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EXHIBIT 99
[PRINCETON NATIONAL BANCORP, INC. LOGO]
Princeton National Bancorp, Inc.
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Announces Stock Repurchase Program
PRINCETON, Illinois -- December 29, 2000 -- Princeton National Bancorp, Inc.
(NASDAQ: PNBC) today announced it is implementing a stock repurchase program
whereby the Company will repurchase up to 6% 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 3,487,233 outstanding shares of common stock.
In the past three years, the Company has completed four repurchase programs. A
total of 652,608 shares have been repurchased in these programs.
Tony J. Sorcic, President & Chief Executive Officer of the Company, stated "the
repurchase program represents a prudent use of capital; the program facilitates
capital management and benefits the shareholder through increased liquidity in
their stock. The remaining shareholders will also benefit by owning a larger
percentage of the outstanding shares and, assuming earnings are equal, the
earnings per share will increase. This effective use of capital concurrently
benefits both the shareholders and the Company, particularly at current market
valuations".
Princeton National Bancorp Inc.'s subsidiary, Citizens First National Bank, has
community banking offices in Princeton, Peru, Genoa, Oglesby, Spring Valley,
Sandwich, Henry, Minooka, DePue, Hampshire, and Huntley.
This press release may contain certain forward-looking statements,
including certain plans, expectations, goals, and projections, which are subject
to numerous assumptions, risks, and uncertainties. These forward-looking
statements are identified by the use of words such as "believes", "anticipates",
"estimates", "expects", "projects" or similar words. Actual results could differ
materially from those contained or implied by such statements for a variety of
factors including: changes in economic conditions; movements in interest rates;
competitive pressures on product pricing and services; success and timing of
business strategies; the nature, extent, and timing of governmental actions and
reforms; and extended disruption of vital infrastructure.
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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]
