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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Jacksonville Bancorp, Inc. (“Jacksonville Bancorp” or the “Company”) (NASDAQCM: JXSB) to CNB Bank Shares, Inc. for $33.70 per share. As part of the transaction, Jacksonville Savings Bank will merge with and into CNB Bank & Trust.
The investigation concerns whether the Board of Jacksonville Bancorp breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether CNB Bank Shares, Inc. is underpaying for Jacksonville Bancorp shares, thus unlawfully harming Jacksonville Bancorp shareholders.
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