Jacksonville Bancorp (JAXB) in Florida has raised $1 million through a rights offering.
The $522 million-asset company had offered its current shareholders the right to buy up to $5 million of stock at 50 cents a share, the same price it received in a $50 million private placement that closed late last year. Its shares closed Monday at 52 cents apiece.
The company sold approximately 2.1 million shares in the rights offering, which closed on Sept.20, and 7.9 million shares remain available to the public through Oct. 4, Jacksonville Bancorp announced Tuesday. Hovde Group is the sales agent for the offering.
Jacksonville Bancorp whose investors include Eugene Ludwig, a former comptroller of the currency and the current chief executive of Promontory Financial was delisted by Nasdaq in May. Its CEO resigned in June.