Jacksonville Bancorp, Inc. Board Approves Reverse Stock Split
JACKSONVILLE, Fla., Oct. 8, 2013
JACKSONVILLE, Fla., Oct. 8, 2013 /PRNewswire/ --Jacksonville Bancorp, Inc.
(the "Company") (NASDAQ: JAXB), holding company for The Jacksonville Bank,
announced today that its Board of Directors (the "Board") has approved a
1-for-20 reverse stock split of its common stock and nonvoting common stock.
The Company anticipates that the reverse stock split will be effective on or
about October 24, 2013. The Company's shareholders had authorized the Board
to approve a reverse stock split at a ratio of up to 1-for-20 at the special
meeting of shareholders in February.
The reverse stock split is being implemented primarily for the purpose of
regaining compliance with the $1.00 per share minimum closing bid price
requirement for continued listing on the Nasdaq Capital Market, although there
is no assurance that this will be achieved.
When the reverse split becomes effective, every 20 shares of common stock held
by a shareholder will automatically combine into one (1) new share of common
stock, and every 20 shares of nonvoting common stock held by a shareholder
will automatically combine into one (1) new share of nonvoting common stock.
No fractional shares will be issued as a result of the reverse stock split;
any fractional shares that would have resulted from the reverse split will be
rounded up to the nearest whole share. The number of authorized shares of
common stock and nonvoting common stock will be proportionately reduced as a
result of the reverse split; there will be no change in par value for such
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: the implementation of the reverse
stock split; our ability to regain compliance with Nasdaq's continued listing
standards; 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
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