UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): July 9, 2014
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JACOBS FINANCIAL GROUP, INC.
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(Exact name of Registrant as specified in its charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
0-21210 84-0922335
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(Commission File Number) (I.R.S. Employer Identification Number)
300 Summers Street, Suite 970, Charleston, West Virginia 25301
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(Address of Principal Executive Offices) (Zip Code)
(304) 343-8171
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(Registrant's Telephone Number, Including Area Code)
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(Former name, former address and former fiscal year,
if changed since last report)
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:
|_| Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
SECTION 2 - FINANCIAL INFORMATION
ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER
AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT
On July 9, 2014 the Registrant completed a $4,500,000 financing. In effect, a
subsidiary of Registrant borrowed the funds at 8.00% interest with principal
repayments on a ten year schedule. Proceeds of the borrowing were applied (i) to
purchase from certain of the Registrant's note holders 50.7% ($1.775 million
face amount) of the outstanding senior promissory notes comprising a $3.5
million financing dating from 2008, together with interest accrued thereon and
the associated collateral, which senior promissory notes have been in default,
(ii) to pay in full delinquent tax liabilities owed to the Internal Revenue
Service and State of West Virginia, (iii) to pay an outstanding judgment, and
(iv) to pay certain other current liabilities. The financing was a product of
the Registrant's ongoing efforts to restructure its balance sheet to position
itself to take advantage of business opportunities.
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.
Jacobs Financial Group, Inc.
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(Registrant)
/s/ John M. Jacobs
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Date: July 15, 2014 John M. Jacobs
President
