JACKSONVILLE BANCORP INC
8-K, 1998-11-06
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) November 5, 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
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          (Former Name or Former Address, If Changed Since Last Report)
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Item 5.   Other Events
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Item 7.   Financial Statements, Pro Forma Financial Information and Exhibits
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          (a)  Not applicable

          (b)  Not applicable

          (c)  Exhibits:

               (99) Press Release, dated November 5, 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:  November 5, 1998                          By:/s/ Jerry Chancellor      
       --------------------                         ---------------------      
                                                         Jerry Chancellor
                                                         President
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                               Exhibit 99

                              Press Release

                                 Dated

                            November 5, 1998
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                             Press Release
                                
Today's date: November 5, 1998                Contact: Bill W. Taylor
Release date: Immediately                     Executive Vice President, C.F.O.
                                              (903) 586-9861

            Jacksonville Bancorp, Inc. Announces Annual Earnings

     Jacksonville, Texas, November 5, 1998 - Jacksonville Bancorp, Inc. 
(NASDAQ: JXVL) the holding company of Jacksonville Savings Bank, SSB, 
reported net income of $3.33 million, or $1.44  per share basic and $1.38 per
share diluted, for the fiscal year ended September 30, 1998.  This compares 
to $3.24 million, or $1.30 per share basic and $1.27 per share diluted, for 
the comparable period ended September 30, 1997.

     Jerry Chancellor, President and C.E.O. said, "Our results of operations 
in fiscal 1998 reflected another year of solid performance.  Our controlled 
growth, increased profits, and asset quality are indicative of the strength 
of our market share in the East Texas area." 

     At September 30, 1998,  Jacksonville's assets totaled $263.2 million, up 
$29.2 million from September 30, 1997.  Loans Receivable, net increased from 
$174.0 million in 1997 to $191.2 million in 1998.  For the respective periods 
mortgage-backed securities, net increased from $21.2 million to $31.9 million 
as a result of the Bank's decision to implement a limited wholesale growth 
strategy involving leveraged investing to increase earnings. 

     Deposits increased from $192.0 million on September 30, 1997  to $204.5 
million on September 30, 1998, while total liabilities increased from $200.0 
million to $227.4 million for the comparable periods.
     
       Stockholders' equity totaled $35.6 million at September 30, 1998 
compared to $33.8 million for the comparable period in 1997.  The increase 
was primarily a result of the Company's net profit for the year less 
dividends and the cost associated with the purchase of 54,825 shares of 
Treasury Stock.

     Net interest income for the period ended September 30, 1998 was $8.9 
million compared to $8.4 million in 1997.  Total noninterest income increased
to $1.6 million in 1998 compared to $1.4 million in 1997, while noninterest 
expense increased to $5.6 million from $5.1 million for the comparable period.

     Under it's "Year 2000 Compliance Project" the Bank has completed the 
first four of five phases (Awareness, Assessment, Modification, Testing, and 
Implementation) of all "In-house" programs.  A full "Year 2000" test is 
scheduled on the entire system during this month after which the full system 
implementation will begin December 31, 1998.

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