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Options are not yet vested.
Scott Hall granted options for 300,000 shares with an exercise price of $.51. The options vest in equal annual increments of 25% over a four-year period beginning on October 8, 2014.
Margaret Incandela granted options for 1,500,000 shares with an exercise price of $.51. The options vest as follows: 20% on October 8, 2013, 40% on December 31, 2013 and 40% on December 31, 2014.
Valerie Kendall granted options for 200,000 shares with an exercise price of $.51. Options vest in equal annual increments of 25% over a four-year period beginning on October 8, 2014.
Another article I hope that isn't a re-post:
http://www.bizjournals.com/jacksonville/print-edition/2013/01/11/new-capital-means-local-bank-can-buy.html?page=all
H/T to @wellmont on Twitter for posting this Jacksonville Business Journal article breaking down institutional and insider investments from before:
http://www.bizjournals.com/jacksonville/blog/2013/03/institutionaldirectors-made-up.html
Leaves me thinking about how many shares are really out there that are NOT in the hands of insiders or long-term holders.
Was just looking at some filings, some stock bought / exercised from options by executives here at our buying level:
- William Klich, Director, buys 1,000 shares at $.50
http://www.sec.gov/Archives/edgar/data/1071264/000101532513000038/xslF345X03/primary_doc.xml
- Terrie Spiro, Director, buys 86,383 at $.50
http://www.sec.gov/Archives/edgar/data/1071264/000101532513000039/xslF345X03/primary_doc.xml
- Scott Hall, EVP / President, exercises 300,000 at $.51
http://www.sec.gov/Archives/edgar/data/1071264/000101532513000040/xslF345X03/primary_doc.xml
- Margaret Incandela, EVP / COO / CCO, exercises 1,500,000 at $.51
http://www.sec.gov/Archives/edgar/data/1071264/000101532513000041/xslF345X03/primary_doc.xml
- Valerie Kendall, EVP / CFO exercises 200,000 at $.51
http://www.sec.gov/Archives/edgar/data/1071264/000101532513000042/xslF345X03/primary_doc.xml
Point being, us as investors are inline with management's vested interest.
Board of Directors (the "Board") has approved a 1-for-20 reverse stock split of its common stock and nonvoting common stock. The Company anticipates that the reverse stock split will be effective on or about October 24, 2013. The Company's shareholders had authorized the Board to approve a reverse stock split at a ratio of up to 1-for-20 at the special meeting of shareholders in February.
Not unexpected.
A reverse split is also helpful for those who utilize margin borrowing.
1 for 20 reverse split approved to stay NASDAQ compliant....also puts it above the threshold for certain fund investment mandates.
http://finance.yahoo.com/news/jacksonville-bancorp-inc-board-approves-205000940.html
JACKSONVILLE, Fla., Oct. 8, 2013 /PRNewswire/ -- Jacksonville Bancorp, Inc. (the "Company") (JAXB), holding company for The Jacksonville Bank, announced today that its Board of Directors (the "Board") has approved a 1-for-20 reverse stock split of its common stock and nonvoting common stock. The Company anticipates that the reverse stock split will be effective on or about October 24, 2013. The Company's shareholders had authorized the Board to approve a reverse stock split at a ratio of up to 1-for-20 at the special meeting of shareholders in February.
(Logo: http://photos.prnewswire.com/prnh/20020410/JAXBLOGO)
The reverse stock split is being implemented primarily for the purpose of regaining compliance with the $1.00 per share minimum closing bid price requirement for continued listing on the Nasdaq Capital Market, although there is no assurance that this will be achieved.
When the reverse split becomes effective, every 20 shares of common stock held by a shareholder will automatically combine into one (1) new share of common stock, and every 20 shares of nonvoting common stock held by a shareholder 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
Jacksonville Bancorp, Inc., a bank holding company, is the parent of The Jacksonville Bank, a Florida state-chartered bank focusing on the Northeast Florida market with approximately $522.4 million in assets and eight full-service branches in Jacksonville and Jacksonville Beach, Duval County, Florida as well as our virtual branch. The Jacksonville Bank opened for business on May 28, 1999 and provides a variety of community banking services to businesses and individuals in Jacksonville, Florida. More information is available at its website at www.jaxbank.com.
It is odd and that's a fair statement Pagz. The market doesn't always appreciate value...banks are priced all over the map right now. Some are grossly and indefensibly over-priced ...and some are primo investing opportunities staring you in the face.
