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    <title>
      FORM S-8
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>As
      filed with the Securities and Exchange Commission on March 15,
      2007</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Registration
      No. 333-__________</strong></font></div>
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          <tr>
            <td colspan="2" valign="top" width="85%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>UNITED
                STATES SECURITIES AND EXCHANGE COMMISSION</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Washington,
                D.C. 20549</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                <hr style="COLOR: silver" align="center" noshade size="1" width="50%">&#160;<font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>Form
                S-8</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>REGISTRATION
                STATEMENT UNDER THE</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
                EXCHANGE ACT OF 1934</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                <hr style="COLOR: silver" align="center" noshade size="1" width="50%">&#160;<font style="DISPLAY: inline; FONT-SIZE: 24pt; FONT-FAMILY: Times New Roman"><strong>Cascade
                Financial Corporation</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>(Exact
                name of registrant as specified in its charter)</em></font></div>
            </td>
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          <tr>
            <td valign="middle" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Washington</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>(State
                or other jurisdiction of</em></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>incorporation
                or organization)</em></font></div>
            </td>
            <td valign="middle" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>91-1661954</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>(I.R.S.
                Employer Identification No.)</em></font></div>
            </td>
          </tr>
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            <td valign="middle" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2828
                Colby Avenue</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Everett,
                Washington</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>(Address
                of principal executive offices)</em></font></div>
            </td>
            <td valign="middle" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>98201</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>(Zip
                Code)</em></font></div>
            </td>
          </tr>
          <tr>
            <td colspan="2" valign="top" width="85%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;

                <hr style="COLOR: silver" align="center" noshade size="1" width="50%">
              </div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>Cascade
                Financial Corporation 2003 Long-Term Stock Incentive
                Plan</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><em>(Full
                title of the plan)</em></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;

                <hr style="COLOR: silver" align="center" noshade size="1" width="50%">
              </div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
            </td>
          </tr>
          <tr>
            <td valign="middle" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Carol
                K. Nelson</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>President
                and Chief Executive Officer</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Cascade
                Financial Corporation</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2828
                Colby Avenue</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Everett,
                Washington 98201</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(425)
                339-5500</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>(Name,
                address and telephone number,</em></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>including
                area code, of agent for service)</em></font></div>
            </td>
            <td valign="middle" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Copy
                to:</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Thomas
                A. Sterken</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Keller
                Rohrback L.L.P.</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>1201
                Third Avenue, Suite 3200</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Seattle,
                Washington 98101</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(206)
                623-1900</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>(Name,
                address and telephone number)</em></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>
      <hr style="COLOR: silver" align="center" noshade size="1" width="50%">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td colspan="5" valign="top" width="85%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CALCULATION
                OF REGISTRATION FEE</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="26%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Title
                of Each Class of</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Securities
                to be Registered</strong></font></div>
            </td>
            <td valign="bottom" width="15%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Amount
                to be</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Registered
                (1)</strong></font></div>
            </td>
            <td valign="bottom" width="15%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Proposed
                Maximum</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Offering
                Price Per </strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Share
                (2)</strong></font></div>
            </td>
            <td valign="bottom" width="15%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Proposed
                Maximum</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Aggregate
                Offering</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Price
                (2)</strong></font></div>
            </td>
            <td valign="bottom" width="15%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Amount
                of</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Registration
                Fee (2)</strong></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="26%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Common
                Stock, $.01 par value</font></div>
            </td>
            <td valign="top" width="15%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">937,500</font></div>
            </td>
            <td valign="top" width="15%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$17.28</font></div>
            </td>
            <td valign="top" width="15%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$16,200,000</font></div>
            </td>
            <td valign="top" width="15%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$497.34</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" colspan="5" valign="top" width="85%">&#160;</td>
          </tr>
          <tr>
            <td align="justify" colspan="5" valign="top" width="85%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 15pt; TEXT-INDENT: -19pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shares
                of registrant&#8217;s common stock issuable upon exercise of options outstanding
                under the Cascade Financial Corporation 2003 Long-Term Stock Incentive
                Plan (the &#8220;Plan&#8221;) as adjusted for 5:4 stock splits on December 19, 2003
                and May 19, 2006, together with an indeterminate number of additional
                shares which may be necessary to adjust the number of shares reserved
                for
                issuance under the Plan as a result of any future stock split, stock
                dividend or similar adjustment of the outstanding common stock, as
                provided in Rule 416(a) under the Securities Act. </font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 15pt; TEXT-INDENT: -19pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 15pt; TEXT-INDENT: -19pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Estimated
                solely for the purpose of calculating the registration fee pursuant
                to
                Rules 457(c) and (h) under the Securities Act of 1933, as amended,
                to be
                equal to $17.28 per share, the closing price of the common stock,
                as
                reported on the Nasdaq Stock Market LLC on March 13,
                2007.</font></div>
            </td>
          </tr>

      </table>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>TABLE
      OF CONTENTS</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 31pt">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PART
      I</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 40pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      1.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 31pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Plan
      Information*</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 40pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      2.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 31pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant
      Information and Employee Plan Annual Information*</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PART
      II</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 40pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      3.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 31pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Incorporation
      of Documents by Reference</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 40pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      4.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 31pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Description
      of Securities</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 40pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      5.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 31pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interests
      of Named Experts and Counsel</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 40pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      6.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 31pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indemnification
      of Directors and Officers</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 40pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      7.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 31pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exemption
      from Registration Claimed</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 40pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      8.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 31pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibits</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 40pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      9</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 31pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Undertakings</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EXHIBIT
      INDEX</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Opinion
      and Consent of Keller Rohrback L.L.P.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consent
      of Moss Adams LLP</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <div>
        <hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade size="4">
        <hr style="MARGIN-TOP: -10px; COLOR: #000000" noshade size="1">
      </div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PART
        I</strong></font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>INFORMATION
      REQUIRED IN THE SECTION 10(a) PROSPECTUS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      1.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 31pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Plan
      Information.*</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      2.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 31pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Registrant
      Information and Employee Plan Annual Information.*</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*
      The
      documents containing the information specified in this Part I will be sent
      or
      given to employees participating in the Cascade Financial Corporation 2003
      Long-Term Stock Incentive Plan (the &#8220;Plan&#8221;), as specified by Rule 428(b)(1)
      promulgated under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;).
