Cascade Financial Corporation Receives Nasdaq Notice of Minimum Bid Price Noncompliance
06 Agosto 2010 - 8:00AM
On August 3, 2010, Cascade Financial Corporation (Cascade)
(Nasdaq:CASB), parent company of Cascade Bank, received notice from
The Nasdaq Stock Market stating that the minimum bid price of
Cascade's common stock was below $1.00 per share for 30 consecutive
business days and that Cascade was therefore not in compliance with
Nasdaq Marketplace Rule 5450(a)(1). The notification letter has no
effect at this time on the listing of Cascade's common stock on the
Nasdaq Global Market. Cascade's common stock will continue to
trade on the Nasdaq Global Market under the symbol CASB.
The notification letter states that Cascade will be afforded 180
calendar days, or until January 31, 2011, to regain compliance with
the minimum closing bid price requirement. To regain
compliance, the closing bid price of Cascade's common stock must
meet or exceed $1.00 per share for at least ten consecutive
business days.
If Cascade does not regain compliance by January 31, 2011,
Nasdaq will provide written notification to Cascade that its
securities are subject to delisting. At that time, Cascade may
appeal the delisting determination to a Nasdaq Hearings
Panel. Alternatively, Cascade could apply to transfer its
common stock to The Nasdaq Capital Market if it satisfies all of
the requirements, other than the minimum bid price requirement, for
initial listing on The Nasdaq Capital Market set forth in
Marketplace Rule 5505. If Cascade were to elect to apply for
such transfer and if it satisfies the applicable requirements and
its application is approved, Cascade would have an additional 180
days to regain compliance with the minimum bid price rule while
listed on The Nasdaq Capital Market.
Cascade intends to actively monitor the bid price for its common
stock between now and January 31, 2011 and will consider available
options to regain compliance with the Nasdaq minimum bid price
requirement.
About Cascade Financial
Established in 1916, Cascade Bank, the only operating subsidiary
of Cascade Financial Corporation, is a state chartered commercial
bank headquartered in Everett, Washington. Cascade Bank
maintains an "Outstanding" CRA rating and has proudly served the
Puget Sound region for over 90 years. Cascade Bank operates 22
full service branches in Everett, Lynnwood, Marysville, Mukilteo,
Shoreline, Smokey Point, Issaquah, Clearview, Woodinville, Lake
Stevens, Bellevue, Snohomish, North Bend, Burlington and
Edmonds.
In October 2009, Cascade Bank was named Favorite Snohomish
County Company in the fourth annual NW.Jobs.com People's Picks
awards. In June 2009, Cascade was ranked #55 on the Seattle
Times' Northwest 100 list of public companies. In April 2010,
Cascade was ranked #8 on the Puget Sound Business Journal's list of
largest bank companies headquartered in the Puget Sound area.
Forward-Looking Statements
This press release contains certain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995 ("PSLRA"). This statement is included for the express
purpose of availing Cascade of the protections of the safe harbor
provisions of the PSLRA. Readers should not place undue
reliance on forward-looking statements, which reflect management's
views only as of the date hereof. The words "should,"
"anticipate," "expect," "will," "believe," and words of similar
meaning are intended, in part, to help identify forward-looking
statements. Future events are difficult to predict, and
the expectations described above are subject to risks and
uncertainties that may cause actual results to differ
materially. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those
anticipated, estimated or expected. In addition to discussions
about risks and uncertainties set forth from time to time in the
Company's filings with the Securities and Exchange Commission,
factors that may cause actual results to differ materially from
those contemplated in these forward-looking statements include,
among others: (1) the extent and duration of continued
economic and market disruptions and governmental actions to address
these disruptions; (2) the risk of new and changing legislation,
regulation and/or regulatory actions; (3) pending litigation and
regulatory actions; (4) local and national general and economic
conditions; (5) changes in interest rates; (6) reductions in loan
demand or deposit levels; and (7) changes in loan collectibility,
defaults and charge-off rates.
Cascade undertakes no obligation to publicly revise or update
these forward-looking statements to reflect events or circumstances
that arise after the date of this release. Readers should carefully
review the risk factors described in this and other documents
Cascade files from time to time with the Securities and Exchange
Commission, including Cascade's 2009 Form 10-K and Cascade's Form
10-Q for the quarter ending June 30, 2010.
CONTACT: Cascade Bank
Investor Contacts:
Carol K. Nelson, CEO
Debbie Johnson, CFO
425.339.5500
www.cascadebank.com
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