ABERDEEN, Wash., Dec. 23, 2013 (GLOBE NEWSWIRE) -- Pacific Financial Corporation (OTCQB:PFLC), the holding company for Bank of the Pacific, today announced that its Board of Directors declared a $0.20 per share cash dividend to holders of common stock. The dividend will be paid on January 10, 2014, to shareholders of record as of December 31, 2013.
"This annual cash dividend reflects our commitment to return value to our shareholders, while retaining capital to support growth. It is a testament to the strength of our core banking franchise and the performance of our team members," said Dennis Long, President and Chief Executive Officer. This dividend provides a yield of 3% at current market pricing of our shares.
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 the communities of Grays Harbor, Pacific, Whatcom, Skagit and Wahkiakum counties in the State of Washington, and two 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.
CONTACT: DENNIS LONG, PRESIDENT & CEO DENISE PORTMANN, EVP & CFO 360.537.4061 The Cereghino Group IR CONTACT: 206-388-5785Source:Pacific Financial Corporation