JACKSONVILLE, Fla., May 10 /PRNewswire – First Call/ -- Jacksonville Bancorp, Inc. (Nasdaq: JAXB) ("JAXB"), the bank holding company for The Jacksonville Bank, and Atlantic BancGroup, Inc. (Nasdaq: ATBC) ("ATBC"), the bank holding company for Oceanside Bank, today announced the signing of a definitive merger agreement providing for the merger of ATBC into JAXB. The merger agreement also contemplates the consolidation of Oceanside Bank into The Jacksonville Bank. Additionally, JAXB announced the signing of a stock purchase agreement with four private investors led by CapGen Capital Group IV LP ("CapGen") providing for $30 million in new capital through the sale of newly issued shares of JAXB common stock subject to completion of the mergers. The transactions have been approved by the Boards of Directors of each company and are subject to regulatory approval, shareholders' approvals, and other customary conditions. JAXB and ATBC expect to close the transaction in late third quarter of 2010.
Gilbert J. Pomar, III, President and CEO of The Jacksonville Bank, and Barry Chandler, President and CEO of Oceanside Bank, jointly announced the agreement. "The acquisition of Oceanside Bank is consistent with our strategy to expand our presence and way of banking throughout the city," said Mr. Pomar. "The $30 million in new capital will not only give us a powerful balance sheet in a challenging economy, but also the ability to grow and serve new customers as the markets improve. Oceanside is a perfect partner for the future because we share the same values."
Mr. Chandler stated, "We are excited about joining forces with The Jacksonville Bank. We believe that a well-capitalized local bank run by local people will offer our customers and our shareholders the most benefit in the long run. This is truly a unique opportunity. I'm thrilled to be a part of the new team."