Porter Bancorp, Inc. Shareholders Approve Amendment to Articles of Incorporation at Special Meeting
September 23 2015 - 4:05PM
Business Wire
Porter Bancorp, Inc. (NASDAQ: PBIB), parent company of PBI Bank,
Inc., today announced that shareholders approved an amendment to
the Articles of Incorporation as an effort to protect the long-term
value of the Company’s accumulated tax benefit. The special
shareholders meeting was held on September 23, 2015.
In comments made at the meeting, John T. Taylor, President and
CEO of Porter Bancorp, Inc., stated, “Porter Bancorp’s shareholders
overwhelmingly approved an amendment to our Articles of
Incorporation that will assist in protecting the long-term value of
the Company’s accumulated tax benefits. The Amendment is designed
to limit transfers of Porter Bancorp’s common shares that could
result in an “ownership change” under Section 382 of the Internal
Revenue of Code and impair those tax benefits.”
“We have approximately $51.9 million of net deferred tax assets,
subject to a 100% valuation allowance, primarily related to our net
operating losses (NOLs) that we have generated but not yet realized
for federal tax purposes. The approval of this amendment is part of
our Board’s plan to protect these assets and reduce future federal
income taxes to the extent allowed by the Internal Revenue
Service.”
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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version on businesswire.com: http://www.businesswire.com/news/home/20150923006244/en/
Porter Bancorp, Inc.John T. Taylor, 502-499-4800Chief Executive
Officer
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