JACKSONVILLE BANCORP INC
8-K, 1999-04-15
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)    April 12, 1999         
                                                    -------------------------  


                         JACKSONVILLE BANCORP, INC.
                         --------------------------

    TEXAS                              0 -28070                    75-2632781
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(State ofIncorporation)          (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   
- -----------------------------------------------------------------------------  
          (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 April 12, 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: 4/12/99                            By: /s/Jerry Chancellor
     --------------------                   -----------------------------      
                                             Jerry Chancellor
                                             President
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                                Exhibit 99

                              Press Release

                                  Dated

                              April 12, 1999
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                              Press Release

Today's date: April 12, 1999                   Contact: Bill W. Taylor
Release date: Immediately                      Executive Vice President, C.F.O.
                                               (903) 586-9861

         JACKSONVILLE BANCORP, INC. ANNOUNCES SECOND QUARTER EARNINGS

     Jacksonville, Texas, April 12, 1999 - Jacksonville Bancorp, Inc., (NASDAQ:
JXVL) the holding company of Jacksonville Savings Bank, SSB of Jacksonville,
Texas today reported net income of $889,000 or $.40  per share basic and $.39
per share diluted, for the three months ended March 31, 1999.  This compares to
$671,000  or $ .29 per share basic and $ .28 per share diluted, for the three
month period ended March 31, 1998.

     According to Jerry Chancellor, President and C.E.O.,  net interest income
increased to $2.4 million for the three months ended March 31, 1999, compared to
$2.1 million for the comparable period in 1998.  Chancellor stated that the
increase was primarily due to increases in income on loans receivable, net and
mortgage-backed securities portfolios, partially offset by an increase in
interest expense on advances at Federal Home Loan Bank.

     Non-interest income increased  from $385,000 to $461,000 for the three
month periods ended March 31, 1998 and March 31, 1999, respectively.  Non-
interest expense was unchanged at $1.5 million for the comparable periods.

     During the quarter Jacksonville began construction on its second Tyler,
Texas branch.  In addition, Jacksonville broke ground on a residential real
estate development project in Hallsville, Texas, a community near Longview,
Texas.

     At March 31, 1999 Jacksonville had assets of $263.2 million, liabilities
and deferred income of $227.3 million and stockholders equity of $35.9 million.

     Jacksonville Bancorp, Inc's wholly owned subsidiary, Jacksonville Savings
Bank, SSB, operates from its headquarters in Jacksonville, Texas,  and through
its six branch office network in Tyler, Longview (2), Palestine, Athens, and
Rusk.
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