Jacksonville Bancorp, Inc. Announces Reverse Stock Split Effective October 24,
JACKSONVILLE, Fla., Oct. 23, 2013
JACKSONVILLE, Fla., Oct. 23, 2013 /PRNewswire/ --Jacksonville Bancorp, Inc.
(the "Company") (NASDAQ: JAXB), holding company for The Jacksonville Bank,
today announced that it has filed an amendment to its Articles of
Incorporation with the Florida Secretary of State to effect a 1-for-20 reverse
stock split of its common stock and nonvoting common stock, effective as of
12:01 a.m. Eastern time on October 24, 2013. The Company's shareholders had
authorized the Board of Directors to approve a reverse stock split at the
special meeting of shareholders in February 2013, and as previously announced,
the Board approved the reverse split at a ratio of 1-for-20 on October 8,
(Logo: http://photos.prnewswire.com/prnh/20020410/JAXBLOGO )
At the effective time of the reverse split, every 20 shares of common stock
issued and outstanding will automatically combine into one (1) new share of
common stock, and every 20 shares of nonvoting common stock issued and
outstanding 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 shares.
The Company's common stock will begin trading on the Nasdaq Stock Market on a
split-adjusted basis when the market opens on October 24, 2013. The common
stock will continue to trade under the symbol "JAXB." The new CUSIP number for
the common stock following the reverse split is 469249 205.
Holders of certificates representing shares of the Company's common stock or
nonvoting common stock will receive instructions from the Company's transfer
agent, Registrar and Transfer Company, regarding the process for exchanging
their certificates for new certificates representing the post-split amount of
shares. Registrar and Transfer Company can be reached at (800) 368-5948.
Holders of shares of common stock or nonvoting common stock held in book-entry
form or through a bank, broker or other nominee will not be required to take
any action in connection with the reverse split, and will see the impact of
the reverse split reflected in their accounts. Beneficial holders may contact
their bank, broker or nominee for more information.
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 that are difficult to predict and often beyond the Company's
control.The risks, uncertainties and factors affecting actual results
include but are not limited to: the successful implementation of the reverse
stock split; the trading of the post-split shares of common stock on Nasdaq;
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, (904) 421-3051
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