Businessweek

Jacksonville Bancorp, Inc. operates as the bank holding company for Jacksonville Savings Bank. The company conducts its business from its main office and six branches, two of which are located in Jacksonville and one of which is located in each of the following Illinois communities: Virden, Litchfield, Chapin, and Concord. The company operates an investment center at its main office. Its investment center is operated through Financial Resources Group, Inc., Jacksonville Savings Bank’s wholly-owned subsidiary. The company is a community-oriented savings bank engaged primarily in the business of attracting retail deposits from the general public in its market area and using such funds, together with borrowings and funds from other sources, to originate mortgage loans secured by one- to four-family residential real estate, commercial and agricultural real estate and home equity loans. The company also originates commercial and agricultural business loans and consumer loans. Lending Activities The company’s principal lending activity has been the origination of mortgage loans secured by one- to four-family residential properties in its local market area. It also originates commercial and agricultural business loans secured by collateral other than real estate, as well as unsecured commercial and agricultural business loans. The company also originates home equity and consumer loans. It originates fixed-rate residential mortgage loans secured by one- to four-family residential properties with terms up to 30 years. The company sells a significant portion of its one- to four-family fixed-rate residential mortgage loan originations directly to Freddie Mac. One- to Four-Family Mortgage Loans: The company’s primary lending origination activity has been one- to four-family, owner-occupied, residential mortgage loans secured by property located in its market area. It offers adjustable-rate mortgage loans for terms ranging up to 30 years. Commercial Real Estate Loans: The company originates and purchases commercial real estate loans. Its commercial real estate loans are secured primarily by improved properties such as multi-family residential properties, retail facilities and office buildings, restaurants, and other non-residential buildings. Agricultural Real Estate Loans: The company originates and purchases agricultural real estate loans. Home Equity Loans: The company’s home equity loans and lines of credit are secured by the borrower’s principal residence. Commercial Business Loans: The company originates commercial business loans to borrowers located in its market area which are secured by collateral other than real estate or which can be unsecured. It also purchases participations of commercial business loans from other lenders, which may be made to borrowers outside its market area. Agricultural Business Loans: The company originates agricultural business loans to borrowers located in its market area which are secured by collateral other than real estate or which can be unsecured. Agricultural business loans are secured by equipment and blanket security agreements on all farm assets. These loans are offered with fixed rates with terms up to five years. Consumer Loans: The principal types of consumer loans the company offers are automobile loans, loans secured by deposit accounts, unsecured loans and mobile home loans. The company offers consumer loans on a fixed-rate basis. It offers automobile loans with maturities of up to 60 months for new automobiles. Investment Portfolio The company invests in the United States Government agency securities, bank-qualified, general obligation municipal issues, and mortgage-backed securities issued or guaranteed by the United States Government or agencies thereof. It maintains a portion of its assets in liquid investments, such as overnight funds at the Federal Home Loan Bank. Deposits The company offers interest-bearing checking accounts, noninterest-bearing checking accounts, savings accounts, money market accounts, term certificate accounts, and individual retirement accounts. Regulation The company is a nondiversified savings and loan hold