LOUISVILLE, Ky.--(BUSINESS WIRE)--PBI Bank, Inc. announced today that a settlement agreement has been reached with the United States Department of Labor (DOL) in an Employee Stock Ownership Plan (ESOP) matter that was pending in federal court in the Southern District of Indiana.
Thomas E. Perez, Secretary of the United States Department of Labor v. PBI Bank, Inc., et al., (Civ. Action 1:14-CV-01429-SEB-MJD) pertains to PBI Bank’s service as trustee for the AIT Laboratories Employee Stock Ownership Plan’s 2009 acquisition of AIT Holding Company. PBI Bank and the DOL have agreed to resolve the case without the need for a trial. Neither AIT nor PBI Bank has acknowledged any wrongdoing in the matter.
As previously disclosed, the terms of the settlement agreement include a payment to the AIT Laboratories Employee Stock Ownership Plan, which was either previously reserved for or will be paid from insurance proceeds. This matter will have no impact on PBI Bank’s financial condition or operating results and will resolve the need to spend additional company resources in litigation.
About PBI Bank, Inc.
PBI Bank, Inc. is a Kentucky-based, community-focused financial institution with headquarters in Louisville, Ky.
Through a network of banking centers across the Commonwealth, we provide our communities with a broad range of high-quality retail and business banking services while we work to develop deeply personal customer relationships.
Our associates are also committed to strengthening the communities in which we live and work through their investments of time, talent and resources. In 2016, PBI Bank was recognized as a “Best Place to Work in Kentucky.”