      In accordance with the Note in the instructions to Part I of Form S-8, such
      documents will not be filed with the Securities and Exchange Commission (the
      &#8220;Commission&#8221;) either as part of this registration statement or as prospectuses
      or prospectus supplements pursuant to Rule 424 promulgated under the Securities
      Act. These documents and the documents incorporated by reference pursuant to
      Item 3 of Part II of this registration statement, taken together, constitute
      the
      prospectus as required by Section 10(a) of the Securities Act. Cascade Financial
      Corporation (&#8220;Cascade&#8221; or the &#8220;Company&#8221;) shall maintain a file of such documents
      in accordance with the provisions of Rule 428. Upon request, Cascade will
      furnish to the Commission or its staff a copy of all of the documents included
      in such file.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PART
      II</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>INFORMATION
      REQUIRED IN THE REGISTRATION STATEMENT</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      3.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 31pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Incorporation
      of Documents by Reference.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      following documents are incorporated by reference into this registration
      statement:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cascade&#8217;s
      annual report on Form 10-K for the fiscal year ended December 31,
      2006;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cascade&#8217;s
      current report on Form 8-K filed on January 23, 2007; and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      description of our Common Stock contained in our Registration Statement on
      Form
      8-A, filed under Section 12 of the Securities Exchange Act of 1934 (the
&#8220;Exchange Act&#8221;), and all amendments or reports filed for the purpose of updating
      such description.</font></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">2</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
      documents subsequently filed by Cascade Financial Corporation pursuant to
      Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934 prior
      to the filing of a post-effective amendment that indicates that all securities
      offered have been sold or that deregisters securities then remaining unsold
      shall be deemed to be incorporated by reference in this registration statement
      and to be a part hereof from the date of filing of such documents.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      4.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 31pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Description
      of Securities.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not
      applicable. Cascade&#8217;s common stock is registered with the Commission under
      Section 12 of the Exchange Act.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      5.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 31pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Interests
      of Named Experts and Counsel.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not
      applicable. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      6.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 31pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Indemnification
      of Directors and Officers.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sections
      23B.08.500 through 23B.08.600 of the Washington Business Corporation Act
      (&#8220;WBCA&#8221;) contain specific provisions relating to indemnification of directors
      and officers of Washington corporations. In general, the statute provides that
      (i) a corporation must indemnify a director or officer who is wholly successful
      in his defense of a proceeding to which he or she is a party because of his
      or
      her status as such, unless limited by the articles of incorporation, and (ii)
      a
      corporation may indemnify a director or officer if he or she is not wholly
      successful in such defense, if it is determined as provided in the statute
      that
      the director meets a certain standard of conduct, provided when a director
      is
      liable to the corporation, the corporation may not indemnify him or her. The
      statute also permits a director or officer of a corporation who is a party
      to a
      proceeding to apply to the courts for indemnification or advance of expenses,
      unless the articles of incorporation provide otherwise, and the court may order
      indemnification or advance of expenses under certain circumstances set forth
      in
      the statute. The statute further provides that a corporation may in its articles
      of incorporation or bylaws or by resolution provide indemnification in addition
      to that provided by the statute, subject to certain conditions set forth in
      the
      statute.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to Cascade&#8217;s articles of incorporation, Cascade will, to the fullest extent
      permitted by the WBCA, reimburse and indemnify the directors and officers of
      Cascade, its subsidiaries and affiliates for expenses, judgments, fines and
      amounts paid in settlement incurred by such person in connection with any legal
      action, suit or proceeding by reason of the fact that such person is or was
      a
      director or officer, except (a) if the acts or omissions of the person are
      adjudged to be in violation of law, (b) if such person is liable to the
      corporation for an unlawful distribution, or (c) if such person personally
      received a benefit to which he or she was not entitled. Executives and managers
      of the corporation are entitled to similar reimbursement and indemnification.
