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 September 30, 2000

     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 November 3, 2000

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 September 30, 2000 (unaudited) and At December 31, 1999..............2

     Condensed Consolidated Statements of Operations (Unaudited) -
       Three and Nine Months ended September 30, 2000 and 1999.................3

     Condensed Consolidated Statement of Changes in Stockholders'
       Equity (Unaudited) - Nine Months ended September 30, 2000...............4

     Condensed Consolidated Statements of Cash Flows (Unaudited) -
       Nine Months ended September 30, 2000 and 1999...........................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..........12

PART II. OTHER INFORMATION

   Item 6.  Exhibits and Reports on Form 8-K..................................12

SIGNATURES....................................................................13




                                       1
<PAGE>
<TABLE>



                           JACKSONVILLE BANCORP, INC.

                          PART I. FINANCIAL INFORMATION

                          Item 1. Financial Statements

                      Condensed Consolidated Balance Sheets

                                                                                       September 30,       December 31,
    Assets                                                                                 2000                1999
                                                                                           ----                ----
                                                                                        (Unaudited)

<S>                                                                                   <C>                    <C>
Cash and due from banks...........................................................    $   2,713,695          1,446,648
Federal funds sold  ..............................................................             -                32,000
                                                                                         ----------         ----------

            Cash and cash equivalents.............................................        2,713,695          1,478,648

Securities available for sale.....................................................        3,082,353          1,955,221
Securities held to maturity.......................................................           50,000             50,000
Loans, net of allowance for loan losses of $245,876 in 2000 and
    $80,485 in 1999...............................................................       24,417,791          7,967,853
Accrued interest receivable.......................................................          184,142            104,288
Premises and equipment, net.......................................................        3,547,585          1,996,782
Federal Home Loan Bank stock, at cost.............................................           36,700               -
Deferred income taxes.............................................................        1,213,201            874,167
Other assets......................................................................          206,295            141,308
                                                                                         ----------         ----------

            Total assets..........................................................     $ 35,451,762         14,568,267
                                                                                         ==========         ==========

    Liabilities and Stockholders' Equity

Liabilities:
    Noninterest-bearing demand deposits...........................................        5,379,328          2,042,688
    Savings and NOW deposits......................................................       13,789,035            849,496
    Money-market deposits.........................................................        1,478,748          2,689,388
    Time deposits   ..............................................................        5,931,366            430,758
                                                                                         ----------         ----------

            Total deposits........................................................       26,578,477          6,012,330

    Federal funds purchased.......................................................           74,000               -
    Accrued interest payable and other liabilities................................        1,130,624            316,904
                                                                                         ----------         ----------

            Total liabilities.....................................................       27,783,101          6,329,234
                                                                                         ----------         ----------

Stockholders' equity:
    Preferred stock ..............................................................             -                  -
    Common stock    ..............................................................           10,171             10,171
    Additional paid-in capital....................................................        9,705,206          9,705,206
    Accumulated deficit...........................................................       (2,025,892)        (1,448,415)
    Accumulated other comprehensive income (loss).................................          (20,824)           (27,929)
                                                                                         ----------         ----------

            Total stockholders' equity............................................        7,668,661          8,239,033
                                                                                         ----------         ----------

            Total liabilities and stockholders' equity............................     $ 35,451,762         14,568,267
                                                                                         ==========         ==========

See Accompanying Notes to Condensed Consolidated Financial Statements.
</TABLE>


                                       2
<PAGE>

<TABLE>


                           JACKSONVILLE BANCORP, INC.

                 Condensed Consolidated Statements of Operations
                                   (Unaudited)


                                                                Three Months Ended            Nine Months Ended
                                                                   September 30,               September 30,
                                                         ------------------------------------------------------------
                                                                  2000            1999        2000             1999
                                                                  ----            ----        ----             ----
<S>                                                          <C>                 <C>
Interest income:
    Loans   ..............................................   $    469,434        48,930     1,017,021          50,493
    Securities............................................         40,177        32,072       108,898          33,772
    Other interest-earning assets.........................         41,068        54,487       111,497         128,595
                                                                ---------     ---------     ---------      ----------

            Total interest income.........................        550,679       135,489     1,237,416         212,860
                                                                ---------     ---------     ---------      ----------

Interest expense:
    Deposits..............................................        236,537        16,252       484,329          17,954
    Other borrowings......................................          1,652          -            1,745          44,876
                                                                ---------     ---------     ---------      ----------

            Total interest expense........................        238,189        16,252       486,074          62,830
                                                                ---------     ---------     ---------      ----------

            Net interest income...........................        312,490       119,237       751,342         150,030

Provision for loan losses.................................         76,793        38,718       165,391          38,718
                                                                ---------     ---------     ---------      ----------

