Pacific Financial Corporation operates as the holding company for Bank of the Pacific that provides various banking products and services to small to medium-sized businesses and professionals in the coastal region of western Washington. The company conducts its banking business through 16 branches located in communities throughout Grays Harbor, Pacific, and Wahkiakum counties in Southwest Washington; and Whatcom and Skagit counties in Northwest Washington. The company also operates a branch in Gearhart, Oregon. Products and services offered by the bank include personal and business deposit products and services, and various loan and credit products. Deposit Products and Services The bank offers a range of deposit products, including non-interest bearing checking accounts, interest-bearing checking and savings accounts, money market accounts, and certificates of deposits. Services, which accompany the deposit products, include sweep accounts, wire services, safety deposit boxes, online banking, private banking, and cash management and other treasury management services. The bank provides 24-hour online banking to its customers with access to account balances and transaction histories, plus an electronic check register. In addition, the online banking system includes the ability to transfer funds, make loan payments, reorder checks, and request statement reprints, provides loan calculators and allows for email exchanges with representatives of the bank. In addition to providing accounts and services to local customers, the bank utilizes brokered deposits from time to time, which are deposits that are acquired from outside the region. The bank also participates in the Certificate of Deposit Account Registry Service, which uses a deposit-matching program to distribute deposit balances in excess of insurance or other limits across participating banks. Lending Activities Lending products offered by the bank include real estate loans, commercial loans, agriculture loans, installment loans, and residential mortgage loans. Commercial Lending: The bank's commercial and agricultural loans consist primarily of secured revolving operating lines of credit, equipment financing, accounts receivable and inventory financing and business term loans, some of which might be partially guaranteed by the Small Business Administration or the U.S. Department of Agriculture. The bank provides secured and unsecured loans to commercial borrowers. Commercial Real Estate: The bank originates commercial real estate and multifamily loans within its primary market areas. Owner-occupied commercial real estate loans are preferred. Construction Loans: The bank originates single-family residential construction loans for custom homes where the home buyer is the borrower. It has also provided financing to builders for the construction of pre-sold homes, and in selected cases, to builders for the construction of speculative residential property. Single-Family Residential Real Estate Lending: The majority of the company’s one-to-four family residential loans are secured by single-family residences located in its primary market areas. Origination and Sale of Residential Mortgage Loans: The bank also originates mortgage loans for sale into the secondary market. Commitments to sell mortgage loans are made during the period between the loan application and the closing of the mortgage loan. Consumer: Consumer installment loans and other loans include new and used auto loans, boat loans, and personal lines of credit. Investment Portfolio As of December 31, 2012, the company’s investment portfolio included U.S. government agency securities; obligations of states and political subdivisions; mortgage-backed securities; and corporate bonds. Supervision and Regulation As a bank holding company, the company is subject to the Bank Holding Company Act of 1956, as amended, which places the company under the primary supervision of the Board of Governors of the Federal Reserve System (the ‘Federal Reserve’). Under Federal Reserve policy, the company must act as a source of financial and managerial strength to the bank. In addition, under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the Federal Deposit Insurance Corporation has back-up enforcement authority through a depository institution holding company, such as the company, if the conduct or threatened conduct of a holding company poses a risk to the Deposit Insurance Fund, subject to certain limitations. The bank is subject to regulation and examination by the Federal Deposit Insurance Corporation and the Washington Department of Financial Institutions, Division of Banks. The Community Reinvestment Act (the CRA) requires that the Federal Deposit Insurance Corporation evaluate the bank’s record in meeting the credit needs of its local community, including low and moderate income neighborhoods, consistent with the safe and sound operation of those banks. The bank received a CRA rating of ‘satisfactory’ during its examination. The deposits of the bank are insured through the Deposit Insurance Fund administered by the Federal Deposit Insurance Corporation. History Pacific Financial Corporation was founded in 1978.
pacific financial corp (PFLC:OTC US)
1101 South Boone Street
Aberdeen, WA 98520-5244
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To contact PACIFIC FINANCIAL CORP, please visit www.thebankofpacific.com. Company data is provided by Capital IQ. Please use this form to report any data issues.