Another 8-k posted

Well, since this is the fourth time this notification has appeared on this site, thanks to the resourceful and vigilant members who participate here, what is the significance of this resignation, if any?


  8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)                     April 24, 2012 (April 20, 2012)                    

Princeton National Bancorp, Inc.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation)

0-20050

 

36-3210283

(Commission File Number)   (IRS Employer Identification No.)

606 South Main Street
Princeton, Illinois

 

61356

(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code                    (815) 875-4444                    

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On April 20, 2012, Princeton National Bancorp, Inc. (the “Company”) announced the resignation of Rodney D. Stickle, Executive Vice President and Chief Financial Officer of the Company to be effective Friday, May 11, 2012.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PRINCETON NATIONAL BANCORP, INC.

(Registrant)

By:

  /s/Thomas D. Ogaard
      Thomas D. Ogaard,
      President & Chief Executive Officer

Dated: April 23, 2012

By stockholder, too Posted in action

23 comments on “Another 8-k posted

  1. A bio on Rodney.

    Stickle joins Citizens First National Bank

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    04/29/2011, 10:03 pm
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    Rodney D. Stickle recently joined the staff at Citizens First National Bank as senior vice president and chief financial officer, according to Todd Fanning, executive vice president and chief operating officer for Citizens First National Bank.

    Stickle has nearly 20 years of experience in banking, along with eight years in public accounting, and is a certified public accountant. He is a results-oriented individual with a proven history in leadership, formulation and implementation of strategy.

    Currently a Mokena resident, Stickle and his wife, Cheryl, have two children and are looking forward to moving to the Illinois Valley. He has been involved in the Mokena Community Public Library District, Mokena Chamber of Commerce, Cub Scouts and is a founding director of the Lincoln Way Area Chorale in New Lenox. Stickle holds a Bachelor of Science in accounting from Illinois State University.

    “We are excited to have Rod join the management team,” said Fanning. “His extensive banking and public accounting experience will be an asset to Citizens.”

    “I am pleased to join the Citizens First National Bank team. I look forward to assisting the bank in meeting its short and long-term goals by adding my expertise to the financial control and strategic planning effort,” stated Stickle.

    • Following is from the 10-k issued this month:

      Rodney D. Stickle joined Citizens Bank in 2010 as Senior Vice President – Senior Accounting Officer and was appointed Chief Financial Officer in April 2011. Prior to joining Citizens Bank, Mr. Stickle served as Executive Vice President for Palos Bank and Trust Co., Palos Heights, IL from 1998 to 2010 and as Chief Financial Officer from 1991 to 1998.

      How do you think we did with the long term goals?

    • Illinois State University, Tony’s Alma Mater. Wonder what they told him the long term goals were when he moved his family.

  2. It will be very interesting to see how the bank spins this resignation, or if they just choose to not address it publicly – other than the obligatory 8-K notice to the SEC. I suspect that the feds may wish to interview Mr. Stickle at some time. It seems like the wheels are really falling off now.

    Assuming Rodney left on his own volition, he might have seen or smelled something that was not to his liking, especially since he is a CPA. Whatever the circumstances, it is hard to imagine that this is anything other than another negative for the bank – what with their continuing precarious financial situation.

    Whom might they appoint as the replacement CFO? Will there be a farewell dinner at the Uptown Grill in LaSalle, paid for by the stockholders?

    • They will throw him a big party and then hire him for 6 months as a consultant for an outrageous amount of money. The usual stuff.

  3. “On April 20, 2012, Princeton National Bancorp, Inc. announced the resignation of Rodney D. Stickle, Executive Vice President and Chief Financial Officer of the Company to be effective Friday, May 11.”

    That’s a quote from Tom Ogaard’s 8-K notice to the SEC, dated April 24.

    Where and how was PNBC’s announcement of April 20 made? Did I miss it?

    It appears that CFO Stickle’s resignation is effective May 7, exactly two weeks after the bank’s supposed announcement date (if, indeed, there was an announcement).