            Net interest income after
              provision for loan losses...................        235,697        80,519       585,951         111,312
                                                                ---------     ---------     ---------      ----------

Noninterest income:
    Fees and service charges on deposit
        accounts..........................................         53,086         5,126       121,161           4,448
    Other   ..............................................         31,984          -           57,181          23,482
                                                                ---------     ---------     ---------      ----------

            Total noninterest income......................         85,070         5,126       178,342          27,930
                                                                ---------     ---------     ---------      ----------

Noninterest expense:
    Salaries and employee benefits........................        273,314       296,417       829,615         672,371
    Occupancy expense.....................................        122,380        71,704       322,381         120,452
    Professional fees.....................................         24,510       163,733        67,472         323,543
    Data processing.......................................         24,043        55,084        86,707          65,460
    Printing and office supplies..........................         23,454        15,878        60,578          22,331
    Advertising...........................................         25,520         6,515        71,844           6,571
    Other   ..............................................        113,580       109,246       246,493         165,408
                                                                ---------     ---------     ---------      ----------

            Total noninterest expense.....................        606,801       718,577     1,685,090       1,376,136
                                                                ---------     ---------     ---------      ----------

Loss before income tax benefit............................       (286,034)     (632,932)     (920,797)     (1,236,894)

            Income tax benefit............................       (104,536)     (236,643)     (343,320)       (467,498)
                                                                ---------     ---------     ---------      ----------

Net loss    ..............................................   $   (181,498)     (396,289)     (577,477)       (769,396)
                                                                =========     =========     =========      ==========

Loss per share, basic and diluted.........................$          (.18)         (.40)         (.57)          (1.63)
                                                                =========     =========     ==========     ==========

Weighted-average number of shares outstanding
    for basic and diluted.................................      1,017,066       978,812     1,017,066         473,308
                                                                =========     =========     =========       =========


See Accompanying Notes to Condensed Consolidated Financial Statements.
</TABLE>


                                       3
<PAGE>

<TABLE>


                           JACKSONVILLE BANCORP, INC.

       Condensed Consolidated Statement of Changes in Stockholders' Equity

                      Nine Months Ended September 30, 2000




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

<S>                                                 <C>        <C>
Balance at December 31,
1999 ...................           -    $    -      1,017,066  $ 10,171    9,705,206  (1,448,415)   (27,929)     8,239,033

Comprehensive income (loss):
  Net loss (unaudited)..           -         -           -         -            -       (577,477)      -          (577,477)

Net change in unrealized
  loss on securities available
  for sale, net of income
  taxes of $4,286
  (unaudited)...........           -         -           -         -            -           -         7,105          7,105
                                                                                                                 ---------
Comprehensive income
  (loss) (unaudited)....                                                                                          (570,372)
                            --------   --------   -----------  --------    ---------   ----------   --------     ---------

Balance at September 30, 2000
  (unaudited)..........            -    $    -      1,017,066  $ 10,171    9,705,206  (2,025,892)   (20,824)     7,668,661
                            ========   ========   ===========  ========    =========   ==========   ========     =========
























See Accompanying Notes to Condensed Consolidated Financial Statements.
</TABLE>


                                       4
<PAGE>
<TABLE>

                           JACKSONVILLE BANCORP, INC.

                 Condensed Consolidated Statements of Cash Flows
                                   (Unaudited)

                                                                                               Nine Months Ended
                                                                                                 September 30,
                                                                                           2000                1999
                                                                                           ----                ----
<S>                                                                                  <C>                     <C>
Cash flows from operating activities:
    Net loss......................................................................   $     (577,477)         (769,396)
    Adjustments to reconcile net loss to net cash
      used in operating activities:
        Depreciation..............................................................          152,217            42,292
        Provision for loan losses.................................................          165,391            38,718
        Credit for deferred income taxes..........................................         (343,320)         (467,498)
        Increase in accrued interest receivable and
            other assets..........................................................         (144,841)          (21,477)
        Increase (decrease) in accrued interest payable and other
            liabilities...........................................................          813,720          (208,658)
                                                                                       ------------        ----------

                Net cash provided by (used in) operating activities...............           65,690        (1,386,019)
                                                                                       ------------        ----------

Cash flows from investing activities:
    Purchases of securities available for sale...................................        (1,115,741)       (2,000,000)
    Purchase of Federal Home Loan Bank stock......................................          (36,700)             -
    Net increase in loans.........................................................      (16,615,329)       (3,847,451)
    Net purchases of premises and equipment.......................................       (1,703,020)         (373,454)
                                                                                       ------------        ----------

                Net cash used in investing activities.............................      (19,470,790)       (6,220,905)
                                                                                       ------------        ----------

