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, 1999

     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.)

10325 San Jose Boulevard
Jacksonville, Florida                                    32257
----------------------------------------                ----------
(Address of Principal Executive Offices)                (Zip Code)

                                 (904) 288-0793
              ----------------------------------------------------
              (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               905,716
--------------------------------------     ----------------------------
              (class)                      Outstanding at June 30, 1999


Transitional Small Business Format (Check One):  YES       NO   X



<PAGE>




                           JACKSONVILLE BANCORP, INC.
                         (A Development Stage Company)

                                      INDEX


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements                                              Page

Balance Sheets -
At March 31, 1999 (unaudited) and At December 31, 1998 ................... 2

Statements of Loss (Unaudited) -
Three Months ended March 31, 1999 and 1998 ............................... 3

Statement of Changes in Deficit (Unaudited) -
Three Months ended March 31, 1999 ........................................ 4

Statements of Cash Flows (Unaudited) -
Three Months ended March 31, 1999 and 1998 ............................... 5

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

Item 2. Management's Discussion and Analysis
or Plan of Operations .................................................. 8-9

PART II. OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K ............................... 10

SIGNATURES .............................................................. 11

                                       1

<PAGE>

                           JACKSONVILLE BANCORP, INC.
                          (A Development Stage Company)

                          PART I. FINANCIAL INFORMATION

                          Item 1. Financial Statements

                                 Balance Sheets


<TABLE>
<CAPTION>

                                                                March 31,    December 31,
                                                                ---------    ------------
<S>                                                            <C>              <C>
Assets                                                            1999           1998
                                                               (unaudited)

Cash and due from banks ....................................   $    25,579          8,600
Interest bearing deposits ..................................        14,711         20,586
                                                               -----------      ---------

          Cash and cash equivalents ........................        40,290         29,186

Premises and equipment, net ................................     1,686,487      1,334,288
Deferred tax asset .........................................       273,186        172,494
Accrued interest receivable and other assets ...............       202,938         95,293
                                                               -----------      ---------

          Total assets .....................................   $ 2,202,901      1,631,261
                                                               ===========      =========

     Liabilities and Deficit

Liabilities:
  Borrowings ...............................................     2,334,950      1,615,000
  Accrued interest payable and other liabilities ...........       360,854        341,343
                                                               -----------      ---------

          Total liabilities ................................     2,695,804      1,956,343
                                                               -----------      ---------

Deficit:
  Preferred stock, $.01 value; 2,000,000 shares authorized,
     none issued or outstanding ............................          --             --
  Common stock, $.01 par value; 8,000,000 shares authorized,
     none issued or outstanding ............................          --             --
  Accumulated deficit ......................................      (492,903)      (325,082)
                                                               -----------      ---------

          Total deficit ....................................      (492,903)      (325,082)
                                                               -----------      ---------

          Total liabilities and deficit ....................   $ 2,202,901      1,631,261
                                                               ===========      =========
</TABLE>









See Accompanying Notes to Financial Statements.

                                       2


<PAGE>

                           JACKSONVILLE BANCORP, INC.
                         (A Development Stage Company)

                               Statements of Loss
                                  (Unaudited)


                                                            Three Months Ended
                                                                 March 31,
                                                            ------------------
                                                            1999           1998
                                                            ----           ----

Interest income ......................................   $     171          880

Interest expense .....................................      19,802        3,967
                                                         ---------      -------

Net interest expense .................................     (19,631)      (3,087)
                                                         ---------      -------

Organizational and Preopening expenses:
     Salaries and employee benefits ..................     159,296       45,478
     Occupancy expense ...............................      11,920        2,625
     Professional fees ...............................      54,802        3,500
     Travel and entertainment ........................       6,087        5,741
     Printing and office supplies ....................       2,363          754
     Telephone expense ...............................       3,451          577
     Application fees ................................        --         15,159
     Other ...........................................      10,963          448
                                                         ---------      -------

          Total organizational and preopening expenses     248,882       74,282
                                                         ---------      -------

Loss before income tax benefit .......................    (268,513)     (77,369)

     Income tax benefit ..............................    (100,692)     (29,013)
                                                         ---------      -------

Net loss .............................................   $(167,821)     (48,356)
                                                         =========      =======





















See Accompanying Notes to Financial Statements.

