8-k

This was just filed today:

Filing Date
2012-11-05
Accepted
2012-11-05 11:05:47
8-K 1 d435458d8k.htm 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) November 5, 2012 (November 2, 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 EmployerIdentification No.)
606 South Main StreetPrinceton, 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 1.03 BANKRUPTCY OR RECEIVERSHIP

On November 2, 2012, the Office of the Comptroller of the Currency closed Citizens First National Bank (the “Bank”), which is a wholly owned banking subsidiary of Princeton National Bancorp, Inc. (the “Company”), and the Federal Deposit Insurance Corporation (“FDIC”) was named as the receiver of the Bank. The Company’s principal asset is the capital stock it owns in the Bank. As a result of the closure of the Bank, the Company has no remaining assets.

As the direct owner of all of the capital stock of the Bank, the Company would be entitled to the net recoveries, if any, following the liquidation or sale of the Bank or its assets by the FDIC. However, the Company does not believe that any recovery will be realized. Accordingly, the Company’s common stock is likely to be of no value.


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 and
  Chief Executive Officer

Dated: November 2, 2012

over 150,000 shares traded so far and price is about $0.054 per share

6 comments on “8-k

  1. This looks like the final nail in the coffin. Hope everyone has made their final trade on this nightmare of a stock.

    • There is a tremendous opportunity to organize a new bank in Princeton and I am aware of several members of the community who are in the process of organizing such a bank. A Bank with local ownership, GREAT Products & GREAT Service!! This bank will begin with a laser focus and grow by consuming the business of Heartland, Midland, Centrue and Central Bank. This bank will be located off of Bailey Parkway in the North Princeton Business District. Finally some GREAT NEWS!! Get some enthusiasm…the FUTURE is very BRIGHT!!!!

  2. Just to set the record straight…the Citizens staff did not become Heartland staff on Monday. Citizens staff are now employees of C.D. Mitchell Co., our benefits are through COBRA, and our 401K has been frozen for 18 months. Are all bank presidents/CEO’s liars?

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