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) APRIL 25, 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)
<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 April 25, 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: APRIL 25, 1997 By: /S/ BILL W. TAYLOR
------------------
Bill W. Taylor
Exec. Vice President
Chief Financial Officer
Exhibit 99
Press Release
Dated
April 25, 1997
<PAGE>
PRESS RELEASE
Today's Date - April 25, 1997 Contact: Bill W.Taylor
Executive Vice President,
Release Date: Immediate Chief Financial Officer
Jacksonville Bancorp, Inc.
Jacksonville Bancorp, Inc. (JXVL - NASDAQ) has received Office of
Thrift Supervision approval to repurchase up to 5% of its outstanding
shares, or 127,073 shares, commencing April 24, 1997. The shares will
be purchased at the prevailing market prices from time-to-time over a
six month period depending on market conditions.
Jerry Chancellor, President and Chief Executive Officer, 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 Association operates from its home office in Jacksonville, Texas and
through its branches in Tyler, Longview, Palestine, Athens and Rusk. At
March 31, 1997, Jacksonville Bancorp, Inc. had $218.3 million in assets and
stockholders equity of $34.1 million. The Company currently has 2,541,468
shares outstanding.
