ABERDEEN, Wash., May 19, 2016 (GLOBE NEWSWIRE) -- Pacific Financial Corporation (OTCQB:PFLC), the holding company for Bank of the Pacific today announced that Gary Forcum has retired as Chairman and voting director of both the Bank and the holding company. At the same time, its Board of Directors named Randy Rognlin to serve as Chairman of the Board, succeeding Forcum. This appointment was approved at the recent Annual Meeting of Pacific Financial Corporation. Randy Rognlin has served on the board as Vice-Chairman for 3 years and has served as an independent director for 15 years.
“Gary was elected to the Board in 1997 and has been Chairman since 2006. We have greatly benefitted from his service and wish him all the very best in his retirement,” said Denise Portmann, President & Chief Executive Officer.
“As a board member for the past 15 years and Vice Chairman since 2013, Randy was the natural successor to step in as Chairman. He brings over 40 years of business management experience and we are fortunate to have him as our Chairman,” said Portmann. “As a lifelong resident and businessman in Aberdeen, Washington, his involvement and significant contacts within our communities are proven assets.”
“I am honored to be named as Chairman and look forward to continuing to work with my fellow board members and the management team to grow our franchise,” said Rognlin.
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 western Washington and Oregon. As of March 31, 2016, the Company had total assets of $830 million and operated fifteen branches in the communities of Grays Harbor, Pacific, Whatcom, Skagit, Clark and Wahkiakum counties in the State of Washington, and three branches in Clatsop County, Oregon. The Company also operated loan production offices in the communities of DuPont and Burlington in Washington and Salem, Oregon. 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 and its wholly-owned subsidiary, Bank of the Pacific. 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. 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.