PNBC Late filing notice

I received this email notification at 1:59 p.m. today:

Princeton National Bancorp Inc

released on Monday, 4/2/12, a 1-document, 5-page ‘NT 10-K’

Notice of a Late Filing of Form 10-K or 10-KSB — Form 12b-25

for the period ended Saturday, 12/31/11

effective as of Monday, 4/2/12

filed as of Monday, 4/2/12

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This filing:  ‘NT 10-K’ — # 0001437749-12-003228 @ 120402-185746 —

http://www.secinfo.com/

Filer:  Princeton National Bancorp Inc —

http://www.secinfo.com/

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5 comments on “PNBC Late filing notice

  1. I dont understand the timing. Why would the OCC send them a letter on March 30th saying they are undercapitalized?
    And how would that materially affect the 10k?
    I mean, the results are the results. Because the OCC sent a letter, they need to go back and look through things? I dont understand the stated reason for extension.

  2. PNBC says that their 10K will be 15 days late because they received a letter from the OCC on Friday, March 30? Heck, by that time, the submittal to the SEC should have been all saucered and blowed, and ready to send in. The 10K is as of year-end 2011, so nothing on March 30 should change the submission. And anyway, PNBC already knew that the bank was significantly undercapitalized, per the Tier One Ratio, by the time they submitted the Day Report in early March.

    Here is my hunch: they think that asking for the delay will buy them immunity for 15 days from any drastic action by the feds. That will provide additional time for a miracle to happen and for the directors and executives to draw their pay and benefits. I would bet they had decided to request the delay even before the OCC letter was received on Friday.

    From another SEC filing, Tom Ogaard found time on March 30 and April 2 to exercise an option for some 400 shares (and likely sell it, or try to, above the strike price). So, he wasn’t completely occupied attempting to comply with the SEC filing deadline. Evidently, he was thinking of himself at the expense of the bank, the shareholders, and the employees.

  3. The 15 days means nothing. As I have said numerous times on the Yahoo Finance Chatboard, just keep checking the FDIC website every Friday evening to see if they were shut down. It’s going to happen. No press release about about a possible capital raise (hint: because they can’t). Too many loans that have gone sour.

    If you think a $1,200 purchase of PNBC stock is a vote of confidence, think again.

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