UNITED STATES
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) August 26, 1998 (August 24,
1998)
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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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Page 1 of 5
Exhibit Index is located on page 4.
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ITEM 5. OTHER EVENTS
On August 24, 1998, the Registrant issued a press release relating to
the favorable adjudication of the Company's lawsuit against its insurance
carrier resulting from transactions occurring in 1995. For information
regarding the lawsuit, reference is made to the press release dated August
24, 1998, 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 August 24, 1998 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: Tony J. Sorcic
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President and
Chief Executive Officer
Dated: August 24, 1998
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EXHIBIT INDEX
NUMBER DESCRIPTION
99 August 24, 1998 Press Release
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[PRINCETON LOGO] NEWS RELEASE
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DATE: 8/24/98
The Board of Directors of Princeton National Bancorp, Inc. (PNBC),
announced today that a ruling was received on its subsidiary bank's (Citizens
First National Bank) lawsuit which was filed against Cincinnati Insurance
Company, the carrier of the bank's Director's & Officers Liability insurance.
The case was heard in the United States District Court for the Northern
District of Illinois, Eastern Division, in Chicago, Illinois. The Judge ruled
in favor of the bank on all issues and awarded $4,900,000 in damages. In
addition, the Judge also awarded pre-judgment interest on the $4,900,000 from
August 21, 1985 to August 14, 1998 and reasonable attorneys' fees and costs
incurred by the bank in its litigation against Cincinnati Insurance Company.
The bank filed a claim with Cincinnati Insurance Company in 1995 on losses
that were incurred on inverse floater investments that were carried in certain
Trust accounts.
It is not known at this time whether the defendant will appeal. They
have 30 days in which to do so.
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Inquiries should be directed to:
Lou Ann Birkey
A.V.P. & Corporate Secretary
Princeton National Bancorp, Inc.
606 South Main Street
Princeton, Illinois 61356
(815) 875-4444
