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 19, 1999 (July 19, 1999)
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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 19, 1999, 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 19, 1999, 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 19, 1999 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 19, 1999
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EXHIBIT INDEX
Number Description
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99 July 19, 1999 Press Release
4
EXHIBIT 99
[PRINCETON NATIONAL BANCORP, INC. LETTERHEAD]
DATE: 7/19/99
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NEWS RELEASE
The Board of Directors' of Princeton National Bancorp, Inc., Princeton,
Illinois announced that it is implementing another stock repurchase program
whereby the Company may repurchase from time to time up to 3% of it's
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 availability of shares. The Company currently has 3,778,079 outstanding
shares of common stock. The prior 5% stock repurchase program was completed on
May 21, 1999.
The Board of Directors' also declared the 58th consecutive dividend,
which was $.09 per share, to those shareholders of record as of July 30, 1999
payable August 13, 1999.
Princeton National Bancorp, Inc. reported second quarter 1999 net income
of $970,851. Total assets were $462,493,279, an increase of $10 million over the
prior year. Total loans reached $283,471,036, an increase of $7.2 million as
compared to the June 30, 1998 level. Diluted earnings per share were $.26 for
the quarter and $.55 year to date. The diluted earnings per share for the same
periods of 1998 were $.31 and $.58.
Net interest income improved to $8,224,000 year-to-date, as compared to
$8,025,000 during the same period of 1998. Non-interest income of $2,010,000
also improved from $1,917,000 for the first six months of 1998. Operating
expenses were negatively impacted by increases in equipment depreciation,
provision for loan losses and salary expenses.
Loan growth of $7.5 million occurred late in the second quarter. The
growth was very strong with many additional commercial projects on the near
horizon throughout our market area.
The Cincinnati Insurance Company lawsuit in regard to the 1995 trust
issues remains in the U.S. Court of Appeals for the Seventh Circuit. Oral
arguments remain on the merits of Cincinnati's appeal with an anticipated
conclusion later this year.
Princeton National Bancorp's subsidiary, Citizens First National Bank,
has community banking offices in Princeton, Peru, Genoa, Oglesby, Spring Valley,
Sandwich, Henry, Minooka, DePue and Hampshire.
Inquiries should be directed to:
Lou Ann Birkey
A.V.P. & Corporate Secretary
Princeton National Bancorp, Inc.
606 S. Main Street
Princeton, Illinois 61356
(815) 875-4444
Princeton National Bancorp, Inc. is traded on the NASDAQ Stock Market
Under the Symbol of "PNBC"
