October 26, 2016 1:22 PM ET


Company Overview of PBI Bank, Inc.

Company Overview

PBI Bank, Inc. provides retail and business banking products and services to communities in Kentucky. It offers personal banking products and services, which include checking and savings accounts, and certificates of deposit; mortgage loans, Real Estate home equity loans and lines of credit, personal loans, construction loans, and automobile and vehicle loans; and debit card, online/mobile banking, mobile deposit, bill payment, bank by phone, safe deposit box, and public notary services. The company also provides business banking products and services, such as checking and savings accounts, small business administration programs, real estate loans, equipment and machinery loans, asset based ...

2500 Eastpoint Parkway

Louisville, KY 40223

United States

Founded in 1902





Key Executives for PBI Bank, Inc.

Chairman, Chief Executive Officer, President, Chief Executive Officer of Porter Bancorp, Inc, President of Porter Bancorp, Inc and Director of Porter Bancorp, Inc
Age: 56
Chief Financial Officer, Chief Operating Officer and Chief Financial Officer of Porter Bancorp
Age: 45
Community President of Warren County
Senior Vice President and General Counsel
Senior Vice President and Director of Human Resources
Compensation as of Fiscal Year 2016.

PBI Bank, Inc. Key Developments

PBI Bank Appoints James M. Parsons as Board Member

Porter Bancorp, Inc. announced James M. Parsons was appointed as a board member of PBI Bank. Mr. Parsons is CFO of Ball Homes, LLC. He previously served as President and CEO of ONB Insurance Group and has held various board positions for a variety of companies and charitable organizations, including serving as an advisory board member for two community banks. He is a CPA and has degrees in business administration and accounting from West Virginia University.

PBI Bank to Pay $1.25 Million in Settlement

PBI Bank, Inc. will pay $1.25 million to resolve allegations that it violated federal law in handling a stock purchase for a Northern Indiana company's employee stock plan. The judgment was announced this week by the U.S. Department of Labor's Chicago office following an agreed order filed in U.S. District Court in South Bend for PBI to restore losses to the employees' plan and be permanently barred from serving as a fiduciary or service provider to ERISA-covered plans except its own. Part of the settlement includes $83,750 to Miller's Health Systems and penalties of $113,636 to the Labor Department. The agency alleged that PBI violated its fiduciary duties in an "imprudent and disloyal purchase" of company stock for $40 million, a price far in excess of the stock's fair market value. It also approved financing for the transaction at an excessive 12% interest rate, according the agency.

Porter Bancorp to Pay $1.1 Million to Settle Labor Dept. Lawsuit

Porter Bancorp in Louisville, Ky., has agreed to pay $1.1 million to settle a lawsuit alleging mismanagement of a former client's employee stock ownership plan. The PBI Bank had served as trustee for the ESOP of Miller's Health Systems, a Warsaw, Ind., operator of long-term care and assisted-living facilities. The U.S. Labor Department accused PBI Bank of advising the ESOP to purchase stock in Miller's Health Systems at a price higher than fair value. The advice was not given for the primary benefit of the plan participants. The $1.1 million settlement will be paid to the ESOP to restore losses to the plan's participants. PBI also agreed to pay $83,750 directly to Miller's Health Systems, and to pay penalties of $113,636 to the Labor Department. PBI Bank also agreed to a permanent ban on serving as a fiduciary or service provider to any plan covered under the Employee Retirement Income Security Act, except in very limited circumstances.

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