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 Officer The 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.
Mr. Barnhouse previously served as Chief Financial Officer of PBI Bank since 2006. He served as Chief Financial Officer of Ascencia Bank from 1998 until it was merged into PBI Bank at the end of 2005. From 1992 to 1998, Mr. Barnhouse worked with Arthur Andersen LLP, where he managed the audits of public and private companies.Mr. Pierce will be responsible for risk management for both Porter Bancorp and PBI Bank. He previously served as Chief Financial Officer of Porter Bancorp since 2006 and in a number of executive positions with Porter Bancorp’s subsidiary banks from 1990 through 2005. From 1984 to 1989, Mr. Pierce served as a manager at Coopers & Lybrand (now PricewaterhouseCoopers) where he was responsible for audits of public and private entities including financial institutions. PBIB-G PBIB-F About Porter Bancorp, Inc. Porter Bancorp, Inc., a bank holding company headquartered in Louisville, Kentucky, had $1.5 billion in assets as of December 31, 2011. Through Porter’s subsidiary PBI Bank, it operates 18 full service banking offices in Kentucky. Porter Bancorp’s common stock is traded on the Nasdaq Global Market under the symbol “PBIB.” Forward-Looking Statements Statements in this press release relating to Porter Bancorp’s plans, objectives, expectations or future performance are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “may,” “should,” “anticipate,” “estimate,” “expect,” “intend,” “objective,” “seek,” “plan,” “strive” or similar words, or negatives of these words, identify forward-looking statements. These forward-looking statements are based on management’s current expectations. Porter Bancorp’s actual results in future periods may differ materially from those currently expected due to various risks and uncertainties, including those discussed under “Risk Factors” in the Company’s Form 10-K and subsequent periodic reports filed with the Securities and Exchange Commission. The forward-looking statements in this press release are made as of the date of the release and Porter Bancorp does not assume any responsibility to update these statements.