Watch Live

Tweet TWEET

Jacksonville Bancorp, Inc. Announces Organizational Changes

         Jacksonville Bancorp, Inc. Announces Organizational Changes

PR Newswire

JACKSONVILLE, Fla., Dec. 10, 2013

JACKSONVILLE, Fla., Dec. 10, 2013 /PRNewswire/ --Jacksonville Bancorp, Inc.
(the "Company") (NASDAQ: JAXB), holding company for The Jacksonville Bank (the
"Bank"), announced today that Kendall L. Spencer was appointed as President
and Chief Executive Officer of the Company. Mr. Spencer was also appointed as
a director of the Company and, subject to regulatory approval, will serve as
the Chief Executive Officer and a director of the Bank.

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

Mr. Spencer, age 61, has over 30 years of executive and senior level
commercial bank leadership and management experience. In 2013 and prior to
joining the Company, Mr. Spencer was the Executive Vice President and Senior
Commercial Banker of Florida Citizens Bank. In these capacities, Mr. Spencer
led and managed commercial, consumer and mortgage lending, credit and loan
operations as well as provided strategic evaluation and planning for the
executive management team and board of directors. His professional background
alsoincludes various management positions, including the State President of
Mercantile Bank, Corporate Executive Vice President and Director of Business
Bankingfor Barnett Bank, Inc., as well as President of various community and
regional Barnett Banks within the state of Florida. Most recently, he has
consulted and overseen several strategic evaluation projects with local banks
as well as provided litigation support as a bank expert in lending-liability
lawsuits. Mr. Spencer also serves on the board of Family First and
Jacksonville City Rescue Mission. He holds a B.S. in Finance from the
University of Florida and has post-graduate professional education from the
Stonier Graduate School of Banking at the University of Delaware and North
Dakota State University.

Mr. Spencer's advanced leadership skills and commercial banking expertise as
well as additional proficiencies in strategic financial planning and execution
of operational initiatives are well-suited to the Company and the Bank and
will complement the current board of directors' collective knowledge and
experience.

As previously disclosed in the Company's filings, Donald F. Glisson, Jr.,
Chairman of the Board of the Company, was appointed to serve as the Company's
principal executive officer on an interim basis, until a new President and
Chief Executive Officer was elected. In conjunction with the appointment of
Mr. Spencer, the Company also announced that Mr. Glisson was named Executive
Chairman of the Company, effective as of the same date. With regards to Mr.
Spencer's appointment, Mr. Glisson stated, "We are extremely proud to have an
executive with Kendall's background and experience join our company. Kendall
possesses the skills and knowledge we were seeking in our CEO, as well as the
values and ethics we expect from every single team member. I am excited to
begin my new role as Executive Chairman and together with our management team
look forward to taking the Company to the next level."

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 $514.5 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, which are incorporated herein
by reference.

SOURCE Jacksonville Bancorp, Inc.

Website: http://www.jaxbank.com
Contact: Valerie Kendall at 904-421-3051 for additional information
 
Press spacebar to pause and continue. Press esc to stop.