      In
      addition, Cascade&#8217;s articles of incorporation provide that the directors of
      Cascade shall not be personally liable for monetary damages to Cascade for
      certain breaches of their fiduciary duty as directors, except for liabilities
      that involve intentional misconduct by the directors, the authorization of
      illegal distributions to shareholders or loans to directors or receipt of an
      improper personal benefit from their actions as directors. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      have
      also entered into separate indemnification agreements with our directors, in
      addition to the indemnification provided for in our bylaws. These agreements,
      among other things, require us to indemnify our directors for certain expenses,
      including attorneys&#8217; fees, judgments, fines and settlement amounts incurred by a
      director in any action or proceeding arising out of their services as one of
      our
      directors, or as a director of any of our subsidiaries or any other company
      or
      enterprise to which the person provides services at our request.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      have a
      directors&#8217; and officers&#8217; liability insurance policy that provides coverage
      sufficiently broad to permit indemnification under certain circumstances for
      liabilities (including reimbursement for expenses incurred) arising under the
      Securities Act of 1933.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      7.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 31pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Exemption
      From Registration Claimed.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not
      applicable.</font></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">3</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      8.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 31pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Exhibits.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      exhibits to this Form S-8 are listed on the exhibit index, which appears
      elsewhere herein and is incorporated herein by reference.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      reflect in the prospectus any facts or events arising after the effective date
      of the registration statement (or the most recent post-effective amendment
      thereof) which, individually or in the aggregate, represent a fundamental change
      in the information set forth in the registration statement; and </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 20pt"></font><font id="TAB1" style="MARGIN-LEFT: 20pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 20pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
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      previously disclosed in the registration statement or any material change to
      such information in the registration statement; </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Provided,
      however, that subparagraphs (i) and (ii) do not apply if the information
      required to be included in a post-effective amendment by those subparagraphs
      is
      contained in reports filed with or furnished to the Commission by the registrant
      pursuant to Section 13 or Section 15(d) of the Exchange Act that are
      incorporated by reference in the registration statement. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      for
      the purpose of determining any liability under the Securities Act, each such
      post-effective amendment shall be deemed to be a new registration statement
      relating to the securities offered therein, and the offering of such securities
      at that time shall be deemed to be the initial bona fide offering thereof;
      and
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 20pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
      remove
      from registration by means of a post-effective amendment any of the securities
      being registered which remain unsold at the termination of the offering.
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      undersigned registrant hereby undertakes that, for purposes of determining
      any
      liability under the Securities Act, each filing of the registrant&#8217;s annual
      report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and,
      where applicable, each filing of an employee benefit plan&#8217;s annual report
      pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference
      in the registration statement shall be deemed to be a new registration statement
      relating to the securities offered therein, and the offering of such securities
      at that time shall be deemed to be the initial bona fide offering thereof.
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 14pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Insofar
      as indemnification for liabilities arising under the Securities Act may be
      permitted to our directors, officers and controlling persons pursuant to the
      foregoing provisions, or otherwise, the registrant has been advised that, in
      the
      opinion of the Securities and Exchange Commission, such indemnification is
      against public policy as expressed in the Securities Act and is, therefore,
      unenforceable. In the event that a claim for indemnification against such
      liabilities (other than the payment by the registrant of expenses incurred
      or
      paid by a director, officer or controlling person of the registrant in the
      successful defense of any action, suit or proceeding) is asserted by that
      director, officer or controlling person in connection with the securities being
      registered, the registrant will, unless in the opinion of its counsel the matter
      has been settled by controlling precedent, submit to a court of appropriate
      jurisdiction the question whether such indemnification by it is against public
      policy as expressed in the Securities Act and will be governed by the final
      adjudication of such issue.</font></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">4</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
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    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities Act of 1933, as amended, the registrant
      certifies that it has reasonable grounds to believe that it meets all of the
      requirements for filing this registration statement on Form S-8 and has duly
      caused this registration statement to be signed on its behalf by the
      undersigned, thereunto duly authorized, in the City of Everett, State of
      Washington, as of the 15th day of March, 2007.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 235pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CASCADE
      FINANCIAL CORPORATION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 235pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 235pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 235pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 235pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 13pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>/s/
      Carol K. Nelson<font id="TAB2" style="LETTER-SPACING: 5pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 5pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 5pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 5pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 5pt">&#160;&#160;&#160;</font>&#160;</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 31pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 31pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 31pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 31pt">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 235pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 20pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Carol
      K.