JAXB remains 'on sale' and when it moves out of Mr. Markets' blind spot..it's game on!
If you saw a $20 bill laying on a sidewalk and 50 people stepped over it before you that doesn't mean it's not a $20 dollar bill...pick it up ;)
What is interesting is the price action around the series of events. After a private placement, a rights offering, and then a public offering, we are still trading at the price of these capital raises. Even a fund late to the party could gobble up shares here and take a meaningful position, well after CapGen did! Just seems a little odd.
-Pagz
Jacksonville Bancorp, Inc. Raises $5 Million In Stock Offerings (10/07/13)
JACKSONVILLE, Fla., Oct. 7, 2013 /PRNewswire/ -- Jacksonville Bancorp, Inc. (the "Company") (NASDAQ: JAXB), holding company for The Jacksonville Bank, announced that it has completed the sale of $5 million in common stock, or 10 million shares. The capital was raised through the sale of common stock to participating shareholders in the Company's previously announced rights offering ("Rights Offering") and to purchasers in its public offering ("Public Offering") of the shares unsubscribed for in the Rights Offering. The Public Offering was fully subscribed with 7,917,383 shares of common stock sold to institutional and local investors through Hovde Group, LLC, the Company's sales agent for the Public Offering.
Don Glisson, Jr., Chairman of the Board, commented, "We are very pleased with the results of the Public Offering, and by the support from local investors and customers of The Jacksonville Bank, as well as the institutional investment community. The success of this offering gives us positive momentum as we continue to strengthen our capital position and execute our strategic initiatives."
The Company
Jacksonville Bancorp, Inc., a bank holding company, is the parent of The Jacksonville Bank, a Florida state-chartered bank focusing on the Northeast Florida market with approximately $522.4 million in assets and eight full-service branches in Jacksonville and Jacksonville Beach, Duval County, Florida as well as our virtual branch.The Jacksonville Bank opened for business on May 28, 1999 and provides a variety of community banking services to businesses and individuals in Jacksonville, Florida.More information is available at its website at www.jaxbank.com.
http://m.prnewswire.com/news-releases/jacksonville-bancorp-inc-raises-5-million-in-stock-offerings-226739141.html
Took part in "Plan B" a little today.
Also received shares.
UPDATE: My position actually quadrupled due to what was most likely a communication error on my part. No harm. No foul. I am glad to have had the opportunity to enhance the bank's capital raising effort.
The result is a further lowering of my average cost down to about $.525 per share.
Seems the company allready paved the way for a R/S last February
Jacksonville Bank shareholders approve reverse stock split
Christian Conte
Jacksonville Business Journal
Date: Friday, February 22, 2013, 2:52pm EST
Shareholders at Jacksonville Bancorp Inc. have approved the authorization of the company’s board of directors to conduct a reverse stock split of the company’s outstanding common stock and nonvoting common stock at a ratio of up to one for 20.
The reverse split combines several shares of stock into one share, thereby increasing the price per share.
The holding company for The Jacksonville Bank (Nasdaq: JAXB) announced the authorization as part of a special meeting Feb. 18 during which shareholders also approved the authorization of 100 million shares of nonvoting common stock, the issuance of an aggregate of 100 million shares of common and nonvoting stock upon the conversion of 50,000 outstanding shares of convertible perpetual preferred stock and an amendment to the company’s stock incentive plan.
The exact split ratio will be at the discretion of the board and will help the company address a notice it received from the Nasdaq Stock Market in December related to the listing rule of keeping a minimum $1 bid price.
The company’s stock fell below $1 during much of the fourth quarter until it closed on $50 million capital raise led by CapGen Capital Group.
The stock rose steadily in the days and weeks following the closing of the capital raise, but has declined some since its highest closing price of $2.91 Jan. 25. It closed at $1.71 Feb. 21, up from $1.44 Feb. 20.
http://m.bizjournals.com/jacksonville/news/2013/02/22/jacksonville-bancorp-shareholders.html?r=full
What is going to stop Delisting?
I don't see anything positive here. Once delisted the share price will continue to drop. The bank is out of money and eventually will be shut down. Please tell me I'm wrong!
Bingo! Thanx EI.
Question for the board - What do you think will happen to the share price once people realize no more shares can be purchased by anyone large or small past Oct. 4th for .50?
