A year after taking over as president and CEO of the company, Stephen Green has resigned, Jacksonville Bancorp Inc. said in a Securities and Exchange Commission filing Tuesday.
The filing said Green's resignation "was not a result of any disagreement" about the company's operations, but it gave no other reason for his resignation.
Green had 37 years of experience in banking before joining Jacksonville Bancorp and its subsidiary, The Jacksonville Bank, in June 2012. He was brought in after previous president and CEO Price Schwenck retired.
Under Green, Jacksonville Bancorp raised $50 million in additional capital last December. That helped lift the company's stock price from below $1 to a high of $3.60 in January.
However, the stock fell back below $1 in April and has recently been trading near the 50-cent level. Jacksonville Bancorp received a notice from Nasdaq that it could be delisted if the stock price does not increase.
Jacksonville Bancorp said in the SEC filing it has engaged an executive search firm to find a replacement for Green. Chairman Donald Glisson will serve as interim principal executive officer while the company searches for a new CEO.
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