Cash flows from financing activities:
    Net increase in deposits......................................................       20,566,147         3,901,992
    Net increase (decrease) in federal funds purchased............................           74,000        (1,615,000)
    Net proceeds from issuance of common stock....................................             -            9,715,377
                                                                                       ------------        ----------

                Net cash provided by financing activities.........................       20,640,147        12,002,369
                                                                                       ------------        ----------

Net increase in cash and cash equivalents.........................................        1,235,047         4,395,445

Cash and cash equivalents at beginning of period..................................        1,478,648            29,186
                                                                                       ------------        ----------

Cash and cash equivalents at end of period........................................     $  2,713,695         4,424,631
                                                                                       ============        ==========

Supplemental  disclosures of cash flow information:
   Cash paid during the period for:
        Interest..................................................................     $    472,181           114,618
                                                                                       ============        ==========

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

    Noncash transaction-
        Change in accumulated other comprehensive
            income, net of tax....................................................   $        7,105           (13,980)
                                                                                       ============        ==========


See Accompanying Notes to Condensed Consolidated Financial Statements.
</TABLE>


                                       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")
        (collectively,  the "Company").  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.

        In  the  opinion  of  the   management,   the   accompanying   condensed
        consolidated  financial  statements contain all adjustments  (consisting
        principally of normal  recurring  accruals)  necessary to present fairly
        the financial  position at September 30, 2000, the results of operations
        for the three- and nine-month  periods ended September 30, 2000 and 1999
        and cash flows for the nine-month  periods ended  September 30, 2000 and
        1999.  The results of  operations  for the three and nine  months  ended
        September 30, 2000, are not necessarily  indicative of the results to be
        expected for the year ending December 31, 2000.

    Basis of Presentation.  The accompanying  condensed  consolidated  financial
        statements  of the  Company  include the  accounts of both  Jacksonville
        Bancorp  and  the  Bank.  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 or nine months ended September 30, 2000 or 1999.

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

                                                                  Three Months Ended           Nine Months Ended
                                                                    September 30,                 September 30,
                                                             --------------------------      ------------------------
                                                                 2000            1999           2000           1999
                                                                 ----            ----           ----           ----

               <S>                                             <C>                               <C>
               Balance at beginning of period.............     $ 169,083           -             80,485          -
               Provision for loan losses..................        76,793         38,718         165,391        38,718
                                                                --------         ------         -------        -------

               Balance at end of period...................     $ 245,876         38,718         245,876        38,718
                                                                 =======         ======         =======        =======
                                                                     (continued)
</TABLE>


                                       6
<PAGE>

                           JACKSONVILLE BANCORP, INC.

   Notes to Condensed Consolidated Financial Statements (Unaudited), Continued


(3) Loss Per Share. Basic 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 September
      30, 2000 of the  regulatory  capital  requirements  and the Bank's actual
      capital on a percentage basis:


                                                                      Regulatory
                                                            Actual   Requirement

 Total capital to risk-weighted assets.............          20.26%        8.00%
 Tier I capital to risk-weighted assets.............         19.37%        4.00%
 Tier I capital to total assets - leverage ratio..........   18.12%        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 September
30, 2000, and for the three- and nine-month periods ended September 30, 2000 and
1999 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 September 30, 2000,  and the
related condensed consolidated  statements of operations for the three-month and
nine-month periods ended September 30, 2000 and 1999, the condensed consolidated
statements of cash flows for the nine-month periods ended September 30, 2000 and
1999 and the condensed  consolidated  statement of stockholders'  equity for the
nine-month  period ended September 30, 2000. 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,  1999,  and the
related consolidated  statements of operations,  changes in stockholders' equity
and cash flows for the year then ended (not presented herein); and in our report
dated  February  25,  2000  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, 1999,
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
November 3, 2000


                                       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.

Liquidity and Capital Resources

             Comparison of September 30, 2000 and December 31, 1999

    The Company's  primary source of cash during the nine months ended September
    30, 2000 was from the net  increase in deposits of $20.6  million.  Cash was
    used primarily to originate  loans,  net of principal  repayments,  of $16.6
    million, purchase securities available for sale of $1.1 million and purchase
    premises  and  equipment  of  approximately  $1.7  million.  The Company had
    unfunded  commitments  of $6.5  million and time  deposits  of $5.2  million
    maturing in one year or less at September 30, 2000. The Company exceeded its
    regulatory liquidity requirements at September 30, 2000.

Results of Operations

Comparison of the Three-Month Periods Ended September 30, 2000 and 1999

    General. Net loss for the three months ended September 30, 2000 was $181,000
       or $.18 per basic and  diluted  share  compared  to  $396,000 or $.40 per
       basic and diluted share for 1999.  The Bank  commenced  operations on May
       28, 1999. At September  30, 2000,  the Company had not achieved the asset
       size necessary to operate profitably.

