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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 -
First Bancorp in Southern Pines, N.C., has redeemed about half of its shares in the Small Business Lending Fund.
June 26 -
MidWestOne Financial Group in Iowa City, Iowa has raised $8.4 million in a private placement of its common stock.
June 25
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.
The $1 billion-asset company said the plan is designed to reduce the chance of a certain type of ownership change restricting Porter's ability to use its net operating loss carryforwards,
As part of the plan, Porter declared a dividend of one preferred stock purchase right for each share of common stock outstanding as of July 10. Effective June 26, any shareholder or group that acquires ownership of at least 5% of Porter's outstanding stock "could be subject to significant dilution" in its holdings, if Porter's board does not approve the acquisition.
"The primary purpose of the tax preservation plan is to protect the value of our NOLs for our shareholders," John Taylor, Porter's chief executive, said in a news release. "While our deferred tax asset is subject to a full valuation allowance, it remains very important to the Company."
Porter's board may also grant an exemption to certain transactions or certain persons, if their purchase of stock is determined to not jeopardize Porter's deferred tax assets.