JACKSONVILLE BANCORP INC
8-K, 1998-05-18
SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED
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                     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)         May 11, 1998        
                                                ----------------------------


                    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)
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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  May 11, 1998



                            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:     May 11, 1998                              /s/Jerry Chancellor         
          ------------                              -------------------
                                                    Jerry Chancellor           
                                                    President
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                            Exhibit 99

                          Press Release

                              Dated
                                
                          May 11, 1998



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                          PRESS RELEASE

Today's date:  May 11,  1998            For More Information
                  
Release date:  Immediately                               Bill W. Taylor,
                                                         E.V.P., C.F.O.
                                                         903-586-9861 
                                                                              
                                                                              
                                                                              
                                        
  JACKSONVILLE BANCORP, INC. ANNOUNCES SECOND QUARTER EARNINGS
                                
                                
     Jacksonville, Texas, May 11, 1998 - Jacksonville Bancorp, Inc.,
(NASDAQ:JXVL) the holding company of Jacksonville Savings Bank, S.S.B. of
Jacksonville, Texas, today reported net income of $671,000 or $.29 per share
basic and $.28 per share diluted, for the three months ended March 31, 1998. 
This compares to $686,000 or $.28 per share basic and $.27 per share diluted,
for the three months ended March 31, 1997.

     According to Jerry Chancellor, President and C.E.O., net interest income
increased to $2.13 million for the three months ended March 31, 1998, compared
to $1.97 million for the comparable period in 1997.  Chancellor stated that the
increase was primarily due to increases in income on loans receivable, net and
mortgage-backed securities portfolios, partially offset by increases in interest
expense on deposits.

     Non-interest income increased from $315,000 to $385,000 for the periods
ended March 31, 1997, and March 31, 1998, respectively.  Non-interest expense
increased from $1.23 million to $1.5 million for the periods ended March 31,
1997, and 1998,  respectively.

     At March 31, 1998 Jacksonville had assets of $237.1 million with
stockholder's equity of $34.9 million.

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