Law Offices of Howard G. Smith Announces Investigation on Behalf of Shareholders of Atlantic BancGroup, Inc.

Law Offices of Howard G. Smith announces that it is investigating potential claims against the board of directors of Atlantic BancGroup, Inc. (“Atlantic BancGroup” or the “Company”) (NASDAQ:ATBC) related to the Company’s agreement to merge with Jacksonville Bancorp, Inc. (“Jacksonville”).

Under the terms of the definitive merger agreement entered into by the parties, for each share they own of the Company’s common stock Atlantic BancGroup shareholders will receive 0.2 shares of Jacksonville common stock – approximately $1.90 per Atlantic BancGroup share based on Jacksonville’s May 7, 2010, closing price of $9.49 per share. In addition, Atlantic BancGroup shareholders may receive up to approximately $0.65 per share in cash, subject to the qualifying sale of certain Atlantic BancGroup assets. The transaction is expected to close in the third quarter of 2010. The investigation concerns possible breaches of fiduciary duty and other violations of law related to approval of the transaction by Atlantic BancGroup’s board of directors.

If you own shares of Atlantic BancGroup, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.

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