Bank: “Disregard news release”

Copied from Marketwire:

PRINCETON, IL — (Marketwire) — 04/02/12 — Editors and other readers are advised to disregard the news release with the headline, “Princeton National Bancorp, Inc. Releases 2011 Results,” issued earlier today by Princeton National Bancorp, Inc. (NASDAQ: PNBC).

Princeton National Bancorp, Inc., parent corporation of Citizens First National Bank, announced today that in light of certain subsequent events related to information received on previously impaired loans that arose after the release of the Company’s Press Release on Friday, March 30, 2012 requiring recognition and disclosure in the Company’s Annual Report, the Company has determined that it is in its best interest and the best interest of its shareholders to retract the March 30th Press Release, which should not be relied upon, until the Company is able to fully evaluate and address the financial impact of the developments that arose on March 30, 2012. This information was received after the initial press release and before the filing of the Annual Report with the SEC.

Source: Princeton National Bancorp, Inc.

16 comments on “Bank: “Disregard news release”

  1. I have heard from a fellow shareholder that Ogaard’s buying 300-odd shares was putting his money where his mouth is. Well, maybe not.

    My take is that he merely exercised a stock option, awarded to him by the directors, free of charge. (The directors also awarder themselves similar stock options.) When the market price crepted up momentarily above the options’s strike price, he exercised the option – hoping to sell before the stock price came tumbling down.

    While he was focused on that itty-bitty stock option, the stock price and volume was in disarray, the required SEC 10K submission date was being missed, and who knows what other business affecting the bank, sharerholders, employees, and the communities served, were being neglected.

    • The timing of the press release, and the narrative of the NT 10-k leads me to believe that the missed deadline was known in advance. He may have had his feet on his desk smoking a cigar, knowing that the retraction of the press release was coming and the late filing was a deliberately staged event.

  2. How about we forget all of the conjecture and stick to the facts. No disrespect to the attorney or engineer but listen to this banker who knows a “thing or two” and has been around the block a few times.

    These guys (bank executive management and your crackerjack board of directors) couldn’t sell ice to an Eskimo if they tried. It reminds me of that proverbial line of the “gang that can’t shoot straight.” Not only do they not know how to properly manage SEC releases, they sure as heck don’t know how to run a bank.

    Your best course of action (assuming the bank fails) is to go after the Board of Directors and Executive Management under their Errors & Omissions& Directors & Officers Insurance Policy and try to recover some funds that way. Maybe Mr. Gunning (since he is an attorney) will take the case on contingency, or better yet file a class action lawsuit on behalf of aggrieved shareholders. I guarantee the FDIC will serious look into it to try and recover some of the loot they end up forking out as a result of the bank eventually failing.

    • Good morning Todd. Good to see you decided to come over to this site from Yahoo. I suspect you have been lurking and may have been posting anonymously but that’s what it’s all about. So everyone knows my position, I’m long the stock. So every one knows your position I believe you are long/short the stock?

      Glad to see you posting and I’m sure we will enjoy your comments. I know I always have on Yahoo.

  3. Hi Bob –

    Never posted anonymously. Always under the same handle as on Yahoo Finance. Even you have to admit that the way the bank has conducted itself is nothing short of a 3 ring circus.


  4. We know PNBC has a massive loss. See the bank’s filing here:

    We know that the reason for the missed 10K filing and the subsequent pull-back was because the Feds have labelled PNBC “inadequately capitalized”. Which is contained in the Edgar report:

    “On March 30, 2012 the Registrant’s wholly owned subsidiary, Citizens First National Bank, received a letter from the Comptroller of the Currency confirming that it was significantly under capitalized. The Registrant needed to properly review all aspects of the correspondence and could not do so within the timeframe required for filing the Form 10-K without unreasonable effort and expense.”

    I don’t understand why the stock is going back up. It’s BAD news.

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