ABERDEEN, Wash., Oct. 15, 2019 (GLOBE NEWSWIRE) -- Pacific Financial Corporation (OTCQX: PFLC), the holding company for Bank of the Pacific, today announced that its Board of Directors has authorized the repurchase of up to $2.63 million, or approximately 2%, of the outstanding common stock of the Company. Beginning November 1, 2019, stock repurchases may be made from time to time on the open market or through privately negotiated transactions. The timing of purchases and the exact number of shares to be purchased will be subject to market conditions. The share repurchase program does not include specific price targets or timetables and may be suspended at any time.
“We believe our stock is an attractive investment and repurchasing shares affirms our optimism for the future and offers an excellent way to build long-term value for our shareholders,” said Denise Portmann, President and Chief Executive Officer. “We will continue to maintain a thoughtful and balanced capital allocation strategy focused on growth, as well as a steady return of capital to our shareholders through our quarterly cash dividend.”
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. At 6/30/19, the Company had total assets of $925 million and operated fourteen branches in the communities of Grays Harbor, Pacific, Whatcom, Skagit, Clark and Wahkiakum counties in the State of Washington, and two branches in Clatsop County, Oregon. The Company also operated loan production offices in the communities of Burlington in Washington and Salem, Oregon. Visit the Company’s website at www.bankofthepacific.com. Member FDIC.
Pacific Financial Corporation recently upgraded to the OTCQX under the symbol “PFLC.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.
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.
Contacts:
Denise Portmann, President & CEO
Carla Tucker, EVP & CFO
Pacific Financial Corporation
360.533.8873
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