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): June 24, 2008
                                                           -------------

                          JACOBS FINANCIAL GROUP, INC.
                         ------------------------------
             (Exact Name of Registrant as Specified in Its Charter)

                                    Delaware
                                ----------------
                 (State or Other Jurisdiction of Incorporation)

             0-21210                                   84-0922335
      ----------------------              -------------------------------------
     (Commission File Number)            (I.R.S. Employer Identification Number)

         300 Summers Street, Suite 970, Charleston, West Virginia 25301
                  -------------------------------------------
               (Address of Principal Executive Offices) (Zip Code)

                                 (304) 343-8171
                               -----------------
              (Registrant's Telephone Number, Including Area Code)


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:

|_|  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))




SECTION 1 - REGISTRANT'S BUSINESS AND OPERATIONS

     Item 1.01 Entry to a Material Definitive Agreement

     The Registrant  and its wholly owned  subsidiary,  RS Holdings,  LLC, which
entered into a definitive  Agreement and Plan of Merger (the "Merger Agreement")
on February 8, 2008, with  Reclamation  Surety Holding  Company,  Inc.  ("RSH"),
pursuant  to  which  the  Registrant  will  acquire  RSH and  its  subsidiaries,
Cumberland Surety,  Inc. and Newbridge  Services,  Inc., have agreed with RSH to
amend the Merger  Agreement by extending  the date for closing until October 31,
2008. In  consideration of the Amendment,  the Registrant  released the escrowed
deposit of $50,000 for the benefit of the RSH shareholders.  All other terms and
conditions of the Merger Agreement were ratified and affirmed.

     A copy of the Amendment is included as Exhibit 99.1.  The Merger  Agreement
was filed on February 13, 2008 and is incorporated herein by reference.


SECTION 9. FINANCIAL STATEMENTS & EXHIBITS

      (a)   Financial Statements of Business Acquired

            None.

      (b)   Pro Forma Financial Information

            None.

      (c)   Shell Company Transactions

            None.

      (d)   Exhibits

            99.1     First Amendment to Agreement and Plan of Merger


                                   SIGNATURES

      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.

                                Jacobs Financial Group, Inc.


                                /s/ John M. Jacobs
                                -----------------------------
Date: July 9, 2008              John M. Jacobs
                                President