News & Updates

Macon, Georgia -- May 13, 2009 -- Security Bank presented contributions totaling of $5,000 to four regional and local community food banks on behalf of customers who opened accounts at Security Bank in March and April.

The food banks estimate Security Bank's contribution will provide over 39,000 meals delivered by non-profit agencies in Georgia. Security Bank branches also served as food collection points in March and April, collecting over 1800 pounds of food.

Lawanna Saxon, Communications Manager for Security Bank, said, "We have an abundance of generous customers who joined in our mission to raise the inventory in food banks and our Middle Georgia branches will continue to be collection points for the Middle Georgia Community Food Bank even though the official campaign has concluded. It was also our goal to raise awareness of the many agencies that benefit from food banks and to encourage our community to remember the food bank when seeking a way to help our neighbors in need."

Recipient organizations include the Middle Georgia Community Food Bank in Macon, the Atlanta Community Food Bank, America's Second Harvest of Coastal Georgia and the Griffin Food Pantry.

Security Bank Corporation Announces First Quarter Results and Banks Enter Agreements with FDIC and State

Macon, Georgia -- April 24, 2009 -- Security Bank Corporation today reported a net loss of $18.5 million for the first quarter ended March 31, 2009, compared with a net loss of $24.2 million for the first quarter of 2008. Security Bank also announced today that five of its six banking subsidiaries have entered into Cease and Desist Orders with the Federal Deposit Insurance Corporation (FDIC) and with the State of Georgia Department of Banking and Finance. Read the entire news release here.

Security Bank Announces Definitive Agreement to Sell Glynn County Offices to The Heritage Bank

Macon, Georgia, -- March 30, 2009 -- Security Bank Corporation today announced a definitive agreement to sell two Glynn County branches, located in Brunswick and to The Heritage Bank. The Heritage Bank operates one branch in Brunswick and 29 other branches throughout southeast Georgia. Following the closing of the transaction, the Brunswick and St. Simons branches of Security Bank would become branch offices of The Heritage Bank. The transaction is subject to regulatory approval and other customary closing conditions and is expected to be completed in the second quarter of 2009.

Middle Georgia Community Food Bank Joins with Security Bank to Meet Growing Demand for Food

Macon, Ga. --- March 5, 2009 --- The Middle Georgia Community Food Bank and Security Bank announce a new partnership to help neighbors in need. The food bank provides food to over 250 non-profit agencies that serve thousands of families, elderly and children. Security Bank will make a donation to the community food bank for each new checking account opened in March and April in a program called "Food for Families." The food bank estimates that for each new checking account opened at Security Bank, about 45 meals will be served to Middle Georgia seniors, families and children. Ronald Raleigh, Executive Director of the food bank, said, "Demand for food by our participating agencies is increasing by 15% per month. We are seeing a similar increase in the number of new clients. These are people who have lost jobs, are having trouble making ends meet and seniors living on fixed income." As a result, Raleigh says food pantry inventory levels are critically low. Lawanna Saxon, Communications Manager for Security Bank, says the bank recognized a growing need in communities as the economic recession has worsened. "We are concerned about how many more people are turning to the food bank and its agencies. Food For Families is our way to help the food bank help our neighbors in need." In addition to a donation for each new checking account, Security Bank is collecting deposits of non-perishable food at all fifteen bank branches in Bibb, Houston and Jones counties during March and April.

Security Bank Announces Preliminary Fourth Quarter 2008 Results

Macon, Georgia -- January 29, 2009 -- Security Bank Corporation today reported a preliminary net operating loss, before a goodwill impairment charge of $18.4 million and a $0.9 million gain on sales of securities, of $24.9 million for the fourth quarter ended December 31, 2008, compared with a net operating loss of $6.9 million for the fourth quarter of 2007. Read the entire news release here.

Security Bank Announces Results of Special Shareholders' Meeting and Names Tony E. Collins President and CEO

Macon, Georgia -- December 23, 2008 -- Security Bank announced today that at a special meeting shareholders had approved two proposals authorizing issuance of preferred stock and increasing the number of authorized voting common stock shares. It also announced that Tony E. Collins has been named President and CEO and has been appointed to the Board of Directors. Read the entire news release here.

Security Bank Has Largest Market Share in Bibb, Houston and Jones

Macon, Georgia -- October 27, 2008 -- Security Bank has the largest share of total banking deposits in Bibb, Houston and Jones counties, according to the Federal Deposit Insurance Corporation (FDIC). The annual summary of deposits released recently by the FDIC for the period ending June 30, 2008 shows Security Bank with $1.7 billion or 32.5% of all bank deposits in the three counties. According to the FDIC, Security has held the lead in deposit market share since 2005.