    • I think it’s a timing issue. When an event occurs that needs to be reported they have, I believe three days, to file the public report to the SEC. I believe he gave his two weeks notice last Friday and we are now being made aware of it. All in all I don’t look at this as anything positive.

      From my perspective the good one’s are leaving and the bad one’s are holding on for dear life.

      • OK, but when, where, and how was the bank’s announcement made on April 20? Anybody who bought or held stock during that period may have a claim against the officers, directors, etc.

        • I don’t believe they have to announce the information real time. I believe the SEC filing is the announcement. But then what do I know I am just the 800 pound gorilla. 🙂

        • There was a time when this site had an ounce of credibility because there were some people on here making some constructive suggestions, among the dirt tossing. But the last few weeks this site has devolved into nothing more than an uneducated, uninformed, snippy, snide, and juvenile gossip site. If you are from Princeton, you better hope the bank makes it. Losing 165-180 jobs in a town of 8,000 would be absolutely devastating. I’m not sure how anyone planning to live in Princeton for an extended amount of time could possibly benefit from this bank’s demise.

        • I think you and every other shareholder has a case. Sue the bank, sue the directors and their spouses, sue the executive officers and their first born, sue the hourly staff, sue all the former employees, dead or alive, who ever received a check, sue, sue, sue! On April 20 the closing price was $1.73, today it closed at $1.78. That means you lost…..oh wait, the stock price went up during that time. I think one of the criteria for filing a lawsuit is that you have to have been harmed in some way. So quick to grab for the pitchfork and to try and rile up a mob…..

      • I don’t know about “good” one’s but probably “smart” ones. They probably want to distance themselves as much as possible from the disaster, probably doesn’t look too good on a resume….

        • Neither does spending most of your free time bashing a bank you are in the process of suing. Shows a lack of professionalism, which is ironic since it’s the underlying issue of your lawsuit. Does your lawyer know you’re posting on this regularly? It can’t possibly help your case.

          • I believe that I have 1st Amendment rights which allows me the right to be critical of my former employer. One of the problems when I worked there is you have to check those rights at the door. Anyone that complained about what was going on was shown the door. The central, underlying problem to any dysfunction is silence. Everyone was too afraid to object or criticize the bank openly and therefore all of the problems continued until they became big problems that no one could fix. How has burying your head in the sand worked for you?

          • How is “most of your free time” bopping into a website for a minute or two a couple times a day? All you have to do is click, read, post, and move on to check the weather, email etc It all takes less than two minutes, not all day and night. Someone doesnt understand the internet or mobile computing.

    • And people that bravely criticize others from the shadows anonymously must be convenient snack size? Just following your logic….

  4. Really? That is your perspective? Good ones leaving and it’s the bad one’s hanging on for dear life. It would be kind and just of you sir to not lump all of those that are left as the bad ones. It seems many have forgotten how tragic this is for the majority of bank employees and how much heart and soul they have given over the years to this bank.

    • I believe he was referring only to officers and directors, of which Mr. Stickle was one or both. Maybe “officers” is not the correct term. I mean upper level management.

    • I feel terrible for those employees who are innocent, those who work extremely hard on a day to day basis helping customers. Particularly those on the retail side in Princeton of whom I have had the pleasure working along side in the past. They do a terrific job, and they helped support me as a Financial Advisor in Princeton for 5 years. They have no say in all this, they want things to get better so they have a job and so their customers can be OK. As far as my attitude toward the corporation, I saw fit to leave and get a better job, and they sued me, so that’s two strikes against the company. But I want everyone to know there are good, decent employees at Citizens. The ones who work on the front lines seeing clients, who do it with passion. The lending departments screwed it all up for everyone, and they are to blame along with management. There are also employees there who are sour apples, and they needed to go a long time ago, but they obviously can’t find any better opportunities due to lack of talent. That’s my two cents for today.

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