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BRIEF-Jacksonville Bancorp acquires Atlantic BancGroup


May 10 (Reuters) - Jacksonville Bancorp Inc (FL): * Jacksonville Bancorp, Inc. and Atlantic BancGroup Inc announce merger agreement * Says merger agreement also contemplates the consolidation of Oceanside bank into the Jacksonville Bank * ATBC shareholders will receive 0.2 shares of jaxb common stock for each share of ATBC common stock * Additionally, ATBC shareholders may receive cash of up to approximately $0.65 per share * Says also signed stock purchase agreement with four private investors led by Capgen Capital Group IV Lp * Says John Sullivan of Capgen will become a new director of the combined company * A total of about 250,000 shares of jaxb common stock is expected to be issued to atbc shareholders * Says Gilbert pomar will become president and CEO of the combined banks * Says also stock purchase agreement provides for $30 million in new capital * The combined co will have approximately $760 million in assets and approximately $60 million in equity. ((Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780)) (For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved.

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