PNBC Princeton National Bancorp Inc (CE)

As filed with the Securities and Exchange Commission on August 29, 2008

Registration No. 333-                     

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM S-8

REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933

PRINCETON NATIONAL BANCORP, INC.

(Exact name of registrant as specified in its charter)

Delaware		36-3210283
(State or other jurisdiction of incorporation or organization)		(I.R.S. employer identification no.)

606 S. Main Street
Princeton, Illinois 62356
(Address of principal executive offices, including zip code)

CITIZENS FIRST NATIONAL BANK
401(k) & PROFIT SHARING PLAN
(Full title of the plan)

Tony J. Sorcic		With a copy to:
President Princeton National Bancorp, Inc. 606 South Main Street Princeton, Illinois 62356 (Name and address of agent for service)		Timothy E. Kraepel, Esq. Howard & Howard Attorneys, P.C. The Pinehurst Office Center, Suite 101 39400 North Woodward Avenue Bloomfield Hills, MI 48304-5151 (248) 645-1483

(815) 875-4444
(Telephone number, including area code, of agent for service)

      Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer o		Accelerated filer þ		Non-accelerated filer   o (Do not check if a smaller reporting company)		Smaller reporting company o

CALCULATION OF REGISTRATION FEE

Proposed

Proposed

maximum

maximum

Amount

offering price

aggregate

to be

per share

offering price

Amount of

Title of Securities to be Registered

registered

(1), (2)

(1), (2)

registration fee

Common Stock, par value $5.00 per share (3)

50,000

$

26.0325

$

1,301,625

$

51.16

(1) Estimated solely for purposes of calculating the registration fee in accordance with Rule 457(c) and (h).

(2) In addition, pursuant to Rule 416(c) under the Securities Act of 1933, this registration statement covers an indeterminate amount of interests to be offered or sold pursuant to the employee benefit plan described herein; plus, an indeterminate number of additional shares as may be issuable in the event of an adjustment as a result of an increase in the number of issued shares of Registrant’s Common Stock resulting from a subdivision of such shares, the payment of stock dividends or certain other capital adjustments.

(3) Also includes an equal number of Rights to purchase shares of Registrant’s Series A Junior Participating Preferred Stock, which rights are not (a) separable from the shares of Common Stock; or (b) presently exercisable.

 

 

TABLE OF CONTENTS

GENERAL INSTRUCTIONS

E. Registration of Additional Securities.

     This Registration Statement on Form S-8 is filed to register 50,000 additional shares of Common Stock issuable under the Citizens First National Bank 401(k) & Profit Sharing Plan (the “Plan”). Princeton National Bancorp, Inc.’s registration statements on Form S-8 filed with the Securities and Exchange Commission on August 22, 1996 (File No. 333-10641) and April 21, 2006 (File No. 333-133448) are incorporated herein by reference, except to the extent that the items in this registration statement update such information contained in the prior registration statement. This Registration Statement is filed to register an additional 50,000 shares and is filed pursuant to General Instruction E to Form S-8.

PART II

INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

Item 3. Incorporation of Documents by Reference.

     The following documents filed with the Securities and Exchange Commission (the “Commission”) by the Registrant (File No. 0-20050) are incorporated in this Registration Statement by reference:

     (1) Registrant’s Annual Report on Form 10-K for the year ended December 31, 2007;

     (2) Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2008;

     (3) Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2008;

     (4) Registrant’s Current Report on Form 8-K filed on July 30, 2008 (other than the portions that are not deemed to be filed);

     (5) all other reports filed by the Registrant pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) since December 31, 2007;

     (6) the information contained in the Registrant’s definitive Proxy Statement dated March 17, 2008 relating to its Annual Meeting of Stockholders (other than the portions that are not deemed to be filed);

     (7) the description of Registrant’s Common Stock, $5.00 par value which is contained in Registrant’s Registration Statement on Form S-1 (Registration No. 33-46362) filed with the Commission effective May 8, 1992, including any amendments or reports filed for the purpose of updating such description; and

     (8) the description of Registrant’s preferred share purchase rights which is contained in Registrant’s Registration Statement on Form 8-A filed with the Commission under the Exchange Act effective August 1, 2003, including any amendments or reports filed for the purpose of updating such description.

