Did you get your proxy solicitation material?

The bank has filed a copy of its  Definitive Proxy Solicitation Material   —   Schedule 14A .

The following information is my opinion gleaned from everyone here and other sources. Accuracy of this information is suspect. Most know more about this than I ever will. Please feel free to correct any incorrect information I put forth. And by all means, please contact the bank or anyone who may have more definitive knowledge on the subject. That would be nearly anyone. The bank declined answering Bob’s letter which included many pertinent questions on voting. We would have included that information here.

The proxy solicitation material, the “proxy” as it is called, is a solicitation for your vote. The bank is asking for your vote. There is a ballot upon which you can vote or a site referenced for online voting. The proxy solicitation material includes some instruction as to how to vote and how the bank would like you (their recommendation) to vote and maybe why they want you to vote a particular way. You can even authorize  them to vote your shares for you, if you want. They do not inform you, unless I missed it somewhere,  that you can authorize someone else to vote your shares for you. More on that important point later.

If you are a shareholder “of record” (you hold the shares in your name and they are not held by a broker or investment company in your name) you may have received your proxy material in the mail, or an email stating that the same material is available online. If your shares are held in “street name”, your broker or investment person should receive the proxy and should forward it to you unless you have told them they can vote for you. Or unless they forget to send it out. I don’t know if any are mailed anymore, because of the expense. You can contact them and have them send the proxy material to you, if you want to vote it yourself.

If you are unsure if you are a shareholder “of record” or if your shares are held “in street name”, call the bank or your investment person. I had to do that. Who knew?

On the PNBC site this morning, it is a bit confusing. Going to “Proxy materials for Shareholders Meeting”, you can bring up the following: Proxy Notice, Proxy Statement, and Proxy Card which is a rendition of the ballot. As of this morning, the Proxy Notice was for last year’s meeting. The Proxy Statement is for this year, and the Proxy Card is from last year. Be patient?

Proposal 4: Stockholder Proposal

Obviously I will vote for this. I proposed it.  You may read the full text of the Proxy Access Proposal , along with the text of the email from the bank. The email states the reason that my nominee’s name will not be included on this year’s ballot. But it essentially gives us the only reason we need a proxy access proposal in the first place.

The objections put forth by the board or their attorneys is transparent to the point of childishness. Their arguments are misleading and false. This proposal if passed, would require the board to put all the nominee’s names on the ballot, not just the names of their own candidates. But please vote as you see fit, and feel free to ask any questions if you need clarification.

If you do a little research on proxy access proposals, several of which were put forth across the country this year, it may yield some insight as to the proficiency of their attorneys. More on that later, maybe.

Who’s up for election? Really.

These are the directors listed in this year’s Proxy Solicitation DEF-14 from the bank. Different from the same filing last year. What did I miss? Has there been another filing somewhere?

Name and Age atDecember 31, 2011    Position, Principal Occupation, Business Experience and Directorship
   Class II Directors – Nominees for a Three-Year Term Expiring 2015
Gretta E. Bieber, 59    Director since 2009. Attorney with Alschuler, Simantz & Hem LLC. Director of Citizens First National Bank since 2005. Ms. Bieber was chosen as a Director due to her legal expertise and experience as a Director of one of the companies acquired. She represents the Eastern Region of the Corporation.
Gary C. Bruce, 59    Director since 2001. Owner of Bruce Jewelers. A member of the Corporation’s Audit and Executive Committees. Mr. Bruce was chosen as a Director due to his expertise in the retail sector. He represents the Princeton/Illinois Valley region of the Corporation.
John R. Ernat, 63    Director since 1994. Partner in I. Ernat & Sons, a farming operation. Mr. Ernat was chosen as a Director due to his background in the agricultural sector. He represents the Princeton/Illinois Valley region of the Corporation.
Thomas D. Ogaard, 55    Director since 2009. A member of the Corporation’s Executive Committee. President & Chief Executive Officer of Citizens First National Bank and Princeton National Bancorp, Inc. since February 2, 2010. He has been with the Corporation since August 2009.

Last year’s Proxy Solicitation DEF-14 filing.

Class II Directors — Terms Expire in 2012
Gretta E. Bieber, 58
Director since 2009. Attorney with Alschuler, Simantz & Hem LLC. Director of Citizens First National Bank since 2005. Ms. Bieber was chosen as a Director due to her legal expertise and experience as a Director of one of the companies acquired. She represents the Eastern Region of the Corporation.
Gary C. Bruce, 58
Director since 2001. Owner of Bruce Jewelers. A member of the Corporation’s Audit and Executive Committees. Mr. Bruce was chosen as a Director due to his expertise in the retail sector. He represents the Princeton/Illinois Valley region of the Corporation.

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Name and Age at
December 31, 2010 Position, Principal Occupation, Business Experience and Directorship
John R. Ernat, 62
Director since 1994. Partner in I. Ernat & Sons, a farming operation. Mr. Ernat was chosen as a Director due to his background in the agricultural sector. He represents the Princeton/Illinois Valley region of the Corporation.
Todd D. Fanning, 48
Appointed to the Board February 2, 2010. Executive Vice President & Chief Operating Officer/Chief Financial Officer of Citizens First National Bank and Princeton National Bancorp, Inc. since February 2, 2010. He has been with the Corporation since December 1990.
Thomas D. Ogaard, 54
Appointed to the Board September 25, 2009. A member of the Corporation’s Executive Committee. President & Chief Executive Officer of Citizens First National Bank and Princeton National Bancorp, Inc. since February 2, 2010. He has been with the Corporation since August 2009.

What happened to Todd? He’s not up for election anymore?