                                       3


<PAGE>

                           JACKSONVILLE BANCORP, INC.
                         (A Development Stage Company)

                         Statement of Changes in Deficit

                  Three Months Ended March 31, 1999 (Unaudited)





                                         Preferred Common  Accumulated   Total
                                            Stock   Stock    Deficit    Deficit
                                            -----   -----    -------    -------

Balance at December 31, 1998 ............   $ --     --     (325,082)  (325,082)

Net loss for the three months ended March
        31, 1999 (unaudited) ............     --     --     (167,821)  (167,821)
                                            ----    ----    --------   --------

Balance at March 31, 1999 (unaudited) ...   $ --     --     (492,903)  (492,903)
                                            ====    ====    ========   ========


































See Accompanying Notes to Financial Statements.

                                       4


<PAGE>

                           JACKSONVILLE BANCORP, INC.
                         (A Development Stage Company)

                            Statements of Cash Flows
                                  (Unaudited)
<TABLE>
<CAPTION>

                                                                              Three Months Ended
                                                                                  March 31,
                                                                              ------------------
                                                                              1999         1998
                                                                              ----         ----
<S>                                                                       <C>            <C>
Cash flows from administrative activities during the development stage:
Net loss ..............................................................   $(167,821)     (48,356)
Adjustments to reconcile net loss to net cash used in
  administrative activities during the development stage:
Credit for deferred income taxes ......................................    (100,692)     (29,013)
Increase in accrued interest receivable and
        other assets ..................................................    (107,645)        --
Increase in accrued interest payable and other
        liabilities ...................................................      19,511        3,967
                                                                          ---------      -------

Net cash used in administrative activities during the
development  stage ....................................................    (356,647)     (73,402)

Cash flows from investing activities-
Net purchases of premises and equipment ...............................    (352,199)      (5,693)

Cash flows from financing activities-
Net increase in borrowings ............................................     719,950         --
                                                                          ---------      -------

Net increase (decrease) in cash and cash equivalents ..................      11,104      (79,095)

Cash and cash equivalents at beginning of period ......................      29,186      114,533
                                                                          ---------      -------

Cash and cash equivalents at end of period ............................   $  40,290       35,438
                                                                          =========      =======

Supplemental disclosure of cash flow information-
Cash paid during the period for:
Interest ..............................................................   $  36,779         --

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

</TABLE>









See Accompanying Notes to Financial Statements.

                                       5


<PAGE>

                           JACKSONVILLE BANCORP, INC.
                         (A Development Stage Company)

                    Notes to Financial Statements (Unaudited)


(1)  Description of Business and Summary of Significant Accounting Policies

General  and  Subsequent  Events.   Jacksonville  Bancorp,  Inc.  (the  "Holding
   Company") was  incorporated on October 24, 1997 in the State of Florida.  The
   Holding  Company  applied to the Board of  Governors  of the Federal  Reserve
   System ("Board of Governors") to become a one-bank  holding  company and with
   plans to acquire 100% of the outstanding shares of The Jacksonville Bank (the
   "Bank"),  a  planned  Florida  chartered  commercial  bank to be  located  in
   Jacksonville,  Florida (collectively,  the "Company"). At March 31, 1999, the
   operations of the Company, had not commenced.

The Holding Company  raised its minimum  capital  through a public  offering and
   broke escrow on May 18, 1999, and subsequently  acquired 100% of the stock of
   the Bank.  The Company  sold 905,716  shares  during 1999 for an aggregate of
   $8.7  million.  The price per share was $10.  The Company  incurred  offering
   costs of $394,693  which were  deducted  from the proceeds  received from the
   sale of  common  stock  The Bank  opened  for  business  on May 28,  1999 and
   provides   community  banking  services  to  businesses  and  individuals  in
   Jacksonville,  Florida.  As of August 23, 1999,  the Holding  Company's  only
   business is the  ownership and  operation of the Bank.  The Company's  fiscal
   year ends December 31.

