8-K, 1999-11-02
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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) November 1, 1999

                        JACKSONVILLE BANCORP, INC.

            TEXAS                   0 - 28070                 75-2632781
  (State of Incorporation)      (Commission File No.)           (IRS No)

 (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)

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 November 1, 1999


     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 1, 1999                     By: Jerry Chancellor
         _________________                        __________________
                                                  Jerry Chancellor

                                  Exhibit 99

                                Press Release


                               November 1, 1999

                             Press Release

Today's date: November 1, 1999             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 1, 1999 - Jacksonville Bancorp, Inc.
(NASDAQ: JXVL) the holding company of Jacksonville Savings Bank, SSB,
reported net income of $3.64 million, or $1.65  per share basic and $1.60
per share diluted, for the fiscal year ended September 30, 1999.  This
compares to $3.33 million, or $1.44 per share basic and $1.38 per share
diluted, for the comparable period ended September 30, 1998.

     Jerry Chancellor, President and C.E.O. said, "Our results of operations
in fiscal 1999 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."

     Chancellor continued, "We look forward to the challenges facing the
financial industry  in the new millennium and feel confident that we are
positioned to experience another successful year in fiscal 2000."

     At September 30, 1999,  Jacksonville's assets totaled $290.4 million,
up $27.2 million from September 30, 1998.  Loans Receivable, net increased
from $191.2 million in 1998 to $216.3 million in 1999.  For the respective
periods mortgage-backed securities, net increased from $31.9 million
to $37.6 million as a result of the Bank's decision to continue  a limited
wholesale growth strategy involving leveraged investing to increase earnings.

     Deposits increased from $204.5 million on September 30, 1998  to $215.2
million on September 30, 1999, while total liabilities increased from $227.4
million to $256.0 million for the comparable periods.

       Stockholders' equity totaled $34.2  million at September 30, 1999
compared to $35.6 million for the comparable period in 1998.  The decrease
was primarily a result of the Company's net profit for the year less
dividends and the cost associated with the purchase of 209,835 shares of
Treasury Stock.

     Net interest income for the period ended September 30, 1999 was $9.8
million compared to $8.9 million in 1998.  Total noninterest income
increased to $1.7 million in 1999 compared to $1.6 million in 1998, while
noninterest expense increased to $5.9 million from $5.6 million for the
comparable period.

     The Bank has completed all five phases (Awareness, Assessment,
Modification, Testing and Implementation) of its "Year 2000 Compliance
Project."  Management believes the system is Year 2000 compliant.

     Jacksonville Savings Bank, SSB recently opened its second branch in
Tyler, Texas making a total of  seven full service branches throughout East
Texas in addition to its home office in Jacksonville, Texas.

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