David Monier reports that his proxy access proposal, which utilized model USPX language, will be included on the proxy of the Princeton National Bancorp, Inc (PNBC). See list of other proxy access proposals maintained by proxy maintained by ISS.
According to a 1/31/2012 e-mail from Lou Ann Birkey, Vice President – Investor Relations at PBNC to Mr. Monier:
Yes, your proposal will appear in the Proxy Statement. The Company will include a statement in opposition to your proposal in the Proxy Statement; you should receive a copy of the opposition statement in February.
According to analysis by TheStreet released 1/29/2012, at third quarter 2011 book value per share was $11.75 but the company is bleeding badly.
Net income has significantly decreased by 85.1% when compared to the quarter one year ago, falling from -$1.91 million to -$18.83 million.
The stock price has dropped from more than $10 in 2010 to less than $1.50 as of today. That course is unsustainable. According to Yahoo Finance, top holders include:
- Dimensiona Fund Advisors
- Dowling & Yahnke Inc.
- Vanguard Group
- James Miller
- Craig Wesner (Director)
- Thomas Ogaard (CEO, President, Director)
- Guggenheim Capital, LLC
- Northern Trust
- Colorado Public Employees Retirement Assn (PERA)
- Sharon Covert (Director)
- Todd Fanning (VP, COO, Director)
- Wells Fargo
- UBS AG
- Ameriprise Financial
As of the date of this post, I don’t own any shares in PBNC but I may buy a few just to have the pleasure of helping turn the company around.
Subsidiary Citizens First National Bank is currently advertising a smiling family huddled around a snowman. Their deposits are federally insured. Isn’t it time shareowners got a little insurance of their own? Proxy access could provide it by allowing shareowners to to bring new blood with fresh ideas to the PNBC board.