Apr 28 2012

Bob’s letter to the bank

The following letter was sent to the bank by Bob around the 20th of March. It has gone unanswered.  

Princeton National Bancorp, Inc.

606 South Main Street

Princeton, IL 61356

Attn: Ms Lou Ann Birkey

I hold shares in PNBC registered direct with the bank and held in street name. I wish to vote my shares at the annual meeting however I am not sure that I will be able to attend in person. I have several questions as to how I go about voting in person or designating another person to vote my shares.

Since I have two different forms of ownership ands don’t know if I will be able to attend in person I would like to break down the question into several different scenarios:

  1. How do I vote shares held in street name if I am able to attend the meeting?
  1. How do I vote shares held in street name if I am not able to attend the meeting?
  1. If I vote my proxy by mail or electronically can I nullify that vote and change my vote at the annual meeting?
  1. How do I vote shares held in direct registration if I am able to attend the meeting?
  1. How do I vote shares held in direct registration if I am not able to attend the meeting?

Please keep in mind when answering these questions that I wish to vote my shares for any director nominee made from the floor and therefore voting the printed proxies that I receive in the mail is not a viable alternative as that nominee will not be on the proxy provided.

I thank you for your help in this matter.

Robert Schuster

By stockholder, too • Posted in action
1
Apr 27 2012

Proxy solicitation

Click here and you will be taken to the filed document. As far as the voting directions go, they are very brief and confusing. I don’t know if they don’t read this part either, just don’t care that shareholders are not particularly well informed on how to vote, or something else.

Bob sent them a letter some time ago asking them for definitive answers on some of the voting questions and has not received an answer. Pretty well tells it. More on the voting later, now that we can see how they explain it.

Apr 26 2012

8-K/a

Bob posted this in a comment yesterday. Here it is again.
  Form 8-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K/A

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) April 25, 2012 (April 18, 2012)

Princeton National Bancorp, Inc.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction

of incorporation)

0-20050   36-3210283

(Commission

File Number)

  

(IRS Employer

Identification No.)

606 South Main Street

Princeton, Illinois

  

61356
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code (815) 875-4444

 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 3.01 Notice of Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

On April 23, 2012 Princeton National Bancorp, Inc. (the “Registrant”) announced it received written notice (the “Notice”) from the Listing Qualifications Staff (the “Staff”) of the NASDAQ Stock Market that the Registrant is no longer in compliance with the minimum stockholders’ equity requirement for continued listing on the NASDAQ Global Market. NASDAQ Global Market Listing Rule 5450(b)(1)(A) requires registrants to maintain a minimum of $10,000,000 in stockholders equity.

In the announcement on Form 8-K, filed April 23, 2012, the Company stated that “As disclosed in the Registrant’s fiscal year 2011 annual report on Form 10-K, filed on April 12, 2012, the Registrant’s stockholders’ equity as of December 31, 2012 did not meet this requirement.”The correct date of the stockholder’s equity measurement should have been December 31, 2011 instead of December 31, 2012.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PRINCETON NATIONAL BANCORP, INC.
        (Registrant)
By:   /s/ Thomas D. Ogaard
  Thomas D. Ogaard, President and
  Chief Executive Officer

Dated: April 25, 2012

Apr 25 2012

Delay our meeting of concerned shareholders

The concerned shareholder meeting will be delayed until after we receive the filing of the DEF-14, or proxy statement. I have been contacted by some shareholders who have expressed serious doubts as to  the viability of the bank. Sad to say, I completely understand their position.

Apr 24 2012

Another 8-k posted

Well, since this is the fourth time this notification has appeared on this site, thanks to the resourceful and vigilant members who participate here, what is the significance of this resignation, if any?
  8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)                     April 24, 2012 (April 20, 2012)                    

Princeton National Bancorp, Inc.

(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of incorporation)

0-20050

  

36-3210283
(Commission File Number)   (IRS Employer Identification No.)

606 South Main Street
Princeton, Illinois

  

61356
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code                    (815) 875-4444                    

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On April 20, 2012, Princeton National Bancorp, Inc. (the “Company”) announced the resignation of Rodney D. Stickle, Executive Vice President and Chief Financial Officer of the Company to be effective Friday, May 11, 2012.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PRINCETON NATIONAL BANCORP, INC.

