JACKSONVILLE BANCORP INC
8-K, 1996-11-15
SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED
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                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) NOVEMBER 14, 1996


                    JACKSONVILLE BANCORP, INC.


    TEXAS                     0 - 28070                 75-26332781    
(State of                      
Incorporation)          (Commission File No.)              (IRS No)



COMMERCE AND NECHES STREET   JACKSONVILLE, TEXAS              75766 
(Address of Principal Executive Offices)                 (Zip Code)



                                (903) 586-9861  
             (Registrant's Telephone Number, Including Area Code)


                                NOT APPLICABLE
          (Former Name or Former Address, If Changed Since Last Report)

<PAGE>

      Item 5.   OTHER EVENTS

      Item 7.   FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION 
                AND EXHIBITS

                (a)  Not applicable

                (b)  Not applicable

                (c)  Exhibits:

                     (99)   Press Release, dated November 14, 1996



                            SIGNATURES

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

                                          JACKSONVILLE BANCORP, INC.


     Date:  11-14-96                      By:  /S/ CHARLES BROADWAY
                                               --------------------
                                               Charles Broadway,
                                               Chief Executive Officer






                            Exhibit 99

                           Press Release

                               Dated

                         November 14, 1996

<PAGE>



Today's Date - November 14, 1996       Contact:  Charles Broadway
                                                 Chief Executive Officer
Release Date:  Immediate

                    Jacksonville Bancorp, Inc.

Jacksonville Bancorp, Inc. (JXVL) has received Office of Thrift Supervision 
approval to repurchase up to 5% of its outstanding shares, or 133,220 shares, 
commencing November 15, 1996.  The shares will be purchased at the prevailing 
market prices from time-to-time over a six-month period depending on market 
conditions.

Charles Broadway, CEO, indicated that the Board of Directors approved the
repurchase program in view of the current price level of the Company's
common stock and the strong capital position of the Company and its 
subsidiaries.  Management believes that the repurchase of its shares
represents an attractive investment opportunity which will benefit
Jacksonville and its stockholders.   The repurchased shares will become
treasury shares available for general corporate purposes.

Jacksonville, Bancorp, Inc. is the holding company for Jacksonville Savings
and Loan Association and Jacksonville I.H.C.  The Jacksonville Savings and
Loan operates from its home office in Jacksonville, Texas and through its
branches in Tyler, Longview, Palestine, Athens and Rusk.  At September 30,
1996 Jacksonville Bancorp, Inc. had $217.8 million in assets and stockholder 
equity of $35.4 million.  The Company currently has 2,664,405 shares 
outstanding.



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