Porter Bancorp Closes Private Placement of Common Stock
30 Marzo 2018 - 10:00PM
Business Wire
Issues 1.150 Million Shares; Raises $14.950
Million New Capital
Porter Bancorp, Inc. (NASDAQ: PBIB) reported today the
completion of a private placement of common stock on March 30,
2018. In the transaction, the Company issued to Patriot Financial
Partners III, L.P. (“Patriot”) 150,000 common shares and 1.0
million non-voting common shares at $13.00 per share resulting in
total proceeds of $14.950 million of which $5.0 million was
contributed as capital to the Company’s wholly-owned subsidiary,
Limestone Bank. The balance of the proceeds will be used for
general corporate purposes and to support the growth of Limestone
Bank.
John T. Taylor, President and CEO of the Company noted, “We are
pleased to report the completion of this capital raise to support
the growth of our franchise. I am appreciative of the continued
support of our shareholders, directors, associates, and most
importantly, our customers.”
FIG Partners, LLC served as the Company’s financial advisor and
Wyatt, Tarrant & Combs, LLP served as the Company’s legal
advisor in this transaction. After the transaction, the Company had
6,189,864 common shares and 1,220,000 non-voting common shares
issued and outstanding for a total of 7,409,864 shares issued and
outstanding. More detailed information regarding the private
placement will be included in the Company’s 8-K filing with the
Securities and Exchange Commission.
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 Limestone 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. Limestone Bank is a
traditional community bank with a wide range of personal and
business banking products and services.
Forward-Looking StatementsStatements 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 that involve risks and
uncertainties. Although the Company’s management believes the
assumptions underlying the forward-looking statements contained
herein are reasonable, any of these assumptions could be
inaccurate. Therefore, there can be no assurance the
forward-looking statements included herein will prove to be
accurate. Factors that could cause actual results to differ from
those discussed in forward-looking statements include, but are not
limited to: economic conditions both generally and more
specifically in the markets in which the Company and its
subsidiaries operate; competition for the Company’s customers from
other providers of financial services; government legislation and
regulation, which change from time to time and over which the
Company has no control; changes in interest rates; material
unforeseen changes in liquidity, results of operations, or
financial condition of the Company’s customers; and other risks
detailed in the Company’s filings with the Securities and Exchange
Commission, all of which are difficult to predict and many of which
are beyond the control of the Company. See Risk Factors outlined in
the Company’s Form 10-K for the year ended December 31, 2017.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180330005270/en/
Porter Bancorp, Inc.John T. Taylor, 502-499-4800Chief Executive
Officer
Grafico Azioni Porter Bancorp, Inc. (delisted) (NASDAQ:PBIB)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Porter Bancorp, Inc. (delisted) (NASDAQ:PBIB)
Storico
Da Set 2023 a Set 2024