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ABERDEEN, Wash., June 12, 2019 (GLOBE NEWSWIRE) -- Pacific Financial Corporation (OTCQB: PFLC), the holding company for Bank of the Pacific, today announced that Douglas Biddle will retire from his position as Executive Vice President and Chief Financial Officer, effective August 31, 2019. The Board of Directors has retained an executive search firm to assist in the process of identifying his successor. Biddle will participate in the recruitment process and has committed to remain with the Company until a replacement is found to ensure a smooth transition for this critical role.
“On behalf of the Board of Directors and Management team, we are extremely grateful for the valued service and contributions Doug has made over the last five years,” said Denise Portmann, President & Chief Executive Officer. “Doug’s dedicated leadership and direction to the Company and Bank during his tenure has been exceptional; he has provided us with tremendous knowledge and strategic financial expertise. We wish Doug the best in his well-deserved retirement and greatly appreciate him remaining to help identify his successor and facilitate a successful leadership changeover.
"We have built an experienced team of professionals and continue to invest in our people to ensure the long-term success of our business," said Biddle. “It has been a privilege to serve with the entire Pacific Financial and banking team. I am retiring with the confidence that Pacific Financial and Bank of the Pacific will continue to be a vibrant and growing part of our community."
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 March 31, 2019, the Company had total assets of $903.7 million 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 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.
DENISE PORTMANN, PRESIDENT & CEO