of the local community. Cascade Bank operates
fifteen full service offices, located in Everett, Lynnwood, Marysville,
Mukilteo, Mount Vernon, Smokey Point, Issaquah, Clearview, Woodinville, Lake
Stevens and Bellevue.
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