The transaction has been approved by the boards of directors of each company. The acquisition is subject to regulatory approval, Heritage shareholders’ approval, and certain other conditions. Jacksonville Bancorp (JAXB) expects to close the transaction in late second or early third quarter of 2008.
Under the terms of the agreement, Heritage shareholders may elect to receive either 0.62 shares of JAXB common stock, $17.29 per share in cash, or a combination of stock and cash. The proposed consideration will consist of approximately 738,000 shares in JAXB common stock and $8.8 million in cash, reflecting a mix of consideration of 70% stock and 30% cash.
Gilbert Pomar, president and CEO of JAXB, said: We are excited by this opportunity to partner with an organization that shares our commitment to excellent customer service and community involvement. The combination of our two companies will position us to be the largest community bank in the greater Jacksonville area.
