This was just filed today:
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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)
(State or other jurisdiction
|(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.
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.|
|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