Porter Bancorp, Inc. Announces Retirement of Maria L. Bouvette as Chairman
John T. Taylor Named Porter Bancorp CEO
W. Glenn Hogan Named Porter Bancorp Chairman
LOUISVILLE, Ky. -- July 23, 2013
Porter Bancorp, Inc. (NASDAQ: PBIB), parent company of PBI Bank, announced
today that Maria L. Bouvette will retire as Porter Bancorp’s Chairman of the
Board and CEO, and as Chairman of the Board of PBI Bank on July 31, 2013.
Effective with Ms. Bouvette’s retirement, W. Glenn Hogan is expected to be
elected Chairman of the Board of Porter Bancorp, and John T. Taylor will be
named CEO of Porter Bancorp, following regulatory approval.
Commenting on her retirement from all positions with Porter Bancorp and PBI
Bank, Maria Bouvette stated, “Our succession planning process began with the
hiring of John Taylor as President and CEO of PBI Bank and President of Porter
Bancorp a year ago. John and his team have made solid progress since then and
I am confident that Porter Bancorp and PBI Bank will continue in their very
“We have a very strong Board of Directors at Porter Bancorp, and I believe
that Glenn Hogan will be a very competent Chairman. Glenn currently serves as
Chairman of the Compensation Committee and the Nominating and Corporate
Governance Committee, and will be Porter Bancorp’s first independent Chairman
of the Board. He has worked closely with John Taylor, and I believe they will
continue to provide strong leadership for Porter Bancorp and PBI Bank after my
“I am very grateful to be associated with the entire team at Porter Bancorp
and PBI Bank. Chester Porter and I started with one bank in 1988 that had $65
million in assets. Since that time, we expanded to 18 locations, including the
four largest markets in the state, and we are currently ranked the eighth
largest independent banking organization domiciled in the state of Kentucky on
total assets. As one of Porter Bancorp’s largest shareholders, I have great
confidence in our entire team at Porter Bancorp and PBI Bank,” concluded
Maria L. Bouvette was a cofounder of PBI Bank and its predecessor banks with
J. Chester Porter, Chairman Emeritus. The Company historically conducted its
banking business through separate community banks that were reorganized into a
single bank and brand, PBI Bank, in 2005. Porter Bancorp completed its initial
public stock offering in 2006. Ms. Bouvette served as President and Chief
Executive Officer of PBI Bank and Porter Bancorp until the retirement of
Chester Porter in 2012. At that time, Ms. Bouvette was named to the additional
roles of Chairman of the Board of Porter Bancorp and PBI Bank.
Glenn Hogan is expected to be elected as Chairman of the Board following the
retirement of Maria Bouvette. Mr. Hogan joined Porter Bancorp’s Board in 2006.
He is founder, President and Chief Executive Officer of Hogan Real Estate, a
full service commercial real estate development company headquartered in
Louisville, Kentucky. He has more than 20 years of real estate development
experience and is a Certified Commercial Investment Member (CCIM).
John Taylor, age 53, was named President and CEO of PBI Bank and President of
Porter Bancorp, Inc. in July 2012. Hewas also elected as a Board member of
PBI Bank and Porter Bancorp. Following the retirement of Ms. Bouvette,
Mr.Taylor is expected to be named CEO of Porter Bancorp.
Prior to joining Porter, Mr. Taylor served as President and CEO of American
Founders Bank, Inc. and American Founders Bancorp, Inc. of Lexington,
Kentucky. He previously served in senior management positions with increasing
responsibility for PNC Bank, N.A., including as President of its Ohio/Northern
Kentucky region for six years. He has over 29 years of banking experience in
Kentucky and Ohio. He holds a Master’s Degree in Business Administration and a
Bachelor’s Degree in Business Administration from the University of Kentucky.
Mr. Taylor is actively involved in a number of civic and professional
About Porter Bancorp, Inc.
Porter Bancorp, Inc., a bank holding company headquartered in Louisville,
Kentucky, had $1.1billion in assets asof March31, 2013. 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
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.
Porter Bancorp, Inc.
John T. Taylor, President, 502-499-4800
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