U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB
(Mark One)

[X]  Quarterly  report under Section 13 or 15(d) of the Securities  Exchange Act
     of 1934

For the quarterly period ended March 31, 2001

___  Transition report under Section 13 or 15(d) of the Exchange Act

For the transition period from __________ to _____________

Commission file number 001-14853
                       ---------

                           JACKSONVILLE BANCORP, INC.
                           -------------------------
        (Exact Name of Small Business Issuer as Specified in Its Charter)

        Florida                                                  59-3472981
--------------------------------                             -------------------
(State or Other Jurisdiction                                    (I.R.S. Employer
of Incorporation or Organization)                            Identification No.)

                        76 South Laura Street, Suite 104
                           Jacksonville, Florida 32202
                        --------------------------------
                    (Address of Principal Executive Offices)

                                 (904) 421-3040
                                  -------------
                (Issuer's Telephone Number, Including Area Code)

                -------------------------------------------------
         (Former Name, Former Address and Former Fiscal Year, if Changed
                               Since Last Report)

     Check  whether  the issuer:  (1) filed all reports  required to be filed by
Section  12, 13 or 15(d) of the  Exchange  Act during the past 12 months (or for
such shorter period that the registrant was required to file such reports),  and
(2) has been subject to such filing requirements for the past 90 days.

YES [X]     NO [ ]

     State the number of shares  outstanding of each of the issuer's  classes of
common equity, as of the latest practicable date:


Common stock, par value $.01 per share                     1,017,066 shares
--------------------------------------                --------------------------
             (class)                                  Outstanding at May 1, 2001

Transitional Small Business Format (check one): YES [ ]  NO [X]

<PAGE>







                           JACKSONVILLE BANCORP, INC.

                                      INDEX


PART I. FINANCIAL INFORMATION

   Item 1. Financial Statements                                             Page
                                                                            ----
     Condensed Consolidated Balance Sheets -
       At March 31, 2001 (unaudited) and At December 31, 2000..................2

     Condensed Consolidated Statements of Operations (Unaudited)-
       Three Months ended March 31, 2001 and 2000..............................3

     Condensed Consolidated Statement of Stockholders' Equity (Unaudited) -
       Three Months ended March 31, 2001.......................................4

     Condensed Consolidated Statements of Cash Flows (Unaudited)-
       Three Months ended March 31, 2001 and 2000..............................5

     Notes to Condensed Consolidated Financial Statements (Unaudited)........6-7

     Review by Independent Certified Public Accountants........................8

     Report on Review by Independent Certified Public Accountants..............9

   Item 2. Management's Discussion and Analysis of Financial Condition
     and Results of Operations.............................................10-11

   Item 3. Quantitative and Qualitative Disclosure about Market Risk..........11

PART II. OTHER INFORMATION

   Item 6.  Exhibits and Reports on Form 8-K..................................11

SIGNATURES....................................................................12


                                       1
<PAGE>

                           JACKSONVILLE BANCORP, INC.

                          PART I. FINANCIAL INFORMATION

                          Item 1. Financial Statements

                      Condensed Consolidated Balance Sheets

<TABLE>

                                                                                    March 31,         December 31,
                                                                                    --------          -----------
    Assets                                                                            2001                2000
                                                                                      ----                ----
                                                                                   (Unaudited)

<S>                                                                               <C>                   <C>
Cash and due from banks ....................................................      $  4,380,468          2,234,968
Federal funds sold .........................................................         3,139,984            150,128
                                                                                     ---------            -------

            Cash and cash equivalents ......................................         7,520,452          2,385,096

Securities available for sale ..............................................         2,420,515          3,095,420
Securities held to maturity ................................................           550,000             50,000
Loans, net of allowance for loan losses of $384,249 in 2001 and
    $344,361 in 2000 .......................................................        38,136,911         34,183,256
Accrued interest receivable ................................................           263,970            257,405
Premises and equipment, net ................................................         3,489,468          3,553,555
Federal Home Loan Bank stock, at cost ......................................            63,000             36,700
Deferred income taxes ......................................................         1,355,730          1,291,708
Other assets ...............................................................           161,160            182,955
                                                                                       -------            -------

