UNITED STATES 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, 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)                      (Zip Code)

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

   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
--------------------------------------                ----------------------
               (class)                               Outstanding at May 1, 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 March 31, 2000 (unaudited) and At December 31, 1999...............2

     Condensed Consolidated Statements of Operations (Unaudited) -
       Three Months ended March 31, 2000 and 1999...........................3

     Condensed Consolidated Statement of Changes in Stockholders'
       Equity (Unaudited) -
       Three Months ended March 31, 2000....................................4

     Condensed Consolidated Statements of Cash Flows (Unaudited) -
       Three Months ended March 31, 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

   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>
<TABLE>


                           JACKSONVILLE BANCORP, INC.

                          PART I. FINANCIAL INFORMATION

                          Item 1. Financial Statements

                      Condensed Consolidated Balance Sheets

                                                                                                     At
                                                                                         March 31,       December 31,
                                                                                           2000              1999
                                                                                           ----              ----
    Assets                                                                              (Unaudited)

<S>                                                                                    <C>                  <C>
Cash and due from banks..............................................................  $  1,173,521         1,446,648
Federal funds sold...................................................................     4,829,000            32,000
                                                                                         ----------        ----------

              Total cash and cash equivalents........................................     6,002,521         1,478,648

Securities available for sale........................................................     1,948,940         1,955,221
Securities held to maturity..........................................................        50,000            50,000
Loans, net of allowance for loan losses of $116,143 in 2000 and $80,485 in 1999......    11,498,297         7,967,853
Accrued interest receivable..........................................................        95,125           104,288
Premises and equipment, net..........................................................     2,830,434         1,996,782
Federal Home Loan Bank stock, at cost................................................        36,700              -
Deferred income taxes................................................................     1,031,196           874,167
Other assets.........................................................................       560,327           141,308
                                                                                         ----------        ----------

              Total assets...........................................................  $ 24,053,540        14,568,267
                                                                                         ==========        ==========

    Liabilities and Stockholders' Equity

Liabilities:
    Noninterest-bearing demand deposits..............................................     3,240,627         2,042,688
    Savings and NOW deposits.........................................................     9,334,239           849,496
    Money-market deposits............................................................     1,392,536         2,689,388
    Time deposits....................................................................       787,345           430,758
                                                                                         ----------        ----------

              Total deposits.........................................................    14,754,747         6,012,330

    Accrued interest payable and other liabilities...................................     1,317,350           316,904
                                                                                         ----------        ----------

              Total liabilities......................................................    16,072,097         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..............................................................    (1,702,088)       (1,448,415)
    Accumulated other comprehensive income (loss)....................................       (31,846)          (27,929)
                                                                                         ----------        ----------

              Total stockholders' equity.............................................     7,981,443         8,239,033
                                                                                         ----------        ----------

              Total liabilities and stockholders' equity.............................  $ 24,053,540        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
                                                                                                     March 31,

                                                                                               2000             1999
                                                                                               ----             ----
Interest income:
<S>                                                                                        <C>
    Loans receivable....................................................................   $    208,975          -
    Securities..........................................................................         34,401          -
    Other interest-earning assets.......................................................         29,851           171
                                                                                             ----------       -------

              Total interest income.....................................................        273,227           171
                                                                                             ----------       -------

Interest expense:
    Deposits  ..........................................................................         97,972          -
    Other borrowings....................................................................             93        19,802
                                                                                             ----------       -------

              Total interest expense....................................................         98,065        19,802
                                                                                             ----------       -------

              Net interest income (expense).............................................        175,162       (19,631)

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

              Net interest income (expense) after provision for loan losses.............        139,504       (19,631)
                                                                                             ----------       -------

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

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

Noninterest expense:
    Salaries and employee benefits......................................................        329,115       159,296
    Occupancy expense...................................................................         96,127        11,920
    Professional fees...................................................................         10,889        54,802
    Data processing.....................................................................         40,521          -
    Printing and office supplies........................................................         20,871         2,363
    Advertising.........................................................................         31,229          -
    Other...............................................................................         65,570        20,501
                                                                                             ----------       -------

              Total noninterest expense.................................................        594,322       248,882
                                                                                             ----------       -------

Loss before income tax benefit..........................................................       (408,338)     (268,513)

              Income tax benefit........................................................       (154,665)     (100,692)
                                                                                             ----------       -------

Net loss ...............................................................................   $   (253,673)     (167,821)
                                                                                             ==========       =======

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

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

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



See Accompanying Notes to Condensed Consolidated Financial Statements.
</TABLE>
                                       3

<PAGE>
<TABLE>


                           JACKSONVILLE BANCORP, INC.

