Porter Bancorp, Inc. Board Appoints N. Marc Satterthwaite, Mark F. Wheeler as New Directors
April 09 2014 - 9:00AM
Business Wire
Porter Bancorp, Inc. (NASDAQ: PBIB), parent company of PBI Bank,
announced today that N. Marc Satterthwaite and Mark F. Wheeler have
been appointed as new members to the boards of directors of Porter
Bancorp, Inc. and PBI Bank, Inc.
Satterthwaite is Vice President, Director of Sales Operations,
North America, for Brown-Forman Corporation, a diversified producer
of fine quality consumer products that is among the top 10 largest
spirit and wine companies in the world. Satterthwaite currently
oversees all facets of Brown-Forman’s consumer sales throughout the
U.S. and Canada and has held a variety of positions across sales
and marketing since joining the company in 1988. Within the
beverage industry, he serves as Vice Chairman of the NABCA Industry
Advisory Committee. He remains actively involved with his alma
mater, Western Kentucky University, having recently completed a
term on their Alumni Association Board of Directors. He also holds
a master’s degree in business administration from University of New
Orleans. Additionally, Satterthwaite was recently elected as an
elder for Springdale Presbyterian Church and has served on the
board of directors of Discover Downtown La Grange.
“Mr. Satterthwaite has a wealth of expertise in management,
marketing, sales and operations that will be invaluable to PBI Bank
in achieving its goals,” said John T. Taylor, Porter Bancorp, Inc.
President and CEO. “His professional experience will be
particularly helpful in directing our strategic goals of growing
core deposits, changing the deposit mix and further developing the
bank’s brand and marketing.”
Wheeler is Chief Financial Officer of PT Development (PTD), a
Louisville-based management firm that specializes in providing
management and other operational efficiencies to privately held
physical therapy practices. Wheeler is responsible for most of the
financial aspects of the company including accounting, payor
contracting, mergers and acquisitions, and other general corporate
matters. Prior to joining PTD, he was Executive Vice President and
Regional Chairman of U.S. Bank, Louisville, where he was
responsible for commercial banking in the Louisville, Nashville,
Dayton, Cincinnati, Cleveland, Akron, and Columbus markets, in
addition to U.S. Bank’s national Professional Sports business.
Prior to U.S. Bank, Wheeler was Senior Vice President and Manager
of National Corporate Banking for PNC Bank. Wheeler also holds
leadership positions with several community organizations including
Fund for the Arts, Louisville Zoo Foundation, Lincoln Heritage-Boy
Scouts, Thornton Oil Corporation, The Housing Partnership,
University of Louisville Overseers, Galen College of Nursing, BDS
Management Group, Inc., and E-Town Motel Associates, LLC.
Additionally, he is Chairman of the 2014 Fund for the Arts
Campaign.
“Mr. Wheeler brings to us more than 30 years of banking
experience from both regional and national banks, including a deep
understanding of the Kentucky markets that PBI Bank serves,” added
Taylor. “His counsel will be a tremendous asset in setting our
business development strategy and in attracting new business to the
bank.”
Porter Bancorp, Inc. and PBI Bank have received notice of
non-objection from its primary regulators to appoint Satterthwaite
and Wheeler to the boards of directors.
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, 2014. 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.
PBIB-G
Porter Bancorp, Inc.John T. Taylor, 502-499-4800Chief Executive
Officer
Porter Bancorp, Inc. (delisted) (NASDAQ:PBIB)
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