            Total assets ...................................................      $ 53,961,206         45,036,095
                                                                                  ============         ==========
    Liabilities and Stockholders' Equity

Liabilities:
    Noninterest-bearing deposits ...........................................         9,931,937          7,749,278
    Money market, NOW and savings deposits .................................        19,147,285         16,493,101
    Time deposits ..........................................................        17,259,128         13,098,478
                                                                                    ----------         ----------

            Total deposits .................................................        46,338,350         37,340,857

    Other liabilities ......................................................           189,515            155,779
                                                                                       -------            -------

            Total liabilities ..............................................        46,527,865         37,496,636
                                                                                    ----------         ----------

Stockholders' equity:
    Preferred stock ........................................................              --                 --
    Common stock ...........................................................            10,171             10,171
    Additional paid-in capital .............................................         9,705,206          9,705,206
    Accumulated deficit ....................................................        (2,291,854)        (2,178,781)
    Accumulated other comprehensive income .................................             9,818              2,863
                                                                                         -----              -----

            Total stockholders' equity .....................................         7,433,341          7,539,459
                                                                                     ---------          ---------

            Total liabilities and stockholders' equity .....................      $ 53,961,206         45,036,095
                                                                                  ============         ==========

</TABLE>


See Accompanying Notes to Condensed Consolidated Financial Statements.



                                       2
<PAGE>

                           JACKSONVILLE BANCORP, INC.

                 Condensed Consolidated Statements of Operations
                                   (Unaudited)

<TABLE>

                                                                                                 Three Months Ended
                                                                                                       March 31,
                                                                                                 -------------------------
                                                                                              2001                  2000
                                                                                              ----                  ----
<S>                                                                                      <C>                      <C>
Interest income:
    Loans receivable ................................................................... $   829,059              208,975
    Securities .........................................................................      50,410               34,401
    Other interest-earning assets ......................................................      47,515               29,851
                                                                                              ------               ------

              Total interest income ....................................................     926,984              273,227
                                                                                             -------              -------

Interest expense:
    Deposits ...........................................................................     470,987               98,065
                                                                                             -------               ------

              Net interest income ......................................................     455,997              175,162

Provision for loan losses ..............................................................      39,888               35,658
                                                                                              ------               ------

              Net interest income after provision for loan losses ......................     416,109              139,504
                                                                                             -------              -------

Noninterest income:
    Service charges on deposit accounts ................................................      53,613               33,549
    Other ..............................................................................      33,039               12,931
                                                                                              ------               ------

              Total noninterest income .................................................      86,652               46,480
                                                                                              ------               ------

Noninterest expense:
    Salaries and employee benefits .....................................................     353,072              329,115
    Occupancy expense ..................................................................     131,525               96,127
    Professional fees ..................................................................      14,167               10,889
    Data processing ....................................................................      87,231               53,447
    Printing and office supplies .......................................................      15,311               20,871
    Advertising ........................................................................       4,030               31,229
    Other ..............................................................................      78,716               52,644
                                                                                              ------               ------

              Total noninterest expense ................................................     684,052              594,322
                                                                                             -------              -------

Loss before income tax benefit .........................................................    (181,291)            (408,338)

              Income tax benefit .......................................................     (68,218)            (154,665)
                                                                                             -------             --------

Net loss ............................................................................... $  (113,073)            (253,673)
                                                                                         ===========             ========

Loss per share, basic and diluted ...................................................... $      (.11)                (.25)
                                                                                         ===========                 ====

Dividends per share .................................................................... $      --                   --
                                                                                         ===========             ========

Weighted-average number of common shares outstanding for basic and diluted .............   1,017,066            1,017,066
                                                                                           =========            =========

</TABLE>

See Accompanying Notes to Condensed Consolidated Financial Statements.



                                       3
<PAGE>

                           JACKSONVILLE BANCORP, INC.

