JACKSONVILLE BANCORP INC
8-K, 1999-02-25
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 24, 1999           
                                                  ----------------------       

                   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 February 24, 1999
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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:   2/24/99                                 By:/s/ Jerry Chancellor
                                                   --------------------
                                                       Jerry Chancellor
                                                       President
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                           Exhibit 99
                                
                         Press Release
                                
                             Dated
                                
                       February 24, 1999
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                            PRESS RELEASE
                                
                                
                                
Today's date: February 24, 1999         Contact: Bill W. Taylor
Release date: Immediately               Exec. Vice President, C.F.O.
                                        903-586-9861

Jacksonville Bancorp, Inc., Receives FDIC Approval on Residential Development 
Venture

Jacksonville, Texas, February 24, 1999 - Jacksonville Bancorp, Inc., 
(NASDAQ:JXVL), the holding company for Jacksonville Savings Bank, SSB of
Jacksonville, Texas today announced that it had received Federal Deposit 
Insurance Corporation consent for a proposed residential real estate 
development project in Hallsville, Texas, a community near Longview, Texas.  
The project will involve acquisition and development of a 66 acre tract of 
land for single-family homes.  Over 70 residential lots will be sold to
builders and individuals for home construction.  A subsidiary of Jacksonville
will enter into a real estate development and management agreement with 
Lagniappe Development Co., a Longview, Texas developer and Coldwell Bankers/ 
Lenhart Properties Inc., a real estate broker/agent.  Federal regulations 
require FDIC consent prior to undertaking such activities.

Jerry M. Chancellor, President and Chief Executive Officer of Jacksonville 
Bancorp, Inc., noted: "We believe our participation in this project is an 
appropriate addition to our existing market presence in the Longview area.  
This project builds upon real estate expertise that Jacksonville Savings 
Bank has gained over a number of years.  We believe it will mark a profitable
addition to Jacksonville Bancorp's core financial institution business.  Just
as important, it will provide needed housing opportunities in the thriving Long-
view metropolitan area."

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