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Bank of the Pacific to Purchase Sterling Bank Branch in Aberdeen

The transaction, which is subject to regulatory approval and other customary conditions of closing, is expected to be completed during the second quarter of 2013. Upon completion of the acquisition, the three Sterling Bank branches will operate under the Bank of the Pacific name, and will become part of the Bank of the Pacific’s branch network of locations in the Washington and Oregon coastal regions.

Graham & Dunn, PC served as the legal advisor to Bank of the Pacific.

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 December 31, 2012, the Company had assets of $644 million and operated 16 branches in the communities of Grays Harbor, Pacific, Whatcom, Skagit and Wahkiakum counties in the State of Washington, and one branch in Clatsop County, Oregon. Visit the Company’s website at www.bankofthepacific.com.

Pacific Financial Corporation                                                Pacific Financial Corporation
Media contact                                                             Investor contact

Dennis Long                                                                Sandra Clark

360-537-4053                                                              360-537-4061

dlong@bankofthepacific.com                                     sclark@bankofthepacific.com

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