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?

12 comments on “Did you get your proxy solicitation material?

  1. Our shares are in street name through a brokerage. We received our proxy today, May 2, via email. We will vote over the internet.

    • When you receive an email proxy what do you get? Would it be the same as a mailed copy with a control number that you enter into proxyvote.com to do the voting or does it take some other form? Was there a check box that would allow you to receive a mailed proxy/power of attorney so that you could vote at the annual meeting?

      • Here is a copy of the proxy – that I got to by clicking on a link in the email:

        May 2, 2012

        Accurate | Dependable | Efficient

        PRINCETON NATIONAL BANCORP, INC.

        2012 Annual Meeting of Shareholders

        Thursday, May 17, 2012

        For holders as of: 03/19/2012

        Meeting Material(s)
        •Proxy Statement
        •Annual Report

        If you plan to attend the meeting, click here.

        As your vote is very important, we recommend that all voting instructions be received at least one business day prior to the voting cut-off time stated in the proxy materials. Scroll down for proxy instructions and voting.

        To vote via telephone, call 1-800-454-8683.

        1.Vote

        2.Review

        3.Confirmed

        PROXY BALLOT

        PRINCETON NATIONAL BANCORP, INC.

        2012 Annual Meeting of Shareholders
        To be held on 05/17/2012 for holders of record as of 03/19/2012

        Recommendations of the Board of Directors:

        Choose this option if you would like to vote your shares with the recommendations of the Board of Directors. See below or refer to the proxy statement for details on the recommendations.

        Vote with the Board’s Recommendations

        Proposal(s)

        Recommendations of the Board of Directors

        Vote Options

        1

        DIRECTOR

        1)

        GRETTA E. BIEBER

        2)

        GARY C. BRUCE

        3)

        JOHN R. ERNAT

        4)

        THOMAS D. OGAARD

        For

        For All Nominees
        Withhold All Nominees
        For All Except Selected Below

        1)

        GRETTA E. BIEBER

        2)

        GARY C. BRUCE

        3)

        JOHN R. ERNAT

        4)

        THOMAS D. OGAARD

        2

        “PROPOSAL TO APPROVE THE COMPENSATION OF THE EXECUTIVES DISCLOSED IN THE PROXY STATEMENT.”

        For

        For Against Abstain

        3

        RATIFICATION OF THE OUTSIDE AUDITORS: PROPOSAL TO RATIFY THE APPOINTMENT OF BKD, LLP.

        For

        For Against Abstain

        4

        STOCKHOLDER PROPOSAL RELATING TO THE NOMINATION OF DIRECTORS.

        Against

        For Against Abstain

        5

        IN THEIR DISCRETION, UPON SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE ANNUAL MEETING.

        None

        For Against Abstain

        Legal Proxy

        Choose this option only if you plan to attend and vote your shares at the meeting.

        IMPORTANT: By choosing this option, we are precluded from voting your shares on your behalf. A Legal Proxy covering your securities will be issued to you. Your Legal Proxy must be presented at the meeting for your shares to be represented. Do not make any other marks on this ballot.
        Click to see: “Letter to our clients regarding voting authority”

        HERE IS A NOTICE FROM MY BROKERAGE:

        Download Adobe® Reader® | Privacy Statement | Terms and Conditions

        © 2009 Broadridge Financial Solutions, Inc. Broadridge and the Broadridge logo are trademarks of Broadridge Financial Solutions, Inc.

        Voting Instructions
        To our clients:
        We have been requested to forward to you the displayed proxy material (ballot) – relative to securities held by us in your account but not registered in your name. Such securities can be voted only by us as the holder of record. We shall be pleased to vote your securities in accordance with your wishes, if you will execute the ballot and submit it as per the instruction on this Internet site. It is understood that if you submit the ballot without otherwise marking it the securities will be voted as recommended by the Board of Directors on all matters to be considered at the meeting.

