Final thoughts on the demise of Citizens First National Bank 

24 comments on “Epilogue

  1. I would like to see the final chapter in the history of the former bank accurately reflect the events that brought it down. Please delete the Tony Sorcic “retirement”. How about it Ogaard? Time to come clean isn’t it?

  2. Don’t forget to mention Mr. James B. Miller. Thomas Ogaard hailed his service and told the media that Jim’s shoes were “big shoes to fill”. I guess it can be a challenge conducting an executive search for bozos that are capable of running a commercial loan department into the ground. I saw that the commercial department secretary was promoted to commercial loan officer a few weeks ago, news courtesy of the BCR; very brief promotion unless Heartland finds any value in any of Citizens remaining commercial dept. employees. By the way, what was up with just promoting the mortgage dept. manager Gillan to Sr. VP of legal counsel to act as a liaison with the regulators? Seems a little late for such gestures but maybe the board thought they were running a little short on attorneys.

    • “Don’t forget to mention Mr. James B. Miller. Thomas Ogaard hailed his service and told the media that Jim’s shoes were ‘big shoes to fill'”.

      That’s a good example of how Citizens, through its directors and officers, developed a reputation for disgraceful, bald-faced lies. That they were pathological liars was obvious to stockholders, employees, and the public.

  3. The FDIC press release carefully states that the bank holding company, PNBC, is not part of the closing or the sale of Citizens to Heartland. If anybody wants to contact PNBC, which is what we stockholder own, they are referred to a Peoria address, which happens to be the address of Howard & Howard, PNBC/Citizens former hired guns for battling shareholder proposals and defending messy sexual claims.

    Don’t go to 606 S. Main in Princeton if you wish to contact PNBC – they are not there. PNBC still exists, at least on paper, and their board of directors is still in place, but if the board wants to meet and talk about “things,” presumably they can’t do it at 606 S. Main, since the building has been sold to Heartland. If PNBC wants meeting space at 606 S. Main, they will have to rent it from Heartland.

    So, for the time being, PNBC is conducting whatever business it has out of Howard & Howard’s Peoria office – akin to operating out of a post office box or a vest pocket. We might wonder what the current arrangement is between PNBC and Howard & Howard. With PNBC’s lack of assets and $25M in debt, how is Howard & Howard being compenstated, fee-wise? Does PNBC have some money stashed away? If so, it belongs to the stockholders and the U.S. Treasury.

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