ABERDEEN, Wash., May 8, 2014 (GLOBE NEWSWIRE) -- Bank of the Pacific, a wholly-owned subsidiary of Pacific Financial Corporation (OTCQB:PFLC), today announced that the Federal Deposit Insurance Corporation (FDIC) approved its application to convert its Vancouver loan production office (LPO) to a full-service commercial banking center. The LPO was originally opened in March 2013, and has grown to $24 million in total loans as of March 31, 2014. The Vancouver commercial banking center is located at 13115 NE 4th Street in Vancouver, and will complement the 19 full-service branches in Washington and Oregon. The Bank will continue to operate two LPOs in the communities of Dupont and Burlington, Washington.
"We are excited about converting our Vancouver loan production office into a full-service commercial banking center, especially on the heels of receiving our Preferred Lender status from the U.S. Small Business Administration (SBA). With the convenience of a full-service commercial banking center, we will be better positioned to meet the needs of our customers," said Denise Portmann, President and Chief Executive Officer, Bank of the Pacific. "As our expansion strategy takes hold, core deposits are growing, and we want to make it as easy as possible for our customers to do business with us. Accordingly, we have an exceptional team of highly accomplished and experienced commercial bankers, namely: Robert Greenawald, SVP; Jeff Tainer, VP, Harry Bresnahan, VP, and Justin White, senior credit analyst. Robert has been leading the LPO since the opening in March 2013." The Vancouver commercial banking deposit center is expected to be operational by the third quarter of 2014.
"I am extremely pleased to be heading up our expanded Vancouver office. With this team of talented lenders and their knowledge of the Vancouver markets, we are confident we can produce strong results and diversify our portfolio with quality assets," said Robert Greenawald, Senior Vice President.
Pacific Financial Corporation recently reported profits of $1.03 million for the first quarter of 2014, up 30% compared to $789,000 for the fourth quarter of 2013, and increased 47% from $701,000 from the first quarter a year ago. Profitability was propelled by strong loan growth, ongoing enhancements in credit quality, lower funding costs and an improved net interest margin.
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, 2014, the Company had total assets of $717.4 million and operated sixteen 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 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 readers of this release are encouraged to review. 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.