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Porter Bancorp, Inc. (NASDAQ: PBIB), parent company of PBI Bank, with 18 full-service banking offices in Kentucky, today announced that J. Chester Porter will be named Chairman Emeritus of Porter Bancorp, Inc. at the Company’s annual meeting of shareholders on May 16, 2012. Mr. Porter, age 71, currently serves as Chairman of the Board of the Company he founded 25 years ago.
Mr. Porter recently informed the Board of Directors that he would not stand for re-election to the Board, and would be stepping down as an executive officer of Porter Bancorp and its wholly owned subsidiary, PBI Bank. The Board expects to name Maria L. Bouvette, President and Chief Executive Officer of Porter Bancorp, to the additional role as Chairman of the Company and Chairman of PBI Bank. Ms. Bouvette currently serves as President and CEO of the Company and PBI Bank. As part of the Company’s succession planning, the Board has formed a search committee comprised of its five independent directors to identify and hire a President and CEO to succeed Ms. Bouvette as PBI Bank’s President and CEO.
“I am very gratified to have served as Chairman of Porter Bancorp,” stated J. Chester Porter. “The Company was founded in 1988 with one bank that had a total of $65 million in assets. Since that time, we’ve expanded to 18 locations with almost $1.5 billion in assets. We’ve grown through strategic acquisitions of banks across Kentucky to include the four largest markets in the state. We also were an early pioneer of online banking with the formation of Ascencia Bank in 1999.
“I am happy to turn Porter Bancorp over to a younger team who has the energy and drive to address the current issues facing banks today. We have a great team at Porter that is led by Maria Bouvette, and I have every confidence in her to continue building Porter Bancorp and PBI Bank in the future. I am very proud to be associated with the entire team at Porter and look forward to my new role as Chairman Emeritus,” concluded Mr. Porter.