ISS Proxy Advisory Services and Glass Lewis Recommend Cascade Financial Shareholders Vote "FOR" Proposed Merger

Cascade Financial Corporation CASB, the parent company of Cascade Bank, today announced that Institutional Shareholder Services Inc. and Glass Lewis & Co., two of the leading independent U.S. proxy advisory firms, have both recommended that the company's shareholders vote "FOR" the proposals in its proxy statement for the special meeting of shareholders to be held on May 31, 2011. At the special meeting, Cascade Financial's shareholders will be asked to consider and vote on the approval of the Agreement and Plan of Reorganization (the "Merger Agreement"), entered into on March 3, 2011, among Cascade Financial, Cascade Bank and Opus Bank, Irvine, California, providing for Opus Bank to acquire Cascade Financial and its principal operating subsidiary, Cascade Bank, and for the merger of Cascade Bank into Opus Bank. Shareholders also will be asked to consider and vote on a proposal to adjourn the special meeting to a later date or dates to permit further solicitation of proxies in the event there are not sufficient votes at the time of the special meeting to approve and adopt the Merger Agreement.