   In the opinion of the management of the Company,  the accompanying  financial
   statements  contain  all  adjustments   (consisting   principally  of  normal
   recurring  accruals)  necessary to present  fairly the financial  position at
   March 31, 1999 and the results of development stage administrative activities
   and cash flows for the three-month periods ended March 31, 1999 and 1998. The
   results of development stage  administrative  activities for the three months
   ended  March 31,  1999 are not  necessarily  indicative  of the results to be
   expected for the year ending December 31, 1999.

Estimates. The preparation of financial  statements in conformity with generally
   accepted  accounting  principles  requires  management to make  estimates and
   assumptions  that affect the reported  amounts of assets and  liabilities and
   disclosure of contingent  assets and liabilities at the date of the financial
   statements  and the  reported  amounts of revenues  and  expenses  during the
   reporting period. Actual results could differ from those estimates.

Premises and Equipment.  Premises and equipment are stated at cost. Depreciation
   has not been recorded  because the assets were not put in service as of March
   31, 1999.  Depreciation  expense will be computed on the straight-line  basis
   over the estimated useful life of each type of asset.

Income Taxes.  Deferred tax assets and  liabilities  are  reflected at currently
   enacted  income tax rates  applicable to the period in which the deferred tax
   assets or liabilities  are expected to be realized or settled.  As changes in
   tax laws or rates are  enacted,  deferred  tax  assets  and  liabilities  are
   adjusted through the provision for income taxes.

Organizational and Preopening  Costs.  Net  organizational  and preopening costs
   incurred from date of incorporation to March 31, 1999 totaled  $492,903,  net
   of tax benefit of $273,186, and were charged to expense as incurred.

                                                                     (continued)

                                       6

<PAGE>

                           JACKSONVILLE BANCORP, INC.
                         (A Development Stage Company)

              Notes to Financial Statements (Unaudited), Continued


(1)Description  of Business  and  Summary of  Significant  Accounting  Policies,
   Continued
Future Accounting Requirements.  Financial Accounting Standards 133 - Accounting
   for  Derivative  Investments  and Hedging  Activities  requires  companies to
   record derivatives on the balance sheet as assets or liabilities, measured at
   fair value.  Gains or losses  resulting  from  changes in the values of those
   derivatives  would be accounted for  depending on the use of the  derivatives
   and whether they qualify for hedge  accounting.  The key  criterion for hedge
   accounting  is that the  hedging  relationship  must be highly  effective  in
   achieving offsetting changes in fair value or cash flows. The Company will be
   required  to adopt  this  Statement  January  1,  2001.  Management  does not
   anticipate that this Statement will have a material impact on the Company.




































                                       7

<PAGE>

                           JACKSONVILLE BANCORP, INC.
                         (A Development Stage Company)

                  Item 2. Management's Discussion and Analysis
                              or Plan of Operation

         Comparison of March 31, 1999 (Unaudited) and December 31, 1998

General

   Jacksonville  Bancorp,  Inc. (the  "Holding  Company")  was  incorporated  on
   October 24, 1997 in the State of Florida.  The Holding Company applied to the
   Board of Governors of the Federal  Reserve  System  ("Board of Governors") to
   become a one-bank  holding  company  and with  plans to  acquire  100% of the
   outstanding  shares of The Jacksonville Bank (the "Bank"),  a planned Florida
   chartered   commercial   bank  to  be   located  in   Jacksonville,   Florida
   (collectively,  the  "Company").  At December 31, 1998, the operations of the
   Company had not commenced.

   The Holding  Company raised its minimum capital through a public offering and
   broke escrow on May 18, 1999, and subsequently  acquired 100% of the stock of
   the Bank.  The Company  sold 905,716  shares  during 1999 for an aggregate of
   $8.7  million.  The price per share was $10.  The Company  incurred  offering
   costs of $394,693  which were  deducted  from the proceeds  received from the
   sale of common  stock.  The Bank  opened  for  business  on May 28,  1999 and
   provides   community  banking  services  to  businesses  and  individuals  in
   Jacksonville,  Florida.  As of August 23, 1999,  the Holding  Company's  only
   business is the  ownership and  operation of the Bank.  The Company's  fiscal
   year ends December 31.