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    <div style="DISPLAY: block; MARGIN-LEFT: 235pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 20pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">President
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">POWER
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      ATTORNEY</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each
      person whose individual signature appears below hereby authorizes and appoints
      Carol K. Nelson and Lars H. Johnson, or either of them, with full power of
      substitution and full power to act as his or her true and lawful
      attorney-in-fact and agent in his or her name, place and stead, and to execute
      in the name and on behalf of each person, individually and in each capacity
      stated below, and to file any and all amendments to this registration statement,
      including any and all post-effective amendments, with the Securities and
      Exchange Commission, granting unto said attorney-in-fact and agent, full power
      and authority to do and perform for all intents and purposes as he or she might
      or could do in person, hereby ratifying and confirming all that said
      attorney-in-fact and agent, or the substitute for such attorney-in-fact and
      agent, may lawfully do or cause to be done by virtue hereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities Act of 1933, as amended, this registration
      statement has been signed below by the following persons in the capacities
      indicated as of the 15th day of March, 2007.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="bottom" width="31%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Signature</strong></font></div>
              </td>
              <td valign="bottom" width="27%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Capacity</strong></font></div>
              </td>
              <td valign="top" width="16%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Date</strong></font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" width="31%">&#160;</td>
              <td valign="bottom" width="27%">&#160;</td>
              <td valign="top" width="16%">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" width="31%">&#160;</td>
              <td valign="bottom" width="27%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">President,
                  Chief Executive</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Officer
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              </td>
              <td valign="bottom" width="16%">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" width="31%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                  CAROL K. JOHNSON</font></div>
              </td>
              <td valign="bottom" width="27%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Principal
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              <td valign="bottom" width="16%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
                  15, 2007</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Carol
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              </td>
              <td valign="bottom" width="27%">&#160;</td>
              <td valign="bottom" width="16%">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" width="31%">&#160;</td>
              <td valign="bottom" width="27%">&#160;</td>
              <td valign="bottom" width="16%">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" width="31%">&#160;</td>
              <td valign="bottom" width="27%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Executive
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              </td>
              <td valign="bottom" width="16%">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" width="31%">&#160;</td>
              <td valign="bottom" width="27%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
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              </td>
              <td valign="bottom" width="16%">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" width="31%" style="border-bottom: black thin solid;">
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                  LARS H. JOHNSON</font></div>
              </td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Principal
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
                  Accounting Officer)</font></div>
              </td>
              <td valign="bottom" width="16%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
                  15, 2007</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Lars
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              </td>
              <td valign="bottom" width="27%">&#160;</td>
              <td valign="bottom" width="16%">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" width="31%">&#160;</td>
              <td valign="bottom" width="27%">&#160;</td>
              <td valign="bottom" width="16%">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" width="31%">&#160;</td>
              <td valign="bottom" width="27%">&#160;</td>
              <td valign="bottom" width="16%">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" width="31%">&#160;</td>
              <td valign="bottom" width="27%">&#160;</td>
              <td valign="bottom" width="16%">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" width="31%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                  DAVID W. DUCE</font></div>
              </td>
              <td valign="bottom" width="27%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chairman
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              </td>
              <td valign="bottom" width="16%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
                  15, 2007</font></div>
              </td>
            </tr>
            <tr>
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    <div style="DISPLAY: block; MARGIN-LEFT: 235pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">5</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        <div id="GLHDR" style="WIDTH: 100%" align="right">
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              <tr>
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                <td valign="bottom" width="27%" style="border-bottom: black thin solid;">
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                <td valign="bottom" width="31%">&#160;</td>
                <td valign="bottom" width="27%">&#160;</td>
                <td valign="bottom" width="16%">&#160;</td>
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              <tr>
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                <td valign="bottom" width="27%">&#160;</td>
                <td valign="bottom" width="16%">&#160;</td>
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              <tr>
                <td valign="bottom" width="31%">&#160;</td>
                <td valign="bottom" width="27%">&#160;</td>
                <td valign="bottom" width="16%">&#160;</td>
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              <tr>
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                </td>
              </tr>
              <tr>
                <td valign="bottom" width="31%">
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                <td valign="bottom" width="16%">&#160;</td>
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              <tr>
                <td valign="bottom" width="31%">&#160;</td>
                <td valign="bottom" width="27%">&#160;</td>
                <td valign="bottom" width="16%">&#160;</td>
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              <tr>
                <td valign="bottom" width="31%">&#160;</td>
                <td valign="bottom" width="27%">&#160;</td>
                <td valign="bottom" width="16%">&#160;</td>
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              <tr>
                <td valign="bottom" width="31%">&#160;</td>
                <td valign="bottom" width="27%">&#160;</td>
                <td valign="bottom" width="16%">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" width="31%" style="border-bottom: black thin solid;">
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                <td valign="bottom" width="27%">
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                <td valign="bottom" width="16%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
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                </td>
              </tr>
              <tr>
                <td valign="bottom" width="31%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dwayne
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                <td valign="bottom" width="27%">&#160;</td>
                <td valign="bottom" width="16%">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" width="31%">&#160;</td>
                <td valign="bottom" width="27%">&#160;</td>
                <td valign="bottom" width="16%">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" width="31%">&#160;</td>
                <td valign="bottom" width="27%">&#160;</td>
                <td valign="bottom" width="16%">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" width="31%">&#160;</td>
                <td valign="bottom" width="27%">&#160;</td>
                <td valign="bottom" width="16%">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" width="31%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
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                <td valign="bottom" width="27%">
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                <td valign="bottom" width="16%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
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                </td>
              </tr>
              <tr>
                <td valign="bottom" width="31%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">D.
