Porter Bancorp, Inc. Holds Annual Meeting
May 22 2013 - 10:15AM
Business Wire
Porter Bancorp, Inc. (NASDAQ: PBIB), parent company of PBI Bank,
announced today that shareholders elected eight directors, approved
a non-binding advisory vote on the compensation of the company’s
executives, approved an amendment to the 2006 Stock Incentive Plan,
and approved an amendment to the 2006 Non-employee Director
Incentive Stock Plan at its annual meeting of shareholders.
In comments made at the shareholders’ meeting, John T. Taylor,
President of Porter Bancorp, stated, “We continue to make solid
progress in the enhancement of our risk management infrastructure
by expanding our credit management team and strengthening our loan
review process. We remain focused on reducing the bank’s
non-performing assets and believe this will be an important part in
restoring Porter Bancorp’s future earnings.
“We believe we have excellent opportunities to unlock the value
in Porter Bancorp’s franchise by improving the operational
efficiency of our banks across our twelve markets in Kentucky,
solidifying our strong market share in our rural markets and
focusing our growth in the metropolitan markets of Louisville,
Lexington, Owensboro and Bowling Green. We are targeting small to
medium sized commercial and industrial customers in these markets
for loan growth, building fee income and reducing our cost of
funds.
“We also remain focused on restoring our capital structure to
comply with our regulatory commitments and support our future
growth. We believe the restoration of our earnings along with a
strategic capital raise will be integral to our success. We are
working closely with our investment bankers, our Board of
Directors, key shareholders, and our regulators to execute our
capital plan,” concluded Mr. Taylor.
At the meeting, shareholders elected the following as directors
to serve for a one-year term:
- Maria L. Bouvette – Chairman of the
Board and Chief Executive Officer of Porter Bancorp, Inc.
- David L. Hawkins – CPA, farmer and
private investor
- W. Glenn Hogan – CEO of commercial real
estate development firm
- Sidney L. Monroe – Retired Certified
Public Accountant
- William G. Porter – Retired CPA and
manufacturing executive
- John T. Taylor – President of Porter
Bancorp, Inc. and President and CEO of PBI Bank
- Stephen A. Williams – President and
Chief Executive Officer of Norton Healthcare
- W. Kirk Wycoff – Managing Member of
Patriot Financial Partners, L.P.
About Porter Bancorp, Inc.
Porter Bancorp, Inc., a bank holding company headquartered in
Louisville, Kentucky, had $1.1 billion in assets as of
March 31, 2013. 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. The words “believe,”
“may,” “should,” “anticipate,” “estimate,” “expect,” “intend,”
“objective,” “seek,” “plan,” “strive” or similar words, or
negatives of these words, identify forward-looking statements.
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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