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) July 28, 1997
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Princeton National Bancorp, Inc.
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
0-20050 36-3210283
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(Commission File Number) (IRS Employer Identification No.)
606 South Main Street
Princeton, Illinois 61356
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (815) 875-4444
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Exhibit Index is located on page 4.
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ITEM 5. OTHER EVENTS
On July 28, 1997, the Registrant issued a press release relating
to the implementation of a stock repurchase program whereby the
Registrant may repurchase from time to time up to 3% of its
outstanding shares of common stock in the open market or in private
transactions over the next twelve months. For information regarding
the stock repurchase program, reference is made to the press release
dated July 28, 1997, which is attached hereto as Exhibit 99 and
incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS
(c) Exhibits:
Exhibit 99 July 28, 1997 Press Release
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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/ Tony J. Sorcic
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Tony J. Sorcic, President and
Chief Executive Officer
Dated: July 31, 1997
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EXHIBIT INDEX
Number Description
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99 July 28, 1997 Press Release
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EXHIBIT 99
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NEWS RELEASE - PRINCETON NATIONAL BANCORP, INC.
PRINCETON NATIONAL BANCORP, INC. ANNOUNCES REPURCHASE PROGRAM
PRINCETON, ILLINOIS. JULY 28, 1997. Princeton National Bancorp,
Inc. (The Nasdaq Stock Market: PNBC) today announced that it is
implementing a repurchase program whereby the Company may repurchase
from time to time up to 3% of its outstanding shares of common stock
in the open market or in private transactions over the next twelve
months. Purchases will be dependent upon market conditions and the
availability of shares. The Company currently has 2,725,708
outstanding shares of common stock.
Tony J. Sorcic, President & Chief Executive Officer of the
Company, stated that the repurchase program represents an attractive
use of capital relative to other investment alternatives and benefits
both the Company and the shareholders.
At June 30, 1997, the Company had total consolidated assets of
$428.5 million and consolidated stockholders' equity of $41.8 million.
The Company's subsidiary, Citizens First National Bank, has
community banking offices in Princeton, Peru, Genoa, Oglesby, Spring
Valley, Sandwich, Henry, Minooka, Plano, DePue and Hampshire.
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Inquiries should be directed to:
Lou Ann Birkey
Secretary
Princeton National Bancorp, Inc.
606 S. Main Street
Princeton, IL 61356
(815) 875-4444
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