Porter Bancorp, Inc. Raises Additional Capital
September 28 2010 - 5:40PM
Business Wire
Porter Bancorp, Inc. (NASDAQ: PBIB), parent company of PBI Bank,
announced today that an institutional investor exercised its option
to purchase 64,784 shares of common stock at $11.50 per share. The
institutional investor previously purchased 370,000 shares of
Porter Bancorp’s convertible preferred stock for $4,255,000 in July
2010, bringing their total investment in Porter Bancorp to $5.0
million. The proceeds from the stock sales will be used for working
capital, general corporate purposes and for augmenting the balance
sheet.
“We are pleased with the follow-on investment by the
institutional investor exercising their option to purchase
additional shares,” stated Maria L. Bouvette, President and CEO of
Porter Bancorp, Inc. “This brings the total of new capital raised
by Porter Bancorp over the past three months to $32.0 million. The
additional capital further strengthens our capital position and
will provide a solid base to support our continued growth.”
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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