Porter Bancorp, Inc. Holds Annual Meeting
May 18 2011 - 4:15PM
Business Wire
Porter Bancorp, Inc. (NASDAQ: PBIB), parent company of PBI Bank,
announced today that shareholders elected seven directors and
approved a non-binding advisory vote on the compensation of the
company’s executives at its annual meeting of shareholders.
In comments at the meeting, Maria L. Bouvette, President and CEO
of Porter Bancorp, Inc., said, “Porter Bancorp’s core business
remains solid and is backed by a strong capital base; however, we
expect our earnings will be challenged by our high level of
non-performing assets and the continued softness in real estate
markets, including lower market values and soft demand for
residential and commercial real estate. Our primary focus for 2011
is to reduce the level of non-performing assets and to preserve our
strong capital base. We expect these measures to contribute to
improved profitability in the future.”
At the meeting, shareholders elected the following as directors
to serve for a one-year term:
- Maria L. Bouvette – President and Chief
Executive Officer of Porter Bancorp, Inc.
- David L. Hawkins – CPA, Farmer and
Private Investor
- W. Glenn Hogan – Founder, President and
Chief Executive Officer of Hogan Real Estate
- Sidney L. Monroe – Retired Certified
Public Accountant
- J. Chester Porter – Chairman of the
Board and General Counsel of Porter Bancorp, Inc.
- Stephen A. Williams – President and
Chief Executive Officer of Norton Healthcare
- W. Kirk Wycoff – Managing Member of
Patriot Financial Partners, L.P.
Shareholders also approved a non-binding advisory vote on the
compensation of the company’s executives.
About Porter Bancorp, Inc.
Porter Bancorp, Inc., a bank holding company headquartered in
Louisville, Kentucky, had $1.7 billion in assets as of March
31, 2011. 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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