Another late filing notice filed August 14, 2012

Following is the meat of the filing from Princeton National Bancorp, Inc.: (I added the highlights to make it easier to read)
PART III – NARRATIVE
State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.
The 10Q filing will be delayed to allow for the time necessary to complete a comprehensive review of the Company’s bank subsidiary financial statements in light of the results of a regulatory examination being completed today.  The timing of the examination prevents a timely review without unreasonable effort and expense.

You can see the entire filing here

34 comments on “Another late filing notice filed August 14, 2012

  1. I scanned through that list of banks scheduled for OCC examinations. It seems to me that most, but not all, of the banks’ names and locations imply off-the-beaten-track locations (including Princeton, IL). And yet, I am aware of many small, community banks in northern Illinois that are seemingly in good shape. Why?

  2. You should note the link for examination listed above is not for a safety and soundness exam but rather CRA, which is the community reinvestment act. The safety and soundness examination dates are not published.

    Jim

  3. Jim, so what you are saying, if I may, is that CFNB has had BOTH examinations in the last 30-45 days….. Is that correct?

  4. Ann,

    It looks like they have had both. What I wanted to emphasize was that safety and soundness exams schedules are not public. And that the results of the exams are not public. We may learn the impact the exam results have when the quarterly results are published. There is just no capital to absorb any additional credit problems.

    Jim

  5. Looks like PNBC got bumped to Pink Sheet Status today, because they missed the 5 day extension they requested on the NT-10Q.

    • Bank filed a revised call report yesterday. Tier 1 Capital is now only 1.85% which is below the magic 2% line. It’s only a matter of time now before one of these Fridays it really happens.

    • Last week, the bank announced two employee promotions to senior vice president. I’m somewhat out of the loop, but I had never heard of either of them. In the recent past, the “senior vice president” title was reserved for long-time employees, well known in the community, with high-level executive positions.

      Of course, until a couple of years ago, I hadn’t heard of President Tom Ogaard. Several of the employees that I did know are now with other banks.

      • There in lies a lot of the problem. The bank went from a small community bank to a billion dollar bank, with the same internal people getting promoted without the requisite skill set. When something like this goes this bad, it’s either people intentionally or unknowingly screwing up. Tony was handling the intentional part, and he surrounded himself with ‘long-term’ employees who wouldn’t dare question him. Look at the people he ran out of that place over the years, pretty much everyone and anyone that would’ve sounded the alarm. Now the new people are left picking up the pieces.

        • He surrounded himself with his good pal and brown nosing snake Gary Bruce and a few other board members who were totally gutless too. Right arm, right arm.

      • It will be SOME Friday, perhaps – but I somehow doubt that it will be August 24 or August 31 (just before Labor Day), or September 7 (the Friday after Labor Day weekend). Think of the number of governemental memos and sign-offs required before a bank is closed. And, the planning and logistics involved in swooping down on mutliple branch locations and, hopefully, lining up another bank to take over the following Saturday. Government employees tend to be scare around federal holidays.

        The earliest date, in my book, is September 14 or, more likely, later. But what do I know – I sat on the stock!

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