I have a code in VB6 as follows:
stbStatusBar.Panels("MONITOR").Text = "Monitor Initializing"
stbStatusBar.Items.Item("MONITOR").Text = "Monitor Initializing"
Although it is hard to understand code from just one line, I think you forgot to name your Statusbar Panel in designer form in VB.NET.
Check If any panels with name
"SERVER" exist. If not you should name it as follows:
stbStatusBar_Panel.Name = "SERVER"
And then add panel in statusbar.