Jacksonville Bancorp, Inc. And Atlantic BancGroup, Inc. Announce Receipt Of All Required Regulatory Approvals
JACKSONVILLE, Fla., Nov. 1, 2010 /PRNewswire-FirstCall/ -- 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 that they have received all required regulatory approvals necessary to authorize the previously announced merger of ATBC into JAXB and the merger of Oceanside Bank into The Jacksonville Bank. Applications were filed with and approvals received from the Federal Reserve, the FDIC and the Florida Office of Financial Regulation. The approvals are subject to usual and customary conditions. Price Schwenck, CEO of Jacksonville Bancorp, Inc. and Executive Chairman of The Jacksonville Bank, commented, "The Federal Reserve, FDIC, and Florida Office of Financial Regulation are important stakeholders in our companies, and we are grateful to have their approval permitting us to move forward with this positive opportunity for our shareholders, customers, employees and the Jacksonville community."
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