Porter Bancorp, Inc. Holds Annual Meeting of Shareholders
May 27 2015 - 10:07AM
Business Wire
Shareholders Elect Six Directors
Porter Bancorp, Inc. (NASDAQ: PBIB), parent company of PBI Bank,
announced today that its shareholders elected six directors,
approved a non-binding advisory vote on the compensation of the
company’s executives, voted to conduct future votes on executive
compensation annually, and approved a proposal to authorize our
board of directors to effect, at its discretion, a reverse stock
split in order to maintain the Company’s NASDAQ listing.
In comments made at the meeting, John T. Taylor, President and
CEO of Porter Bancorp, Inc., stated, “We are pleased to announce
that Porter Bancorp recently regained compliance with NASDAQ’s
listing rule regarding the minimum closing bid price of its common
stock. Our stockholders also approved a reverse stock split
proposal that will provide our Board with additional flexibility to
ensure our compliance going forward.”
Taylor also added, “We have observed an unusually high volume of
retail trading volume in our common stock over the past few days.
We remind investors that regulatory rules require shareholders to
notify the Federal Reserve before acquiring more than 4.9% of our
common shares. To that end, our net deferred tax asset, which
totaled approximately $50 million at March 31, 2015 before a full
valuation allowance, remains very important to the Company and the
Bank. Should a shareholder acquire such a level of our common
stock, a significant portion of our deferred tax asset could be
permanently impaired.”
“We remain focused on improving Porter Bancorp’s asset quality
as part of our strategy to grow future earnings. Our first
quarter’s results highlighted our progress with a significant
reduction in non-performing assets and growth in earnings compared
with the first quarter of last year. We also continue to evaluate
appropriate strategies for increasing our capital,” concluded
Taylor.
At the meeting, shareholders elected the following as directors
to serve for a one-year term:
- W. Glenn Hogan – Chairman of Porter
Bancorp, Inc. and CEO of a commercial real estate development
firm
- Michael T. Levy – President of
Muirfield Insurance LLC of Kentucky, a Lexington-based insurance
brokerage firm
- Bradford T. Ray – Retired Chairman and
CEO of Steel Technologies, Inc., a steel processor
- N. Marc Satterthwaite – Vice President,
Director of Sales Operations, North America, for Brown-Forman
Corporation, a diversified producer of fine quality consumer
products
- John T. Taylor – President and CEO of
Porter Bancorp, Inc., and President and CEO of PBI Bank, Inc.
- W. Kirk Wycoff – Managing Member of
Patriot Financial Partners, L.P., a private equity fund focused on
investing in community banks, thrifts and other financial service
related companies
About Porter Bancorp, Inc.
Porter Bancorp, Inc. (NASDAQ: PBIB) is a Louisville,
Kentucky-based bank holding company which operates banking centers
in 12 counties through its wholly-owned subsidiary PBI Bank. Our
markets include metropolitan Louisville in Jefferson County and the
surrounding counties of Henry and Bullitt, and extend south along
the Interstate 65 corridor. We serve southern and south central
Kentucky from banking centers in Butler, Green, Hart, Edmonson,
Barren, Warren, Ohio and Daviess counties. We also have a banking
center in Lexington, Kentucky, the second largest city in the
state. PBI Bank is a traditional community bank with a wide range
of personal and business banking products and services.
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,” “possible,” “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 indicated by forward-looking
statements due to various risks and uncertainties, including our
ability to reduce our level of higher risk loans such as commercial
real estate and real estate development loans, reduce our level of
non-performing loans and other real estate owned, and increase net
interest income in a low interest rate environment, as well as our
need to increase capital. These and other risks and uncertainties
are described in greater detail 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
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Porter Bancorp, Inc.John T. Taylor, 502-499-4800Chief Executive
Officer
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