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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
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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
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(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
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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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