JACKSONVILLE BANCORP INC
8-K, 1998-02-12
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) February   9, 1998            
                                                 ------------------


                    JACKSONVILLE BANCORP, INC.
                    --------------------------

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



COMMERCE AND NECHES STREET          JACKSONVILLE, TEXAS         75766
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(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)
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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 February 9, 1998
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                            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: 2/9/98                       By: /s/Jerry Chancellor 
      ------                           ----------------               
                                       Jerry Chancellor
                                       President
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                            Exhibit 99

                          Press Release

                              Dated

                         February 9, 1998





























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                         PRESS RELEASE


Today's Date:  February 9, 1998    For Information Contact:
                                   Bill W. Taylor, Exec. Vice President
                                   Chief Financial Officer
Release Date:  Immediate

                    Jacksonville Bancorp, Inc.

Jacksonville, Texas, February  9 , 1998 - Jacksonville Bancorp, Inc.
(NASDAQ:JXVL), the holding company for Jacksonville Savings Bank, SSB
of Jacksonville, Texas today reported net income of $783,000, or $.34
per share basis and $.32 per share diluted,  for the three months ended
December 31, 1997.  This compares to $652,000, or $.26 per share basis
and $.26 per share diluted,  for the three months ended December 31, 1996.

According to Jerry Chancellor, President, net interest income increased to
$2.1 million for the three months ended December 31, 1997 compared to $1.9
million for the comparable period in 1996.  Chancellor stated that this 
increase was primarily due to increases in income on loans receivable, net
and mortgage-backed securities portfolios. 

Non-interest income for the three month period ended December 31, 1997
increased by $34,000 to $387,000 from $353,000 for the same period ended
December 31, 1996.  The gain was offset by an increase of $6,000  in non-
interest expense for the comparable periods.

Mr. Chancellor reported an increase for the quarter in loans receivable,
net of $974,000.  In addition, during the period, Jacksonville originated
and sold 109 loans in the amount of $8.5 million to the secondary market, 
keeping with managements decision to not portfolio these loans at current
market interest rates.  Of the total loans sold, servicing was retained on 
$7.9 million.  

During the quarter deposits increased $4.0 million.   Jacksonville  assets
totaled $235.4 million with stockholders' equity of $34.4 million at
December 31, 1997.

Jacksonville Bancorp, Inc.'s wholly owned subsidiary, Jacksonville Savings
Bank, SSB, operates from its headquarters in Jacksonville, Texas and through
its branch office network in  Palestine, Tyler, Athens, Longview and Rusk.
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