CASCADE FINL CORP

Dear Cascade Customers, Shareholders and Employees, On July 21, 2010, Cascade announced our second quarter financial results which included significant improvements in all credit quality metrics, with nonperforming loans and assets declining by 28% and 11% respectively. In addition, total deposits were up $10.7 million due to growth in retail CDs. While we are pleased with the positive progress we made in these areas, we recognize that we need to remain focused on working diligently to show continued improvement and a return to profitability. Please see our press release for the complete results of the quarter. In addition, we also announced that Cascade recently entered into a consent order with the FDIC to, among other things, increase capital levels and decrease nonperforming assets. Although we recently finalized the consent order, as we mentioned in our 1Q financial results, we maintain an active dialogue with the FDIC and this order was expected. It affirms a strategic plan that Cascade instituted months ago aimed at reducing nonperforming assets and strengthening our capital position. Importantly, customers should expect no change in service or product offerings from Cascade as a result of the consent order. All customer deposits remain insured by the FDIC up to $250,000 per account holder. Complete information on this is available on the FDIC’s website at http://www.fdic.gov/deposit/deposits/insured/index.html. As difficult as this recession has been, we believe this is also a time of opportunity. To help us strengthen our capital ratios, we recently secured approval from our shareholders to increase Cascade’s authorized common stock. In doing so, the shareholders have enhanced our ability to raise capital and the Board of Directors is currently considering the best approach for doing just that. We believe our commitment to serving the needs of our community, along with our plans to comply quickly with the consent order, will leave us well positioned for growth when the economy improves. We are committed to being your truly local community bank now and for many years in the future. Please visit our website for updates in the future, and email me personally with any questions you might have at cnelson@cascadebank.com. Sincerely, Carol K. Nelson, President and CEO source: http://www.cascadebank.com/docs/Q2_Carol_Nelson_Letter.pdf

www.cascadebank.com Shares outstanding: 12,271,529 Float: 10,072,883

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