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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)
February 23, 2000 (February 22, 2000)
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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 February 22, 2000, Princeton National Bancorp, Inc. issued a press release
relating to an insurance settlement received in its subsidiary bank's lawsuit
against the bank's insurance carrier resulting from transactions occurring in
1995. For information regarding the insurance settlement, reference is made to
the press release dated February 18, 2000, 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 February 18, 2000 Press Release
2
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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: February 22, 2000
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EXHIBIT INDEX
EXHIBIT SEQUENTIAL
NUMBER DESCRIPTION PAGE NUMBER
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99 February 18, 2000 Press Release 5
4
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Exhibit 99
[PRINCETON NATIONAL BANCORP, INC. LOGO]
PRINCETON NATIONAL BANCORP, INC.
RECEIVES INSURANCE SETTLEMENT
PRINCETON, Illinois -- February 18, 2000 -- Princeton National Bancorp, Inc.
(NASDAQ: PNBC) today reported its subsidiary, Citizens First National Bank, has
received an insurance settlement from Cincinnati Insurance Company in regard to
the 1995 trust issues. The U. S. Federal Court and the U. S. Court of Appeals
ruled in Princeton National Bancorp, Inc.'s favor and awarded the large
settlement.
President Tony Sorcic commented, "We are pleased to have this issue resolved.
The $6,234,888 represents the $5 million of insurance coverage under the Policy,
prejudgment interest of approximately $730,000, and post-judgment interest and
expense reimbursements of $504,888. The settlement will be subject to income tax
and options are being researched to minimize the tax expense."
Princeton National Bancorp's subsidiary, Citizens First National Bank, has
community banking offices in Princeton, Peru, Genoa, Oglesby, Spring Valley,
Sandwich, Henry, Minooka, DePue, Hampshire, and soon to be in Huntley.
Inquiries should be directed to: Lou Ann Birkey, A.V.P. & Corporate Secretary,
Princeton National Bancorp, Inc.
(815) 875-4444, E-Mail address:
[email protected]
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