Porter Bancorp (PBIB) in Louisville, Ky., has picked Joseph Seiler to head commercial banking.
Seiler will lead the $1.2 billion-asset company's business-banking operations, provided regulators OK the selection, Porter said in a news release Monday. He served most recently as an executive with PNC Financial Services Group's (PNC) asset-resolution unit, and previously worked for National City Bank in Louisville, the news release said.
Seiler "has significant experience in corporate banking, real estate lending, credit administration, and healthcare banking," President John Taylor said in the release. "He has served in senior management positions at banks in Louisville for the past 22 years, serving commercial customers throughout Kentucky, Tennessee, southern Ohio and southern Indiana."
In January Porter announced that it hired Sandler O'Neill to help it recapitalize. Its banking unit, PBI Bank, is under a consent order with regulators that requires it to hold a leverage ratio of 9% and total risk-based capital of 12%. Those ratios stood at 5.37% and 9.82%, respectively, as of Dec. 31, according to the Federal Deposit Insurance Corp.