            Condensed Consolidated Statement of Stockholders' Equity

                        Three Months Ended March 31, 2001


<TABLE>


                                                                                                       Accumulated
                                                                                                         Other
                                                                           Additional                    Compre-     Total
                                   Preferred Stock       Common Stock        Paid-In      Accumulated    hensive  Stockholders'
                                  Shares    Amount    Shares      Amount     Capital        Deficit      Income      Equity
                                  ------    ------    ------      ------     -------        ------       ------      ------

<S>                                       <C>         <C>        <C>         <C>         <C>              <C>       <C>
Balance at December 31,
2000 .........................     --     $    --     10,171     $ 10,171    9,705,206   (2,178,781)      2,863     7,539,459

Comprehensive income (loss):
Net loss (unaudited) .........     --          --       --           --          --        (113,073)       --        (113,073)

Net change in unrealized
  gain on securities available
  for sale, net of income
  taxes of $4,196
  (unaudited) ................     --          --       --           --          --           --          6,955         6,955
                                                                                                                        -----
Comprehensive income .........
  (loss) (unaudited) .........                                                                                       (106,118)
                                 ------      ------   ------       ------      ------       ------       ------      ---------
Balance at March 31, 2001
(unaudited) ..................     --     $    --     10,171     $ 10,171    9,705,206   (2,291,854)      9,818     7,433,341
                                  ====       =====    ======     ========    =========   ==========       =====     =========

</TABLE>

See Accompanying Notes to Condensed Consolidated Financial Statements.

                                       4
<PAGE>





                           JACKSONVILLE BANCORP, INC.

                 Condensed Consolidated Statements of Cash Flows
                                   (Unaudited)
<TABLE>

                                                                                                   Three Months Ended
                                                                                                         March 31,
                                                                                                   ------------------
                                                                                                  2001           2000
                                                                                                  ----           ----
<S>                                                                                          <C>                 <C>
Cash flows from operating activities:
    Net loss .........................................................................       $  (113,073)        (253,673)
    Adjustments to reconcile net loss to net cash
      (used in) provided by operating activities:
        Depreciation and amortization ................................................            68,596           40,880
        Provision for loan losses ....................................................            39,888           35,658
        Credit for deferred income taxes .............................................           (68,218)        (154,665)
        Net accretion of securities ..................................................           (11,262)             -
        Decrease (increase) in accrued interest receivable and
            other assets .............................................................            15,230         (409,856)
        Increase in other liabilities ................................................            33,736        1,000,446
                                                                                                  ------        ---------

                Net cash (used in) provided by operating activities ..................           (35,103)         258,790
                                                                                                 -------          -------

Cash flows from investing activities:
    Purchases of securities available for sale .......................................          (935,019)             -
    Purchase of securities held to maturity ..........................................          (500,000)             -
    Proceeds from calls and pay-downs of securities available
        for sale .....................................................................         1,632,337              -
    Purchase of Federal Home Loan Bank stock .........................................           (26,300)         (36,700)
    Net increase in loans ............................................................        (3,993,543)      (3,566,102)
    Purchases of premises and equipment ..............................................            (4,509)        (874,532)
                                                                                                  ------         --------

                Net cash used in investing activities ................................        (3,827,034)      (4,477,334)
                                                                                              ----------       ----------

Cash flows from financing activity:
    Net increase in deposits .........................................................         8,997,493        8,742,417
                                                                                               ---------        ---------

Net increase in cash and cash equivalents ............................................         5,135,356        4,523,873

Cash and cash equivalents at beginning of period .....................................         2,385,096        1,478,648
                                                                                               ---------        ---------

Cash and cash equivalents at end of period ...........................................       $ 7,520,452        6,002,521
                                                                                             ===========        =========

Supplemental disclosures of cash flow information:
    Cash paid during the period for:
        Interest .....................................................................       $   451,639           96,737
                                                                                             ===========           ======

        Income taxes..................................................................       $     -                  -
                                                                                             ===========           =======

    Noncash transaction:
        Accumulated other comprehensive income (loss), change
            in unrealized gain on securities available for
            sale, net of tax .........................................................       $     6,955           (3,917)
                                                                                             ===========           ======
</TABLE>


See Accompanying Notes to Condensed Consolidated Financial Statements.

                                       5
<PAGE>

                           JACKSONVILLE BANCORP, INC.

