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Porter Bancorp (PBIB) in Louisville, Ky., will replace its chairman and chief executive at the end of this month.
July 23 -
A Kentucky jury has awarded $7 million to a developer who claimed that Porter Bancorp (PBIB) committed fraud when it backed out of planned loan sale.
July 22 -
Porter Bancorp (PBIB) in Louisville, Ky., has turned to Sandler O'Neill to help it recapitalize after another quarterly loss.
January 30 -
The Federal Deposit Insurance Corp. doled out 13 consent orders to banks in October. The latest batch, disclosed by the FDIC on Thursday, included banks in across the country, including areas hardest hit by the downturn such as California, Florida, Georgia and Illinois.
November 30 -
Porter Bancorp (PBIB) of Louisville, Ky., did not have to look far to find the new leader for its struggling bank.
July 19
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,
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.