(Registrant)

By:

   /s/Thomas D. Ogaard
      Thomas D. Ogaard,
      President & Chief Executive Officer

Dated: April 23, 2012

By stockholder, too • Posted in action
23
Apr 24 2012

8-k

Bob provided this info yesterday under this post and there are some followup comments there.

  Form 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) April 23, 2012 (April 18, 2012)

Princeton National Bancorp, Inc.

(Exact name of registrant as specified in its charter)

Delaware   0-20050   36-3210283

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

606 South Main Street

Princeton, Illinois

   61356
(Address of Principal Mr. Ogaard Offices)   (Zip Code)

Registrant’s telephone number, including area code(815) 875-4444

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 3.01 Notice of Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

On April 18, 2012 Princeton National Bancorp, Inc. (the “Registrant”) received written notice (the “Notice”) from the Listing Qualifications Staff (the “Staff”) of the NASDAQ Stock Market that the Registrant is no longer in compliance with the minimum stockholders’ equity requirement for continued listing on the NASDAQ Global Market. NASDAQ Global Market Listing Rule 5450(b)(1)(A) requires registrants to maintain a minimum of $10,000,000 in stockholders equity. As disclosed in the Registrant’s fiscal year 2011 annual report on Form 10-K, filed on April 12, 2012, the Registrant’s stockholders’ equity as of December 31, 2012 did not meet this requirement.

The Notice does not result in the immediate delisting of the Registrant’s common stock from the NASDAQ Global Market. Rather, in accordance with NASDAQ Listing Rules, the Registrant has 45 calendar days from the date of the Notice to submit to the Staff a plan to regain compliance with this continued listing requirement. If the Registrant submits a plan, the Staff will decide whether to accept such plan, considering criteria such as the likelihood that the plan will result in compliance, the Registrant’s past compliance history, the reasons for the Registrant’s current non-compliance, other corporate events that may occur within the review period, the Registrant’s overall financial condition, and the Registrant’s public disclosures. If the plan is accepted, the Staff may grant an extension of up to 180 calendar days from the date of the Notice for the Registrantto provide evidence of compliance.

If the Staff does not accept the Registrant’s plan, or the Registrant elects not to submit a plan, the Registrant may apply to transfer the listing of its common stock to the NASDAQ Capital Market if it satisfies all of the criteria for initial listing on the NASDAQ Capital Market. If the Registrant does not transfer its common stock to the NASDAQ Capital Market, the Staff will notify the Registrant that its common stock is subject to delisting. At that time, the Registrant may appeal the Staff’s delisting determination to a NASDAQ Hearings Panel.

The Registrant is reviewing its options to regain compliance with the NASDAQ Listing Rules, but no decisions have been made at this time.

 

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PRINCETON NATIONAL BANCORP, INC.

(Registrant)        
By:    /s/ Thomas D. Ogaard
  Thomas D. Ogaard, President and CEO

Dated: April 23, 2012

 

3

Apr 23 2012

DEF-14 Proxy statement

The definitive proxy statement has not been filed as of this morning. Below is one opinion on the matter. By the way, the bank’s 10-k does incorporate by reference. . .

Proxy due dates can differ greatly, though most are filed in the spring. If your Form 10-K incorporates by reference information into Part III from the proxy statement, you must file the proxy statement no later than 120 days after the fiscal-year end. If you cannot file the proxy statement within that 120-day period, you can file an amended 10-K to include the Part III information; however, that amended 10-K must be filed no later than 120 days after the fiscal-year end.
Apr 18 2012

Market today

Yahoo.com  338,000 shares so far today. Why the high volume?

Update 4:00 p.m. central time 846,726 shares with a $1.90 close and after hours trading according to Yahoo.com.

Apr 16 2012

10-k; Please explain

This statement on Page 1: Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.   x 

It is checked this year, but wasn’t checked last year. What does it mean?

 Also on page 1:
2012 Notice and Proxy Statement for the Annual Meeting of Stockholders May 17, 2012 (the “Proxy Statement”) - Part III and portions of the Corporation’s 2011 Annual Report (the “Annual Report”) – Part II
Notice of annual meeting.