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Porter Bancorp Up 12 Percent on CEO Resignation (PBIB)

Shares of Porter Bancorp (NASDAQ: PBIB) are up 12 percent in early Friday trading after the company filed an 8-K related to Tuesday’s announcement that Chairman and CEO Maria L. Bouvette will retire on July 31, 2013.

“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 retirement.”

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Disclosure: At the time of this writing, the author had no position in the company mentioned.

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