Porter Bancorp Closes Private Placement of Common Stock
PORTER BANCORP (PBIB)
US:NASDAQ Investor Relations:
pbibank.com
Company Research
Source: Business Wire
Issues 1.150 Million Shares; Raises $14.950 Million New Capital LOUISVILLE, Ky.--(BUSINESS WIRE)-- 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,
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