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Jacksonville Bancorp, Inc. and Atlantic BancGroup, Inc. Announce Revised Merger Agreement

Jacksonville Bancorp, Inc. (Nasdaq: JAXB), the bank holding company for The Jacksonville Bank, and Atlantic BancGroup, Inc. (Nasdaq: ATBC) today announced an amendment to their previously announced merger agreement.

JAXB also announced an amendment to its previously announced stock purchase agreement with four investors led by CapGen Capital Group IV LP. The amount of capital to be raised under the stock purchase agreement has been increased from $30 million to $35 million and the purchase price per share has been reduced from $10 to $9. As a result, JAXB intends to issue 3,888,889 shares to the four private investors.

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