Ann O Mouse points out Pink Sheet Status on another post. What does it mean for the immediate and for the long-term future plans at PNBC? Citizens First National Bank?
The following is a comment received from “Deep throat” on the “Ask here” page and I’d like to keep that area focused on other questions. One court case associated with the following allegations is found here entitled Frank M. Bettasso, Jr. v. Citizens First National Bank.
Tony and Kim Time Line
Tony Hires Kim pays her a $25,000.00 Signing bonus.
Tony puts Kim’s desk directly south of his desk in the Bank, Tony sets Kim’s salary at $100,000.00 +
Tony does Kim’s annual review, for CFNB, Tony advances Kim to a Senior VP at CFNB
July 2006 PNBC $32.89- $0.31 Dividend
Tony buys house for Kim in Lake Thunderbird, (7 Pawnee Court) puts in a trust, and Kim furnishes the house, and the Love nest is up and running. Kim is still living with Husband Frank.
Kim applies for two Building permits, One from Putnam County and the second from the Lake Thunderbird Association. Both list Kim Bettasso as property owner. Permits requesting to have a detached two car garage constructed at 7 Pawnee Court. (Garage was used to hide the Bank car Lic # CF604 or Tony’s new red jeep. During business hours Monday-Friday Tony would visit 1-2 times per week for two-three hours, Kim is still married to Frank.
Often Tony and Kim would drive to Pawnee Court together, Kim driving Tony hiding in her car like a high school kid. Tony would also drive himself to Pawnee Court in the Bank Car, or in the Jeep later in the winter depending on the snow conditions.
December 2006 PNBC $32.55-$0.27 Dividend
Kim moves out of Thompson Street, Princeton Kim sends a text to her husband of 28 years Frank I have moved out. Does not tell him were she has moved, she takes makeup and clothes, she needs nothing else. Kim and Tony have the Lake Thunderbird house furnished.
January 2007 PNBC $31.81
Frank leaves a phone message for Donna S to return a call to him, Donna returns Franks call and sets up an appointment for coffee. (Frank wanted to discuss the Tony and Kim affair) Tony finds out tracks down Frank threatens him, tells him he will destroy him, tells Frank (Ask around I will tell you what I can do to you) Tony tells Frank that it is his fault that Donna is sick, (Tony tells Frank not to rake him into his problems with Kim)
November 2007 PNBC $23.80-$0.28 Dividend
Frank has figured out what is going on, Phone calls from the Bank employees, Friends ETC. A Bank employee would inform him when Tony and Kim would leave the Bank together; Frank would have the Pawnee Court home staked out with Friends with camera’s etc.
Frank would watch the house and observed afternoon visits one to two times per week for ten weeks each visit was during 2:00 to 4:00 PM during business hours when others were working at the Bank, and other employees were covering for Tony and Kim ( While the shareholders were paying these two over $400,000.00 together)
Photos include Tony coming and leaving Pawnee Court, also pictures of Tony hiding the Shareholders’ Bank car in the new garage.
March 6 2008 PNBC $29.73- $0.28
Frank calls Tony at the Bank, Tony won’t take the call, Frank leaves a message (Please tell your Mistress stop calling me)
March 10th 2008
Frank returns to Princeton from Florida, Kim has the Bureau County Sheriff department looking for Frank, Tony has the Princeton City Police department looking for Frank. Frank gets welcomed home with an order of protection. (Tony’s idea to keep Frank away from upcoming Annual meeting)
Tony has the Princeton Police department convinced that Frank has been harassing the Bank Staff. Lou Ann Birky sends Frank a letter telling not to attend the upcoming annual meeting. (If you were Tony would you want the Husband of your girlfriend attending the annual meeting?)
Tony calls the Princeton Police (03-06-2008) States that Frank is harassing and frightening the staff at the Bank, President Tony wants Frank arrested ASAP the Bank has a ZERO tolerance rule. Police visit Frank at work. Tony takes his problems to Attorney John Issacson, Police tell Frank they will take the problem to the States Attorney, Frank visits with Pat Hermon, Pat Hermon tells Frank he has heard about the situation and tells him not to worry. The Bank informs Princeton Police they sent a letter to Frank not to call or enter the Bank (To this day that letter has not been produced) Tony closed all of Franks accounts (Frank had Accounts and Bank Stock for over thirty years) Johanna Mattingly Kim’s Best friend sent a letter to Frank closing the accounts an four checks clearing out the balances.
