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Jacksonville Bancorp is in the market for a new CEO at a time when it is also trying to sell more stock and conduct a reverse stock split.
June 26 -
Jacksonville Bancorp is preparing to offer shareholders the right to buy $5 million of stock. The $565 million-asset company said Friday that it will give shareholders the right to buy stock for 50 cents a share, the same pricing of a $50 million private placement in that concluded last December.
April 26 -
Jacksonville Bancorp (JAXB) in Florida has made Donald Glisson its chairman.
April 24 -
Promontory's connections and expertise turned the consultant into a private sector regulatory proxy. But those same strengths put the firm in the crosshairs after its role in the failed foreclosure review process and controversial work for MF Global and Standard Chartered.
March 15 -
Jacksonville Bancorp (JAXB) in Florida has sold roughly $25.1 million of troubled assets and completed its previously announced $50 million capital raise.
December 31
Jacksonville Bancorp (JAXB) in Florida recorded its second straight quarterly profit as it continues to clean up its loan portfolio.
The $522 million-asset company said Friday that it earned $29,000 in the second quarter, compared to a $1.8 million loss a year earlier.
Net interest income fell 8% from a year earlier, to $4.7 million, as gross loans decreased by 14%, to $390.3 million. The net interest margin expanded by 14 basis points from a year earlier, to 3.78%.
Improved credit quality made up for the decline in lending revenue. Jacksonville recorded a $267,000 reserve release in the second quarter, after recording a $11.7 million provision a year earlier. Net chargeoffs fell 35% from a year earlier, to $2.6 million, as nonperforming loans fell 63%, to $17 million. The improvement was mostly because of real estate writedowns and sales, including the
Noninterest income rose 30% from a year earlier, to $377,000. Noninterest expense fell 2% from the second quarter of 2012, to $5.5 million.
Jacksonville also announced that it will offer its existing shareholders up to 10 million shares of common stock, or $5 million worth at the Thursday closing price of 50 cents a share, on August 20. The rights offering, which was
Stephen Green
CapGen Capital Group, a private equity company formed by former Comptroller of the Currency Eugene Ludwig, owns roughly 69% of Jacksonville's stock. Ludwig, CEO of Promontory Financial Group, invested about $24 million in the company.
