Pacific Financial Corporation · Aberdeen, WA United States ·(OTC: PFLC)
Company Description
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This link will open in a new window It may sound like hyperbole, but Pacific Financial Corporation is indeed The Bank of the Pacific. The holding company's operating unit, The Bank of the Pacific, has about 20 branches in the southwest and northwest regions of Washington, as well as Oregon's Clatsop County. Since 1979 the bank has offered small to midsized businesses and professionals traditional deposit and lending services, including checking and savings accounts, CDs, and IRAs. Real estate mortgages account for about half of the bank's loan portfolio, which also includes business, construction, consumer installment, and credit card loans. To read the full description, subscribe now.
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Key Pacific Financial Corporation Financials
| Company Type | Public - OTC: PFLC Headquarters |
| Fiscal Year-End | December |
| 2008 Sales (mil.) | $26.8 |
| 2008 Employees | 221 |
Pacific Financial Corporation Executives
14 executives listed for Pacific Financial Corporation's Aberdeen, WA location.
| Title | Name & Bio | Contact |
| Chairman | Gary Forcum | Network |
| President, CEO, and Director; CEO, Bank of the Pacific | Dennis Long | Network |
| EVP, CFO, and Treasurer; CFO, Bank of the Pacific | Denise Portmann | Network |
Competition
Competitive Landscape for Pacific Financial Corporation
Demand for banking services is closely tied to economic activity and the level of interest rates. The profitability of individual banks depends on marketing skills, efficient operations, and good risk management. Large economies of scale exist in some segments of the industry, which has encouraged industry consolidation. Smaller banks can compete successfully in segments where customer service or knowledge of the local market is more important. The industry is capital-intensive and highly automated: annual revenue per employee is close to $300,000. Many banks and thrifts aggressively offered adjustable rate and subprime mortgages during the housing boom of the early 2000s only to find themselves saddled with loan defaults and extensive losses when the housing bubble burst. Deep exposure to subprime mortgages and mortgage-backed securities caused bank failures, government takeovers, and involuntary mergers. To read the full description, subscribe now.Top Pacific Financial Corporation Competitors
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