     All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of this Registration Statement and prior to the filing of a post effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing such documents.

Item 4. Description of Securities.

              Not applicable.

Item 5. Interests of Named Experts and Counsel.

              Not applicable.

Item 6. Indemnification of Directors and Officers.

     Section 145 of the General Corporation Law of the State of Delaware (“Section 145”), Article VII of the Registrant’s Amended and Restated Certificate of Incorporation, and Article VIII of the Registrant’s By-Laws, as restated, provide for the indemnification of the Registrant’s directors and officers in a variety of circumstances, which may include indemnification for liabilities under the Securities Act of 1933. The general effect of these provisions is to provide that the Registrant shall indemnify its directors and officers against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by them in the proceeding in which such persons are made a party by reason of being or having been a director or officer of Registrant, but only if it is determined that they acted in good faith and in a manner they reasonably believed to be in or not opposed to the best interest of the Registrant and, with respect to any criminal action or proceeding, had no reasonable cause to believe their conduct was unlawful. Such determination may be made by (i) a majority vote of a quorum consisting of disinterested directors, (ii) an independent legal counsel in a written opinion (if no such quorum is available or if a quorum of disinterested directors so directs), or (iii) the stockholders. The Registrant will pay expenses incurred by its directors and officers prior to the final disposition of such action, suit or proceeding, if the director or officer undertakes to repay such amount if it is ultimately determined that they are not entitled to be indemnified by the Registrant.

     The Registrant has insurance which, subject to certain policy limits, deductible amounts and exclusions, insures directors and officers of the Registrant for liabilities incurred as a result of acts committed in their capacity as directors and officers or claims made against them by reason of their status as directors or officers.

     As permitted pursuant to Section 102(b)(7) of the General Corporation Law of the State of Delaware, the Amended and Restated Certificate of Incorporation of the Registrant eliminates the personal monetary liability of a director of the Registrant or its stockholders for breach of fiduciary duty as a director, except for liability that results from (i) any breach of the director’s duty of loyalty to the Registrant or its stockholders; (ii) acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) Section 174 of the General Corporation Law of the State of Delaware (which Section pertains to a director’s liability for unlawful payments of dividends or unlawful stock purchases or redemptions); or (iv) any transaction from which the director derived an improper personal benefit.

Item 7. Exemption from Registration Claimed.

              Not applicable.

Item 8. Exhibits.

     The exhibits filed herewith or incorporated by reference herein are set forth below in the Exhibit Index filed as part of this registration statement.

Item 9. Undertakings.

(a) The undersigned registrant hereby undertakes:

	(1)		To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: (i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933; (ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement; (iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement; provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement.
	(2)		That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
	(3)		To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant’s annual report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

SIGNATURES

      The Registrant. Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Princeton, State of Illinois, on August 29, 2008.

     Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

Signature		Title		Date
/s/ Tony J. Sorcic   Tony J. Sorcic		President, Chief Executive Officer and Director (Principal Executive Officer)		August 29, 2008
/s/ Todd D. Fanning   Todd D. Fanning		Senior Vice President and Chief Financial Officer (Principal Accounting and Financial Officer)		August 29, 2008

**   Craig O. Wesner		Chairman of the Board and Director		August 29, 2008
**   Daryl Becker		Director		August 29, 2008

**   Gary C. Bruce		Director		August 29, 2008

**   Sharon L. Covert		Director		August 29, 2008
**   John R. Ernat		Director		August 29, 2008
**   Donald E. Grubb		Director		August 29, 2008
**   Mark Janko		Director		August 29, 2008
**   Willard O. Lee		Director		August 29, 2008
**   Ervin I. Pietsch		Director		August 29, 2008
**   Stephen W. Samet		Director		August 29, 2008

**By:		/s/ Tony J. Sorcic   Tony J. Sorcic, Attorney-in-Fact

EXHIBIT INDEX

Exhibit
Number		Description
5.1		Opinion of Howard & Howard Attorneys, P.C.
5.2		IRS Determination Letter.
23.1		Consent of BKD LLP.
23.2		Consent of Howard & Howard Attorneys, P.C. (contained in their opinion filed as Exhibit 5.1).
24		Powers of Attorney.

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