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) JULY 2, 1997
JACKSONVILLE BANCORP, INC.
TEXAS 0 - 28070 75-2632781
(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 July 2, 1997
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: JULY 2, 1997 By: /s/ JERRY M. CHANCELLOR
Jerry M. Chancellor,
Chief Executive Officer
EXHIBIT (99)
PRESS RELEASE, DATED JULY 2, 1997
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FOR IMMEDIATE RELEASE
JACKSONVILLE SAVINGS ANNOUNCES COMPLETION OF
CONVERSION TO STATE SAVINGS BANK
Jacksonville, Texas (July 2, 1997) -- Jerry M. Chancellor, Chief Executive
Officer and President of Jacksonville Savings and Loan Association
("Jacksonville"), a subsidiary of Jacksonville Bancorp, Inc. ("Bancorp")
announced today the consummation of the institution's conversion to a
State-chartered savings bank. The Savings Bank will continue to carry on
the same activities and business as immediately before the conversion, but
will operate under the name of Jacksonville Savings Bank, SSB. Mr.
Chancellor stated the conversion will not effect the current operations of
Jacksonville, the deposits of which will continue to be insured by the
Federal Deposit Insurance Corporation to the fullest extent permitted by
law. The conversion will not have any impact on the listing of Bancorp
common stock on the NASDAQ National Market System. The common stock will
continue to trade under the symbol "JXVL". "The main purpose of the
conversion," according to Mr. Chancellor, "is to reduce the duplication
associated with meeting the regulatory requirements of three regulators.
With the conversion to a state savings bank, Jacksonville will be regulated
by the Texas Saving and Loan Department and its primary insurer of deposits
the FDIC and no longer by the federal Office of Thrift Supervision. This
will further reduce the annual cost of federal regulation of Jacksonville's
operations."
<PAGE>
In a related matter, Bancorp, the current parent holding company of
Jacksonville, has entered into an agreement with Jacksonville IHC, Inc.
("IHC"), a subsidiary of Bancorp and a Delaware corporation, whereby
Bancorp will transfer its entire interest in Jacksonville to IHC. As a
result of the transfer, Jacksonville will become a direct subsidiary of IHC
and will thereby enjoy greater operating flexibility in a Delaware holding
company structure than presently enjoyed through Bancorp. It is further
expected that the transfer will reduce the corporate taxes being paid by
Bancorp. Applications have been filed with OTS and the Department for
their approval of the transaction, which is anticipated by month-end.
Jacksonville is a Texas chartered, fedrally insured savings bank
headquartered in Jacksonville. Bancorp is the holding company thereof and,
at May 31, 1997, had $224.4 million in total assets, $183.1 million in
total deposits and $34.3 million in stockholders' equity.
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CONTACT: Lana Cook of Jacksonville at (903) 586-9861
