Commenting on the management changes, David L. Hawkins, an independent director of Porter Bancorp and chair of the audit and risk oversight committees, stated, “Chester Porter has been a major factor in our Company’s growth over the past 24 years, and we are gratified that he will continue to make his deep institutional knowledge and expertise available to the Board in his role as Chairman Emeritus. We are very fortunate to have Chester’s continued counsel regarding the banking community in Kentucky combined with his legal acumen to guide us on the Board. Under Chester’s leadership, our Board has implemented a management succession plan that will serve as our guide to add and strengthen our management team as we go forward.
“As part of our succession plan, the Board expects to name Maria Bouvette to the additional role as Chairman of Porter Bancorp at the annual shareholders’ meeting in May. Maria and Chester have worked closely together over the past 25 years and we expect continuity in Porter Bancorp’s operations when Maria is named as Chairman.
“The Board also plans to nominate William G. Porter, brother of Chester Porter, for election to the Board of Directors,” continued Mr. Hawkins. “Bill Porter is a significant shareholder and currently serves as Director of PBI Bank and the Peoples Bank, Taylorville, KY. His business background and knowledge of the Kentucky banking market will be a solid addition to our Board of Directors. We look forward to him joining our Board,” concluded Mr. Hawkins.
Porter Bancorp Names New Chief Financial Officer and Chief Risk OfficerThe Company also announced that Phil W. Barnhouse was named Chief Financial Officer of Porter Bancorp and David B. Pierce was named Chief Risk Officer. The appointments of Mr. Barnhouse and Mr. Pierce were recently approved by the St. Louis Federal Reserve.