Jacksonville Bancorp, Inc. Announces Results Of Rights Offering And Shares Available In Public Offering

  Jacksonville Bancorp, Inc. Announces Results Of Rights Offering And Shares
                         Available In Public Offering

PR Newswire

JACKSONVILLE, Fla., Sept. 23, 2013

JACKSONVILLE, Fla., Sept. 23, 2013 /PRNewswire/ --Jacksonville Bancorp, Inc.
(the "Company") (NASDAQ: JAXB), holding company for The Jacksonville Bank,
announced that 2,082,617 shares of common stock were subscribed for in its
previously announced rights offering, totaling approximately $1,041,308 before
expenses, and that it has accepted all such subscriptions. The rights
offering period expired at 5:00 p.m., Eastern Time, on Friday, September 20,
2013.

(Logo: http://photos.prnewswire.com/prnh/20020410/JAXBLOGO)

In the rights offering, the Company distributed to eligible holders of its
common stock one non-transferable subscription right for each share of common
stock owned by such holder on August 20, 2013, the record date for the rights
offering. Each subscription right entitled its holder to purchase 2.0002
shares of common stock at a subscription price of $0.50 per share.

At the completion of the rights offering, 7,917,383 shares of common stock
remained available for sale to the public through Hovde Group, LLC, the
Company's sales agent for the offering, which is acting on a "best efforts"
basis only. The subscription price for the public offering is $0.50 per
share. The public offering period will expire on October 4, 2013, unless
extended.

This press release shall not constitute an offer to sell or a solicitation of
an offer to buy the securities, nor shall there be any offer, solicitation or
sale of the securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification of the securities under the securities laws of such state or
jurisdiction.

The public offering is being made only by means of a prospectus supplement and
accompanying prospectus. Copies of the prospectus supplement, accompanying
prospectus and additional materials relating to the public offering may be
obtained by contacting Dan Pake, Managing Director of Hovde, at (323)
395-9969.

The Company

Jacksonville Bancorp, Inc., a bank holding company, is the parent of The
Jacksonville Bank, a Florida state-chartered bank focusing on the Northeast
Florida market with approximately $522.4 million in assets and eight
full-service branches in Jacksonville and Jacksonville Beach, Duval County,
Florida as well as our virtual branch.The Jacksonville Bank opened for
business on May 28, 1999 and provides a variety of community banking services
to businesses and individuals in Jacksonville, Florida.More information is
available at its website at www.jaxbank.com.

The statements contained in this press release, other than historical
information, are forward-looking statements, which involve risks, assumptions
and uncertainties.The risks, uncertainties and factors affecting actual
results include but are not limited to: our ability to conduct, and the
results of, the public offering; our ability to dispose of substandard assets
and the disposition prices thereof; economic and political conditions,
especially in North Florida; real estate prices and sales in the Company's
markets; competitive circumstances; bank regulation, legislation, accounting
principles and monetary policies; the interest rate environment; efforts to
increase our capital and reduce our nonperforming assets; and technological
changes.The Company's actual results may differ significantly from the
results discussed in forward-looking statements.Investors are cautioned not
to place undue reliance on forward-looking statements, which speak only as of
the date hereof.The Company does not undertake, and specifically disclaims,
any obligation to publicly release any revisions to these forward-looking
statements to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events.Additional information
regarding risk factors can be found in the Company's filings with the
Securities and Exchange Commission, including the Company's Annual Report on
Form 10-K for the year ended December 31, 2012 and the Company's Quarterly
Report on Form 10-Q for the quarter ended June 30, 2013.

SOURCE Jacksonville Bancorp, Inc.

Website: http://www.jaxbank.com
Contact: Valerie Kendall, (904) 421-3051
 
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