Porter Bancorp, Inc. Holds Annual Meeting of Shareholders
May 25 2016 - 4:05PM
Business Wire
Shareholders Elect Eight Directors
Porter Bancorp, Inc. (NASDAQ: PBIB), parent company of PBI Bank,
announced today that its shareholders elected eight directors,
approved a non-binding advisory vote on the compensation of the
company’s executives, approved a proposal to authorize our board of
directors to effect, at its discretion, a reverse stock split, and
approved the 2016 Omnibus Equity Compensation Plan.
In comments made at the meeting, John T. Taylor, President and
CEO of Porter Bancorp, Inc., stated, “I would like to thank our
shareholders and directors for their continued support. The Company
continues to make meaningful progress by returning recently to
profitability, reducing non-performing assets, and completing a
common equity capital raise just last month. We remain focused on
building value as we continue lowering the company’s risk profile
and delivering quality banking products and services to our
customers throughout the Commonwealth of Kentucky.”
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 Hogan Real Estate, a full service
commercial real estate development company headquartered in
Louisville, KY
- Michael T. Levy – President of
Muirfield Insurance LLC of Kentucky, a Lexington, KY based
insurance brokerage firm
- James M. Parsons – Chief Financial
Officer of Ball Homes, LLC, a residential real estate development
firm headquartered in Lexington, KY
- Bradford T. Ray – Retired Chairman and
CEO of Steel Technologies, Inc., a steel processor
- N. Marc Satterthwaite – Vice President,
Chief of Staff for Brown-Forman Corporation, a diversified producer
of fine quality consumer products
- Dr. Edmond J. Seifried – Principal
Seifried & Brew LLC, a community bank education center in
Bethlehem, Pennsylvania, and Professor Emeritus at Lafayette
College in Easton, Pennsylvania
- John T. Taylor – President and CEO of
Porter Bancorp, and President and CEO of PBI Bank
- 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.
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Porter Bancorp, Inc.John T. Taylor, 502-499-4800Chief Executive
Officer
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