PNBC Princeton National Bancorp Inc (CE)

Princeton National Bancorp, Inc. (NASDAQ:PNBC) Princeton National Bancorp, Inc. announced today its Subsidiary Bank, Citizens First National Bank, has signed a definitive agreement to purchase the Plainfield office of HomeStar Bank, Manteno, Illinois. Citizens will be purchasing the existing facility plus approximately $11 million in deposits and $15 million in loans. The acquisition, which is subject to the approval of regulatory authorities and customary closing conditions, is expected to close during the first quarter of 2007. This acquisition provides another convenient location for customers in the Aurora, Oswego, Plainfield, Shorewood and Minooka areas. The office is located on Route 30 within 5 miles of the Subsidiary Bank's Aurora office and 10 miles of the Minooka office. With the addition of the Plainfield office, the Subsidiary Bank will have 21 locations to serve its customers. Craig O. Wesner, Chairman of the Board of Directors of Princeton National Bancorp, Inc. stated, "The addition of the Plainfield branch will build on our goal of having a network of strong community banks in northeastern Illinois. The Plainfield market has been in our sights for some time and we believe this is an excellent way to enter that market." Tony J. Sorcic, President & CEO, stated, "HomeStar Bank has served the Plainfield community well since 2000. HomeStar Bank is a fine organization and we are pleased to have this opportunity to continue the quality service they have provided to their customers. The Board of Directors and Management of HomeStar Bank were excellent to work with during the due diligence process." Sorcic concluded, "The Subsidiary Bank is excited to add the existing staff of the Plainfield office to its team. They will continue to do what they do best � serve the customers and the community. We believe Citizens� commitment to quality products and services, as well as our goal of exceeding customers' expectations, will serve us well in Plainfield. An integral part of the philosophy of Citizens First National Bank is the commitment to the communities it serves and to the strong growth of the local economy." HomeStar Chairman and CEO Patrick O'Brien stated, "We have mixed feelings on the sale, but, in the end, it's best for HomeStar and best for our Plainfield customers. Our review showed that Citizens most closely matched HomeStar's commitment to quality customer service. Also, customers will continue to be served by the same staff, many of whom have received internal HomeStar awards for excellence in customer service." You may visit our website at www.pnbc-inc.com to obtain financial information, as well as press releases, stock prices and information on the Company. The Company offers shareholders the opportunity to participate in the Princeton National Bancorp, Inc. Dividend Reinvestment and Stock Purchase Plan. To obtain information about the plan, please contact us at 815-875-4445, extension 650. Princeton National Bancorp, Inc. is the parent holding company of Citizens First National Bank, a $1.0 billion community bank with strategic locations in seven counties in northern Illinois. The Company is well-positioned in the high growth counties of Kendall, Kane, Grundy, DeKalb and LaSalle plus Bureau and Marshall. Communities include: Aurora, DePue, Genoa, Hampshire, Henry, Huntley, Millbrook, Minooka, Newark, Oglesby, Peru, Plano, Princeton, Sandwich, Somonauk and Spring Valley. The Subsidiary Bank, Citizens First National Bank, provides financial services to meet the needs of individuals, businesses and public entities. This press release contains certain forward-looking statements, including certain plans, expectations, goals, and projections, which are subject to numerous assumptions, risks, and uncertainties. These forward-looking statements are identified by the use of words such as 1) believes, 2) anticipates, 3) estimates, 4) expects, 5) projects or similar words. Actual results could differ materially from those contained or implied by such statements for a variety of factors including: changes in economic conditions; movements in interest rates; competitive pressures on product pricing and services; success and timing of business strategies; the nature, extent, and timing of governmental actions and reforms; and extended disruption of vital infrastructure. The figures included in this press release are unaudited and may vary from the audited results. Princeton National Bancorp, Inc. (NASDAQ:PNBC) Princeton National Bancorp, Inc. announced today its Subsidiary Bank, Citizens First National Bank, has signed a definitive agreement to purchase the Plainfield office of HomeStar Bank, Manteno, Illinois. Citizens will be purchasing the existing facility plus approximately $11 million in deposits and $15 million in loans. The acquisition, which is subject to the approval of regulatory authorities and customary closing conditions, is expected to close during the first quarter of 2007. This acquisition provides another convenient location for customers in the Aurora, Oswego, Plainfield, Shorewood and Minooka areas. The office is located on Route 30 within 5 miles of the Subsidiary Bank's Aurora office and 10 miles of the Minooka office. With the addition of the Plainfield office, the Subsidiary Bank will have 21 locations to serve its customers. Craig O. Wesner, Chairman of the Board of Directors of Princeton National Bancorp, Inc. stated, "The addition of the Plainfield branch will build on our goal of having a network of strong community banks in northeastern Illinois. The Plainfield market has been in our sights for some time and we believe this is an excellent way to enter that market." Tony J. Sorcic, President & CEO, stated, "HomeStar Bank has served the Plainfield community well since 2000. HomeStar Bank is a fine organization and we are pleased to have this opportunity to continue the quality service they have provided to their customers. The Board of Directors and Management of HomeStar Bank were excellent to work with during the due diligence process." Sorcic concluded, "The Subsidiary Bank is excited to add the existing staff of the Plainfield office to its team. They will continue to do what they do best - serve the customers and the community. We believe Citizens' commitment to quality products and services, as well as our goal of exceeding customers' expectations, will serve us well in Plainfield. An integral part of the philosophy of Citizens First National Bank is the commitment to the communities it serves and to the strong growth of the local economy." HomeStar Chairman and CEO Patrick O'Brien stated, "We have mixed feelings on the sale, but, in the end, it's best for HomeStar and best for our Plainfield customers. Our review showed that Citizens most closely matched HomeStar's commitment to quality customer service. Also, customers will continue to be served by the same staff, many of whom have received internal HomeStar awards for excellence in customer service." You may visit our website at www.pnbc-inc.com to obtain financial information, as well as press releases, stock prices and information on the Company. The Company offers shareholders the opportunity to participate in the Princeton National Bancorp, Inc. Dividend Reinvestment and Stock Purchase Plan. To obtain information about the plan, please contact us at 815-875-4445, extension 650. Princeton National Bancorp, Inc. is the parent holding company of Citizens First National Bank, a $1.0 billion community bank with strategic locations in seven counties in northern Illinois. The Company is well-positioned in the high growth counties of Kendall, Kane, Grundy, DeKalb and LaSalle plus Bureau and Marshall. Communities include: Aurora, DePue, Genoa, Hampshire, Henry, Huntley, Millbrook, Minooka, Newark, Oglesby, Peru, Plano, Princeton, Sandwich, Somonauk and Spring Valley. The Subsidiary Bank, Citizens First National Bank, provides financial services to meet the needs of individuals, businesses and public entities. This press release contains certain forward-looking statements, including certain plans, expectations, goals, and projections, which are subject to numerous assumptions, risks, and uncertainties. These forward-looking statements are identified by the use of words such as 1) believes, 2) anticipates, 3) estimates, 4) expects, 5) projects or similar words. Actual results could differ materially from those contained or implied by such statements for a variety of factors including: changes in economic conditions; movements in interest rates; competitive pressures on product pricing and services; success and timing of business strategies; the nature, extent, and timing of governmental actions and reforms; and extended disruption of vital infrastructure. The figures included in this press release are unaudited and may vary from the audited results.