After securing more capital, Jacksonville Bancorp Inc. has announced its purchase of Atlantic BancGroup Inc.
Stockholders of the $274.2 million-asset Atlantic were paid 67 cents in cash and 0.2 share of Jacksonville stock for each of their shares, the Florida bank said on Wednesday.
The $451.4 million-asset Jacksonville also closed a $35 million stock offering Wednesday. Four investors affiliated with CapGen Capital Group IV LP bought 3.8 million shares of common stock at $9 a share.
Jacksonville had planned to sell $30 million of stock at $10 a share but amended the deal in September. At that time, it also increased the cash portion to be paid to Atlantic shareholders by 2 cents.
Atlantic's Oceanside Bank unit was merged into Jacksonville Bank but will continue to operate under its original name until Dec. 6.