Liquidity and Capital Resources

   The Company's  primary source of cash during the three months ended March 31,
   1999 was from the net  increase  in  borrowings  of  $719,950.  Cash was used
   primarily  to  purchase  premises  and  equipment  of  $352,199  and to  fund
   preopening and organizational expenses.

Results of Operations

   General.  Net losses for the three  months ended March 31, 1999 and 1998 were
   $167,821 and $48,356,  respectively. The Bank commenced operations on May 28,
   1999. As of March 31, 1999, the Company was still in the organization  phase.
   A discussion  of operating  results at March 31, 1999 or for the three months
   ended March 31, 1999 and 1998 would not be meaningful.

                                       8



<PAGE>

                           JACKSONVILLE BANCORP, INC.
                         (A Development Stage Company)

                                Year 2000 Issues


   The  Company is acutely  aware of the many  areas  affected  by the Year 2000
   computer  issue  and has  given  the  Executive  Committee  of the  Board  of
   Directors  the  responsibility  for  oversight  of the Year 2000  issue.  The
   Company is actively  involved in managing the Year 2000 computer  challenges,
   following the guidance  provided by its  regulatory  bodies and documented in
   the  interagency  statements  issued by the  Federal  Financial  Institutions
   Examination  Council ("FFIEC").  The Company has a Year 2000 Technology Plan,
   approved by the Board of Directors,  which includes multiple phases, tasks to
   be  completed  and target  dates for  completion.  Issues  addressed  therein
   include  awareness,  assessment,  renovation,   validation,   implementation,
   testing and contingency planning.

   The Company has received a certification  from its main service provider that
   they are Year 2000 compliant.  The Company  routinely  upgrades and purchases
   technology  advanced  software and hardware on a continual  basis. All future
   purchases  and  upgrades  will  be  Year  2000  compliant.  The  Company  has
   determined  that the cost of making  modifications  to correct  any Year 2000
   issues will not substantially affect reported operating results.

   The Company also  recognizes  the  importance of determining if its customers
   are preparing for the Year 2000 problem.  Questionnaires will be completed to
   assess the inherent  risks.  Customers  will receive  statement  stuffers and
   informational  material  in  this  regard.  The  Company  plans  to work on a
   one-on-one basis with significant borrowers who are identified as having high
   Year 2000 risk  exposure.  The Company plans to continue in its efforts to be
   active in informing its customers of the Year 2000 issue.

   The Company has developed a Contingency  Plan relative to the Year 2000 issue
   which  addresses a "worst case scenario." The plan covers various options for
   handling  interruptions of the internal and external mission critical systems
   and  services.  The Company,  for example,  has  developed  plans for meeting
   unusually  high demands for cash generated by the publicity  surrounding  the
   Year 2000 issue.  The  Contingency  Plan will be  continuously  monitored  to
   incorporate and address various operational elements as needed.  Furthermore,
   the Company's  Contingency  Plan covers systems which can be handled manually
   on an interim basis.  Should outside service providers not be able to provide
   compliant  systems,  the  Company  will  terminate  those  relationships  and
   transfer to other vendors.

                                       9


<PAGE>

                           JACKSONVILLE BANCORP, INC.
                         (A Development Stage Company)

                           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 February 9, 1999,  Registration  No.
   333-64815. The exhibit market by a double asterisk (**) were previously filed
   as a part of the June 30,  1999 Form  10-QSB  filed with the  Securities  and
   Exchange Commission on August 13, 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
 *10.4           Servicing Agreement with M&I Data Services
**10.5           Employment Contract Gilbert J. Pomar, III
  27             Financial Data Schedule (for SEC use only)

(b)  Reports on Form 8-K. There were no Form 8-K's filed during the three months
     ended March 31, 1999.






























                                       10



<PAGE>

                           JACKSONVILLE BANCORP, INC.
                         (A Development Stage Company)

                           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.
                                        (A Development Stage Company)
                                        (Registrant)





Date:            , 1999                 By:      /s/Price W. Schwenck
------------------------------          ---------------------------------------
                                                    Price W. Schwenck,
                                                    Chief Executive Officer



Date:            , 1999                 By:      /s/Cheryl L. Whalen
------------------------------          ---------------------------------------
                                                    Cheryl L. Whalen,
                                                    Executive Vice President
                                                    and Chief Financial Officer

                                       11