ABERDEEN, Wash., Nov. 12, 2020 (GLOBE NEWSWIRE) — Pacific Financial Corporation (OTCQX: PFLC), (“Pacific”), the holding company for Bank of the Pacific, today announced plans to relocate its branch in Astoria, Oregon to Warrenton, Oregon effective March 2021. All customer accounts will be transferred to Warrenton and customers will be receiving a letter in the coming weeks outlining details of the transition.
“The lease for our Astoria Branch is expiring and after reviewing the increased rental costs we decided to look at other possibilities particularly in light of increased digital adoption and reduced lobby traffic accelerated by the pandemic. After careful review, we decided to reopen the Bank owned Warrenton Branch and close Astoria. The Warrenton building is only eight years old and was purposely built as a bank branch. While we are using it for administrative purposes today, it is five miles from the Astoria location, in great shape and easily accessible for our customers. Our employees look forward to continuing to support our customers in Clatsop County, offering the same great service as they do today,” said Denise Portmann, President and Chief Executive Officer.
While we are closing the physical location in Astoria, business development efforts will continue in Astoria and throughout Clatsop County. Customers have access to all of our branch locations as well as our technology based banking services such as mobile banking, remote deposit capture, Zelle, ATMs, debit cards and online banking. We believe optimizing our branch network and maximizing the use of our facilities are important aspects in prudently managing our capital resources.
Our Astoria team currently led by Kelly Knick – Astoria Branch Manager, Pam Rush – Business Banker and Joe Talamantez Jr. – Residential Real Estate Lender, will bring many years of relationship banking experience, with a proven track record in retail and small business to the Astoria and Warrenton communities.
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 October 31, 2020, the Company had total assets of $1.2 billion 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 operates loan production offices in the communities of Burlington, Washington and Salem and Eugene, 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, including the current COVID-19 pandemic and government responses thereto, changes in interest rates, extensive and evolving regulation of the banking industry, and many other risks. The pandemic could cause us to experience higher loan losses within our lending portfolio, impairment of goodwill, reduced demand for our products and services and other negative impacts on our financial position or results of operations. The depth, severity and scope of this current recession is uncertain, and our
company will not be immune to the effects of the financial stress resulting from a global pandemic and economic shutdown. 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.
Denise Portmann, President & CEO
Carla Tucker, EVP & CFO