The bank threw small retail investors a bone by making it possible for us to get in at accredited investors' prices. Don't forget that it was only 5 months ago the bank sold $50MM dollars worth of stock to accredited investors ONLY. They snapped those shares up like hotcakes. That deal wasn't offered to us...we were paying a buck fifty @ share at that time ":~O
I appreciate a management and BoD that doesn't forget its' most junior partners.
There are investors who patiently and quietly wait like lions for shareholders who didn't understand what this was to dump their shares and move on.
Think about it. The guys who spent $50MM dollars aren't calling this investment a "flop" ...but the guys who spent a couple hundred bucks are. I'm going with the guys who spent the $50Million! ;)
"Plan B" was already built in upon the failure of a rights offering.
Personally relish any opportunity to buy at "warehouse membership club" prices.
The problem is most opportunities are limited to "accredited investors".
I am not ashamed to admit my purchases were made at an average cost per share of $.60 between 4/30/13 and 5/03/13. The rights offering allowed me to triple my holdings at the certain price of $.50 per share. I feel just as comfortable now as I did back then. Once the remaining shares have been sold, I will continue to add to my stake, hopefully at a similar range of prices.
One of the side benefits to a clean, chit chat free board like we have here on JAXB is a person doesn't have to plow thru hundreds of posts to get the meat of the story. In fact the quality of the info in just 72 posts is pretty good.
To really get the feel for what's going on with the banks' capital raising efforts to date I would suggest reading those post and pay particular attention to the post of Enterprising Investor. He has the unique ability of providing answers to questions long before they're ever asked. It always pays to go back and read his past work on any board you see him on
I'm glad you mentioned TARP...thank you for reminding me.
Jacksonville Bancorp didn't take TARP money...and I agree wholeheartedly with your comment about rising Florida RE valuations. It can only help the banks going forward.
For a snap-shot view of the bank and to verify TARP status you can use this link to banktracker:
http://banktracker.investigativereportingworkshop.org/banks/florida/jacksonville/the-jacksonville-bank/
How bad do they need money? Any chance of a PIPE in 6 months at a lower share price? Do they still owe any TARP funds? If not they should be OK. Real Estate in Forida has been significantly improving. Any info to the questions would be appreciated.
No doubt about it I was a little shocked and surprised at the final results of the offering. Responses to rights offerings can be very hard to predict. I know of a couple other banks that just completed very simular offering's and they were successful but I also know of a few examples that weren't. Its a crap shoot sometimes.
However I still view JAXB as a solid investment. The bank will have to roll out plan B now...its not the end of the world by a long shot... but putting plan B aside for a moment I think the important thing to remember is once a bank (any bank not just JAXB) completes a capital raising effort..the real work is just beginning..not ending. It takes time to put that money to work for us.
No one should ever invest in a cap raising effort expecting to see an immediately roi. The money JAXB raises hasn't even had 24 hours to generate any profits...and even if this rights offering was wildly successful that would still be true. It wasn't raised to collect dust sitting in a vault.
Banks are money machines...but they're are a true "investment".
Good Luck to you both.
Right on Chevy, You cant say it any better then that. Iam here, I excerised my rights, and not going anywhere, blue skies down the road
Mr. Market had JAXB priced at $1.50 the day of the announcement.
What I hear you saying is you would prefer buying at $1.50 while XYZ Fund was given exclusive rights to buy 20MM shares at .50?
I fully exercised my rights...and if I would have been a backstop investor on something like this I would have bought all the shares short-sighted traders didn't.
The bank needed (and I think expected) a much better participation rate...this will set them back a few qtrs...but I still think investors won't regret the purchase.
Banks are money machines. Let's re-visit this in 6 to 12 months and see what a .50 buy returned.
Deal?
In your mind is JAXB a "Trade" ...or an "Investment"?
Right now neither.
You also appear to have realized there was no incentive to buy the rights offering. The number of people that did particiapte was also very low as should be expected.
If you want someone to do something for you generally there has to be an inducement. Unless you are direct kin to mother Theresa. LOL
Not to suprising. They were selling stock at basically the market price. What was the incentive to buy other than saving some minor commission costs when buying over the open market?
Jacksonville Bancorp, Inc. Announces Results Of Rights Offering And Shares Available In Public Offering (9/23/13)
JACKSONVILLE, Fla., Sept. 23, 2013 /PRNewswire/ -- Jacksonville Bancorp, Inc. (the "Company") (NASDAQ: JAXB), holding company for The Jacksonville Bank, announced that 2,082,617 shares of common stock were subscribed for in its previously announced rights offering, totaling approximately $1,041,308 before expenses, and that it has accepted all such subscriptions. The rights offering period expired at 5:00 p.m., Eastern Time, on Friday, September 20, 2013.