       Condensed Consolidated Statement of Changes in Stockholders' Equity

                        Three Months Ended March 31, 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>        <C>        <C>            <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:
   Net loss (unaudited)          -            -         -         -           -          (253,673)       -          (253,673)

Net change in unrealized
loss on securities available
for sale, net of income
taxes of $2,364
(unaudited).............         -            -         -         -           -               -        (3,917)        (3,917)
                                                                                                                   ---------
Comprehensive income
(loss) (unaudited)......                                                                                            (257,590)
                              ------      -------  ---------    ------   ---------      ---------     -------      ---------

Balance at March 31, 2000
  (unaudited)...........         -       $    -    1,017,066  $ 10,171   9,705,206     (1,702,088)    (31,846)     7,981,443
                              ======      =======  =========    ======   =========      =========     =======      =========



















See Accompanying Notes to Condensed Consolidated Financial Statements.
</TABLE>
                                       4

<PAGE>
<TABLE>


                           JACKSONVILLE BANCORP, INC.

                 Condensed Consolidated Statements of Cash Flows
                                   (Unaudited)

                                                                                               Three Months Ended
                                                                                                  March 31,

                                                                                             2000              1999
                                                                                             ----              ----
Cash flows from operating activities:
<S>                                                                                    <C>                  <C>
    Net loss.........................................................................  $  (253,673)         (167,821)
    Adjustments to reconcile net loss to net cash provided by (used in)
      operating activities:
         Depreciation and amortization...............................................       40,880              -
         Provision for loan losses...................................................       35,658              -
         Credit for deferred income taxes............................................     (154,665)         (100,692)
         Increase in accrued interest receivable and other assets....................     (409,856)         (107,645)
         Increase in accrued interest payable and other liabilities..................    1,000,446            19,511
                                                                                         ---------          --------

                  Net cash provided by (used in) operating activities................      258,790          (356,647)
                                                                                         ---------          --------
Cash flows from investing activities:
    Net increase in loans............................................................   (3,566,102)             -
    Purchases of premises and equipment..............................................     (874,532)         (352,199)
    Purchase of Federal Home Loan Bank stock.........................................      (36,700)             -
                                                                                         ---------          --------

                  Net cash used in investing activities..............................   (4,477,334)         (352,199)
                                                                                         ---------          --------
Cash flows from financing activities:
    Net increase in deposits.........................................................    8,742,417              -
    Net increase in other borrowings.................................................         -              719,950
                                                                                         ---------          --------

                  Net cash provided by financing activities..........................    8,742,417           719,950
                                                                                         ---------          --------
Net increase in cash and cash equivalents............................................    4,523,873            11,104

Cash and cash equivalents at beginning of period.....................................    1,478,648            29,186
                                                                                         ---------          --------
Cash and cash equivalents at end of period...........................................  $ 6,002,521            40,290
                                                                                         =========          ========
Supplemental  disclosure of cash flow  information:
  Cash paid during the period for:
         Interest ...................................................................$      96,737            36,779
                                                                                         =========          ========
         Income taxes................................................................$        -                 -
                                                                                         =========          ========
Noncash transaction -
    Accumulated other comprehensive income (loss), change in unrealized
         loss on securities available for sale, net of tax...........................$      (3,917)             -
                                                                                         =========          ========











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 Basis of Presentation

    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,  a Florida  state-chartered
        commercial  bank. The Bank's deposits are insured by the Federal Deposit
        Insurance Corporation. The Bank opened for business on May 28, 1999, and
        provides  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 March 31, 2000 and the results of operations
        and cash flows for the  three-month  periods  ended  March 31,  2000 and
        1999.  The results of  operations  for the three  months ended March 31,
        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
        at or during the three months ended March 31, 2000.  The Bank had not
        commenced operations as of March 31, 1999.

