Jacksonville Bancorp (JAXB) in Florida 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. The company has registered with the Securities and Exchange Commission to sell up to 10 million shares; any shares remaining after the rights offering will be included in a subsequent public offering. The company's stock was trading at 57 cents a share Friday morning.
Jacksonville has not yet determined the number of shares each shareholder will have the right to buy. It will begin the offering after the SEC approves the registration, with plans of using proceeds for general corporate purposes.
In December, Jacksonville sold shares to a group of investors that included private equity firm CapGen Capital Group IV and the bank's officers and directors. It said it would use the proceeds to improve its capital levels. Its Tier 1 leverage ratio was 8.29% and its total risk-based capital ratio was 12.70% as of Dec. 31, according to the Federal Deposit Insurance Corp.
Earlier this month, Jacksonville reported that first-quarter earnings rose 10% from a year earlier, to $1 million.