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                </td>
                <td valign="bottom" width="27%">&#160;</td>
                <td valign="bottom" width="16%">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" width="31%">&#160;</td>
                <td valign="bottom" width="27%">&#160;</td>
                <td valign="bottom" width="16%">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" width="31%">&#160;</td>
                <td valign="bottom" width="27%">&#160;</td>
                <td valign="bottom" width="16%">&#160;</td>
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              <tr>
                <td valign="bottom" width="31%">&#160;</td>
                <td valign="bottom" width="27%">&#160;</td>
                <td valign="bottom" width="16%">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" width="31%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                    DAVID O&#8217;CONNOR</font></div>
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                <td valign="bottom" width="27%">
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                <td valign="bottom" width="16%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
                    15, 2007</font></div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" width="31%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">David
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                </td>
                <td valign="bottom" width="27%">&#160;</td>
                <td valign="bottom" width="16%">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" width="31%">&#160;</td>
                <td valign="bottom" width="27%">&#160;</td>
                <td valign="bottom" width="16%">&#160;</td>
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              <tr>
                <td valign="bottom" width="31%">&#160;</td>
                <td valign="bottom" width="27%">&#160;</td>
                <td valign="bottom" width="16%">&#160;</td>
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              <tr>
                <td valign="bottom" width="31%">&#160;</td>
                <td valign="bottom" width="27%">&#160;</td>
                <td valign="bottom" width="16%">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" width="31%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                    CRAIG SKOTDAL</font></div>
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                <td valign="bottom" width="27%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Director</font></div>
                </td>
                <td valign="bottom" width="16%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
                    15, 2007</font></div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" width="31%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Craig
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                </td>
                <td valign="bottom" width="27%">&#160;</td>
                <td valign="bottom" width="16%">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" width="31%">&#160;</td>
                <td valign="bottom" width="27%">&#160;</td>
                <td valign="bottom" width="16%">&#160;</td>
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              <tr>
                <td valign="bottom" width="31%">&#160;</td>
                <td valign="bottom" width="27%">&#160;</td>
                <td valign="bottom" width="16%">&#160;</td>
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              <tr>
                <td valign="bottom" width="31%">&#160;</td>
                <td valign="bottom" width="27%">&#160;</td>
                <td valign="bottom" width="16%">&#160;</td>
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              <tr>
                <td valign="bottom" width="31%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                    RONALD E. THOMPSON</font></div>
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                <td valign="bottom" width="27%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Director</font></div>
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                <td valign="bottom" width="16%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
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                </td>
              </tr>
              <tr>
                <td valign="bottom" width="31%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ronald
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                </td>
                <td valign="bottom" width="27%">&#160;</td>
                <td valign="bottom" width="16%">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" width="31%">&#160;</td>
                <td valign="bottom" width="27%">&#160;</td>
                <td valign="bottom" width="16%">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" width="31%">&#160;</td>
                <td valign="bottom" width="27%">&#160;</td>
                <td valign="bottom" width="16%">&#160;</td>
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              <tr>
                <td valign="bottom" width="31%">&#160;</td>
                <td valign="bottom" width="27%">&#160;</td>
                <td valign="bottom" width="16%">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" width="31%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Director</font></div>
                </td>
                <td valign="bottom" width="16%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
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                </td>
              </tr>
              <tr>
                <td valign="bottom" width="31%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">G.
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                </td>
                <td valign="bottom" width="27%">&#160;</td>
                <td valign="bottom" width="16%">&#160;</td>
              </tr>

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      <div>&#160;</div>
      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">6</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
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      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EXHIBIT
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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="bottom" width="8%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Exhibit
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            </td>
            <td valign="bottom" width="2%">&#160;</td>
            <td valign="bottom" width="62%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Description</strong></font></div>
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          </tr>
          <tr>
            <td align="left" valign="top" width="8%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="left" valign="top" width="62%">&#160;</td>
          </tr>
          <tr>
            <td align="right" valign="top" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.1</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="left" valign="top" width="62%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Opinion
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                being
                registered</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
          </tr>
          <tr>
            <td align="right" valign="top" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23.1</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="left" valign="top" width="62%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consent
                of Moss Adams LLP</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
          </tr>
          <tr>
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                of Keller Rohrback LLP (included in its opinion filed as Exhibit
                5.1)</font></div>
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                of Attorney (included on the signature page of this registration
                statement)</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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                Financial Corporation 2003 Long-Term Stock Incentive Plan (incorporated
                by
                reference from Cascade&#8217;s definitive proxy statement filed with the
                Securities and Exchange Commission on March 26, 2003 (File No. 000-25286),
                for Cascade&#8217;s annual shareholders meeting on May 6, 2003).</font></div>
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[{"type": "S-8", "sequence": "1", "filename": "s8-031507.htm", "description": "FORM S-8", "secsgml_size_bytes": 100936}]
{"company-data": {"conformed-name": "CASCADE FINANCIAL CORP", "cik": "0000928911", "assigned-sic": "6022", "irs-number": "911661954", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-141329", "film-number": "07696915"}, "business-address": {"street1": "2828 COLBY AVE", "city": "EVERETT", "state": "WA", "zip": "98201", "phone": "4252598551"}, "mail-address": {"street1": "2828 COLBY AVE", "city": "EVERETT", "state": "WA", "zip": "98201"}}
FORM S-8
As
      filed with the Securities and Exchange Commission on March 15,
      2007
Registration
      No. 333-__________
UNITED
                STATES SECURITIES AND EXCHANGE COMMISSION
Washington,
                D.C. 20549
Form
                S-8
REGISTRATION
                STATEMENT UNDER THE
SECURITIES
                EXCHANGE ACT OF 1934
Cascade
                Financial Corporation
(Exact
                name of registrant as specified in its charter)
Washington
(State
                or other jurisdiction of
incorporation
                or organization)
91-1661954
(I.R.S.
