JACKSONVILLE BANCORP INC
8-K, 1998-07-29
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)     July 27, 1998         
                                                 -------------------------------

                   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
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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 July 27, 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:  07/27/98                         By: /s/ Jerry Chancellor         
     -------------                          --------------------              
                                            Jerry Chancellor
                                            President
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                           Exhibit 99
                                
                         Press Release
                                
                             Dated
                                
                         July 27, 1998
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                          PRESS RELEASE

Today's Date - July 27, 1998                 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 
120,784 shares, commencing on or about August 14, 1998.   The shares will be 
purchased at the prevailing market prices from time-to-time 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 
Bank, S.S.B. and Jacksonville I. H. C.  The Jacksonville Savings Bank, S.S.B.
operates from its home office in Jacksonville, Texas and through its branch 
network in Tyler, Longview, Palestine, Athens and Rusk.  At March 31, 1998, 
Jacksonville Bancorp, Inc. had $237.1 million in assets and stockholders 
equity of $34.9 million.  
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