JACKSONVILLE, Fla., Oct. 23, 2013 /PRNewswire/ -- Jacksonville Bancorp, Inc. (the "Company") (NASDAQ: JAXB), holding company for The Jacksonville Bank, today announced that it has filed an amendment to its Articles of Incorporation with the Florida Secretary of State to effect a 1-for-20 reverse stock split of its common stock and nonvoting common stock, effective as of 12:01 a.m. Eastern time on October 24, 2013. The Company's shareholders had authorized the Board of Directors to approve a reverse stock split at the special meeting of shareholders in February 2013, and as previously announced, the Board approved the reverse split at a ratio of 1-for-20 on October 8, 2013.
At the effective time of the reverse split, every 20 shares of common stock issued and outstanding will automatically combine into one (1) new share of common stock, and every 20 shares of nonvoting common stock issued and outstanding will automatically combine into one (1) new share of nonvoting common stock. No fractional shares will be issued as a result of the reverse stock split; any fractional shares that would have resulted from the reverse split will be rounded up to the nearest whole share. The number of authorized shares of common stock and nonvoting common stock will be proportionately reduced as a result of the reverse split; there will be no change in par value for such shares.
The Company's common stock will begin trading on the Nasdaq Stock Market on a split-adjusted basis when the market opens on October 24, 2013. The common stock will continue to trade under the symbol "JAXB." The new CUSIP number for the common stock following the reverse split is 469249 205.Holders of certificates representing shares of the Company's common stock or nonvoting common stock will receive instructions from the Company's transfer agent, Registrar and Transfer Company, regarding the process for exchanging their certificates for new certificates representing the post-split amount of shares. Registrar and Transfer Company can be reached at (800) 368-5948.