Porter in Kentucky Registers Shares for Compensation

Porter Bancorp (PBIB) in Louisville, Ky., which has been looking to raise capital, has registered 1 million shares of common stock to compensate employees and directors.

The $1.2 billion-asset company filed documents with the Securities and Exchange Commission last week to register 206,000 shares for its non-employee director stock ownership incentive plan and 800,000 shares for a separate stock incentive plan.

In January, Porter hired Sandler O'Neill to help its board evaluate the proper way to recapitalize its bank. The company reported a net loss available to shareholders of $524,000 in the first-quarter.

At March 31, PBI Bank's Tier 1 leverage ratio was 5.95% and its total risk-based capital ratio was 10.29%. Those ratios were an improvement from Dec. 31, though a consent order with regulators calls for those ratios to be 9% and 12% respectively.