Porter Bancorp, Inc. Announces Retirement of Maria L. Bouvette as Chairman and CEO
July 23 2013 - 6:45AM
Business Wire
Porter Bancorp, Inc. (NASDAQ: PBIB), parent company of PBI Bank,
announced today that Maria L. Bouvette will retire as Porter
Bancorp’s Chairman of the Board and CEO, and as Chairman of the
Board of PBI Bank on July 31, 2013. Effective with Ms. Bouvette’s
retirement, W. Glenn Hogan is expected to be elected Chairman of
the Board of Porter Bancorp, and John T. Taylor will be named CEO
of Porter Bancorp, following regulatory approval.
Commenting on her retirement from all positions with Porter
Bancorp and PBI Bank, Maria Bouvette stated, “Our succession
planning process began with the hiring of John Taylor as President
and CEO of PBI Bank and President of Porter Bancorp a year ago.
John and his team have made solid progress since then and I am
confident that Porter Bancorp and PBI Bank will continue in their
very capable hands.
“We have a very strong Board of Directors at Porter Bancorp, and
I believe that Glenn Hogan will be a very competent Chairman. Glenn
currently serves as Chairman of the Compensation Committee and the
Nominating and Corporate Governance Committee, and will be Porter
Bancorp’s first independent Chairman of the Board. He has worked
closely with John Taylor, and I believe they will continue to
provide strong leadership for Porter Bancorp and PBI Bank after my
retirement.
“I am very grateful to be associated with the entire team at
Porter Bancorp and PBI Bank. Chester Porter and I started with one
bank in 1988 that had $65 million in assets. Since that time, we
expanded to 18 locations, including the four largest markets in the
state, and we are currently ranked the eighth largest independent
banking organization domiciled in the state of Kentucky on total
assets. As one of Porter Bancorp’s largest shareholders, I have
great confidence in our entire team at Porter Bancorp and PBI
Bank,” concluded Bouvette.
Maria L. Bouvette was a cofounder of PBI Bank and its
predecessor banks with J. Chester Porter, Chairman Emeritus. The
Company historically conducted its banking business through
separate community banks that were reorganized into a single bank
and brand, PBI Bank, in 2005. Porter Bancorp completed its initial
public stock offering in 2006. Ms. Bouvette served as President and
Chief Executive Officer of PBI Bank and Porter Bancorp until the
retirement of Chester Porter in 2012. At that time, Ms. Bouvette
was named to the additional roles of Chairman of the Board of
Porter Bancorp and PBI Bank.
Glenn Hogan is expected to be elected as Chairman of the Board
following the retirement of Maria Bouvette. Mr. Hogan joined Porter
Bancorp’s Board in 2006. He is founder, President and Chief
Executive Officer of Hogan Real Estate, a full service commercial
real estate development company headquartered in Louisville,
Kentucky. He has more than 20 years of real estate development
experience and is a Certified Commercial Investment Member
(CCIM).
John Taylor, age 53, was named President and CEO of PBI Bank and
President of Porter Bancorp, Inc. in July 2012. He was also
elected as a Board member of PBI Bank and Porter Bancorp. Following
the retirement of Ms. Bouvette, Mr. Taylor is expected to be
named CEO of Porter Bancorp.
Prior to joining Porter, Mr. Taylor served as President and CEO
of American Founders Bank, Inc. and American Founders Bancorp, Inc.
of Lexington, Kentucky. He previously served in senior management
positions with increasing responsibility for PNC Bank, N.A.,
including as President of its Ohio/Northern Kentucky region for six
years. He has over 29 years of banking experience in Kentucky and
Ohio. He holds a Master’s Degree in Business Administration and a
Bachelor’s Degree in Business Administration from the University of
Kentucky. Mr. Taylor is actively involved in a number of civic and
professional organizations.
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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