Bank of the Pacific Launches New Location in Lake Oswego, Oregon
Rhea-AI Summary
Bank of the Pacific, a subsidiary of Pacific Financial (OTCQX: PFLC), has launched a new location in Lake Oswego, Oregon on August 19, 2024. This new site primarily serves as a commercial banking center while also offering expanded retail and consumer account services. The location includes an ITM for cash and deposit services, and customers will continue to have access to the bank's network of branches and technology-based banking services.
Walker Evans, Chief Lending Officer, expressed excitement about the new permanent home in Lake Oswego, which will enable better service to the market and increased visibility. As of July 26, 2024, Pacific Financial had total assets of $1.1 billion and operated eighteen branches in Washington and two in Oregon, along with loan production offices in Burlington, Washington and Salem, Oregon.
Positive
- Expansion into new market with Lake Oswego, Oregon location
- Increased visibility and potential for portfolio growth in the Portland area
- Addition of ITM for enhanced customer services
- Total assets of $1.1 billion as of July 26, 2024
Negative
- None.
News Market Reaction – PFLC
In the trading session that priced this news, PFLC declined 3.49%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
ABERDEEN, Wash., Aug. 19, 2024 (GLOBE NEWSWIRE) -- Bank of the Pacific, a subsidiary of Pacific Financial Corporation (OTCQX: PFLC), has opened a new location in Lake Oswego, Oregon as of August 19, 2024. The new location serves primarily as a commercial banking center, while also offering expanded retail and consumer account services.
"We are excited to be opening a new permanent home in Lake Oswego for our commercial teams serving that market and the greater Portland area. Earlier this year we opened temporary offices and already have new clients. Our permanent location will enable us to better serve this important market and its increased visibility will be congruent with the continued growth of our portfolios. We look forward to being a contributing member of the community,” said Walker Evans, Chief Lending Officer for Bank of the Pacific.
The new site includes an ITM, enabling cash and deposit services for existing and new customers. Bank of the Pacific 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.
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 July 26, 2024, the Company had total assets of
Contact:
Denise Portmann, President and CEO
(360) 533-8870
