Porter Bancorp in Louisville, Ky., has appointed a veteran community-bank consultant to its board.
The $979 million-asset Porter named Edmond Seifried to its board this week. Seifried, 68, is executive director of the Sheshunoff Affiliation Program, which provides education and an idea exchange to community bankers. Seifried is also co-chairman of Seifried & Brew, a community bank education center.
In December, Seifried acquired 353,571 shares of Porter's common stock and additional shares of preferred stock, in exchange for some Troubled Asset Relief Program preferred shares that Porter received from the Treasury Department. Seifried obtained some of Porter's Tarp shares in a public auction.
Porter also this week named James Parsons to its board this week, as well as the board of PBI Bank. Parsons, 58, is chief financial officer of Ball Homes in Lexington, Ky., a residential real estate developer.
Porter expanded its board by two members to add Seifried and Parsons.
Separately, Porter's shareholders on Wednesday approved a plan to preserve the value of its deferred tax benefits. 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. Porter holds about $52 million of net deferred tax assets.
Shareholders approved an amendment to Porter's articles of incorporation, in order to implement the plan.