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

                                                                      Three
                                                                      Months
                                                                      Ended
                                                                     March 31,
                                                                       2000
                                                                     -------
               Balance at beginning of period .................    $  80,485
               Provision for loan losses.......................       35,658
                                                                     -------

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

                                                                  (continued)





                                       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 March
       31, 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       ........  35.35%      8.00%
        Tier I capital to risk-weighted assets      ........  34.64%      4.00%
        Tier I capital to total assets - leverage ratio.....  32.83%      4.00%

(5) Year 2000 Issues. The Company's  operating and financial systems have
       been  found to be  compliant;  the "Y2K  Problem"  has not  adversely
       affected the Company's  operations nor does management expect that it
       will.


















                                       7
<PAGE>


                           JACKSONVILLE BANCORP, INC.

               Review by Independent Certified Public Accountants

Hacker,  Johnson,  Cohen & Grieb PA, the Company's  independent certified public
accountants,  have made a limited  review of the financial  data as of March 31,
2000, and for the three-month periods ended March 31, 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. and Subsidiary (the "Company") as of March 31, 2000,
and the related condensed  consolidated  statements of operations and cash flows
for the  three-month  periods  ended March 31, 2000 and 1999,  and the condensed
consolidated  statement of changes in  stockholders'  equity for the three-month
period ended March 31, 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, COHEN & GRIEB PA
Tampa, Florida
April 21, 2000



                                       9
<PAGE>




                           JACKSONVILLE BANCORP, INC.

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

           Comparison of March 31, 2000 and 1999 and December 31, 1999

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  community  banking  services  to  businesses  and
    individuals  through  its three  banking  offices  located in  Jacksonville,
    Florida.

Liquidity and Capital Resources

    The Company's primary source of cash during the three months ended March 31,
    2000 was from the net  increase in deposits of $8.7  million.  Cash was used
    primarily to originate loans, net of principal  repayments,  of $3.6 million
    and purchase premises and equipment of approximately  $875,000.  The Company
    had unfunded  lines of credit of $3.2 million and time  deposits of $780,000
    maturing in one year or less at March 31,  2000.  The Company  exceeded  its
    regulatory liquidity requirements at March 31, 2000.

Comparison of the Three-Month Periods Ended March 31, 2000 and 1999

    General.  Net loss for the three  months  ended March 31, 2000 was  $253,673
       compared to $167,821 for 1999. The Bank  commenced  operations on May 28,
       1999.  At March 31, 2000,  the Company had not achieved the asset size to
       operate profitably.

    Interest  Income.  Interest  income was  $273,227 for the three months ended
       March 31, 2000. Interest income earned on loans was $208,975. The average
       loan portfolio  balance was $9.3 million for the three months ended March
       31, 2000 and the average yield earned was 9.01%.

    Interest  Expense.  Interest  expense was $98,065 for the three months ended
       March 31, 2000. The average balance of interest-bearing deposits was $7.3
       million for the three  months  ended March 31, 2000 and the average  cost
       was 5.35%.

    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,  2000 of  $35,658  and the
       allowance  for loan  losses was  $116,143 at March 31,  2000.  Management
       believes the allowance is adequate at March 31, 2000.

    Noninterest Expense.  Noninterest  expense was $594,322 for the three months
       ended March 31, 2000  compared to  $248,882  for the three  months  ended
       March 31, 1999. This increase  resulted from the  commencement of banking
       operations.

    Income Tax Benefit.  The income tax benefit for the three months ended March
       31, 2000 was $154,665 (an effective rate of 37.9%).


                                       10
<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.  There were no Form 8-K's filed during the three months
    ended March 31, 2000.


                                       11
<PAGE>

                           JACKSONVILLE BANCORP, INC.

                           PART II. OTHER INFORMATION

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

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







                                       12