Dennis A. Long, the long-time President and Chief Executive Office of Pacific Financial Corporation retired effective as of May 1, 2015. In anticipation of Mr. Long's retirement, on April 29, 2015, the Board of Directors of the Company appointed Denise Portmann as President and Chief Executive Officer, also effective May 1, 2015. This appointment was part of a succession plan initiated last year in connection with the planned retirement of Mr. Long.

In connection with her appointment as President and Chief Executive Officer, Ms. Portmann entered into an amended and restated employment agreement with Bank of the Pacific, the Company's wholly-owned banking subsidiary (the Bank). Ms. Portmann also serves as President and Chief Executive Officer of the Bank.