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)
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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.