It seems the current lawsuit is a very popular topic. I’ve tried to accommodate people and bring myself up to speed as well. I think we had to get it out of our systems by verifying the rumors. We’ve done that and I hope everyone has had enough of it. The circumstances were/are very unfortunate. The case won’t be decided for some time, and any potential outcome will not rectify the financial debacle at the bank. That is our job, and it is time to get down to the business at hand.
My name is Dave Monier, and I intend to nominate Steve Bonucci for the position of director at the annual meeting. You can see his classic qualifications on the page listed in the Header entitled “The Nominee”.
As a seasoned bank director, Steve realizes the scope of all of the problems with the PNBC, and has graciously consented to serve if elected. He recognizes that, as only one board member, he will have control over nothing but his vote. We know that, too. It is not control that the stockholders need and want; it is integrity, leadership, and sound experience in fiduciary responsibility. Steve embodies those traits. He is a prime candidate for the job. But his name will not be on the ballot with the rest of the board’s candidates.
Even the fact that he will be nominated from the floor will probably not be noted with the rest of the proxy material. It doesn’t have to be. How can an open and equitably presented slate of candidates possibly be a detriment to the well-being of the bank? I wonder if that question was even asked.
I believe the board members are good people for the most part, but there were apparently some bad decisions that cost all of us and this community, a great deal. If you agree that the interest of the bank should come before the interest of the board or the interests of individual directors, then you agree that there were bad decisions made. That trend seems to continue as evidenced by the stock options the directors awarded themselves last year and this year, their failure step down in the face of absolutely dismal performance, and even their failure to place a well-qualified candidate’s name on the proxy ballot. We can’t rescind the options tricks and we can’t force them to see the light, but we can still vote for a new director.
We will have the opportunity to change the proxy loophole when we vote on a Proxy Access proposal that will be on that proxy ballot. Passage of that proposal will allow the name of a qualified director candidate, like Steve, to be placed on the proxy ballot along with the board’s picks, in future elections. In other words, directors will no longer be able to do what they did this year. I think that makes sense.
The more recently seated directors may need just a little more time to figure it all out and a little help to do that. We can help them. We can give them new directors with no ties to anything or anyone from the past; people with the qualifications and fresh perspectives needed to mend what’s broken. That can begin this year at the annual meeting.
Do your homework. Be aware of the choices available and how to vote your shares. Vote your conscience.
Following is the information I presented to the Secretary of PNBC with the nomination on Tuesday, December 13, 2011:
Princeton National Bancorp, Inc.
Secretary of the Corporation
606 S. Main St.
Princeton, IL 61356
This is a Notice to the Secretary of Princeton National Bancorp, Inc. (hereinafter referred to as “the Corporation”) of intent to nominate one director at the annual meeting to be held in 2012 and in accordance with the provisions set forth in the bylaws of the Corporation.
(A) Nominee name: Stephen L. Bonucci
Nominee age: 49
Nominee business address: 1155 E. Peru St., Princeton, IL 61356
Nominee residential address: 303 Park Avenue East, Princeton, IL 61356
(B) Nominee principal occupation: farmer
(C) Nominee beneficially owns: 1,592 shares of common stock issued by the Corporation
Nominee, during the last five years, has not been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
Nominee has not, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
Nominee is a citizen of the United States of America.
He meets and exceeds the qualifications and will serve if elected.
Information on the stockholder giving notice:
Name and residential address: David J. Monier, 23299 1480 North Avenue, Princeton, IL 61356
Principal occupation: farmer, President of Monier Pork Farms, Inc. Business address: 23299 1480 North Avenue, Princeton, IL 61356.
Class and number of shares of the Corporation’s stock which are beneficially owned on the date of this notice:
Patricia and David Monier JTWROS: 593 shares of common stock issued by the Corporation
Marital Trust #1 FBO James Monier, Trustee David Monier: 20,100 shares of common stock issued by the Corporation
David J. Monier Family Trust: 1,125 shares of common stock issued by the Corporation
Total beneficial ownership = 21,818 shares of common stock issued by the Corporation
Please see included documentation of ownership stating that the beneficial ownership of said shared have been held by David Monier for at least one year prior to the date of this notice.
As the beneficial owner, I intend to continue to hold the securities or common stock issued by the Corporation through the date of the meeting of the shareholders.
I have not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
I have not, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
I am a citizen of the United States of America.
David J. Monier