Pacific Financial Corporation announced today that a cash dividend of $.20 a share will be given to all shareholders on record as of December 14, 2012. The dividend amount will be payable on or before December 28, 2012.
“The Bank has experienced strong earnings in 2012, after weathering the downturn in the financial industry." Pacific Financial Corporation President & CEO Dennis Long, said. "Earnings through the nine months ending September 30, 2012 were $3,106,000–an increase of $867,000 over the same period of the prior year. We continue to be encouraged by the improvement in asset quality, net interest margin, and non-interest income ... As a result, we are able to provide our shareholders with a cash dividend.”
Gary Forcum, board chairman, explained, “Our credit quality has improved over the prior years and, as a result, we are pleased to report a cash dividend for the first time since 2008.”
Pacific Financial Corporation is the holding company of Bank of the Pacific. The Bank is a $644 million dollar institution that operates 17 branches within Grays Harbor, Pacific, Skagit, Wahkiakum, Whatcom, and one branch in Gearhart, Oregon. The Bank offers a broad range of loan and deposit services.
Shareholders will either receive a check written to their name, or it will be paid directly into their brokerage account. For more information, please contact Shareholder Services at Bank of the Pacific at 360/537-4061.
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