- Current report filing (8-K)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) May 4, 2010

Princeton National Bancorp, Inc.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation)


0-20050		36-3210283

(Commission File Number)		(IRS Employer Identification No.)


606 South Main Street Princeton, Illinois		61356

(Address of Principal Mr. Ogaard Offices)		(Zip Code)

Registrant’s telephone number, including area code (815) 875-4444

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01 Other Events

Princeton National Bancorp, Inc. (the “Company”) determined that the value of the option awards appearing in both the Director Compensation Table and the Summary Compensation Table of the proxy statement for its April 27, 2010 annual meeting of stockholders were overstated. The values were erroneously computed using the exercise price of the option awards on the date of grant as opposed to grant date fair value on the date of grant. Below are a revised Director Compensation Table and Summary Compensation Table for the Company which corrects the errors noted above.

PNBC/CFNB Director Compensation


	Fees Earned or
	Paid in		Option
	Cash		Awards		Total
Name	($)		($) ¹		($)
(a)	(b)		(c)		(d)
Daryl Becker	$	24,150	$	4,220	$	28,370.00
Gary C. Bruce	$	21,000	$	4,220	$	25,220.00
Sharon L. Covert	$	20,600	$	4,220	$	24,820.00
John R. Ernat	$	5,250	$	4,220	$	9,470.00
Donald E. Grubb	$	21,900	$	4,220	$	26,120.00
Mark Janko	$	5,250	$	4,220	$	9,470.00
Willard Lee	$	5,250	$	4,220	$	9,470.00
Gretta E. Bieber	$	19,900	$	4,220	$	24,120.00
Ervin I. Pietsch	$	20,100	$	4,220	$	24,320.00
Stephen W. Samet	$	24,100	$	4,220	$	28,320.00
Craig O. Wesner	$	27,900	$	4,220	$	32,120.00


¹		Represents the grant date fair value of 2009 option awards.

Summary Compensation Table


							Stock		Option		Non-Equity		All Other
			Salary		Bonus		Awards		Awards		Incentive Plan		Compensation
Name and Principal Position	Year		($) ¹		($) ²		($) ³		($) ⁴		Compensation		($) ⁵		Total ($)
(a)	(b)		(c)		(d)		(e)		(f)		(g)		(h)		(i)
Tony J. Sorcic		2009	$	368,407	$	0		—	$	0		—	$	12,915	$	381,322
President and Chief		2008	$	319,455	$	109,731		—	$	29,200		—	$	18,076	$	476,462
Executive Officer		2007	$	304,233	$	74,559		—	$	27,000		—	$	17,020	$	422,812

James B. Miller		2009	$	198,610	$	0	$	4,970	$	0		—	$	12,355	$	215,935
Executive Vice		2008	$	173,239	$	62,710		—	$	4,380		—	$	14,678	$	255,007
President		2007	$	160,900	$	35,130		—	$	4,050		—	$	12,638	$	212,718

Todd D. Fanning		2009	$	171,037	$	0	$	4,970	$	0		—	$	9,507	$	185,514
Senior Vice President		2008	$	137,825	$	49,613		—	$	2,920		—	$	11,703	$	202,061
& CFO/Treasurer		2007	$	132,595	$	34,784		—	$	2,700		—	$	10,154	$	180,233

Patrick B. Murray		2009	$	165,323	$	0	$	4,970	$	0		—	$	9,219	$	179,512
Senior Vice President		2008	$	142,494	$	41,340		—	$	2,920		—	$	11,822	$	198,576
– Citizens Financial Advisors		2007	$	144,212	$	32,461		—	$	2,700		—	$	11,083	$	190,456

Jacqualyn L. Karlosky		2009	$	124,920	$	0	$	4,970	$	0		—	$	7,719	$	137,609
Senior Vice President		2008	$	99,388	$	26,986		—	$	2,920		—	$	10,021	$	139,315
– Consumer Banking		2007	$	93,901	$	21,735		—	$	2,700		—	$	8,133	$	126,469


¹		$25,000 of deferred compensation is included in the salary amount in column c which is also shown in column b of the Non-Qualified Deferred Compensation table and does not represent additional compensation.

²		The Executive Officer may earn a performance incentive based on key results achieved during the year (see page 8). In compliance with the U.S. Treasury TARP Capital Purchase Program there were no incentives received in 2009.

³		Represents the grant date fair value on the date of grant. Please refer to note 15 to our Financial Statements for additional information on our Stock Compensation Plans.

⁴		Represents the grant date fair value of 2008 and 2007 awards. In compliance with the U.S. Treasury TARP Capital Purchase Program there were no options granted in 2009. Please refer to note 15 to our Financial Statements for additional information on our Stock Compensation Plans.

⁵		The compensation reported represents Company matching contributions to the Company 401(k) Plan and Company contributions to the Profit Sharing Plan.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.