Porter Bancorp, Inc. Completes Senior Debt Transaction
05 Luglio 2017 - 10:05PM
Business Wire
Makes $9.0 Million Capital Contribution to
PBI Bank
Porter Bancorp, Inc. (the “Company”) (NASDAQ: PBIB), parent
company of PBI Bank, announced today that it has entered into a
secured loan agreement with First Merchants Bank of Muncie,
Indiana, using the proceeds to strengthen the capital position of
PBI Bank, the Company’s wholly owned banking subsidiary.
Under the terms of the loan agreement, the Company borrowed
$10.0 million on June 30, 2017. Interest payments are payable
quarterly at the rate of three-month LIBOR plus 250 basis points
through June 30, 2020, at which time quarterly principal payments
of $250,000 plus interest will commence. The loan is due on June
30, 2022 and is secured by 100% of the issued and outstanding
common stock of PBI Bank. The loan agreement also includes
covenants relating to cash-on-hand at the Company, maintenance of
certain risk-based capital ratios by the Bank and the Company, and
non-performing assets.
The Company contributed $9.0 million of the borrowing proceeds
to the Bank as Common Equity Tier-1 Capital. The remaining $1.0
million in proceeds were retained by the lender in an escrow to
service quarterly interest payments.
About Porter Bancorp, Inc.
Porter Bancorp, Inc. (NASDAQ: PBIB) is a Louisville,
Kentucky-based bank holding company which operates banking centers
in 12 counties through its wholly-owned subsidiary PBI Bank. Our
markets include metropolitan Louisville in Jefferson County and the
surrounding counties of Henry and Bullitt, and extend south along
the Interstate 65 corridor. We serve southern and south central
Kentucky from banking centers in Butler, Green, Hart, Edmonson,
Barren, Warren, Ohio and Daviess counties. We also have a banking
center in Lexington, Kentucky, the second largest city in the
state. PBI Bank is a traditional community bank with a wide range
of personal and business banking products and services.
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,” “possible,” “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 indicated by forward-looking
statements due to various risks and uncertainties, including our
ability to reduce our level of higher risk loans such as commercial
real estate and real estate development loans, reduce our level of
non-performing loans and other real estate owned, and increase net
interest income in a low interest rate environment, as well as our
need to increase capital. These and other risks and uncertainties
are described in greater detail 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170705005961/en/
Porter Bancorp, Inc.John T. Taylor, 502-499-4800Chief Executive
Officer
Grafico Azioni Porter Bancorp, Inc. (delisted) (NASDAQ:PBIB)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Porter Bancorp, Inc. (delisted) (NASDAQ:PBIB)
Storico
Da Giu 2023 a Giu 2024