Jacksonville Bancorp (JAXB) plans to raise up to $50 million by selling securities to a group of investors led by the Florida company's biggest shareholder.

The $583 million-asset company has entered into a stock purchase agreement to privately place 50,000 shares of preferred stock at $1,000 a share to a group of investors that includes CapGen Capital Group. The company said in a regulatory filing Monday that CapGen may purchase up to 25,000 shares.

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