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.

3 comments on “Press Release IS an Error

  1. Do we know if there is a intentional time delay built into the system? A lot of times public info is not released real time. Could be 30 days I don’t know. Just speculating.

    • 2012-03-30 17:31:16 was the time another bank’s 10-k was accepted, their word, at EDGAR. There is a smaller 10-k filing immediately after this one. It is available. I will assume that it is East coast time. If PNBC filed at 5:30 our time, 6:30 Eastern, maybe that doesn’t get posted until Monday.

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