Friday, October 30th, Pacific Financial Corporation(OTCQB:PFLC), the holding company for Bank of the Pacific, announced in a press release that it would be closing two of their twenty branches. The Ferndale branch at 1860 Main Street is one of the branches scheduled to be closed.
In the press release, President and Chief Executive Officer Denise Portmann explained how bank customers are interacting with their banks more online and less in the branches.
Although the face-to-face time we get with our customers is priceless, consumer demographics and our customers’ preferred channels of banking are undergoing significant changes. As a result, we expect to balance the physical branch locations with a robust electronic channel.
We have already made significant improvements to our mobile banking options and our sales and staffing models, and plan to tailor our branch network in concert with these changes.
Customers will be receiving a letter in the coming days outlining the details of the transition.
Bank of the Pacific has branches in Western Washington and Oregon.