ABERDEEN, Wash., Nov. 13, 2013 (GLOBE NEWSWIRE) -- Bank of the Pacific, a wholly-owned subsidiary of Pacific Financial Corporation (OTCQB:PFLC), today announced the expansion of its franchise with the grand opening of its full-service branch located at 651 SE Martin Avenue, in Warrenton, Oregon. This new branch will expand Bank of the Pacific's presence in Clatsop County, Oregon, complementing the Seaside and Astoria locations.
In addition, the bank has 16 full-service branches in the communities of Grays Harbor, Pacific, Whatcom, Skagit and Wahkiakum counties in the State of Washington. Loan production centers are also located in Clark, Skagit and Thurston Counties in Washington State.
"We are excited about continuing our aggressive growth initiative with the opening of our Warrenton branch, especially on the heels of our recent Sterling Branch acquisitions. Warrenton is an ideal location for our customers, and is part of our commitment to providing outstanding service and convenience to the communities in the Oregon coastal region," said Dennis Long, President and Chief Executive Officer. "The opportunities in Clatsop County for a true community bank of our current size and strength fits well with our strategic plan. And while we offer this new market a proven financial services alternative, we expect to generate solid core deposits, build commercial relationships, deepen our residential mortgage penetration and further establish a banking franchise that drives diverse economic growth in Northwest Oregon as well as in Western Washington."
Pam Rush is the Warrenton Branch Manager and brings over 25 years of relationship banking experience, with a proven track record in commercial, small business, and real estate lending, in the Warrenton community. Bank of the Pacific offers a wide-range of full retail banking services, including annuity products, commercial banking and residential mortgage originations. The bank has been providing banking solutions for small-to-medium sized businesses and farms for over 40 years.
As a grand opening promotion, and for a limited time, the bank is offering an enhanced rate of an additional 0.50% for six months on balances up to $99,999.99 in a new Bank of the Pacific Money Market Account opened at the Warrenton, Astoria or Seaside, Oregon branches. See branch for details.
About Pacific Financial Corporation
Pacific Financial Corporation of Aberdeen, Washington, is the bank holding company for Bank of the Pacific, a state chartered and federally insured commercial bank. Bank of the Pacific offers banking products and services to small-to-medium sized businesses and professionals in Washington and Oregon. As of September 30, 2013, the Company has total assets of $715.7 million and operated 16 branches in communities in Grays Harbor, Pacific, Whatcom, Skagit and Wahkiakum counties in the State of Washington, and three branches in Clatsop County, Oregon. The Company also operates loan production offices in the communities of Vancouver, Dupont and Burlington in Washington. Visit the Company's website at www.bankofthepacific.com. Member FDIC.
Cautions Concerning Forward-Looking Statements
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other laws, including all statements in this release that are not historical facts or that relate to future plans or events or projected results of Pacific Financial Corporation ("Company") and its wholly-owned subsidiary, Bank of the Pacific ("Bank"). These forward-looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from those projected, anticipated or implied. These risks and uncertainties include various risks associated with growing the Bank and expanding the services it provides, successfully completing and integrating the acquisition of new branches and development of new business lines and markets, competition in the marketplace, general economic conditions, changes in interest rates, extensive and evolving regulation of the banking industry, and many other risks described in the Company's filings with the Securities and Exchange Commission. The most significant of these uncertainties are described in the Company's Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, which any reader of this release is encouraged to study (including all amendments and exhibits to those reports). We undertake no obligation to update or revise any forward-looking statement. Readers of this release are cautioned not to put undue reliance on forward-looking statements.
CONTACT: DENNIS LONG, PRESIDENT & CEO DENISE PORTMANN, EVP & CFO 360.537.4061 The Cereghino Group IR CONTACT: 206-388-5785Source:Pacific Financial Corporation