WASHINGTON - James H. Wilson, a medical doctor, has amassed a 5.8% stake in Princeton National Bancorp of Princeton, Ill., and plans to seek a seat on its board.
According to a Schedule 13D filed Friday with the Securities and Exchange Commission, Dr. Wilson acquired the shares because he believes the company's common stock is undervalued. He intends to discuss with the company's chairman the idea of becoming a director.
Dr. Wilson beneficially owns 775,000 common shares in the company, having bought 33,100 on the open market between Aug. 8 and Aug. 14 for prices ranging from $12.12 to $12.31 each.
Princeton owns Citizens First National Bank, which operates 15 branches.