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Jacksonville Bancorp, Inc. Message Board

  • well_connected_and_well_off well_connected_and_well_off Apr 16, 2013 2:04 PM Flag

    Jax Bank seeks another $35M

    Nearly a year and a half after a $35 million capital raise, Jacksonville Bancorp Inc. plans to raise another $35 million to $40 million by this summer in order to do a bulk sale of most of its nonperforming loans worth about $50 million.

    Tony Plath, an associate professor of finance at the University of North Carolina Charlotte, said it would be difficult to persuade new investors to invest in Jacksonville Bancorp this time around. “If anyone is likely to place more capital in the franchise, it’s likely to be CapGen, since they have the most to lose here if the bank is recapitalized by another investor group.”
    Hall expects at least 75 percent of the investment to come from insiders, such as people on the company’s board of directors, institutional investors and CapGen.

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