Jacksonville Bancorp, Inc. Announces Share Repurchase
JACKSONVILLE, Ill., Oct. 16, 2013 /PRNewswire/ -- Jacksonville Bancorp, Inc.'s (NASDAQ Capital Market – JXSB) Board of Directors authorized a stock repurchase plan for the Company to repurchase up to 5% of its outstanding shares of common stock, or 92,018 shares in the open market, in block trades or in privately negotiated transactions depending on market conditions. The Company's previous repurchase plan dated July 19, 2011 was fulfilled during the third quarter of 2013. The timing of the repurchases under the new repurchase plan will depend on certain factors, including but not limited to stock price, the Company's liquidity requirements, and alternative uses of capital. Any repurchased shares will be treated as authorized but unissued shares.
This news release contains certain forward-looking statements within the meaning of the federal securities laws. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Reform Act of 1995, and is including this statement for purposes of these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and experiences of the Company, are generally identified by use of the words "believe", "expect", "intend", "anticipate", "estimate", "project", or similar expressions. The Company's ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and the subsidiaries include, but are not limited to, changes in: interest rates, general economic conditions, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company's market area and accounting principles and guidelines. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.
SOURCE Jacksonville Bancorp, Inc.