                Employer Identification No.)
2828
                Colby Avenue
Everett,
                Washington
(Address
                of principal executive offices)
98201
(Zip
                Code)
Cascade
                Financial Corporation 2003 Long-Term Stock Incentive
                Plan
(Full
                title of the plan)
Carol
                K. Nelson
President
                and Chief Executive Officer
Cascade
                Financial Corporation
2828
                Colby Avenue
Everett,
                Washington 98201
(425)
                339-5500
(Name,
                address and telephone number,
including
                area code, of agent for service)
Copy
                to:
Thomas
                A. Sterken
Keller
                Rohrback L.L.P.
1201
                Third Avenue, Suite 3200
Seattle,
                Washington 98101
(206)
                623-1900
(Name,
                address and telephone number)
CALCULATION
                OF REGISTRATION FEE
Title
                of Each Class of
Securities
                to be Registered
Amount
                to be
Registered
                (1)
Proposed
                Maximum
Offering
                Price Per
Share
                (2)
Proposed
                Maximum
Aggregate
                Offering
Price
                (2)
Amount
                of
Registration
                Fee (2)
Common
                Stock, $.01 par value
937,500
$17.28
$16,200,000
$497.34
(1)
Shares
                of registrant's common stock issuable upon exercise of options outstanding
                under the Cascade Financial Corporation 2003 Long-Term Stock Incentive
                Plan (the "Plan") as adjusted for 5:4 stock splits on December 19, 2003
                and May 19, 2006, together with an indeterminate number of additional
                shares which may be necessary to adjust the number of shares reserved
                for
                issuance under the Plan as a result of any future stock split, stock
                dividend or similar adjustment of the outstanding common stock, as
                provided in Rule 416(a) under the Securities Act.
(2)
Estimated
                solely for the purpose of calculating the registration fee pursuant
                to
                Rules 457(c) and (h) under the Securities Act of 1933, as amended,
                to be
                equal to $17.28 per share, the closing price of the common stock,
                as
                reported on the Nasdaq Stock Market LLC on March 13,
                2007.
TABLE
      OF CONTENTS
PART
      I
Item
      1.
Plan
      Information*
Item
      2.
Registrant
      Information and Employee Plan Annual Information*
PART
      II
Item
      3.
Incorporation
      of Documents by Reference
Item
      4.
Description
      of Securities
Item
      5.
Interests
      of Named Experts and Counsel
Item
      6.
Indemnification
      of Directors and Officers
Item
      7.
Exemption
      from Registration Claimed
Item
      8.
Exhibits
Item
      9
Undertakings
SIGNATURES
EXHIBIT
      INDEX
Opinion
      and Consent of Keller Rohrback L.L.P.
Consent
      of Moss Adams LLP
PART
        I
INFORMATION
      REQUIRED IN THE SECTION 10(a) PROSPECTUS
Item
      1.
Plan
      Information.*
Item
      2.
Registrant
      Information and Employee Plan Annual Information.*
*
      The
      documents containing the information specified in this Part I will be sent
      or
      given to employees participating in the Cascade Financial Corporation 2003
      Long-Term Stock Incentive Plan (the "Plan"), as specified by Rule 428(b)(1)
      promulgated under the Securities Act of 1933, as amended (the "Securities Act").
      In accordance with the Note in the instructions to Part I of Form S-8, such
      documents will not be filed with the Securities and Exchange Commission (the
      "Commission") either as part of this registration statement or as prospectuses
      or prospectus supplements pursuant to Rule 424 promulgated under the Securities
      Act. These documents and the documents incorporated by reference pursuant to
      Item 3 of Part II of this registration statement, taken together, constitute
      the
      prospectus as required by Section 10(a) of the Securities Act. Cascade Financial
      Corporation ("Cascade" or the "Company") shall maintain a file of such documents
      in accordance with the provisions of Rule 428. Upon request, Cascade will
      furnish to the Commission or its staff a copy of all of the documents included
      in such file.
PART
      II
INFORMATION
      REQUIRED IN THE REGISTRATION STATEMENT
Item
      3.
Incorporation
      of Documents by Reference.
The
      following documents are incorporated by reference into this registration
      statement:
(a)
Cascade's
      annual report on Form 10-K for the fiscal year ended December 31,
      2006;
(b)
Cascade's
      current report on Form 8-K filed on January 23, 2007; and
(c)
The
      description of our Common Stock contained in our Registration Statement on
      Form
      8-A, filed under Section 12 of the Securities Exchange Act of 1934 (the
"Exchange Act"), and all amendments or reports filed for the purpose of updating
      such description.
