UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 16, 2013
JACKSONVILLE BANCORP, INC.
(Exact Name of Registrant as Specified in Charter)
| Maryland | 001-34821 | 36-4670835 | ||
| (State or Other Jurisdiction) | (Commission File No.) | (I.R.S. Employer | ||
| of Incorporation) | Identification No.) |
| 1211 West Morton Avenue, Jacksonville, Illinois | 62650 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant's telephone number, including area code: (217) 245-4111
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| £ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| £ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| £ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| £ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
CURRENT REPORT ON FORM 8-K
| Item 8.01 | Other Events. |
On October 15, 2013, the Company’s Board of Directors authorized a stock repurchase plan for the Company to repurchase up to 5% of its outstanding shares of common stock, or 92,018 shares in the open market, in block trades or in privately negotiated transactions depending on market conditions. The timing of the repurchases will depend on certain factors, including but not limited to stock price, the Company’s liquidity requirements, and alternative uses of capital. Any repurchased shares will be treated as authorized but unissued shares. A press release containing this announcement is included as Exhibit 99.1. |
| Item 9.01 | Financial Statements and Exhibits | |
| (a) | No financial statements of businesses acquired are required. | |
| (b) | No pro forma financial information is required. | |
| (c) | Not applicable. | |
| (d) | Exhibit No. 99.1 |
Description Press Release dated October 16, 2013 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| JACKSONVILLE BANCORP, INC |
| DATE: October 16, 2013 | By: | /s/ Richard A. Foss |
| Richard A. Foss | ||
| President and Chief Executive Officer |
EXHIBIT INDEX
| 99.1 | News release dated October 16, 2013 announcing Jacksonville Bancorp, Inc.’s Share Repurchase Plan. |
Exhibit 99.1
For Immediate Release
October 16, 2013
Jacksonville, Illinois
| Contact: | Richard A. Foss | Diana S. Tone |
| President and CEO | Chief Financial Officer | |
| (217) 245-4111 | (217) 245-4111 |
JACKSONVILLE BANCORP, INC. ANNOUNCES SHARE REPURCHASE
Jacksonville Bancorp, Inc.’s (NASDAQ Capital Market – JXSB) Board of Directors authorized a stock repurchase plan for the Company to repurchase up to 5% of its outstanding shares of common stock, or 92,018 shares in the open market, in block trades or in privately negotiated transactions depending on market conditions. The Company’s previous repurchase plan dated July 19, 2011 was fulfilled during the third quarter of 2013. The timing of the repurchases under the new repurchase plan will depend on certain factors, including but not limited to stock price, the Company’s liquidity requirements, and alternative uses of capital. Any repurchased shares will be treated as authorized but unissued shares.
This news release contains certain forward-looking statements within the meaning of the federal securities laws. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Reform Act of 1995, and is including this statement for purposes of these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and experiences of the Company, are generally identified by use of the words “believe”, “expect”, “intend”, “anticipate”, “estimate”, “project”, or similar expressions. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and the subsidiaries include, but are not limited to, changes in: interest rates, general economic conditions, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company’s market area and accounting principles and guidelines. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.