Originally published Monday, November 3, 2008 at 12:00 AM

Cascade Financial will tap Treasury for capital infusion

Cascade Financial of Everett said it will receive about $39 million from the U.S. Treasury's program to buy shares in regional banks.

By Melissa Allison

Seattle Times business reporter

Cascade Financial said it will receive about $39 million from the U.S. Treasury's program to buy shares in regional banks. The program extends to smaller banks the kind of government support first provided last month to Bank of America, JPMorgan Chase and seven other top banks.

Cascade, the Everett-based parent of Cascade Bank, will sell the government senior preferred shares and warrants.

"Additional capital expands our ability to provide increased credit to businesses and consumers in our market area and adds flexibility in considering strategic opportunities that meet our disciplined criteria that may become available as the industry undergoes change," CEO Carol Nelson said in a press release.

Last week, Washington Federal of Seattle said it would receive a $200 million capital infusion through the Treasury program.

Melissa Allison: 206-464-3312 or mallison@seattletimes.com

More Business & Technology headlines...

Print Share: Digg Newsvine