2
All
      documents subsequently filed by Cascade Financial Corporation pursuant to
      Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934 prior
      to the filing of a post-effective amendment that indicates that all securities
      offered have been sold or that deregisters securities then remaining unsold
      shall be deemed to be incorporated by reference in this registration statement
      and to be a part hereof from the date of filing of such documents.
Item
      4.
Description
      of Securities.
Not
      applicable. Cascade's common stock is registered with the Commission under
      Section 12 of the Exchange Act.
Item
      5.
Interests
      of Named Experts and Counsel.
Not
      applicable.
Item
      6.
Indemnification
      of Directors and Officers.
Sections
      23B.08.500 through 23B.08.600 of the Washington Business Corporation Act
      ("WBCA") contain specific provisions relating to indemnification of directors
      and officers of Washington corporations. In general, the statute provides that
      (i) a corporation must indemnify a director or officer who is wholly successful
      in his defense of a proceeding to which he or she is a party because of his
      or
      her status as such, unless limited by the articles of incorporation, and (ii)
      a
      corporation may indemnify a director or officer if he or she is not wholly
      successful in such defense, if it is determined as provided in the statute
      that
      the director meets a certain standard of conduct, provided when a director
      is
      liable to the corporation, the corporation may not indemnify him or her. The
      statute also permits a director or officer of a corporation who is a party
      to a
      proceeding to apply to the courts for indemnification or advance of expenses,
      unless the articles of incorporation provide otherwise, and the court may order
      indemnification or advance of expenses under certain circumstances set forth
      in
      the statute. The statute further provides that a corporation may in its articles
      of incorporation or bylaws or by resolution provide indemnification in addition
      to that provided by the statute, subject to certain conditions set forth in
      the
      statute.
Pursuant
      to Cascade's articles of incorporation, Cascade will, to the fullest extent
      permitted by the WBCA, reimburse and indemnify the directors and officers of
      Cascade, its subsidiaries and affiliates for expenses, judgments, fines and
      amounts paid in settlement incurred by such person in connection with any legal
      action, suit or proceeding by reason of the fact that such person is or was
      a
      director or officer, except (a) if the acts or omissions of the person are
      adjudged to be in violation of law, (b) if such person is liable to the
      corporation for an unlawful distribution, or (c) if such person personally
      received a benefit to which he or she was not entitled. Executives and managers
      of the corporation are entitled to similar reimbursement and indemnification.
      In
      addition, Cascade's articles of incorporation provide that the directors of
      Cascade shall not be personally liable for monetary damages to Cascade for
      certain breaches of their fiduciary duty as directors, except for liabilities
      that involve intentional misconduct by the directors, the authorization of
      illegal distributions to shareholders or loans to directors or receipt of an
      improper personal benefit from their actions as directors.
We
      have
      also entered into separate indemnification agreements with our directors, in
      addition to the indemnification provided for in our bylaws. These agreements,
      among other things, require us to indemnify our directors for certain expenses,
      including attorneys' fees, judgments, fines and settlement amounts incurred by a
      director in any action or proceeding arising out of their services as one of
      our
      directors, or as a director of any of our subsidiaries or any other company
      or
      enterprise to which the person provides services at our request.
We
      have a
      directors' and officers' liability insurance policy that provides coverage
      sufficiently broad to permit indemnification under certain circumstances for
      liabilities (including reimbursement for expenses incurred) arising under the
      Securities Act of 1933.
Item
      7.
Exemption
      From Registration Claimed.
Not
      applicable.
3
Item
      8.
Exhibits.
The
      exhibits to this Form S-8 are listed on the exhibit index, which appears
      elsewhere herein and is incorporated herein by reference.
Item
      9.
Undertakings
(a)
The
      undersigned registrant hereby undertakes:
(1)
To
      file,
      during any period in which offers or sales are being made, a post-effective
      amendment to this registration statement:
(i)
To
      include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii)
To
      reflect in the prospectus any facts or events arising after the effective date
      of the registration statement (or the most recent post-effective amendment
      thereof) which, individually or in the aggregate, represent a fundamental change
      in the information set forth in the registration statement; and
(iii)
To
      include any material information with respect to the plan of distribution not
      previously disclosed in the registration statement or any material change to
      such information in the registration statement;
Provided,
      however, that subparagraphs (i) and (ii) do not apply if the information
      required to be included in a post-effective amendment by those subparagraphs
      is
      contained in reports filed with or furnished to the Commission by the registrant
      pursuant to Section 13 or Section 15(d) of the Exchange Act that are
      incorporated by reference in the registration statement.
(2)
That,
      for
      the purpose of determining any liability under the Securities Act, each such
      post-effective amendment shall be deemed to be a new registration statement
      relating to the securities offered therein, and the offering of such securities
      at that time shall be deemed to be the initial bona fide offering thereof;
      and
(3)
To
      remove
      from registration by means of a post-effective amendment any of the securities
      being registered which remain unsold at the termination of the offering.
