Jacksonville Bancorp, Inc. operates as the holding company for The Jacksonville Bank that provides various community banking services to businesses and individuals. The company operates through its eight full-service branches in Jacksonville and Jacksonville Beach, Duval County, Florida, as well as ‘online banking’ through its virtual branch. The company offers various commercial and retail banking services. The company’s product lines include personal and business online banking, and sweep accounts that might be invested in Goldman Sachs mutual funds, in addition to its traditional banking products. Additionally, the company, through the bank’s subsidiary, Fountain Financial, Inc., and the company’s marketing agreement with New England Financial (an affiliate of MetLife), is able to meet the investment and insurance needs of its customers. The company is also focused on small business, professionals and commercial real estate. The company’s primary business segment is community banking and consists of attracting deposits from the general public and using such deposits and other sources of funds to originate commercial business loans, commercial real estate loans, residential mortgage loans, and various consumer loans. Market Area The company’s primary market area is all of Duval County (primarily the Southside, Westside, Arlington, Mandarin and Downtown areas of Jacksonville and Jacksonville Beach), Florida, in addition to surrounding communities within the St. Johns, Clay and Nassau counties. Lending Activities The three portfolio segments identified by the company include commercial loans, real estate mortgage loans, and consumer and other loans. Commercial Loans: Commercial loans are primarily underwritten on the basis of the borrowers’ ability to service such debt from operating cash flows. Collateralized working capital loans typically are secured with short-term assets whereas long-term loans are primarily secured with long-term assets. Real Estate Mortgage Loans: Real estate mortgage loans are typically segmented into three classes, such as commercial real estate, residential real estate and construction and land development. Commercial real estate loans are secured by the subject property. Construction loans to borrowers are to finance the construction of owner occupied and lease properties. Real estate development and construction loans are approved based on an analysis of the borrower and guarantor. Development and construction loans are typically secured by the properties under development or construction, and personal guarantees are typically obtained. The company also makes loans on occasion for the purchase of land for future development by the borrower. Land loans are extended for the future development of either commercial or residential use by the borrower. Consumer and Other Loans: Consumer and other loans are extended for various purposes, including purchases of automobiles, recreational vehicles, and boats. The company also offers home improvement loans, lines of credit, personal loans, and deposit account collateralized loans. Consumer loans are made at fixed and variable interest rates and might be made on terms of approximately 10 years. Investments The company invests primarily in obligations guaranteed by the U.S. government and government-sponsored agencies. The company also enters into federal funds transactions through its principal correspondent banks. Deposits The company offers a range of deposit accounts, including commercial and retail checking, money market, individual retirement and statement savings accounts, and certificates of deposit with fixed rates and a range of maturity options. The company’s sources of deposits are primarily residents, businesses, and employees of businesses within its market areas. The company is also part of the NYCE, Cirrus, and Plus ATM networks and a member of VISA. Regulation and Supervision The company is supervised by, examined by, and submits reports to, various regulatory agencies, including the Federal Reserve Board, in the case of company; and the Federal Deposit Insurance Corporation and the Florida Office of Financial Regulation, in the case of the bank. The improved lending limits established by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 restrict the company’s ability to extend credit to sizable borrowers that exceed the company’s lending limit. The company is regulated by the Federal Reserve Board under the Federal Bank Holding Company Act. The bank’s deposit accounts are insured by the Federal Deposit Insurance Corporation to the maximum extent permitted by law. History Jacksonville Bancorp, Inc. was founded in 1997. The company was incorporated under the laws of the state of Florida in 1997.
jacksonville bancorp inc fl
(JAXB:Consolidated Issue listed on NASDAQ Capital Market)
100 North Laura Street
Jacksonville, FL 32202
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