Pacific Financial Corporation Raises Annual Cash Dividend by 5% to $0.23 Per Share

ABERDEEN, Wash., Dec. 21, 2016 -- Pacific Financial Corporation (OTCQB:PFLC), the holding company for Bank of the Pacific, today announced that its Board of Directors declared a cash dividend of $0.23 per share to holders of common stock. The dividend will be payable on January 9, 2017, to shareholders of record as of December 30, 2016.

"We are pleased to increase our annual cash dividend as a demonstration of the financial success we have accomplished in 2016. This dividend acknowledges the positive impact our employees have had in the continued enhancement of our growing franchise,” said Denise Portmann, President and Chief Executive Officer. “The increase in our cash dividend from the previous year also demonstrates our appreciation for the loyalty of our shareholders.”  

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 Washington and Oregon. At September 30, 2016, the Company had total assets of $897 million and operated 15 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 operates 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
DOUGLAS BIDDLE, EVP & CFO
PACIFIC FINANCIAL CORPORATION
360.537.4061

The Cereghino Group
IR CONTACT: 206-388-5785