Princeton National Bancorp, Inc. & Citizens First National Bank Announce Retirement of Tony J. Sorcic, President & CEO/Director
November 16 2009 - 4:45PM
Marketwired
Princeton National Bancorp, Inc. (NASDAQ: PNBC), the holding
company of Citizens First National Bank, and Citizens First
National Bank today announced the retirement of President &
CEO/Director Tony J. Sorcic effective February 1, 2010. Sorcic
joined the staff of Citizens First National Bank in August of 1981
as Assistant Vice President of Operations. He was promoted several
times during his employment at Citizens, was appointed to the
Boards of Directors of both the Company and the Bank in 1986 and in
1995 Sorcic became President & CEO of Citizens.
Tony J. Sorcic, President & CEO, commented, "I have decided
to retire to pursue a few favorite community service projects and
develop a leadership program. It has been a lifelong goal to retire
near age 55, and this year I turned 56. Although I will really miss
the day to day interactions with the staff, customers and
shareholders, I have been fortunate to have made many friends in
each market which has been extremely fulfilling. We are very
excited about this new phase of my life. My wife, Donna, and I have
some very exciting plans. To ensure a smooth transition, I will
continue to be involved with the Company after my retirement for a
6-month period under a consulting arrangement."
Sorcic continued, "When I joined the staff of Citizens, total
assets were $130 million with three locations and now, 28 years
later, assets are $1.3 billion and the Bank has 21 locations to
serve its customers. I have worked hard to prepare the Bank for
this day. We have a fantastic staff and an excellent management
team and I am very confident about the future. A few of the things
I am most proud of while affiliated with the Company include: the
staff's community involvement and achievements, expansion of the
Bank's sales culture, development of the mortgage banking
department which now services over $450 million in residential
loans to our customers, development of Citizens Financial Advisors,
internet and mobile banking, and the development of an outstanding
training program. The staff reached a milestone this year with over
16,000 hours of community service to local organizations and
events."
Craig O. Wesner, Chairman of the Board, stated, "Sorcic has
played an integral part in the success of the Company and the Bank.
His knowledge and contribution to the Boards of Directors of
Princeton National Bancorp, Inc. and Citizens First National Bank
have been invaluable and he will be greatly missed at both the
Management and Board of Directors levels."
At the time of his retirement, Sorcic will have served as
President for almost 15 years, the longest presidency of the Bank
since C.D. Tedrow. Under his leadership the Company has prospered
in many areas. Sorcic was instrumental in the completion of six
acquisitions, the opening of seven new offices, and taking the
Company public in May of 1992. He has built a staff that is focused
on generating the best return for the shareholders, dedicated to
serving the customers, and has demonstrated a real desire to help
improve our communities. While many companies have reported losses
during the current credit cycle, Princeton National Bancorp, Inc.
has reported positive earnings for fifty-eight consecutive
quarters.
During Sorcic's tenure at Citizens, he has worked with
individuals, businesses, educational entities and governmental
bodies to meet their financial needs. Sorcic has led by example and
his community service is exemplary. A few of his community service
accomplishments include: a 30-year membership in Rotary; pioneering
the Friends of Scouting Breakfast; chairing the capital fund drive
for the Perry Memorial Hospital Emergency Department, chairing the
Illinois Theatre Conservatory capital fund drive; and serving on
the Perry Memorial Hospital Board of Trustees, Princeton Public
Schools Foundation, Illinois Valley Community College Board of
Trustees, and ISU College of Business Advisory Council.
The Management, Staff and Board of Directors are very grateful
for Mr. Sorcic's contributions to the Company and wish him many
successes with his future endeavors. The Board will announce
President Sorcic's successor in the near future.
Inquiries should be directed to: Lou Ann Birkey Vice President -
Investor Relations Princeton National Bancorp, Inc. (815) 875-4444
E-Mail address: Email Contact
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