JACKSONVILLE BANCORP INC
8-K, 1997-12-11
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)       December 9, 1997
                                                       -----------------
                   JACKSONVILLE BANCORP, INC.

        TEXAS                      0-28070            75-2632781
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(State of Incorporation)      (Commission File)        (IRS No.)


  COMMERCE AND NECHES STREET    JACKSONVILLE, TEXAS            75766
- ------------------------------------------------------------------------------
     (Address of Principal Executive Offices)                 (Zip Code)
                         
                        (903) 586-9861                             
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      (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 December 9, 1997
<PAGE>

  
                         
                                               
                           
                           
                                
                                
                           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: 12/9/97                     By: \s\Jerry Chancellor               
     ---------                        ------------------------   
                                      Jerry Chancellor
                                      President
<PAGE>


     
              
                                
                                


                                
                               Press Release
 

 Today's date: December 9, 1997             Contact: Bill W. Taylor
 Release date: Immediately                  Exec. Vice President, C.F.O.
                                            903-586-9861

      Jacksonville Bancorp, Inc. Announces Annual Earnings


     Jacksonville, Texas, December 9, 1997 - Jacksonville Bancorp, Inc.
(NASDAQ:JXVL) the holding company of Jacksonville Savings Bank, SSB,
reported net income of $3.24 million, or $1.30 per share for the fiscal
year ended September 30, 1997 as compared to $1.58 million or $.64 per
share for fiscal 1996.

     At September 30, 1997, Jacksonville's assets totaled $233.9 million,
up $16 million or 7.4% from September 30, 1996.  Loans Receivable, net
increased from $158.0 million in 1996 to $174.0 million in 1997.  For the
respective periods mortgage-backed securities, net increased from $12.1
million to $21.2 million.  Stockholders equity totaled $33.8 million at
September 30, 1997 compared to $35.4 million for the comparable period in
1996.  The decrease was primarily a result of the Company's  repurchasing
231,100 shares of Treasury Stock at an average price of $14.81 per share.
  
    During the year, the Company's operating subsidiary, Jacksonville Savings
and Loan Association, announced the conversion to a State-chartered savings
bank, Jacksonville Savings Bank, SSB, ("JSB"), which reduced the duplication
associated with meeting the regulatory requirements of three regulatory
agencies.  In a related matter, the Company entered into an agreement with
Jacksonville I.H.C., Inc. ("IHC") a subsidiary of the Company and a Delaware
corporation whereby the Company transferred its entire interest in JSB to 
IHC.  As a result of the transfer JSB became a direct subsidiary of IHC and
enjoys greater operating flexibility in a Delaware holding company structure.

     Net interest income for the period ended September 30, 1997 was $8.4
million compared to $6.9 million in 1996.  Total noninterest income increased
to $1.4 million in 1997 compared to $1.3 million in 1996, while noninterest
expense decreased to $5.1 million from $5.8 million for the comparable
period.  The decrease was primarily attributable to the payment of the O.T.S.
special assessment in fiscal 1996.
       
      Jerry Chancellor, President and C.E.O. said, "Our results of operations
in fiscal 1997 reflected another year of solid performance.  Our growth is
indicative of the strength of our market share in the East Texas area. In
fiscal 1998 the Company looks forward to the opportunities provided by
opening its first in-store branch in the Wal-Mart Supercenter located in
Longview, Texas."  Chancellor continued, "We will be providing the state of
the art banking convenience for our customers, both existing and prospective,
through "one-stop" shopping service."
<PAGE>
     


      On September 30, 1996 the Company's stock was trading at $12.75 per share
compared to $17.25 per share on September 30, 1997.  In addition, a $.50 per
share total dividend was paid during the year, resulting in a 39.22% return.

      Jacksonville Savings Bank, SSB operates six full service branches
throughout East Texas in addition to its home office at Jacksonville, Texas.
<PAGE>







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