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Pacific Financial Corporation Raises Annual Cash Dividend 20% to $0.30 Per Share

Company Release - 12/20/2018 9:00 AM ET

ABERDEEN, Wash., Dec. 20, 2018 (GLOBE NEWSWIRE) -- Pacific Financial Corporation (OTCQB: PFLC), the holding company for Bank of the Pacific, today announced that the Board of Directors increased its annual cash dividend by 20% to $0.30 per share to holders of common stock. The dividend will be payable on January 10, 2019, to shareholders of record as of December 31, 2018. 

“We are delighted to again raise our annual cash dividend, reflecting the strength of our earnings and solid capital position,” said Denise Portmann, President and Chief Executive Officer.  “We continue to invest in the long-term growth of our franchise while generating premium returns for our loyal shareholders.”  The $0.30 cash dividend represents an annualized yield of 2.70% based on the closing share price of $11.10 on December 19, 2018.  This increase also marks the 5th consecutive year of dividend increases for the Company.

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 September 30, 2018, the Company had total assets of $937 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 Tacoma and Burlington in Washington and Salem, Oregon. Visit the Company’s website at www.bankofthepacific.com. Member FDIC.

Contacts:
   Denise Portmann, President & CEO
   Douglas Biddle, EVP & CFO
   Pacific Financial Corporation
            360.537.4061

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Source: Pacific Financial Corporation