EXHIBIT 99.1

PRESS RELEASE

         Charleston, West Virginia, March 23, 2009. Jacobs Financial Group, Inc.
(OTC Bulletin Board:  JFGI),  today announced that its wholly owned  subsidiary,
First Surety Corporation (FSC), a domestic surety in West Virginia with licenses
in Ohio and Indiana,  has entered into a  reinsurance  agreement  with Lloyds of
London  for its  coal  reclamation  surety  bonding  programs.  The  reinsurance
agreement  has an initial  term of three  years,  takes effect April 1, 2009 and
will provide  additional  surety capacity for FSC's  successful coal reclamation
bonding programs.

         Announcing  FSC's new  relationship  with  Lloyd's of  London,  John M.
Jacobs,  President of Jacobs Financial  Group,  said, "At a time when the credit
markets are still locked up and struggling to right  themselves,  this is a very
significant  event for us and the coal industry.  While lending may be frozen on
many fronts,  we continue to provide  credit surety to qualified  coal companies
that  require   financial   assurance  to  obtain  mining  permits  to  continue
operations.  FSC's  relationship  with  Lloyds  will enable us to write more and
larger bonds for coal operators and to more fully serve our client base." Robert
J.  Kenney,  President  of  FSC,  added,  "This  reinsurance  agreement  is  the
culmination  of a due diligence  process by Lloyds with respect to all stages of
our  operations  and is a real  affirmation  of the  design  of our  reclamation
bonding  programs,  the quality of our  underwriting,  our business plan and our
people. It's a very exciting development for us."

         FSC began  operations in West Virginia in February  2006, and maintains
offices at 300 Summers Street in Charleston, West Virginia.