This was just filed today:

Filing Date
2012-11-05 11:05:47
8-K 1 d435458d8k.htm 8-K



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

of incorporation)

0-20050   36-3210283
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))


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.

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


Thanks to all who participated over the course of this endeavor.

Steve, who got roped into this,  did his best for the benefit of the former bank in spite of not being on the board.

Bob Schuster was involved early and often and was the level-headed individual upon whom I relied when things sometimes got dicey.

I am unable to name everyone who provided support in a lot of ways.

Thanks to all of you viewers who commented in support of changing the board and the policies. You were the ones who really perpetuated this site and the hope that something could and would be done to save the once venerable institution, Citizens First National Bank.

Those who opposed us on this site; thank you for giving us your views. There is nothing wrong with disagreement.