JACKSONVILLE, Fla., Nov. 17, 2010 /PRNewswire-FirstCall/ -- Jacksonville Bancorp, Inc. (Nasdaq: JAXB) ("JAXB"), the bank holding company for The Jacksonville Bank, announced that it has completed its acquisition of Atlantic BancGroup, Inc. ("ATBC") and its wholly-owned subsidiary, Oceanside Bank. Oceanside Bank has been merged into The Jacksonville Bank but will continue to operate as Oceanside Bank until December 6th. Under the previously announced terms of the merger, ATBC shareholders are receiving 0.2 shares of JAXB common stock and $0.67 in cash for each share of ATBC common stock.
"We are anxious to get started to build even deeper customer relationships as we combine the best aspects of both companies," said Gilbert J. Pomar, III, President of JAXB and President & CEO of The Jacksonville Bank.Barry Chandler, former President and CEO of Oceanside Bank, who will serve as the new Jacksonville Beaches President of The Jacksonville Bank, reinforced Gil Pomar's comments and added, "We are extremely excited to join forces. The Jacksonville Bank's market presence and footprint will encompass the entire Jacksonville metropolitan area now to include the Beaches." Closing on the same day as the merger was JAXB's sale of $35 million in common stock to four accredited investors headed up by CapGen Capital Group IV ("CapGen"). A total of 3,888,889 shares were issued at $9.00 per share. Joining the existing JAXB Board of Directors are Donald F. Glisson, Jr., former Chairman of the ATBC Board of Directors, and John P. Sullivan of CapGen. Price Schwenck, JAXB's CEO and The Jacksonville Bank's Executive Chairman, commented, "The board and management are grateful for the regulatory and shareholder approvals permitting us to move forward with this positive venture which will benefit our customers, employees, stockholders and community."