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Jacksonville Bancorp, Inc. Announces Organizational Changes

JACKSONVILLE, Fla., Dec. 10, 2013 /PRNewswire/ -- Jacksonville Bancorp, Inc. (the "Company") (NASDAQ: JAXB), holding company for The Jacksonville Bank (the "Bank"), announced today that Kendall L. Spencer was appointed as President and Chief Executive Officer of the Company.  Mr. Spencer was also appointed as a director of the Company and, subject to regulatory approval, will serve as the Chief Executive Officer and a director of the Bank.

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Mr. Spencer, age 61, has over 30 years of executive and senior level commercial bank leadership and management experience.  In 2013 and prior to joining the Company, Mr. Spencer was the Executive Vice President and Senior Commercial Banker of Florida Citizens Bank.  In these capacities, Mr. Spencer led and managed commercial, consumer and mortgage lending, credit and loan operations as well as provided strategic evaluation and planning for the executive management team and board of directors.  His professional background also includes various management positions, including the State President of Mercantile Bank, Corporate Executive Vice President and Director of Business Banking for Barnett Bank, Inc., as well as President of various community and regional Barnett Banks within the state of Florida.  Most recently, he has consulted and overseen several strategic evaluation projects with local banks as well as provided litigation support as a bank expert in lending-liability lawsuits.  Mr. Spencer also serves on the board of Family First and Jacksonville City Rescue Mission.  He holds a B.S. in Finance from the University of Florida and has post-graduate professional education from the Stonier Graduate School of Banking at the University of Delaware and North Dakota State University. 

Mr. Spencer's advanced leadership skills and commercial banking expertise as well as additional proficiencies in strategic financial planning and execution of operational initiatives are well-suited to the Company and the Bank and will complement the current board of directors' collective knowledge and experience.

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