Porter Bancorp, Inc. Shareholders Approve Issuance of Common Stock and Authorize Non-Voting Common Stock
September 16 2010 - 4:30PM
Business Wire
Porter Bancorp, Inc. (NASDAQ: PBIB), parent company of PBI Bank,
announced today that shareholders approved two proposals related to
the issuance of stock and the authorization of non-voting common
stock at a special meeting. These proposals followed Porter
Bancorp’s successful completion of two stock offerings that raised
$31.25 million in new capital in June and July 2010.
Shareholders approved the proposal to approve, for purposes of
NASDAQ Rule 5635, the issuance of common shares to allow for the
conversion or exercise of the following securities:
- 597,000 shares of Cumulative
Mandatory Convertible Perpetual Preferred Stock, Series B;
- 365,080 shares of Non-Voting
Mandatory Convertible Preferred Stock, Series C;
- 1,380,437 shares of a new class
of non-voting common stock; and
- an option to purchase 64,784
shares of common stock at $11.50 per share.
Shareholders also approved the proposal to authorize new
Non-Voting Common Stock, which will be issuable upon the exercise
of stock purchase warrants at a purchase price of $11.50 per
share.
The Company’s proxy statement dated August 30, 2010, as filed
with the Securities and Exchange Commission, includes more detailed
information regarding the proposals and the issuance of Cumulative
Mandatory Convertible Perpetual Preferred Stock, Series B;
Non-Voting Mandatory Convertible Preferred Stock, Series C; stock
purchase warrants and the Non-Voting Common Stock.
About Porter Bancorp, Inc.
Porter Bancorp, Inc., a bank holding company headquartered in
Louisville, Kentucky, had $1.7 billion in assets as of June
30, 2010. Through Porter’s subsidiary PBI Bank, it operates 18 full
service banking offices in Kentucky. Porter Bancorp’s common stock
is traded on the Nasdaq Global Market under the symbol “PBIB.”
Forward-Looking Statements
Statements in this press release relating to Porter Bancorp’s
plans, objectives, expectations or future performance are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are based on management’s current expectations. Porter
Bancorp’s actual results in future periods may differ materially
from those currently expected due to various risks and
uncertainties, including those discussed under “Risk Factors” in
the Company’s Form 10-K and subsequent periodic reports filed with
the Securities and Exchange Commission. The forward-looking
statements in this press release are made as of the date of the
release and Porter Bancorp does not assume any responsibility to
update these statements.
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