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Porter Bancorp in of Louisville, Ky., has adopted a plan to preserve the value of its deferred tax benefits, designed to allow the company to continue the use of net operating loss carryforwards.
June 26 -
The financial industry and the White House are gearing up for a fresh battle this spring over investment advice for retirement savings.
April 30 -
Porter Bancorp in Louisville, Ky., is rearranging some of its capital with an eye toward improving common equity and perhaps making its pursuit of additional funds easier.
December 10
Porter Bancorp in Louisville, Ky., has agreed to pay $1.1 million to settle a lawsuit alleging mismanagement of a former client's employee stock ownership plan.
The $1 billion-asset company's PBI Bank had served as trustee for the ESOP of Miller's Health Systems, a Warsaw, Ind., operator of long-term care and assisted-living facilities. The U.S. Labor Department accused PBI Bank of advising the ESOP to purchase stock in Miller's Health Systems at a price higher than fair value. The advice was not given for the primary benefit of the plan participants, the Labor Department said.
The $1.1 million settlement will be
PBI Bank also agreed to a permanent ban on serving as a fiduciary or service provider to any plan covered under the Employee Retirement Income Security Act, "except in very limited circumstances," the Labor Department said in a news release. It did not provide details on the limited circumstances.
The settlement will not impact Porter's financial condition or operating results, the company said in a
