ABERDEEN, Wash., April 9, 2014 (GLOBE NEWSWIRE) -- Bank of the Pacific, the subsidiary of Bank of the Pacific Corporation (OTCQB:PFLC), today announced it has been named a Preferred Lender with the U.S. Small Business Administration ("SBA").
The Preferred Lenders Program ("PLP") is part of SBA's effort to streamline the procedures necessary to provide financial assistance to small businesses. PLP lenders are approved based on their past record with the SBA and must have demonstrated a proficiency in originating, processing and servicing SBA-guaranteed loans. A bank that has preferred lender status may grant approval of a small business loan and it is automatically approved by the SBA -- thus speeding funds into the borrower's hands.
"We are very proud that Bank of the Pacific was selected to be a Preferred Lender, which is the highest bank designation granted by the SBA and is reserved only for top-tier lenders," said Denise Portmann, President and Chief Executive Officer. "Our receipt of this status is a direct testament to the dedication of Lyn Hamilton, Vice President, Director of Government Lending, and her outstanding lending team. Lyn joined us in July, 2013, and has over 30 years of SBA experience, supporting small businesses as a lender, educator and advocate. We are very fortunate to have her on board. Lyn and her team have combined their efforts to build a dynamic SBA lending platform that supports entrepreneurial achievement in our diverse communities. Importantly, it furthers our lending power to drive small business development and job growth throughout our region."
Bank of the Pacific's commercial loan officers are very experienced in helping small businesses through the SBA lending programs. The benefits of SBA loans include lower down payments and longer repayment terms than conventional bank loans, enabling small businesses to keep more of their cash flow for operating expenses. Bank of the Pacific's website at www.BankofthePacific.com provides additional information about the various types of small business loans we offer. Or, you can contact Lyn Hamilton directly at 253.964.1644.
"I am delighted to be part of such a dynamic growing institution as Bank of the Pacific, and look forward to continuing to provide outreach and create funding opportunities for small businesses throughout the Pacific Northwest," said Lyn Hamilton, Vice President & Director of Government Lending. Prior to joining Bank of the Pacific, Ms. Hamilton was the Deputy District Director in the SBA Seattle District Office.
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 December 31, 2013, the Company has total assets of $705.0 million and operates 16 branches in the communities of 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.