Receivership: It is what it is.

There has been a lot of talk and confusion regarding the bank and receivership and conservatorship, etc.

Apparently some people think all that means is that the regulators would have another bank step in to replace Citizens to manage the bank, and it would be business as usual. That may be true in some instances, but there appear to be some other outcomes that could occur, depending on the circumstances. All of the possible scenarios do protect the insured accounts of the customers. The OCC policy and procedures manual, referenced below, lays it out pretty well, though there is a lot of room for interpretation. Read it for yourself and decide. Any banking experience here would be helpful.

Some of the contributors to this site have narrowed the scope on the concept under other posts. Click here for a fairly involved explanation from the PPM (policy and procedures manual) of the OCC. Towards the bottom of page 9 hits on the topic. This document also explains some of the enforcement actions to which Princeton National Bancorp, Inc. has subjected of late.

Read Section 38 h of the Federal Deposit Insurance Act . It is just over halfway down in section ” h 3″      “Conservatorship, receivership, or other actions required.”

Press Release IS an Error

Modified 4/2/2012   So in the end the press release was an error, not for the original reason we thought, but because of the reasons listed here in the post called

Bank: “Disregard news release.”

I got a little ahead of myself not to mention out of my league in the banking world and posted that there was an error in the press release issued by the bank on Friday evening. Through discussions and input from others I have been corrected and need to make that known to everyone. I left the erroneous statement up in this post and just crossed it out, and I changed the title of this post from, “Press Release Error” to “Press release NOT an Error”. Thanks to each person who pitched in and helped to correct me.

Modified Sat p.m. 4:50 3/31/12 See Doug Criner’s comment under Here We Go Again

Modified Sat. morning 3/31/12 10:20 a.m. There is discussion occurring under the heading Here We Go Again on this topic as to whether or not there actually is an error. Thanks for the input and hopefully we can get this hashed out. All of this would be clear if we have the filing.

We know there is an error in the press release posted on It was referenced in a few comments under the post, “Here We Go Again.” Both ratios cannot be correct. Which one is? Maybe neither. We won’t know until the correct information is submitted. If you know what inputs are used, you could calculate the ratios yourself. I don’t know.

It said in the press release,  “Inquiries should be directed to: Lou Ann Birkey Vice President – Investor Relations Princeton National Bancorp, Inc. (815) 872-6131”  Please inquire. By the time that is an option, the filing of the 10-k should be available online. You should be able to go to or the edgar search site and type in Princeton National Bancorp and be able to find all the info you want.

Keep in mind that even the posted information is not guaranteed to be correct. Make the call before jumping off the bridge, figuratively speaking.

My very limited experience with filing leads me to believe that the filers have until midnight or even later for the filing to get through. It is the government, that’s why.

Here we go again

As of 8:55 a.m. PNBC stock is trading at $3.90 with a volume of over 259,000 according to yahoo finance. The value has been as high as $4.40. Will the annual report for 2011 give some insight or is this really only pump and dump? It is due out today.

Update 11:05a.m. $3.88 with volume of over 625,000 according to yahoo finance. I have no  filing yet.

Closing today: According to Yahoo finance, the value at the bell was $3.72 and the volume was 777,513 for the day.

After Hours Trading continues. 3:39 p.m.  800 share between $3.75 and $3.80 according to

Trading is now apparently closed at 5:30 p.m. After hours trading, according to nasdaq amounted to a total of 3400 shares between $3.69 and $3.80