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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO
SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of earliest event reported): April 17, 2000
PACIFIC FINANCIAL CORPORATION
(Exact name of registrant as specified in charter)
WASHINGTON 000-29829 91-1815009
(State or other jurisdiction of (SEC File Number) (IRS Employer
incorporation) Identification No.
300 EAST MARKET STREET
ABERDEEN, WASHINGTON 98520-5244
(360) 533-8870
(Address, including zip code, and telephone number,
including area code, of Registrant's principal executive offices)
Item 5. Other Events.
On April 17, 2000, the Board of Directors of Pacific Financial Corporation
approved a five-for-one stock split of the corporation's outstanding common
stock payable July 15, 2000 to shareholders of record on June 15, 2000. The
Board's action also provides for a corresponding adjustment in the shares
reserved for issuance under the registrant's stock option plans and the shares
underlying all outstanding options. The Board of Directors has elected, as
allowed under the Washington corporation statutes, to amend the articles of
incorporation to increase the number of authorized shares of common stock to
25,000,000.
Item 7. Financial Statements, Pro Forma Financial Information,
and Exhibits.
The following exhibit is filed with this report:
Exhibit No. Exhibit
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99 Press release dated April 20, 2000
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PACIFIC FINANCIAL CORPORATION
DATED: April 20, 2000 By: /s/ Robert J. Worrell
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Robert J. Worrell
Chief Executive Officer
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PACIFIC FINANCIAL CORPORATION ANNOUNCES A FIVE FOR 1 STOCK SPLIT
Aberdeen, Washington, April 20, 2000 - Pacific Financial Corporation,
the holding company for Bank of The Pacific headquartered in Long Beach,
Washington, and The Bank of Grays Harbor, headquartered in Aberdeen, Washington,
announced a 5 for 1 stock split payable July 15, 2000, at the annual
shareholders meeting of the holding company held on April 17th. This stock split
means that all shareholders of record as of June 15, 2000, will become entitled
to receive four additional shares on July 15, 2000, for every share that they
held on the record date. The stock split will increase the outstanding common
stock to approximately 2.48 million shares. Following the split, each share of
Pacific Financial Corporation's common stock is expected to have approximately
one-fifth of the value of a share immediately prior to the split.
Bob Worrell, the CEO of Pacific Financial Corporation, also reported
net income of $1,025,000, or $2.06 per share for the first quarter ended March
31, 2000, up from last year's first quarter of $950,000, or $1.94 per share, an
increase of 7.9%. This increase can be attributed to stronger net interest
income and margin as a result of a 12.8% growth in loans to $163,000,000 from
$144,000,000 at March 31, 1999. Return on assets for the 2000 first quarter was
1.66% and the return on equity was 19.12%. These ratios are considered strong by
industry standards.
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