Pacific Financial Corp Announces Bruce MacNaughton, Chief Credit Officer, to Retire in 2017

ABERDEEN, Wash., Dec. 06, 2016 -- Pacific Financial Corporation (OTCQB:PFLC), the holding company for Bank of the Pacific today announced that Bruce MacNaughton will be retiring as chief credit officer, effective April 1, 2017.  Management will begin a thorough internal and external search for an experienced banker to fill the position.

“Bruce has served as our chief credit officer for almost 15 years, and we have benefited greatly from his knowledge and advice,” said Denise Portmann, President and Chief Executive Officer.  “We wish him all the very best in his well-deserved retirement.  Bruce was instrumental in successfully managing the credit process at the bank, especially through the financial downturn. We will miss his perspective and steadfast leadership.”

After beginning his banking career in 1973, he worked at Rainier Bank and subsequently at U.S. Bank, finishing as their Senior Lending Officer in Central/Eastern Oregon. Bruce joined Bank of the Pacific in January 2002 as Executive Vice President and Chief Credit Officer.  He was instrumental in growing the bank’s loan portfolio from $200 million to $660 million, at September 30, 2016.  In addition to Bruce’s exceptional banking expertise, he also enjoyed mentoring his younger colleagues and helping them advance in their careers.  In 2013, Bruce’s leadership role expanded to include the position of Chief Risk Officer.  After growing up in Portland, OR and graduating from US Grant High School, Bruce studied Business Administration and Management at Oregon State University for two years.  Bruce served on the executive board of Greater Grays Harbor.  He is also a past board member of the YMCA of Grays Harbor.

“It has been a tremendous opportunity to be associated with such a great community banking organization as Bank of the Pacific.  I have been fortunate to work with a very talented and collaborative team and will miss them dearly.  Banking is truly a people business, and it has been a real joy to help many businesses and individuals meet their goals and aspirations,” said MacNaughton. “I am looking forward to spending more time with our two sons and their families as well as our daughter.”  Bruce and his wife, Judy, reside in Aberdeen, Washington.

Pacific Financial Corp recently announced that net income increased 13% to $2.0 million, or $0.19 per share, for the third quarter of 2016, compared to $1.8 million, or $0.17 per share, for the second quarter of 2016, and grew 24% from $1.6 million, or $0.15 per share, from the third quarter of 2015.  For the first nine months ended September 30, 2016, net income was $5.1 million, or $0.49 per share, compared to $4.3 million, or $0.41 per share, for the first nine months ended September 30, 2015.  Driving profitability in 2016 was continued loan growth, stable net interest margin and increased noninterest income. 

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 September 30, 2016, the Company had total assets of $897 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 DuPont and Burlington in Washington and Salem, Oregon.  Visit the Company’s website at www.bankofthepacific.com.  Member FDIC.

CONTACTS:
DENISE PORTMANN, PRESIDENT & CEO
PACIFIC FINANCIAL CORPORATION
360.533.8873

The Cereghino Group
IR CONTACT: 206-388-5785