Randy Rust To Retire From the Pacific Financial Corporation Board of Directors After 21 Years
Pacific Financial (OTCQX: PFLC) announced the retirement of Randy Rust from its Board of Directors, effective May 14, 2024. Randy joined the Board in 2003 and has since served in various roles including Chairman of the Information Technology and Building Committees, and member of the Audit and Director Loan Committees. Denise Portmann, President and CEO, lauded Randy's 21 years of dedicated service, leadership, and fiscal responsibility. Prior to his tenure at PFLC, Randy was co-owner of Westport Shipyard until 2000. He holds a Bachelor's degree in History and Political Science from Western Washington University and is a graduate of the Oregon Bankers Association Directors College.
- Randy Rust's retirement marks the end of 21 years of stable and dedicated service to Pacific Financial
- Randy brought significant entrepreneurial and management experience to the board, enhancing its leadership.
- Significant roles held by Randy such as IT Committee Chair and Building Committee Chair highlight his versatile contributions.
- CEO Denise Portmann expressed high regard for Randy's integrity, leadership, and fiscal responsibility.
- The departure of a long-serving and experienced board member like Randy Rust could create a temporary gap in leadership.
- Potential uncertainty for shareholders due to the change in board composition.
ABERDEEN, Wash., May 14, 2024 (GLOBE NEWSWIRE) -- Pacific Financial Corporation (OTCQX: PFLC), (“Pacific Financial”) or the (“the Company”), the holding company for Bank of the Pacific (the “Bank”), today announced the retirement of Randy Rust from the Board of Directors after many years of distinguished service. Randy joined the Board in 2003 and has fulfilled his duty to shareholders admirably throughout his tenure. Randy chaired the board Information Technology Committee and the Building Committee, and also served several years as a member of the Audit Committee and Director Loan Committee.
“On behalf of management and the board, I would like to express our deepest appreciation to Randy for his dedicated service. We will miss him greatly,” says Denise Portmann, President and CEO of Pacific Financial Corporation. “Randy embodies our values, has the utmost integrity, and is one of the most genuine individuals I have had the privilege of working with. Thank you Randy for your 21 years of remarkable leadership, fiscal responsibility, thoughtful guardianship of the Company’s capital, and steadfast support of our mission, vision and values.”
Before joining PFLC, Randy was the former co-owner of Westport Shipyard, Inc. until 2000 when he sold his interest in the company and retired. Mr. Rust brought entrepreneurial and management experience as well as extensive real estate development and investment expertise to the board. Additionally, Randy held a Bachelor of Arts in History and Political Science from Western Washington University and was a graduate of the Oregon Bankers Association Directors College.
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 March 31, 2024, the Company had total assets of
Contacts:
Denise Portmann, President & CEO
Carla Tucker, EVP & CFO
360.533.8873
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