        For margin accounts, in the event your securities have been loaned over the record date, the number of shares we vote on your behalf has been or can be adjusted downward.

        For the meeting, the extent of our authority to vote your securities in the absence of your instructions is as follows:

        We wish to call your attention to the fact that, under the rules of the New York Stock Exchange, we cannot vote securities on one or more of the matters to be acted upon at the meeting without your specific voting instructions.

        If we do not hear from you prior to the issuance of the first vote, we may vote your securities in our discretion to the extent permitted by the rules of the Exchange (on the tenth day, if the proxy material was mailed at least 15 days prior to the meeting date; on the fifteenth day, if the proxy material was mailed 25 days or more prior to the meeting date). If you are unable to communicate with us by such date, we will nevertheless follow your voting instructions, even if our discretionary vote has already been given, provided your instructions are received prior to the meeting date.

        Should you wish to attend the meeting please check the box on the ballot and submit it as per the instruction on this Internet site. A legal proxy covering your securities will be issued to you.

        © 2008 Broadridge Financial Solutions, Inc. Broadridge and the Broadridge logo are trademarks of Broadridge Financial Solutions, Inc.

  2. There is a link in the email that takes you to the proxy voting website. You can vote electronically or, they give you a phone number to vote that way. Yes, there is a control number. And, Yes, there is a box to check if you want the paperwork to allow you to vote in person at the meeting.

    If you haven’t elected with your broker to receive proxies electronically, then you will have to wait for the hard copy to arrive via U.S. Mail.

  3. Addendum: The email itself is not the actual proxy – but the email has a weblink that takes you to the actual proxy and ballot, which is the same format as a paper proxy, except that it is “smart,” allowing use of mouse clicks for voting. The link in the email automatically transfers your control number to the ballot. Once you have moused-up your ballot to your liking, you click on “Submit.” You also have the option of requesting a confirmation email proving that your ballot was accepted.

    Like a paper proxy, the email is sent to you on “behalf” of your brokerage by ProxyVote.com. I don’t think it ever goes through your broker’s hands – it is all electronic. But, if you don’t receive a proxy, I suppose your brokerage could track it down?

    • Wait a minute – it’s all electronic? I thought our former high school teacher (and fellow stockholder) Mr. Roger Swan; Mr. Boone Council; and Mr. John Isaacson, esq., sat there during the annual meeting, with very serious looks on their faces, and counted the ballots? Well, I guess times change. Mr. Swan is well, but has some vision issues; Boone is deceased; and Attoney John Isaacson represents the bank and, perhaps as well, Tony Sorcic, personally. ;>)

    • Looks to me like the end result is the same. You receive a paper proxy in the mail,then you can go to proxyvote.com and enter the control number and vote the facsimile of the proxy shown. Or you receive an email with a hot link to the same destination and vote.

      For my fellow shareholders that have not been following this blog from the beginning, if you wish to vote your shares at the annual meeting you need to check the box that says “I plan on attending the annual meeting and wish to vote my shares in person.” You will then receive a proxy that authorizes you to vote in person.

  4. Received two proxy’s this morning for shares held in street name. Still have not received proxy from direct ownership with bank.

    I will go out to proxyvote .com and check the box that says “I want to vote my shares at the meeting” and see how long it takes to receive the proper credentials to vote.

    • On the proxy I received the part that I referred to in the above post is pasted below.

      Legal Proxy

      Choose this option only if you plan to attend and vote your shares at the meeting.

      IMPORTANT: By choosing this option, we are precluded from voting your shares on your behalf. A Legal Proxy covering your securities will be issued to you. Your Legal Proxy must be presented at the meeting for your shares to be represented. Do not make any other marks on this ballot.

  5. I have received nothing in any form. This is clearly not fair when you are not given a chance to vote, but then again, that’s probably the plan. How do you get into the annual meeting? Bring your retirement plan statement?

Comments are closed.