Frank blows the whistle on Tony and Kim with the Board, face to face meeting plus Frank requested protocol and an action timeline. Frank presented all facts regarding the affair, purchasing the home in Lake Thunderbird. The PNBC Board told Frank after the 2008 annual meeting a full internal investigation would be completed.
Frank offered to the Board that he would not attend the annual meeting in 2008
April 2008 PNBC$27.40-$0.28
Frank gets a letter from CFNB Lou Anne Birkey do not attend the upcoming annual meeting, Tony is afraid Frank will make a scene Tony has Police patrolling the parking lot, during the annual meeting, Tony hired an officer to sit with Kim during the meeting. (Frank had already told the Board he would not attend the meeting) Apparently the Board and Tony must not have been talking.
After the Annual meeting Tony decides to move Kim’s desk far away from his, (she sat next to him for four years) Kim is upset and crying in the Bank.
May 2008 PNBC $27.93-$0.28
Howard and Howard Law firm Peoria begins internal investigation
July 2nd 2008 PNBC $26.00-$0.28
CFNB terminates Johanna Mattingly VP Kim’s Best Friend Johanna paid all bills at Pawnee Court for Tony, bills would come to a P.O. Box 101 in Putnam and then Johanna would pay, Kim testified at Divorce proceedings that she paid no rent or utilities. (Johanna was paid a settlement amount unknown)
July 28th 2008
Bank fires Kim Senior VP at CFNB the Tony and Kim relationship states to sour Tony could not save Johannes job now Kim is terminated, (Tony told Kim it is you or me and it is not going to be me)
February 2009 PNBC $13.03-$0.28
Frank and Kim are in the middle of a divorce, The Judge asks Frank to go to the Bank and get written document regarding his stock ownership of PNBC, (Basis, splits and Dividends on his PNBC stock that he has owned for Thirty plus years). Frank goes to the Bank and asked to speak with Lou Ann Birkey she is busy Frank is asked to have a seat and wait. Frank is informed that Lou Ann is busy and will call him after lunch hour. Frank leaves the Bank, to this date Lou Ann Birkey has not returned Franks call.
February 2009 PNBC $ 13.03-$0.28
After 5:10 P.M. that same day, that Frank stopped at the Bank at the order of the Judge, Police came to Franks office handcuffed Frank put him in the Squad car and took him one block away to the county jail, the three officers then booked, strip searched and finger printed him, and took his photograph. Two hours later Frank posted bond and was released on Friday night.
The Bank latter dropped the charges but has never apologized for his arrest or the actions of the President, his arrest was on the Radio, and in the newspaper. (As shareholders this should make you furious, Tony had the Husband of his girlfriend arrested, can you believe it)
September 2009 PNBC $15.75-$0.14
Kim makes a demand against Tony, CFNB PNBC ETC. No law suit was filed. Kim and her Attorneys get paid amounts unknown, agreement is sealed. Board makes another move using Shareholders money to cover issues for Tony. Kim lives at Pawnee Court for 33 months’ Rent and Utilities paid for by the landlord, (Land Trust) Tony Sorcic thinking he could conceal ownership from wife and others.
February 2010 PNBC $9.90- $ 0.00
Tony retires, to spend more time with his family and travel, Bank pays Severance package to Tony, Shareholders pay for Tony Sorcics going away party at Uptown Grill, LaSalle. Shareholders pay Tony a consulting fee for six months after he (Retired) from CFNB Tom O has been on payroll at that point.
May 1st 2012 PNBC $1.57-$0.00
Bank is in serious trouble, deposits and Bank talent have left, viability of 100 old institution and 250 plus employees all in jeopardy, no apparent plan in the works to save the Bank
Shareholder Equity 2006 Shareholder Equity Today
100 Million $5 Million
Are you guys ever going to do anything to these people or is it too late.
Two theories emerge as to the precipitous financial and ethical decline of Citizens First National Bank, and they are as follows:
1. The former CEO Tony Sorcic, led this board by the nose, into this steep decline.
2. The board, through policy and oversight, or lack thereof, directed the bank towards the brink of financial and ethical ruin.