Jacksonville Bancorp Inc. (JAXB)

[vpagano]

In case anyone wondered about the costs of this:

Item 2.05 COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES

On May 15, 2014, Jacksonville Bancorp, Inc. (the “Company”), holding company for The Jacksonville Bank (the “Bank”), began to implement a restructuring plan to reduce the Bank’s workforce by 16 positions, or approximately 16%. This action was approved by the Company’s board of directors on April 22, 2014 and is occurring in order to better align the Company’s and the Bank’s processes and procedures with the best industry practices and standards. The Company estimates it will incur approximately $90,000 in total restructuring expenses, consisting of severance benefits and other employee-related costs. The $90,000 in estimated costs is expected to be recognized as a one-time charge in the second quarter, the entirety of which will result in future cash expenditures in the third quarter.