UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

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                                    FORM 8-K
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                                 CURRENT REPORT

                         Pursuant to Section 13 or 15(d)
                     of the Securities Exchange Act of 1934

       Date of report (Date of earliest event reported): March 23, 2009
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                          JACOBS FINANCIAL GROUP, INC.
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             (Exact name of Registrant as specified in its charter)

                                    Delaware
                                ----------------
                 (State or Other Jurisdiction of Incorporation)

        0-21210                                   84-0922335
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 (Commission File Number)            (I.R.S. Employer Identification Number)

         300 Summers Street, Suite 970, Charleston, West Virginia 25301
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               (Address of Principal Executive Offices) (Zip Code)

                                 (304) 343-8171
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              (Registrant's Telephone Number, Including Area Code)


            -------------------------------------------------------
              (Former name, former address and former fiscal year,
                         if changed since last report)

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions:

|_|  Written  communications  pursuant to Rule 425 under the  Securities Act (17
     CFR 230.425)

|_|  Soliciting  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
     240.14a-12)

|_|  Pre-commencement   communications  pursuant  to  Rule  14d-2(b)  under  the
     Exchange Act (17 CFR 240.14d-2(b))

|_|  Pre-commencement   communications  pursuant  to  Rule  13e-4(c)  under  the
     Exchange Act (17 CFR 240.13e-4(c))




                           SECTION 7 - REGULATION FD

ITEM 7.01 REGULATION FD DISCLOSURE.

Press Release

The  information in this Item 7.01 of this Current Report is furnished  pursuant
to Item 7.01 and shall not be deemed "filed" for any purpose,  including for the
purposes  of  Section  18 of the  Exchange  Act,  or  otherwise  subject  to the
liabilities of that Section.  The information in this Current Report on Form 8-K
shall  not be  deemed  incorporated  by  reference  into any  filing  under  the
Securities  Act or the  Exchange  Act  regardless  of any general  incorporation
language in such filing.  On March 23, 2009, Jacobs Financial Group, Inc. issued
a press release.  The text of the press release is attached  herewith as Exhibit
99.1.

                            SECTION 8 - OTHER EVENTS

ITEM 8.01 OTHER EVENTS

The  Registrant  has issued a press  release  announcing  that its wholly  owned
subsidiary,  First Surety  Corporation (FSC), a domestic surety in West Virginia
with licenses in Ohio and Indiana, has entered into a reinsurance agreement with
Lloyds of London.  The agreement  will become  effective  April 1, 2009,  has an
initial term of three  years,  and will  significantly  increase  FSC's  bonding
capacity and ability to offer larger  denomination coal reclamation surety bonds
to qualified clients.

                 SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS


ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

        a)      Financial Statements of business acquired -  None

        b)      Pro Forma Financial Information - None

        c)      Shell Company Transactions - None

        d)      Exhibits -

                 99.1 - Press Release dated March 23, 2009

                                   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 hereunto duly authorized.

                                Jacobs Financial Group, Inc.
                                ----------------------------
                                        (Registrant)


                                /s/ John M. Jacobs
                                -----------------------------
Date: March 24, 2009            John M. Jacobs
                                President


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