        Notes to Condensed Consolidated Financial Statements (Unaudited)


(1) Description of Business and Summary of Significant Accounting Policies
    General.   Jacksonville   Bancorp,   Inc.   ("Jacksonville   Bancorp")   was
         incorporated on October 24, 1997. Jacksonville Bancorp owns 100% of the
         outstanding  common  stock  of  The  Jacksonville  Bank  (the  "Bank").
         Jacksonville  Bancorp's only business is the ownership and operation of
         the Bank. The Bank is a Florida state-chartered commercial bank and its
         deposits are insured by the Federal Deposit Insurance Corporation.  The
         Bank  opened for  business  on May 28,  1999 and  provides a variety of
         community banking services to businesses and individuals  through three
         banking offices in Jacksonville,  Florida. During 2000, the Bank formed
         Fountain  Financial,  Inc.,  (the  "Insurance  Agency") a  wholly-owned
         subsidiary  whose primary  business  activities  consist of referral of
         customers of the Bank to third parties for sale of insurance products.

         In the opinion of management,  the accompanying  condensed consolidated
         financial statements contain all adjustments (consisting principally of
         normal  recurring  accruals)  necessary to present fairly the financial
         position at March 31, 2001 and the results of operations and cash flows
         for the three-month  periods ended March 31, 2001 and 2000. The results
         of  operations  for the three  months  ended  March 31,  2001,  are not
         necessarily  indicative  of the  results  to be  expected  for the year
         ending December 31, 2001.

     Basis of Presentation.  The accompanying  condensed  consolidated financial
         statements of the Company include the accounts of Jacksonville Bancorp,
         the Bank and the Insurance Agency  (collectively,  the "Company").  All
         significant intercompany accounts and transactions have been eliminated
         in consolidation.

(2)  Loan  Impairment  and Loan  Losses.  No loans were  identified  as impaired
     during the three months ended March 31, 2001 or 2000.

     An analysis of the change in the allowance for loan losses follows:

                                                        Three Months Ended
                                                            March 31,
                                                        ------------------
                                                       2001            2000
                                                       ----            ----

       Balance at beginning of period............    $ 344,361        80,485
       Provision for loan losses.................       39,888        35,658
                                                        ------        ------

       Balance at end of period..................    $ 384,249       116,143
                                                     =========       =======

                                                                     (continued)


                                       6
<PAGE>




                           JACKSONVILLE BANCORP, INC.

   Notes to Condensed Consolidated Financial Statements (Unaudited), Continued


(3)  Loss Per Share.  Basic and diluted loss per share has been  computed on the
     basis of the weighted-average number of shares of common stock outstanding.
     The Company's common stock equivalents are not dilutive.

(4)  Regulatory  Matters.  The Bank is  required  to  maintain  certain  minimum
     regulatory  capital  requirements.  The following is a summary at March 31,
     2001 of the regulatory  capital  requirements and the Bank's actual capital
     on a percentage basis:

                                                                     Regulatory
                                                             Actual  Requirement
                                                             ------  -----------

    Total capital to risk-weighted assets.................   13.64%     8.00%
    Tier I capital to risk-weighted assets................   12.73%     4.00%
    Tier I capital to average assets - leverage ratio.....   10.95%     4.00%



                                       7
<PAGE>


                           JACKSONVILLE BANCORP, INC.

               Review by Independent Certified Public Accountants


Hacker,   Johnson  &  Smith  PA,  the  Company's  independent  certified  public
accountants,  have made a limited  review of the financial  data as of March 31,
2001, and for the three-month periods ended March 31, 2001 and 2000 presented in
this  document,  in  accordance  with  standards  established  by  the  American
Institute of Certified Public Accountants.

Their  report  furnished  pursuant to Article 10 of  Regulation  S-X is included
herein.





                                       8
<PAGE>

          Report on Review by Independent Certified Public Accountants



The Board of Directors
Jacksonville Bancorp, Inc.
Jacksonville, Florida:


      We have reviewed the accompanying  condensed consolidated balance sheet of
Jacksonville Bancorp, Inc. (the "Company") as of March 31, 2001, and the related
condensed  consolidated   statements  of  operations  and  cash  flows  for  the
three-month periods ended March 31, 2001 and 2000 and the condensed consolidated
statement of  stockholders'  equity for the  three-month  period ended March 31,
2001.  These  financial  statements  are  the  responsibility  of the  Company's
management.

