Delay our meeting of concerned shareholders

The concerned shareholder meeting will be delayed until after we receive the filing of the DEF-14, or proxy statement. I have been contacted by some shareholders who have expressed serious doubts as to  the viability of the bank. Sad to say, I completely understand their position.

8 comments on “Delay our meeting of concerned shareholders

  1. I wonder what is delaying the proxy? Do you suppose that some of the directors are having second thoughts about seeking re-election? Or, maybe the bank has doubts about whether there will even be an annual meeting? I wonder if they intend to send out a “slick” annual report, as in the past, or whether they will just fall back on the 10-K.

    Why would the CFO choose to bail right before the meeting? He may have come to some realization that he didn’t have a month ago. Was Stickle spearheading the search for additional capital?

  2. This is an amended 8-K. I could say more on the possible reasons for the required amendment but I will cut them some slack on this,even if they choose not to acknowledge my letter and email.

    Form 8-K/A for PRINCETON NATIONAL BANCORP INC

    25-Apr-2012

    Notice of Delisting or Failure to Satisfy a Continued Listing Ru

    Item 3.01 Notice of Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

    On April 23, 2012 Princeton National Bancorp, Inc. (the “Registrant”) announced it received written notice (the “Notice”) from the Listing Qualifications Staff (the “Staff”) of the NASDAQ Stock Market that the Registrant is no longer in compliance with the minimum stockholders’ equity requirement for continued listing on the NASDAQ Global Market. NASDAQ Global Market Listing Rule 5450(b)(1)(A) requires registrants to maintain a minimum of $10,000,000 in stockholders equity.

    In the announcement on Form 8-K, filed April 23, 2012, the Company stated that “As disclosed in the Registrant’s fiscal year 2011 annual report on Form 10-K, filed on April 12, 2012, the Registrant’s stockholders’ equity as of December 31, 2012 did not meet this requirement.” The correct date of the stockholder’s equity measurement should have been December 31, 2011 instead of December 31, 2012.

    • Wow. A new temporary CFO for 3-6 months? Accordilng to the article in today’s Bureau County Republican, Pres. Tom Ogaard claimed that the CEO slot would be assumed by Fanning. It seems that all postions at the bank have a time-frame of 3-6 months? Under these circumstances, who will they likely acquire as a new, temporary CFO?

    • But that says controller not cfo. I thought the controller was some young chick over in accounting? And I thought they had a temp once before when she was out having a baby?

      • If Fanning can fill both the CFO and COO roles, possibly with the help of a temporary underling, why was Rodney Stickle ever necessary? What exactly did he do for the past year and a half as Senior V.P. and CFO? As a CPA, I assume he was well compensated.

        This may be an example of the bank’s recent hiring binge for senior executives. Do the directors rubber-stamp such high-level hires?

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