Monthly Archives: March 2012

Mar 31 2012

Can’t find a filing

Where are the 2011 year-end and 2012 quarterly filings?  The SEC site indicates that they take electronic filings until 10:30 p.m. I suppose it is possible that the filing won’t appear on the SEC site until Monday. Any information on this? The last filings they made on Jan. 4, 2012 were available the same day by 5:00 p.m.

As previously posted, “this deadline can be missed by filing a  form 12b-25 by the end of the day Monday. That would give them an extension to the 15th.” Maybe that is what will take place.

The NASDAQ site says that it requires a press release in the event a listed company is going to file late. It does not say that the press release needs to indicate that there will be a late filing.

The bank’s press release timing at 5:30 p.m., our time, was after the SEC and NASDAQ closed.

It is time for the bank to communicate.

Mar 30 2012

Press Release IS an Error

Modified 4/2/2012   So in the end the press release was an error, not for the original reason we thought, but because of the reasons listed here in the post called

Bank: ”Disregard news release.”

I got a little ahead of myself not to mention out of my league in the banking world and posted that there was an error in the press release issued by the bank on Friday evening. Through discussions and input from others I have been corrected and need to make that known to everyone. I left the erroneous statement up in this post and just crossed it out, and I changed the title of this post from, “Press Release Error” to “Press release NOT an Error”. Thanks to each person who pitched in and helped to correct me.

Modified Sat p.m. 4:50 3/31/12 See Doug Criner’s comment under Here We Go Again

Modified Sat. morning 3/31/12 10:20 a.m. There is discussion occurring under the heading Here We Go Again on this topic as to whether or not there actually is an error. Thanks for the input and hopefully we can get this hashed out. All of this would be clear if we have the filing.

We know there is an error in the press release posted on marketwatch.com. It was referenced in a few comments under the post, “Here We Go Again.” Both ratios cannot be correct. Which one is? Maybe neither. We won’t know until the correct information is submitted. If you know what inputs are used, you could calculate the ratios yourself. I don’t know.

It said in the press release,  ”Inquiries should be directed to: Lou Ann Birkey Vice President – Investor Relations Princeton National Bancorp, Inc. (815) 872-6131”  Please inquire. By the time that is an option, the filing of the 10-k should be available online. You should be able to go to secinfo.com or the edgar search site and type in Princeton National Bancorp and be able to find all the info you want.

Keep in mind that even the posted information is not guaranteed to be correct. Make the call before jumping off the bridge, figuratively speaking.

My very limited experience with filing leads me to believe that the filers have until midnight or even later for the filing to get through. It is the government, that’s why.

Mar 30 2012

Here we go again

As of 8:55 a.m. PNBC stock is trading at $3.90 with a volume of over 259,000 according to yahoo finance. The value has been as high as $4.40. Will the annual report for 2011 give some insight or is this really only pump and dump? It is due out today.

Update 11:05a.m. $3.88 with volume of over 625,000 according to yahoo finance. I have no  filing yet.

Closing today: According to Yahoo finance, the value at the bell was $3.72 and the volume was 777,513 for the day.

After Hours Trading continues. 3:39 p.m.  800 share between $3.75 and $3.80 according to nasdaq.com

Trading is now apparently closed at 5:30 p.m. After hours trading, according to nasdaq amounted to a total of 3400 shares between $3.69 and $3.80

Mar 30 2012

2011 year end

Today is the day. The deadline for filing the 10-k or annual report for the 2011 year.  I use the SEC Info site to view the filings, but there are several others. Just go to the site and type in Princeton National Bancorp and go from there. I am no expert, so I’m counting on those who are to help interpret what it all means as the information becomes available. I hope we see a better report.

This deadline can be missed by filing a  form 12b-25 by the end of the day Monday. That would give them an extension to the 15th. It is highly unlikely to occur and could be interpreted as a very bad sign.

