Limestone Bancorp, Inc. Holds Annual Meeting of Shareholders; Shareholders Elect Eight Directors

Rhea-AI Summary

Limestone Bancorp (NASDAQ: LMST) has announced a quarterly cash dividend of $0.05 per common share, payable on July 1, 2022. Shareholders of record as of June 17, 2022 will receive this dividend. Additionally, during the annual meeting, shareholders elected eight directors and approved a non-binding advisory vote regarding executive compensation. The company operates through its subsidiary, Limestone Bank, serving various counties in Kentucky, offering a range of personal and business banking services.

Positive

• Declared quarterly cash dividend of $0.05 per common share, reflecting a commitment to shareholder returns.
• Elected eight experienced directors, potentially enhancing governance and strategic direction.

Negative

• None.

Declares Quarterly Cash Dividend of $0.05 Per Common Share

LOUISVILLE, Ky.--(BUSINESS WIRE)-- Limestone Bancorp, Inc. (NASDAQ: LMST), parent company of Limestone Bank, announced today that its shareholders elected eight directors, approved a non-binding advisory vote on the compensation of the Company’s named executives, and approved a proposal to ratify the appointment of the Company’s independent registered public accounting firm.

At the annual meeting, shareholders elected the following as directors to serve for a one-year term:

• W. Glenn Hogan – Chairman of Limestone Bancorp, Inc. and CEO of Hogan Real Estate, a full service commercial real estate development company headquartered in Louisville, KY
• Celia P. Catlett – General Counsel at the TurnPoint Services Group, a rapidly growing residential and commercial services company. Ms. Catlett also serves as a director and officer of Mothers Esquire, Inc., a non-profit organization dedicated to achieving gender equity in the legal profession
• Kevin J. Kooman – a partner with Patriot Financial Partners, L.P., a private equity fund focused on investing in community banks, thrifts and other financial service-related companies
• Michael T. Levy – President of Muirfield Insurance LLC of Kentucky, a Lexington, KY based insurance brokerage firm
• James M. Parsons – Chief Financial Officer of Ball Homes, LLC, a residential real estate development firm headquartered in Lexington, KY
• Bradford T. Ray – Retired Chairman and CEO of Steel Technologies, Inc., a steel processor
• Dr. Edmond J. Seifried – Principal of S&B West LLC, a community bank consulting center in Easton, PA, and Professor Emeritus at Lafayette College in Easton, PA
• John T. Taylor – President and CEO of Limestone Bancorp, and President, CEO and Chairman of Limestone Bank

Limestone Bancorp also announced today that its Board of Directors declared a quarterly cash dividend of $0.05 per common share. The dividend will be paid on July 1, 2022, to shareholders of record as of June 17, 2022.

About Limestone Bancorp, Inc.

Limestone Bancorp, Inc. (NASDAQ: LMST) is a Louisville, Kentucky-based bank holding company which operates banking centers in 14 counties through its wholly-owned subsidiary Limestone Bank. The Bank’s markets include metropolitan Louisville in Jefferson County and the surrounding counties of Bullitt and Henry and extend south along the Interstate 65 corridor. The Bank serves south central, southern, and western Kentucky from banking centers in Barren, Butler, Daviess, Edmonson, Green, Hardin, Hart, Ohio, and Warren counties. The Bank also has banking centers in Lexington, Kentucky, the second largest city in the state, and Frankfort, Kentucky, the state capital. Limestone 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 Limestone 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: the impact and duration of the COVID-19 pandemic; 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 inflation and efforts to control it; 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, 2021 and Form 10Q for the quarter ended March 31, 2022.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220518005735/en/

John T. Taylor

Chief Executive Officer

(502) 499-4800

Source: Limestone Bancorp, Inc.

FAQ

What is the dividend declared by Limestone Bancorp (LMST)?

Limestone Bancorp declared a quarterly cash dividend of $0.05 per common share.

When will the dividend for LMST be paid?

The dividend will be paid on July 1, 2022, to shareholders of record as of June 17, 2022.

Who were elected as directors during Limestone Bancorp's annual meeting?

Eight directors were elected, including W. Glenn Hogan as Chairman and John T. Taylor as President and CEO.

What is the significance of the advisory vote on executive compensation for LMST?

The non-binding advisory vote allows shareholders to express their views on the compensation of the company's named executives.

What markets does Limestone Bank serve?

Limestone Bank operates in 14 counties in Kentucky, including metropolitan Louisville and surrounding areas.