SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                               Amendment No. 1 to
                                   FORM 10-K/A
(Mark One)
/X/  Annual report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934

                For the fiscal year ended December 31, 2000 or
                                          -----------------

/  /  Transition report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934

                        Commission file number 000-29829

                        PACIFIC FINANCIAL CORPORATION
            (Exact Name of Registrant as specified in its Charter)


WASHINGTON                                                     91-1815009
                          (State or Other Jurisdiction
of                            (IRS Employer Identification No.)
                        Incorporation or Organization)

                             300 EAST MARKET STREET
                       ABERDEEN, WASHINGTON 98520-5244
             (Address of Principal Executive Offices) (Zip Code)

      Registrant's telephone number, including area code: (360) 533-8870

         Securities Registered Pursuant to Section 12(b) of the Act:

                                      None

         Securities Registered Pursuant to Section 12(g) of the Act:

                   Common Stock, par value $1.00 per share

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such shorter  periods that the  Registrant  was
required to file such  reports),  and (2) has been subject to such  requirements
for the past 90 days.
                                 Yes X No ______

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K is not contained  herein,  and will not be contained,  to the
best  of  the  registrant's   knowledge,  in  definitive  proxy  or  information
statements  incorporated  by  reference  in Part  III of this  Form  10-K or any
amendment to this Form 10-K [ X ]

The  aggregate  market value of the voting stock held by  non-affiliates  of the
registrant as of February 28, 2001, was $54,811,960.

As of February 28, 2001,  there were issued and outstanding  2,503,130 shares of
the Registrant's Common Stock.
<PAGE>

This Amendment No. 1 on Form 10-K is being filed to include quarterly
financial information required by Item 8 that was inadvertently omitted from
the original filing.

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Portions of the  information  required  by this item are  included in Item 14 of
this report and the remainder is set forth below.

SELECTED QUARTERLY FINANCIAL DATA

The following selected  consolidated  financial data of the Company is presented
for the quarters ended (dollars in thousands, except per share amounts):
<TABLE>
                               December 31,     September 30,   June 30,    March 31,
                                  2000             2000           2000        2000
                               -----------      ------------    -------     --------

<S>                               <C>             <C>           <C>         <C>
Interest income                   $5,191          $5,133        $5,099      $4,849
Interest expense                   2,362           2,224         2,096       1,915
                                   -----           -----         -----       -----
     Net interest income           2,829           2,909         3,003       2,934
Provision for loan losses            432              98            52          53
Noninterest income                   252             304           305         356
Noninterest expense                2,323           1,723         1,738       1,746
                                   -----           -----         -----       -----
     Income before income            326           1,392         1,518       1,491
taxes
Federal income taxes                  71             444           442         467
                                  ------           -----         -----       -----
     Net income                   $  255          $  948        $1,076      $1,024

Basic and diluted earnings
per share
     Basic                        $  .11          $  .38        $  .43      $  .41
     Diluted                         .10             .38           .43         .41


                               December 31,     September 30,   June 30,    March 31,
                                  1999             1999           1999        1999
                               -----------      ------------    -------     --------

Interest income                   $4,798          $4,606        $4,531      $4,419
Interest expense                   1,791           1,743         1,696       1,694
                                   -----           -----         -----       -----
     Net interest income           3,007           2,863         2,835       2,725
Provision for loan losses             45              15             0           0
Noninterest income                   307             307           314         327
Noninterest expense                2,044           1,678         1,601       1,688
                                   -----           -----         -----       -----
     Income before income          1,225           1,477         1,548       1,364
taxes
Federal income taxes                 327             488           463         414
                                   -----           -----         -----       -----
     Net income                   $  898          $  989        $1,085      $  950

Basic and diluted earnings
per share
     Basic                        $  .37          $  .40        $  .44      $  .39
     Diluted                         .37             .40           .44         .38
</TABLE>


<PAGE>

SIGNATURES

Pursuant to the  requirements  of Section 13 or 15(d) of the  Exchange  Act, the
registrant  caused this  Amendment No. 1 to its report on Form 10-K to be signed
on its behalf by the  undersigned,  thereunto duly  authorized on the 2nd day of
April, 2001.


                                        PACIFIC FINANCIAL CORPORATION
                                          (Registrant)

                                        /s/ John Van Dijk
                                        -----------------------------
                                        John Van Dijk, Treasurer
                                        (Chief Financial Officer)