Porter Bancorp, Inc. Holds Annual Meeting of Shareholders
May 23 2018 - 4:05PM
Business Wire
Shareholders Elect Seven Directors
Porter Bancorp, Inc. (NASDAQ: PBIB), parent company of Limestone
Bank, announced today that its shareholders elected seven
directors, approved a non-binding advisory vote on the compensation
of the Company’s executives, approved an amendment to the Articles
of Incorporation to change the Company’s name to Limestone Bancorp,
Inc., approved an amendment to the Articles of Incorporation to
extend certain restrictions on share transfer designed to protect
the long-term value of accumulated tax benefits, approved the 2018
Omnibus Equity Compensation Plan, and approved a proposal to ratify
the appointment of the Company’s independent registered public
accounting firm.
John T. Taylor, President and CEO of Porter Bancorp, Inc.,
stated, “We are pleased that shareholders overwhelmingly approved
our corporate name change to Limestone Bancorp, Inc. We have taken
significant steps in recent years to reposition our company to
improve our profitability and build long-term shareholder value and
believe our new name highlights the strong foundation we’ve created
for future growth. We expect to complete the name change process on
or about June 15, 2018.”
“We recently reported improved financial results for our first
quarter of 2018 that benefited from our quality loan production,
growth in net interest income and improved expense management. We
remain positive about our continued growth and profitability in the
coming year.”
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
- Dr. Edmond J. Seifried – Principal
S&B West LLC, a community bank consulting center in Easton,
Pennsylvania, and Professor Emeritus at Lafayette College in
Easton, Pennsylvania
- John T. Taylor – President and CEO of
Porter Bancorp, and President and CEO of Limestone 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 Limestone 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. Limestone 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
that involve risks and uncertainties. Although the Company’s
management believes the assumptions underlying the forward-looking
statements contained herein are reasonable, any of these
assumptions could be inaccurate. Therefore, there can be no
assurance the forward-looking statements included herein will prove
to be accurate. Factors that could cause actual results to differ
from those discussed in forward-looking statements include, but are
not limited to: economic conditions both generally and more
specifically in the markets in which the Company and its
subsidiaries operate; competition for the Company’s customers from
other providers of financial services; government legislation and
regulation, which change from time to time and over which the
Company has no control; changes in interest rates; material
unforeseen changes in liquidity, results of operations, or
financial condition of the Company’s customers; and other risks
detailed in the Company’s filings with the Securities and Exchange
Commission, all of which are difficult to predict and many of which
are beyond the control of the Company. 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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