Jacksonville Bancorp Inc. in Florida is raising more capital for its deal to acquire hometown rival Atlantic BancGroup Inc.
Jacksonville Bancorp will increase its stock offering from $30 million to $35 million, which will come from four investors led by CapGen Capital Group IV LP. It also is offering more cash per share to Atlantic BancGroup shareholders. The change was announced Monday.
The purchase price of the stock offering to the four investors was lowered from $10 a share to $9 a share. This will cause the $452 million-asset Jacksonville Bancorp, which owns Jacksonville Bank, to issue more shares to the investor groups, for a total of 3.89 million shares.
Further, the company said it is amending the cash portion to be paid to Atlantic BancGroup's shareholders. They will receive 67 cents a share, up from 65 cents a share in the initial offer announced in May.
The $274 million-asset Atlantic BancGroup, which owns Oceanside Bank, has been operating under a written agreement with its regulator since March.