Jacksonville Bancorp, Inc. Raises $5 Million In Stock Offerings
JACKSONVILLE, Fla., Oct. 7, 2013
JACKSONVILLE, Fla., Oct. 7, 2013 /PRNewswire/ -- Jacksonville Bancorp, Inc.
(the "Company") (NASDAQ: JAXB), holding company for The Jacksonville Bank,
announced that it has completed the sale of $5 million in common stock, or 10
million shares. The capital was raised through the sale of common stock to
participating shareholders in the Company's previously announced rights
offering ("Rights Offering") and to purchasers in its public offering ("Public
Offering") of the shares unsubscribed for in the Rights Offering. The Public
Offering was fully subscribed with 7,917,383 shares of common stock sold to
institutional and local investors through Hovde Group, LLC, the Company's
sales agent for the Public Offering.
Don Glisson, Jr., Chairman of the Board, commented, "We are very pleased with
the results of the Public Offering, and by the support from local investors
and customers of The Jacksonville Bank, as well as the institutional
investment community. The success of this offering gives us positive momentum
as we continue to strengthen our capital position and execute our strategic
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 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.
Contact: Valerie Kendall at (904) 421-3051 for additional information
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