Bank of the Pacific Receives SBA Preferred Lender Status
April 09 2014 - 3:02PM
Bank of the Pacific, the subsidiary of Bank of the Pacific
Corporation (OTCQB:PFLC), today announced it has been
named a Preferred Lender with the U.S. Small Business
Administration ("SBA").
The Preferred Lenders Program ("PLP") is part of SBA's effort to
streamline the procedures necessary to provide financial assistance
to small businesses. PLP lenders are approved based on their past
record with the SBA and must have demonstrated a proficiency in
originating, processing and servicing SBA-guaranteed loans. A bank
that has preferred lender status may grant approval of a small
business loan and it is automatically approved by the SBA -- thus
speeding funds into the borrower's hands.
"We are very proud that Bank of the Pacific was selected to be a
Preferred Lender, which is the highest bank designation granted by
the SBA and is reserved only for top-tier lenders," said Denise
Portmann, President and Chief Executive Officer. "Our receipt
of this status is a direct testament to the dedication of Lyn
Hamilton, Vice President, Director of Government Lending, and her
outstanding lending team. Lyn joined us in July, 2013, and has
over 30 years of SBA experience, supporting small businesses as a
lender, educator and advocate. We are very fortunate to have
her on board. Lyn and her team have combined their efforts to
build a dynamic SBA lending platform that supports entrepreneurial
achievement in our diverse communities. Importantly, it
furthers our lending power to drive small business development and
job growth throughout our region."
Bank of the Pacific's commercial loan officers are very
experienced in helping small businesses through the SBA lending
programs. The benefits of SBA loans include lower down
payments and longer repayment terms than conventional bank loans,
enabling small businesses to keep more of their cash flow for
operating expenses. Bank of the Pacific's website at
www.BankofthePacific.com provides additional information about the
various types of small business loans we offer. Or, you can
contact Lyn Hamilton directly at 253.964.1644.
"I am delighted to be part of such a dynamic growing institution
as Bank of the Pacific, and look forward to continuing to provide
outreach and create funding opportunities for small businesses
throughout the Pacific Northwest," said Lyn Hamilton, Vice
President & Director of Government Lending. Prior to
joining Bank of the Pacific, Ms. Hamilton was the Deputy District
Director in the SBA Seattle District Office.
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,
2013, the Company has total assets of $705.0 million and operates
16 branches in the communities of Grays Harbor, Pacific, Whatcom,
Skagit and Wahkiakum counties in the State of Washington, and three
branches in Clatsop County, Oregon. The Company also operates
loan production offices in the communities of Vancouver, Dupont and
Burlington in Washington. Visit the Company's website at:
www.BankofthePacific.com. Member FDIC.
CONTACT: DENISE PORTMANN, PRESIDENT & CEO
BANK OF THE PACIFIC
LYN HAMILTON, VP, DIRECTOR OF GOVERNMENT LENDING
BANK OF THE PACIFIC
253.964.1644
The Cereghino Group
IR CONTACT: 206-388-5785
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