    Interest Income. Interest income increased in 2000 over the amounts reported
       in 1999 because of growth in the portfolios of interest-earning assets in
       2000.  Interest  income was $551,000 for the three months ended September
       30, 2000. Interest income earned on loans was $469,000.  The average loan
       portfolio  balance was $19.0 million for the three months ended September
       30, 2000 and the average yield earned was 9.85%.

    Interest Expense.  Interest  expense was $238,000 for the three months ended
       September 30, 2000. The average balance of  interest-bearing  liabilities
       was $17.9  million for the three months ended  September 30, 2000 and the
       average cost was 5.32%.  Interest expense increased  primarily because of
       an increase in the amount of deposits 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  September  30, 2000 of $77,000 and the
       allowance for loan losses was $246,000 at September 30, 2000.  Management
       believes the allowance is adequate at September 30, 2000.

                                       10
<PAGE>


                           JACKSONVILLE BANCORP, INC.

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

    Noninterest Expense. Noninterest expense decreased to $607,000 for the three
       months ended  September 30, 2000 from $719,000 for the three months ended
       September  30,  1999.   Salaries  and  employee  benefits,   the  largest
       noninterest expense,  decreased to $273,000 during the three months ended
       September 30, 2000.  The primary  decrease in  noninterest  expense was a
       decrease in  professional  fees from  $164,000 for the three months ended
       September  30, 1999 to $25,000 for the three months ended  September  30,
       2000.

    Income Tax  Benefit.  The  income tax  benefit  for the three  months  ended
       September 30, 2000 was $105,000 (an effective rate of 36.7%)  compared to
       $237,000 for the three months ended  September 30, 1999 (an effective tax
       rate of  37.4%).  A  deferred  tax  asset  has  been  recognized  because
       management expects to utilize it in the future.

Comparison of the Nine-Month Periods Ended September 30, 2000 and 1999

    General. Net loss for the nine months ended  September 30, 2000 was $577,000
       or $.57 per basic and  diluted  share  compared  to $769,000 or $1.63 per
       basic and diluted share for 1999.  The Bank  commenced  operations on May
       28, 1999 and, at  September  30,  2000,  the Company had not achieved the
       asset size to operate profitably.

    Interest Income. Interest income increased in 2000 over the amounts reported
       in 1999 because of growth in the portfolios of interest-earning assets in
       2000.  Interest income was $1,237,000 for the nine months ended September
       30, 2000.  Interest  income earned on loans was  $1,017,000.  The average
       loan  portfolio  balance  was $14.2  million  for the nine  months  ended
       September 30, 2000 and the average yield earned was 9.53%.

    Interest  Expense.  Interest  expense was $486,000 for the nine months ended
       September 30, 2000. The average balance of  interest-bearing  liabilities
       was $12.9  million for the nine months ended  September  30, 2000 and the
       average cost was 5.04%.  Interest expense increased  primarily because of
       increases in the amount of deposits 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 nine months ended  September  30, 2000 of $165,000 and the
       allowance for loan losses was $246,000 at September 30, 2000.  Management
       believes the allowance is adequate at September 30, 2000.

    Noninterest  Expense.  Noninterest  expense  increased to $1,685,000 for the
       nine months ended  September 30, 2000 from $1,376,000 for the nine months
       ended  September 30, 1999. The largest  noninterest  expense was salaries
       and  employee  benefits  totaling  $830,000  for the  nine  months  ended
       September 30, 2000 compared to $672,000 for the  comparable  1999 period.
       The increase in total noninterest  expenses relates to the overall growth
       of the Company during 2000.

    Income Tax  Benefit.  The  income  tax  benefit  for the nine  months  ended
       September 30, 2000 was $343,000 (an effective rate of 37.2%)  compared to
       $467,000 for the nine months ended  September 30, 1999 (an effective rate
       of 37.8%).  A deferred tax asset has been recognized  because  management
       expects to utilize it in the future.

                                       11
<PAGE>

                           JACKSONVILLE BANCORP, INC.


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  increase 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, 1999.

                           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
             27                     Financial Data Schedule (for SEC use only)
        ***  99.1                   Stock Option Plan

(b)   Reports on Form 8-K.  During the three months ended September 30, 2000 no
      Form 8-K was filed by the Company.



                                       12
<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:  November    , 2000                    By:  /s/Gilbert J. Pomar III
      -------------------                       --------------------------------
                                                     Gilbert J. Pomar III,
                                                     President and
                                                     Chief Executive Officer





Date:  November    , 2000                    By:  /s/Cheryl L. Whalen
      -------------------                       --------------------------------
                                                     Cheryl L. Whalen, Executive
                                                     Vice President
                                                     and Chief Financial Officer