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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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In addition, CapGen Capital Group IV LP has received regulatory approval from the Federal Reserve to become a bank holding company.  That is the only regulatory approval required for it and three other investors to purchase $35 million in common stock from JAXB under the previously announced stock purchase agreement.

The mergers and the stock purchase are subject to approval by the shareholders of JAXB and ATBC.  The ATBC shareholder meeting was held on October 28, 2010, where the shareholders voted to approve the merger.  The JAXB shareholder meeting is scheduled for November 9, 2010.  The mergers and the stock purchase are expected to close shortly after receipt of the required shareholder votes.

Gilbert J. Pomar, III, President and CEO of The Jacksonville Bank, and Barry Chandler, President and CEO of Oceanside Bank, jointly announced the regulatory approvals.  "These approvals keep us on schedule to complete the merger and total conversion before the end of the year.  We are excited about the companies coming together for the common good in short order," stated Mr. Pomar.  Mr. Chandler agreed by saying, "Joining forces will allow our 'customer first' philosophies to be enhanced and allow us to serve the entire Jacksonville market with an expanded array of products and services.  We are excited for our shareholders, customers and staff --two quality banking experiences will soon be one."

Shareholders of ATBC and JAXB are urged to read the proxy statements and prospectus regarding the proposed transactions and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because these will contain important information.   Shareholders of ATBC and JAXB are able to obtain a free copy of the proxy statements and prospectus, other SEC filings that will be incorporated by reference into the proxy statements and prospectus, as well as other filings containing information about JAXB and ATBC at the SEC's Internet site ( ). Shareholders of ATBC and JAXB will also be able to obtain these documents, free of charge, at and .

JAXB and ATBC, and their respective directors and executive officers, may be deemed to be participants in the solicitation of proxies from their shareholders in connection with the approvals sought for the transactions described above.  Information about the directors and executive officers of JAXB and their ownership of JAXB common stock is set forth in the proxy statement, dated October 19, 2010, for JAXB's special meeting of shareholders, as filed with the SEC. Information about the directors and executive officers of ATBC and their ownership of ATBC common stock is set forth in ATBC's proxy statement/prospectus dated September 22, 2010 for ATBC's special meeting of shareholders, filed with the SEC.

Additional information regarding the interests of those participants and other persons who may be deemed participants in the proxy solicitation may be obtained by reading the proxy statement and prospectus regarding the proposed transactions. Shareholders of ATBC and JAXB may obtain free copies of these documents as described above.


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