In the rights offering, the Company distributed to eligible holders of its common stock one non-transferable subscription right for each share of common stock owned by such holder on August 20, 2013, the record date for the rights offering. Each subscription right entitled its holder to purchase 2.0002 shares of common stock at a subscription price of $0.50 per share.
At the completion of the rights offering, 7,917,383 shares of common stock remained available for sale to the public through Hovde Group, LLC, the Company's sales agent for the offering, which is acting on a "best efforts" basis only. The subscription price for the public offering is $0.50 per share. The public offering period will expire on October 4, 2013, unless extended.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities, nor shall there be any offer, solicitation or sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification of the securities under the securities laws of such state or jurisdiction.
The public offering is being made only by means of a prospectus supplement and accompanying prospectus. Copies of the prospectus supplement, accompanying prospectus and additional materials relating to the public offering may be obtained by contacting Dan Pake, Managing Director of Hovde, at (323) 395-9969.
The Company
Jacksonville Bancorp, Inc., a bank holding company, is the parent of The Jacksonville Bank, a Florida state-chartered bank focusing on the Northeast Florida market with approximately $522.4 million in assets and eight full-service branches in Jacksonville and Jacksonville Beach, Duval County, Florida as well as our virtual branch. The Jacksonville Bank opened for business on May 28, 1999 and provides a variety of community banking services to businesses and individuals in Jacksonville, Florida. More information is available at its website at www.jaxbank.com.
Rights offering expires 9/20/13.
It may take a couple of days to appear after expiration.
The CUSIP also changes once instructions are received. In my account, there is one regarding my basic subscription rights and one for oversubscription rights.
nice to hear, thanks for the info, another note, I submitted for the max # of shares I can get with the rights, did it last Friday, and idea how long it takes to reflex in my account?
Free Writing Prospectus (9/04/13)
http://www.sec.gov/Archives/edgar/data/1071264/000119312513356748/d592031dfwp.htm
Prospectus received today.
Fidelity is the broker for this holding.
Rights received today.
Short-term price expectations.
In most cases of secondary and rights offerings, the market price will decline in the short run. It is not uncommon for the market price to dip below the rights offering exercise price.
There is always the temptation not to exercise because the market price is less. The thing to remember it is that JAXB is raising capital. The quicker it gets done, the sooner management can refocus on operating the bank.
If the price remains below $.50 per share once the rights offering is completed, you can always continue to average down. I do not expect that phase to last long. All one has to do is review other recapitalizations involving rights offerings to Legacy Shareholders.
Each right entitles holder to purchase 2.0002 shares of common stock.
http://www.sec.gov/Archives/edgar/data/1071264/000119312513341112/d524171ds1a.htm
Ex-rights date would be 8/16/13.
Jacksonville Bancorp, Inc. Announces Record Date For Rights Offering (8/09/13)
JACKSONVILLE, Fla., Aug. 9, 2013 /PRNewswire/ -- As previously announced, Jacksonville Bancorp, Inc. (the "Company") (NASDAQ: JAXB), holding company for The Jacksonville Bank, intends to conduct a rights offering to existing shareholders for the purchase of up to 10 million shares of its common stock. A record date of August 20, 2013 has been set for the planned rights offering.
Upon commencement of the planned rights offering, the Company will distribute non-transferable subscription rights to purchase shares of its common stock to each eligible holder of its common stock as of the close of business on August 20, 2013. The subscription rights will expire 30 days after commencement of the offering, unless the offering period is extended by the Company. Certain shareholders who were offerees in the Company's December 2012 private placement will not be eligible to receive rights. The number of shares of the Company's common stock purchasable upon exercise of the subscription rights will be calculated based on the total number of outstanding shares of the Company's common stock held by the eligible shareholders on August 20, 2013.
The Company has filed the registration statement relating to the securities with the SEC but it has not yet become effective. These securities may not be offered or sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities, nor shall there be any offer, solicitation or sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification of the securities under the securities laws of such state or jurisdiction.
