Current Report Filing (8-k)

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________

 

FORM 8-K
CURRENT REPORT
Pursuant to
SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

 

_______________________

 

Date of Report (Date of earliest event reported): December 22, 2014

 

PACIFIC FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)

  

Washington (State or other jurisdiction of incorporation or organization)

000-29829 (SEC File Number)

91-1815009 (IRS Employer Identification No.)

 

1101 S. Boone Street
Aberdeen, Washington 98520-5244
[phone]
(Address, including zip code, and telephone number,
including area code, of Registrant's principal executive offices)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 5.02 (b) Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.

 

On December 17, 2014, Dennis A. Long, President and Chief Executive Officer of Pacific Financial Corporation (the Company), notified the Company of his decision to retire from the Company, effective June 1, 2015. While a successor has not been appointed at this time, the Company does have a succession plan to ensure there is no business interruption created by any executive departure.

 

Item 8.01 Other Events.

 

On December 19, 2014, Pacific Financial Corporation announced that its board of directors declared a cash dividend in the amount of $0.21 per share to all shareholders of record as of January 2, 2015, payable on January 15, 2015. 

 

 

Item 9.01 Financial Statements and Exhibits

 

(d)

Exhibits

 

99.1 Press release issued December 19, 2014, announcing declaration of a cash dividend.

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

	PACIFIC FINANCIAL CORPORATION
DATED:  December 22, 2014	By:	/s/ Douglas N. Biddle
		Douglas N. Biddle Chief Financial Officer

 

 

 

 

 

Exhibit 99.1

 

 

Pacific Financial Corporation Raises Annual Cash Dividend to $0.21 Per Share

 

ABERDEEN, WA -- December, 19, 2014 -- Pacific Financial Corporation (OTCQB:PFLC), the holding company for Bank of the Pacific, today announced that its Board of Directors increased the annual cash dividend to $0.21 per share, to holders of common stock. The dividend will be payable on January 15, 2015, to shareholders of record on January 2, 2015.

 

"We are delighted with this year’s results demonstrating the solid performance of our staff and the strength of our banking franchise. The 5% increase in our cash dividend is our way to share this success with our shareholders, while retaining capital to support growth," said Dennis Long, President and Chief Executive Officer.

 

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. As of September 30, 2014, the Company has total assets of $715.7 million and operated 17 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. Visit the Company's website at www.bankofthepacific.com. Member FDIC.

 

 

 

 

Transmitted on Globe Newswire on December 19, 2014 at 6:00 a.m. PST.