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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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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.

A copy of the press release issued by the Company on May 15, 2014 describing the above-referenced matters is attached as Exhibit 99.1 and incorporated herein by reference.

This report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  Forward-looking statement are often identified by words such as “will,” “expect,” “estimate,” “may,” “believe,” “intend,” “propose,” “anticipated,” and similar words. Forward-looking statements, which are statements with respect to the Company’s or its management’s beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, involve known and unknown risks, uncertainties and other factors, which may be beyond the Company’s control, and which may cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. The Company does not undertake to update any forward-looking statements. All forward-looking statements attributable to the Company are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in the Company's Annual Report on Form 10-K for the year ended December 31, 2013, and otherwise in its respective subsequent SEC reports and filings. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, without limitation, the following: the actual costs incurred in connection with the restructuring and workforce reduction; the Company’s 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.

 

Item 9.01

FINANCIAL STATEMENTS AND EXHIBITS

(d)

Exhibits

99.1	Press release dated as of May 15, 2014.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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EXHIBIT INDEX

99.1	Press release dated as of May 15, 2014.

 

 

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