Cascade Financial Gets Approval to Merge with Opus Bank

Cascade Financial CorporationCASB today announced that the Federal Deposit Insurance Corporation and the California Department of Financial Institutions have approved Cascade Bank's merger into Opus Bank. Additionally, the written waiver of the Federal Reserve Bank to permit the merger of Cascade Financial with a subsidiary of Opus Bank has been received. The transaction, which was previously approved by the shareholders of Cascade Financial at a special shareholders meeting held May 31, 2011, is expected to close on June 30, 2011, after the applicable waiting period has expired.