SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
Premier National Bancorp, formerly Progressive Bank, Inc.
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(Name of Issuer)
Common Stock - Equity
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(Title of Class of Securities)
74053F107
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(CUSIP Number)
December 31, 1998
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(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which
this Schedule is filed:
|X| Rule 13d-1 (b)
|_| Rule 13d-1 (c)
|_| Rule 13d-1 (d)
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* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
CUSIP No. 74053F107 13G Page 1 of 11
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Guardian Life Insurance Company of America
13-2656036
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
201 Park Avenue South
New York, New York 10003
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NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 60,060 (See page 5)
REPORTING --------------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
60,060 (See page 5)
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
562,047 (254,654 + 247,333 + 60,060)
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.49%
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12 TYPE OF REPORTING PERSON*
IC
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 74053F107 13G Page 2 of 11
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Guardian Investor Services Corporation
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
201 Park Avenue South
New York, New York 10003
- --------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY --------------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 501,987 (See pages 3 and 4)
REPORTING --------------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH
--------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
501,987 (See pages 3 and 4)
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
562,047 (254,654 + 247,333 + 60,060)
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.49%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IA
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 74053F107 13G Page 3 of 11
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Guardian Park Avenue Fund
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
201 Park Avenue South
New York, New York 10003
- --------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY --------------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 254,654 (See page 2)
REPORTING --------------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH
--------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
254,654 (See page 2)
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
562,047 (254,654 + 247,333 + 60,060)
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.49%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IV
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 74053F107 13G Page 4 of 11
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Guardian Stock Fund, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
201 Park Avenue South
New York, New York 10003
- --------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY --------------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 247,333 (See page 2)
REPORTING --------------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH
--------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
247,333 (See page 2)
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
562,047 (254,654 + 247,333 + 60,060)
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.49%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IV
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 74053F107 13G Page 5 of 11
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Guardian Employees' Incentive Savings Plan
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
201 Park Avenue South
New York, New York 10003
- --------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY --------------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 60,060 (See page 1)
REPORTING --------------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH
--------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
60,060 (See page 1)
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
562,047 (254,654 + 247,333 + 60,060)
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
3.49%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
EP
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
Page 6 of 11
Item 1. (a) Premier National Bancorp, formerly Progressive Bank, Inc.
(b) P.O. Box 310, Route 55, Lagrangerville, NY 12540
Item 2. (a) Incorporated by reference to Item 1 of the second parts
of the cover page (Pages 1-6 of this Schedule 13G).
(b) 201 Park Avenue South, New York, New York 10003
(c) New York, U.S.A.
(d) Common Stock
(e) CUSIP 74053F107
Item 3. If this statement is filed pursuant to Rules 13d-1(b), or
13d-2(b), check whether the person filing is:
(a) [ ] Broker or Dealer registered under Section 15 of the
Act
(b) [ ] Bank as defined in section 3(a)(6) of the Act
(c) [ ] Insurance Company as defined in section 3(a)(19) of
the Act
(d) [ ] Investment Company registered under section 8 of the
Investment Company Act
(e) [ ] Investment Adviser registered under section 203 of the
Investment Advisers Act of 1940
(f) [ ] Employee Benefit Plan, Pension Fund which is subject
to the provisions of the Employee Retirement Income
Security Act of 1974 or Endowment Fund; see Reg.
240.13d-1(b)(1)(ii)(F)
(g) [ ] Parent Holding Company, in accordance with Reg.
240.13d-1(b)(1)(ii)(G) (Note: See item 7)
(h) [X] Group, in accordance with Reg. 240.13d-1(b)(1)(ii)(H)
<PAGE>
Page 7 of 11
Item 4. Ownership.
(a) 562,047 shares )
)
(b) 3.49% ) Cumulative totals from Items 5-8, 9 and
) 11 of the second parts of the cover page
(c) (i) 0 ) (Pages 1-5 of this Schedule 13G) which
(ii) 562,047 ) are incorporated herein by reference.
(iii) 0 )
(iv) 562,047
Item 5. Ownership of Five Percent or Less of a Class.
As of December 31, 1998, the Guardian group no longer owned more
than 5% of shares of a class of the issuer's voting equity
securities.
Item 6. Ownership of More Than Five Percent on Behalf of Another Person.
Not applicable
Item 7. Identification and Classification of the Subsidiary which Acquired
the Security Being Reported on By the Parent Holding Company.
Not applicable
Item 8. Identification and Classification of Members of the Group.
a. The Guardian Life Insurance Company of America ("Guardian Life"), an
insurance company as defined in Section 3(a)(19) of the Act. IC.
b. Guardian Investor Services Corporation ("GISC"), a wholly-owned subsidiary
of Guardian Life which is registered as an investment adviser under Section
203 of the Investment Advisers Act of 1940, and which has entered into
Investment Advisory Agreements with The Guardian Park Ave. Fund, Inc. and
The Guardian Stock Fund, Inc. IA.
c. The Guardian Park Avenue Fund, a mutual fund sponsored by Guardian
Life and managed by GISC which is registered as an investment company
under Section 8 of the Investment Company Act of 1940 (the "1940
Act"). IV.
d. The Guardian Stock Fund, Inc., a mutual fund sponsored by Guardian
Life and managed by GISC which is registered as an investment company
under Section 8 of the 1940 Act. IV.
<PAGE>
Page 8 of 11
e. The Guardian Employees' Incentive Savings Plan, an employee benefit
plan offered to employees of Guardian Life which is subject to the
provisions of the Employees Retirement Income Security Act of 1974
("ERISA") EP.
Item 9. Notice of Dissolution of Group.
Not applicable
Item 10. Certification.
By signing below we certify that, to the best of our knowledge and
belief, the securities referred to above were acquired in the ordinary
course of business and were not acquired for the purpose of and do not have
the effect of changing or influencing the control of the issuer of such
securities and were not acquired in connection with or as a participant in
any transaction having such purpose or effect.
(This space intentionally left blank)
<PAGE>
Page 9 of 11
SIGNATURE
After reasonable inquiry and to the best of our knowledge and belief,
we each certify that the information set forth in this statement is true,
complete and correct.
Each of the undersigned hereby agrees that the forgoing Schedule 13G
is to be filed on its behalf by The Guardian Life Insurance Company of
America.
Date: February 11, 1999
The Guardian Life Insurance Company of America
By: /s/ Edward K. Kane
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Edward K. Kane, Executive Vice President
Guardian Investor Services Corporation
By: /s/ John M. Smith
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John M. Smith, President
The Guardian Park Avenue Fund
By: /s/ John B. Murphy
---------------------------------------------
John B. Murphy, Vice President
The Guardian Stock Fund, Inc.
By: /s/ John B. Murphy
---------------------------------------------
John B. Murphy, Vice President
The Guardian Employees' Incentive Savings Plan
By: /s/ Edward K. Kane
---------------------------------------------
Edward K. Kane, Trustee