      We conducted our review in accordance  with  standards  established by the
American  Institute  of  Certified  Public  Accountants.  A  review  of  interim
financial  information consists principally of applying analytical procedures to
financial  data and making  inquiries of persons  responsible  for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with generally accepted auditing standards, the objective of which is
the  expression  of an opinion  regarding the  financial  statements  taken as a
whole. Accordingly, we do not express such an opinion.

      Based on our review, we are not aware of any material  modifications  that
should be made to the condensed  consolidated  financial  statements referred to
above  for  them  to  be  in  conformity  with  generally  accepted   accounting
principles.

      We have previously audited, in accordance with generally accepted auditing
standards,  the  consolidated  balance  sheet as of December 31,  2000,  and the
related  consolidated  statements of operations,  stockholders'  equity and cash
flows for the year then ended (not  presented  herein);  and in our report dated
February  23, 2001 we  expressed an  unqualified  opinion on those  consolidated
financial  statements.  In  our  opinion,  the  information  set  forth  in  the
accompanying  condensed  consolidated  balance sheet as of December 31, 2000, is
fairly stated, in all material respects, in relation to the consolidated balance
sheet from which it has been derived.






HACKER, JOHNSON & SMITH PA
Tampa, Florida
April 27, 2001



                                       9
<PAGE>

                           JACKSONVILLE BANCORP, INC.

                  Item 2. Management's Discussion and Analysis
                 of Financial Condition and Results of Operation


General

     Jacksonville Bancorp, Inc. ("Jacksonville  Bancorp") which was incorporated
     on October  24,  1997,  owns 100% of the  outstanding  common  stock of The
     Jacksonville  Bank ("Bank")  (collectively,  the "Company").  The Bank is a
     Florida state-chartered commercial bank and its deposits are insured by the
     Federal Deposit Insurance Corporation.  The Bank opened for business on May
     28,  1999,  and  provides  a  variety  of  community  banking  services  to
     businesses and  individuals  through its three banking  offices  located in
     Jacksonville,  Florida.  During  2000 the Bank formed  Fountain  Financial,
     Inc., a wholly-owned  subsidiary whose primary business  activities consist
     of referral of customers of the Bank to third parties for sale of insurance
     products.

Liquidity and Capital Resources

     The  Company's  primary  source of cash during the three months ended March
     31, 2001 was from the net increase in deposits of $9.0 million, compared to
     $8.7 million for the same period in 2000. During the first quarter of 2001,
     cash was used to originate loans, net of repayments,  of $4.0 million.  The
     Company had unfunded loan commitments of $12.6 million and time deposits of
     $14.5 million  maturing in one year or less at March 31, 2001.  The Company
     exceeded its regulatory liquidity requirements at March 31, 2001.

Comparison of the Three-Month Periods Ended March 31, 2001 and 2000

     General. Net loss for the three months ended March 31, 2001 was $113,073 or
        $.11 per basic and diluted share  compared to $253,673 or $.25 per basic
        and diluted  share for 2000.  For the three months ended March 31, 2001,
        the  Company  had  not  achieved  the  average  asset  size  to  operate
        profitably.

     Interest  Income.  Interest  income was $926,984 for the three months ended
        March  31,  2001 up from  $273,227  for the same  period  in 2000.  This
        increase  was  due  to an  increase  in the  average  balance  of  loans
        receivable  from $9.2  million for the  quarter  ended March 31, 2000 to
        $35.9  million for the same  period in 2001.  In  addition,  the average
        yield earned on the loan portfolio increased from 9.01% to 9.36% for the
        same periods.

     Interest Expense.  Interest expense was $470,987 for the three months ended
        March 31, 2001 up from $98,065 for the same period in 2000. This was due
        to an increase in the average  balance of  interest-bearing  deposits to
        $34.8 million for the first  quarter in 2001 from an average  balance of
        $7.3 million for the same period in 2000.

     Provision for Loan  Losses.  The  provision  for loan  losses is charged to
        earnings to increase the total  allowance to a level deemed  appropriate
        by management and is based upon the volume and type of lending conducted
        by the Company,  industry  standards,  the amount of nonperforming loans
        and  general  economic  conditions,  particularly  as they relate to the
        Company's market areas, and other factors related to the  collectibility
        of the Company's loan  portfolio.  The Company  recorded a provision for
        loan  losses  for the  three  months  ended  March 31,  2001 of  $39,888
        compared to $35,658 for the same period in 2000.  The allowance for loan
        losses was  $384,249  at March 31,  2001 which  management  believes  is
        adequate.