(b)
The
      undersigned registrant hereby undertakes that, for purposes of determining
      any
      liability under the Securities Act, each filing of the registrant's annual
      report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and,
      where applicable, each filing of an employee benefit plan's annual report
      pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference
      in the registration statement shall be deemed to be a new registration statement
      relating to the securities offered therein, and the offering of such securities
      at that time shall be deemed to be the initial bona fide offering thereof.
(c)
Insofar
      as indemnification for liabilities arising under the Securities Act may be
      permitted to our directors, officers and controlling persons pursuant to the
      foregoing provisions, or otherwise, the registrant has been advised that, in
      the
      opinion of the Securities and Exchange Commission, such indemnification is
      against public policy as expressed in the Securities Act and is, therefore,
      unenforceable. In the event that a claim for indemnification against such
      liabilities (other than the payment by the registrant of expenses incurred
      or
      paid by a director, officer or controlling person of the registrant in the
      successful defense of any action, suit or proceeding) is asserted by that
      director, officer or controlling person in connection with the securities being
      registered, the registrant will, unless in the opinion of its counsel the matter
      has been settled by controlling precedent, submit to a court of appropriate
      jurisdiction the question whether such indemnification by it is against public
      policy as expressed in the Securities Act and will be governed by the final
      adjudication of such issue.
4
SIGNATURES
Pursuant
      to the requirements of the Securities Act of 1933, as amended, the registrant
      certifies that it has reasonable grounds to believe that it meets all of the
      requirements for filing this registration statement on Form S-8 and has duly
      caused this registration statement to be signed on its behalf by the
      undersigned, thereunto duly authorized, in the City of Everett, State of
      Washington, as of the 15th day of March, 2007.
CASCADE
      FINANCIAL CORPORATION
By:
/s/
      Carol K. Nelson
Carol
      K.
      Nelson
President
      and Chief Executive Officer
POWER
      OF
      ATTORNEY
Each
      person whose individual signature appears below hereby authorizes and appoints
      Carol K. Nelson and Lars H. Johnson, or either of them, with full power of
      substitution and full power to act as his or her true and lawful
      attorney-in-fact and agent in his or her name, place and stead, and to execute
      in the name and on behalf of each person, individually and in each capacity
      stated below, and to file any and all amendments to this registration statement,
      including any and all post-effective amendments, with the Securities and
      Exchange Commission, granting unto said attorney-in-fact and agent, full power
      and authority to do and perform for all intents and purposes as he or she might
      or could do in person, hereby ratifying and confirming all that said
      attorney-in-fact and agent, or the substitute for such attorney-in-fact and
      agent, may lawfully do or cause to be done by virtue hereof.
Pursuant
      to the requirements of the Securities Act of 1933, as amended, this registration
      statement has been signed below by the following persons in the capacities
      indicated as of the 15th day of March, 2007.
Signature
Capacity
Date
President,
                  Chief Executive
Officer
                  and Director
/s/
                  CAROL K. JOHNSON
(Principal
                  Executive Officer)
March
                  15, 2007
Carol
                  K. Johnson
Executive
                  Vice President
and
                  Chief Financial Officer
/s/
                  LARS H. JOHNSON
(Principal
                  Financial
and
                  Accounting Officer)
March
                  15, 2007
Lars
                  H. Johnson
/s/
                  DAVID W. DUCE
Chairman
                  of the Board
March
                  15, 2007
David
                  W. Duce
/s/
                  RICHARD L. ANDERSON
Director
March
                  15, 2007
Richard
                  L. Anderson
5
Signature
Capacity
Date
/s/
                    JANICE HALLADAY
Director
March
                    15, 2007
Janice
                    Halladay
/s/
                    DWAYNE LANE
Director
March
                    15, 2007
Dwayne
                    Lane
/s/
                    D. R. MURPHY
Director
March
                    15, 2007
D.
                    R. Murphy
/s/
                    DAVID O'CONNOR
Director
March
                    15, 2007
David
                    O'Connor
/s/
                    CRAIG SKOTDAL
Director
March
                    15, 2007
Craig
                    Skotdal
/s/
                    RONALD E. THOMPSON
Director
March
                    15, 2007
Ronald
                    E. Thompson
/s/
                    G. BRANDT WESTOVER
Director
March
                    15, 2007
G.
                    Brandt Westover
6
EXHIBIT
        INDEX
Exhibit
                Number
Description
5.1
Opinion
                of Keller Rohrback L.L.P., regarding legality of the common stock
                being
                registered
23.1
Consent
                of Moss Adams LLP
23.2
Consent
                of Keller Rohrback LLP (included in its opinion filed as Exhibit
                5.1)
24.1
Power
                of Attorney (included on the signature page of this registration
                statement)
99.1
Cascade
                Financial Corporation 2003 Long-Term Stock Incentive Plan (incorporated
                by
                reference from Cascade's definitive proxy statement filed with the
                Securities and Exchange Commission on March 26, 2003 (File No. 000-25286),
                for Cascade's annual shareholders meeting on May 6, 2003).
7