Porter Bancorp (PBIB) in Louisville, Ky., has named John Taylor as the company's permanent chief executive and as chairman of its subsidiary, PBI Bank.
Taylor has served those roles in an interim capacity since Porter's former CEO and co-founder, Maria Bouvette, stepped down in July. He will also continue as president of Porter and as president and CEO of PBI, the company said in a press release Thursday.
Before joining Porter in July 2012, Taylor was president and CEO of American Founders Bancorp and its bank in Lexington, Ky. He was also president of PNC Financial Services' (PNC) Ohio and Northern Kentucky region.
During his time at Porter and PBI Bank, Taylor "has assembled a team focused on asset quality remediation, regulatory capital restoration, and lowering the risk profile of the bank," Porter board chairman W. Glenn Hogan said in the release. "Our most recent quarter's financial results demonstrate our progress in significantly reducing our net loss, our provision for loan losses and nonperforming assets. We expect to enter 2014 as a much stronger organization under John's leadership."
The $1 billion-asset PBI has been operating under a Federal Deposit Insurance Corp. consent order since October 2012. The order requires the bank to maintain a minimum Tier 1 capital ratio of 9% and a minimum total risk-based capital ratio of 12%, reduce troubled assets and develop liquidity and strategic plans. PBI had a Tier 1 leverage ratio of 6.4% and a total risk-based capital ratio of 11% as of Sept. 30.