                                       10
<PAGE>

                           JACKSONVILLE BANCORP, INC.

                  Item 2. Management's Discussion and Analysis
           of Financial Condition and Results of Operation, Continued

     Noninterest Expense.  Noninterest expense was $684,052 for the three months
        ended March 31, 2001  compared to $594,322  for the three  months  ended
        March 31,  2000.  The  largest  noninterest  expense  was  salaries  and
        employee benefits totaling $353,072 for the three months ended March 31,
        2001  compared  to  $329,015  for the  comparable  period  in 2000.  The
        increase in total  noninterest  expense in 2001  resulted  from  overall
        growth of the Company.

     Income Tax Benefit. The income tax benefit for the three months ended March
        31, 2001 was $68,218 (an effective  rate of 37.6%)  compared to $154,665
        (an effective rate of 37.9%) for the same period in 2000. A deferred tax
        asset has been recognized  because  management  expects to utilize it in
        the future.

Item 3.  Quantitative and Qualitative Disclosures About Market Risk

Market risk is the risk of loss from adverse changes in market prices and rates.
The Company's  market risk arises  primarily from interest rate risk inherent in
its  lending and deposit  taking  activities.  The Company has little or no risk
related to trading accounts, commodities or foreign exchange.

Management  actively  monitors and manages its interest rate risk exposure.  The
primary objective in managing interest-rate risk is to limit, within established
guidelines, the adverse impact of changes in interest rates on the Company's net
interest  income and capital,  while  adjusting  the  Company's  asset-liability
structure to obtain the maximum yield-cost spread on that structure.  Management
relies primarily on its asset-liability structure to control interest rate risk.
However,  a sudden and  substantial  change in interest  rates  could  adversely
impact the Company's  earnings,  to the extent that the interest  rates borne by
assets and liabilities do not change at the same speed,  to the same extent,  or
on the same  basis.  There have been no  significant  changes  in the  Company's
market risk exposure since December 31, 2000.

                           PART II. OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K

(a)    Exhibits.  The  following  exhibits  are filed  with or  incorporated  by
       reference  into this report.  The  exhibits  which are marked by a single
       asterisk (*) were previously filed as a part, and are hereby incorporated
       by reference from the Company's  Registration  Statement on Form SB-2, as
       effective with the  Securities  and Exchange  Commission on September 30,
       1998, Registration No. 333-64815. The exhibit marked by a double asterisk
       (**) was  previously  filed as a part of the June 30,  1999  Form  10-QSB
       filed with the Securities and Exchange Commission on August 13, 1999. The
       exhibit marked by a triple asterisk (***) was previously filed as part of
       the  Company's   Registration  Statement  on  Form  S-8  filed  with  the
       Securities and Exchange Commission on November 9, 1999.

      Exhibit No.                   Description of Exhibit
      ----------                    ----------------------

        *    3.1                    Articles of Incorporation of the Company
        *    3.2                    By-laws of the Company
        *    4.1                    Specimen Common Stock Certificate
        *    10.1                   Stock Option Plan
        *    10.2                   Servicing Agreement with M&I Data Services
        **   10.3                   Employment Contract Gilbert J. Pomar, III
        ***  99.1                   Stock Option Plan

(b)    Reports on Form 8-K. During the three months ended March 31, 2001 no Form
       8-K was filed by the Company.


                                       11
<PAGE>


                           JACKSONVILLE BANCORP, INC.





                                   SIGNATURES



Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.


                               JACKSONVILLE BANCORP, INC.
                                  (Registrant)






Date:  May 14, 2001              By:  /s/Gilbert J. Pomar, III
                                      ------------------------------------------
                                      Gilbert J. Pomar, III, President and
                                        Chief Executive Officer





Date:  May 14, 2001              By:  /s/Cheryl L. Whalen
                                      ------------------------------------------
                                      Cheryl L. Whalen, Executive Vice President
                                        and Chief Financial Officer




                                       12