JACKSONVILLE, Ill.,
July 14
/PRNewswire-FirstCall/ -- Jacksonville Bancorp, Inc.
(the "Company") (Nasdaq: JXSBD), the holding company for
Jacksonville Savings Bank, announced today that it has completed
the conversion from the mutual holding company structure and
related public offering and is now a stock holding company that is
fully owned by the public. Jacksonville Savings Bank is now
100% owned by the Company and the Company is 100% owned by public
stockholders. The Company sold a total of 1,040,352 shares of
common stock in the subscription and community offerings, including
41,614 shares to the Jacksonville Savings Bank employee stock
ownership plan. All shares were sold at a purchase price of
$10.00 per share. Keefe,
Bruyette & Woods, Inc. acted as selling agent in the
subscription and community offerings.
Concurrent with the completion of the offering, shares of
Jacksonville Bancorp, Inc., a federal corporation, common stock
owned by public stockholders were exchanged for 1.0016 shares of
the Company's common stock. Cash in lieu of fractional shares
will be paid at a rate of $10.00 per
share. As a result of the offering and the exchange, the
Company now has approximately 1,923,802 shares outstanding and a
market capitalization of approximately $19.2
million.
The shares of common stock sold in the offering and issued in
the exchange will begin trading on the NASDAQ Capital Market on
July 15, 2010 under the symbol
"JXSBD" for a period of 20 trading days and will thereafter trade
as "JXSB." Stock certificates for shares purchased in the
subscription offering and community offering are expected to be
mailed to subscribers on or about July 14,
2010. Jacksonville Bancorp, Inc. stockholders holding
shares in street name or in book-entry form will receive shares of
Company common stock within their accounts. Jacksonville
Bancorp, Inc. stockholders holding shares in certificated form will
be mailed a letter of transmittal on or about July 20, 2010 and will receive their shares of
Company common stock and a check representing cash in lieu of
fractional shares after submitting their stock certificates and a
properly completed letter of transmittal to the Company's transfer
agent.
Luse Gorman Pomerenk &
Schick, P.C., Washington, D.C.,
served as special counsel to the Company and Jacksonville Bancorp,
Inc. for the conversion and offering. RP Financial, LC.,
Arlington, Virginia served as
independent appraiser for the conversion and offering.
Jacksonville Savings Bank is headquartered in Jacksonville, Illinois and operates through
seven banking offices located in Jacksonville, Virden, Litchfield, Chapin, and Concord,
Illinois.
This press release may contain certain forward-looking
statements about the Company. Forward-looking statements
include statements regarding anticipated future events and can be
identified by the fact that they do not relate strictly to
historical or current facts. They often include words such as
"believe," "expect," "anticipate," "estimate," and "intend" or
future or conditional verbs such as "will," "would," "should,"
"could," or "may." Forward-looking statements, by their
nature, are subject to risks and uncertainties. Certain
factors that could cause actual results to differ materially from
expected results include increased competitive pressures, changes
in the interest rate environment, general economic conditions or
conditions within the securities markets, and legislative and
regulatory changes that could adversely affect the business in
which the Company and its subsidiaries are engaged.
SOURCE Jacksonville Bancorp, Inc.