Shareholders of Cascade Financial Approve Merger with Opus Bank

Cascade Financial Corporation CASB, the parent company of Cascade Bank, announced today that, at a special meeting of shareholders of Cascade Financial held on Tuesday May 31, 2011, the merger of Cascade Financial and Cascade Bank with and into Opus Bank was approved. A total of 8,339,771 shares, or approximately 67.96% of Cascade Financial's outstanding common stock, were voted in favor of the merger, approximately 6.55% voted against or abstained, and the remaining shares were not voted. The merger is expected to close in the latter part of June 2011. "By joining forces with Opus Bank, we will be able to continue to serve our communities and support the economy of the State of Washington," said Carol K. Nelson, President and CEO. "As part of a strong and well-capitalized, multi-billion dollar community bank, we can continue to have a significant impact on our region's economy. Opus Bank has a clear vision about rebuilding communities and their economies, by providing businesses and entrepreneurs with the lending and other financial services they need to invest in their businesses, increase staffing and grow. Our 'Real People' will continue to provide 'Real Attention' to customers and our community, consistent with Cascade Bank's culture and long heritage."