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Article: Local bank forming holding company: Cashmere Valley shareholders will vote on plan in March.
- Article from:
- Wenatchee Business Journal
- Article date:
- February 1, 2005
- Author:
CopyrightCOPYRIGHT 2005 Wenatchee Business Journal, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Cashmere Valley Bank and its more than 400 shareholders will vote in March on forming a holding company for the bank, a step that would create an umbrella organization for the $650 million financial services company.
President and CEO Ken Martin said if the bank receives shareholder approval in March, Cashmere Valley Bank will become a subsidiary to its own parent company. Martin said the tentative name for the holding company is the Cashmere Valley Financial Corp.
"We're only doing it because it becomes a tool going forward," Martin said.
Carol Eckert, a spokeswoman for the Federal Reserve Bank of San Francisco, said by forming a holding ...