Snohomish County Business Journal: Cascade Bank earns $1.6 million

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Kurt Batdorf, Editor

kbatdorf@scbj.com

Published: Sunday, November 1, 2009

Cascade Bank earns $1.6 million

Cascade Financial Corp., parent firm of Everett-based Cascade Bank, returned to profitability with a $1 million profit in the third-quarter, after six months of losses, according to CEO and President Carol Nelson.
The bank’s earnings compared to a loss of $6.6 million in the third-quarter of 2008.
Nelson said that adding the amount paid to the U.S. Treasury for its $39 million TARP loan, brought the firm’s total earnings in the third quarter to $1.6 million, even though the bank continues to deal with bad loans, mostly in the real estate sector.
She said the bank’s new Edmonds branch that opened in May has been very successful, collecting $15 million in deposits in the first four months.
Deposit growth in general was good news for the bank, which saw deposits rise by $31.4 million, or 3 percent from the previous quarter, and checking account balances were up 14 percent from the prior quarter.

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