Mar 29 2012

Bank stock over $3.30

What’s going on? Check out the yahoo finance site. Price has been up to $3.40 something. Average volume over the last 3 months was around 5300 shares per day. Today, as o f 1:00 p.m.  168,427 shares traded.

Addendum: as of 5:55 p.m. the stock value appears to have closed at $2.94 at a volume of 284,786 shares, according to Yahoo finance.

Mar 28 2012

Shareholder meeting signup

Just received this by email. “Don’t we need date & time before we determine if we and our spouse can attend? Also confused as to the end of which week to reply.” Nice way of saying I screwed this up. I haven’t nailed down the date and time obviously, but will let you know as soon as I know. I will post the date when it is confirmed. The rest I will send by email, so send me your info if interested in receiving that. Please send me that info by the 7th. If you think both of you might come and then one cancels out, that works.

Original post is below. Thanks for the correction. . . above

After we have a little time to analyze the 2011 year-end statement, we will send you information on the date and time of the concerned shareholder meeting.  To receive this information, please send your name, email and telephone number to [email protected] along with the number of people planning to attend. Spouses/partners who are not shareholders are welcome. I would like to have this information by the end of the week so we can accurately plan. The information you send me will not be shared.

the email is: [email protected]

Mar 25 2012

Status Quo?

We  have two predominant trains of thought going on this site. Those who want a change of direction in the bank, and those who like it just the way it is.  This site was set up for those who would support change. Our goal will take a lot of effort. I think the try is worth it. I think we have a shot. We will need all the help we can get, though. The cards are definitely stacked against us.

Those who don’t want change need not lift a finger. They don’t have to make a case for the status quo on this site, but they are welcome to do so. They don’t even have to vote. The current board will make all the decisions for them and will cast all the necessary votes.

When the shareholders decide the outcome of the vote  instead of the board,then I’m satisfied whichever way it turns out. That is the point. The bank does not belong to the board of directors, even if they collectively own over 6% of the shares. It belongs to us, the other 94% of the shareholders, too. The direction this bank takes is our decision.

The documented facts are just that, documented,  and really cannot be rationally disputed. For instance: The bank is under-capitalized according to OCC standards. The bank has been under an enforcement action of the OCC since 2010. Kim Bettasso received a payout from the bank that was close to $275,000 beginning less than three months after she was terminated.

I recognize that even documented facts may be interpreted differently because of bias. What you believe about what you read here is up to you.

You can:

1) Dig up the information from your own sources.

2) Verify what you can.

3) Talk to people you trust.

4) Make up your own mind.

Or you can let the current board do your thinking and voting for you.

Think of the  bank a month after the annual meeting is over.

If the vote goes your way, will you have a bank that can survive?

And if it survives, will it be the bank that is heading in a direction you want?

If you’re good with that, so am I.

Mar 23 2012

Upcoming meeting of concerned shareholders

Thanks to all who expressed an interest in a shareholder meeting.  Once plans are finalized, I will ask you to send me your names and emails by a certain date so I can contact you with the details and make sure we have enough space. If you are interested and did not have a chance to answer the poll that was up, just your names and emails is all it will take.


Mar 21 2012

In Summary

We have managed to include a shareholder proposal on the proxy for the 2012 annual meeting. It will allow the name of a qualified director candidate, nominated by shareholders, to be included on any future proxy. Of course the board is recommending a vote against this proposal.

We have also succeeded in being allowed by the board, to nominate a well qualified candidate (he is currently a director for another bank) from the floor. You can vote for him, but his name, at the board’s discretion, will not be on the proxy ballot.  That is the reason that we want all shareholders to attend the annual meeting so they can make up their own minds as to who the directors should be.  For persons who can attend the meeting we are asking them to make the necessary arrangements to vote their shares in person.

You indicated an interest in a meeting of interested shareholders to discuss these matters and we are working on that. I will keep you in the loop as to meeting plans and any other meaningful developments.