The rights offering will be made only by means of a prospectus, copies of which will be mailed to all eligible record date shareholders. When available, copies of the prospectus relating to the rights offering may be obtained from the subscription agent for the rights offering:
Registrar and Transfer Company
(800) 368-5948 or info@rtco.com
The Company
Jacksonville Bancorp, Inc., a bank holding company, is the parent of The Jacksonville Bank, a Florida state-chartered bank focusing on the Northeast Florida market with approximately $522.4 million in assets and eight full-service branches in Jacksonville and Jacksonville Beach, Duval County, Florida as well as our virtual branch. The Jacksonville Bank opened for business on May 28, 1999 and provides a variety of community banking services to businesses and individuals in Jacksonville, Florida. More information is available at its website at www.jaxbank.com.
The statements contained in this press release, other than historical information, are forward-looking statements, which involve risks, assumptions and uncertainties. The risks, uncertainties and factors affecting actual results include but are not limited to: our ability to conduct, and the results of, the rights offering; our ability to dispose of substandard assets and the disposition prices thereof; economic and political conditions, especially in North Florida; real estate prices and sales in the Company's markets; competitive circumstances; bank regulation, legislation, accounting principles and monetary policies; the interest rate environment; efforts to increase our capital and reduce our nonperforming assets; and technological changes. The Company's actual results may differ significantly from the results discussed in forward-looking statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Company does not undertake, and specifically disclaims, any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Additional information regarding risk factors can be found in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2012 and the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2013.
SOURCE Jacksonville Bancorp, Inc.
http://www.prnewswire.com/news-releases/jacksonville-bancorp-inc-announces-record-date-for-rights-offering-219030551.html#prettyPhoto
Jacksonville Bancorp Announces 2013 Second Quarter Earnings (8/09/13)
JACKSONVILLE, Fla., Aug. 9, 2013 /PRNewswire/ -- Jacksonville Bancorp, Inc. (the "Company") (NASDAQ: JAXB), holding company for The Jacksonville Bank (the "Bank"), announced today net income of $29 thousand for the three months ended June 30, 2013, compared to net loss of $11.8 million for the three months ended June 30, 2012. For the six months ended June 30, 2013, the Company recorded net income of $228 thousand, compared to $10.5 million of net loss for the same period in the prior year. Book value and tangible book value per common share as of June 30, 2013 were $0.30 and $0.29, respectively.
Total assets were $522.4 million as of June 30, 2013, compared to $583.0 million as of June 30, 2012. The decrease in total assets was largely due to the decrease in net loans as a result of the Company's execution of its overall strategy to accelerate the disposition of substandard assets. To a lesser extent, the write-off of the Company's goodwill also decreased total assets year-over-year. Total assets decreased $42.7 million to $522.4 million as of June 30, 2013 from $565.1 million as of December 31, 2012. This decrease was due to reductions in federal funds sold in the amount of $30.9 million and net loans of $13.2 million as a result of foreclosure activities, net charge-offs and loan payoffs that outpaced loan originations during the six months ended June 30, 2013. Other real estate owned ("OREO") increased $2.2 million as a result of the aggressive pursuit of foreclosures in the first half of 2013. These amounts were slightly offset by a decrease in securities available-for-sale of $0.8 million during the six months ended June 30, 2013.
Total deposits were $449.3 million as of June 30, 2013, a decrease of $72.2 million compared to total deposits of $521.5 million as of June 30, 2012. The decrease in total deposits when compared to the same period in 2012 was driven primarily by a decrease in time deposits of $65.0 million due largely to a reduction in national and brokered CDs (the Company is currently not offering or renewing national or brokered CDs). This decrease was slightly offset by an $11.8 million increase in noninterest-bearing demand deposits. Total deposits decreased $40.7 million during the six months ended June 30, 2013 to $449.3 million as of June 30, 2013, as compared to $490.0 million as of December 31, 2012. This decrease was due to similar factors as were previously discussed.
As of June 30, 2013, nonperforming assets were $26.1 million, or 5.00% of total assets, compared to $53.9 million, or 9.25% of total assets, as of June 30, 2012. The decrease in nonperforming assets was driven primarily by sales and write-downs of OREO, the reduction of substandard assets via restructures, payoffs and short sales, and the asset sale completed late in the fourth quarter of 2012 and the associated charge-offs related to these activities. The year-over-year reduction in nonperforming loans was further driven by the aggressive pursuit of foreclosure actions during the first half of 2013. As of June 30, 2013, $2.1 million of our $9.1 million OREO balance was either pending or under contract to sell. These factors are consistent with the Company's overall strategy to accelerate the disposition of substandard assets.
http://www.prnewswire.com/news-releases/jacksonville-bancorp-announces-2013-second-quarter-earnings-219024971.html
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