Pacific Financial : Bank of the Pacific to Open a New Branch in Olympia, WA

ABERDEEN, WA - 8/9/2023- Pacific Financial Corporation (OTCQX: PFLC), ("Pacific"), the holding company for Bank of the Pacific, today announced plans to open a bank branch and relocate its existing commercial banking center in Olympia, Washington to a new, more visible Olympia location effective November 20, 2023. The new Olympia location will serve as a full service branch for opening new accounts, accepting deposits, as well as other core banking services. The Bank will continue to provide commercial, consumer and residential lending services from this location.

"The lease for our Olympia commercial banking center location is expiring, affording us the opportunity to relocate to a more central, higher-visibility site where we can continue to provide the exceptional customer service and banking solutions we're known for in Washington and Oregon. Our employees look forward to continuing to support our customers and the community in Thurston County," said Denise Portmann, President and Chief Executive Officer.

Bank of the Pacific's current office is located at 1800 Cooper Point Rd. S.W. The new site, located at 520 Union Ave S.E., will include an ITM, enabling cash and deposit services for Olympia customers, as well as a full service branch. Customers will continue to have access to the bank's network of branch locations, as well as technology-based banking services such as mobile banking, remote deposit capture, Zelle, ATMs/ITMs, debit cards and online banking. The move will further optimize Bank of the Pacific's branch network and maximize the use of facilities, increasing the efficient and prudent management of the bank's capital resources.

The bank's Olympia team, led by Lindsay Paylor, SVP, Commercial Banking Team Leader, will continue to bring many years of relationship banking experience, with a proven track record for success, to the Olympia 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. As of June 30, 2023, the Company had total assets of $1.2 billion and operated sixteen 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 operates loan production offices in the communities of Burlington, Washington and Salem, Oregon. Visit the Company's website at www.bankofthepacific.com. Member FDIC.

Cautions Concerning Forward-Looking Statements

This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other laws, including all statements in this release that are not historical facts or that relate to future plans or events or projected results of Pacific Financial Corporation and its wholly-owned subsidiary, Bank of the Pacific. These forward-looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from those projected, anticipated or implied. These risks and uncertainties include various risks associated with growing the Bank and expanding the services it provides, successfully completing and integrating the acquisition of new branches and development of new business lines and markets, competition in the marketplace, general economic conditions, including the COVID-19 pandemic and government responses thereto, changes in interest rates, extensive and evolving regulation of the banking industry, and many other risks. We undertake no obligation to update or revise any forward-looking statement. Readers of this release are cautioned not to put undue reliance on forward-looking statements.

Contacts:
Denise Portmann, President & CEO
Carla Tucker, EVP & CFO
360.533.8873