Security Bank Corporation Announces Third Quarter Financial Results

Macon, Georgia -- October 28, 2008 -- Security Bank Corporation today reported a net operating loss of $19.7 million for the third quarter ended September 30, 2008, compared with net income of $0.6 million for the third quarter of 2007. For the complete news release, click here.

Security Bank Announces Resignation of H. Averett Walker and Names Tony E. Collins as Interim President and CEO

Macon, Georgia -- September 17, 2008 -- Security Bank Corporation announced that effective September 16, 2008 H. Averett "Rett" Walker resigned as President and CEO of Security Bank Corporation. Mr. Walker also resigned his position as director of Security Bank Corporation and its affiliate, Security Bank of Bibb County. Tony E. Collins, Executive Vice President and Regional Executive - Atlanta, has assumed the functions of President and CEO on an interim basis. Mr. Collins has over 30 years of banking industry experience, including 3 years most recently with Security Bank Corporation.

Al Bridges, Chairman of the Board of Directors, stated, "Rett Walker has served our institution with loyalty and dedication. We wish him success in his future pursuits." Mr. Bridges further stated, "Tony Collins, with his significant industry experience, is well suited to lead Security Bank during this interim period. The Board of Directors will conduct a careful search for a permanent President and CEO."

Suspension of Quarterly Dividends Announced

Macon, Georgia -- August 20, 2008 -- Security Bank Corporation today announced its Board of Directors has voted to suspend regular quarterly dividends on its common stock effective immediately and also voted to suspend holding company Board of Directors' fees. Read the entire release here.

Second Quarter Financial Results Announced

Macon, Georgia -- July 29, 2008 -- Security Bank Corporation today reported a net operating loss of $17.8 million for the second quarter ended June 30, 2008, compared with net income of $6.1 million for the second quarter of 2007. Including the previously announced pre-tax goodwill impairment charge of $109.7 million, the net loss for the second quarter increased to $121.4 million. Diluted earnings per share before goodwill impairment for the second quarter of 2008 reflected a loss of $0.77 per share compared to diluted earnings of $0.31 per share for the comparable year ago period. The decrease in operating diluted earnings per share for the second quarter of 2008 is primarily driven by a $30 million provision for loan losses and the decrease in net interest income due to higher levels of problem credits. Read the complete release here.

Second Quarter WOW Employee Award

Macon, Georgia -- July 14, 2008 -- Janice Bloodworth, the switchboard operator of Security Bank of Jones County, has been awarded the WOW Employee winner for the Second Quarter. A customer became very ill and Janice didn't hesitate to show tremendous kindness to the daughter who was handling her affairs. The daughter lived out of town and would call to check on her mother's account on a daily basis. When the customer passed away, Janice took the time to attend the funeral and meet the family in person. Since there wasn't any family in town, Janice went above and beyond and offered to take flowers to the cemetery for them on Mother's Day. Janice took her lunch hour to pick up and deliver the flowers to the cemetery, which was a true act of kindness. Janice's sincerity and thoughtfulness impressed her fellow coworkers and the customer's family. We commend Janice for being such a great Bank Ambassador.

Security Bank Corporation announces First Quarter 2008 Earnings

Macon, Georgia -- April 29, 2008 -- Security Bank Corporation today reported a net loss of $24.2 million for the first quarter ended March 31, 2008, versus net income of $6.8 million for the first quarter of 2007. Diluted earnings per share for the first quarter of 2008 were a loss of $1.22 compared to earnings of $0.35 per share for the comparable year ago period. The decrease in diluted earnings per share for the first quarter of 2008 is primarily attributable to a $41 million increase in provision for loan losses versus the first quarter a year ago. This increased provision has added over $18 million to Security Bank's allowance for loan losses on a consecutive quarterly basis. Read the entire release here.

Security Bank Corporation announces $40 Million Subordinated Debt Issuance

Macon, Georgia -- April 29, 2008 -- Security Bank Corporation as part of a comprehensive plan to enhance and strengthen its capital levels, announced today it has issued $40 million of subordinated notes from a newly formed subsidiary to private equity funds managed by FSI Group, LLC, a multi-strategy investment firm focused on financial institutions. The subordinated notes, when coupled with the previously announced $28 million rights offering, better positions Security Bank from a capital perspective given the current economic uncertainties facing the banking industry generally, and Security Bank specifically. Read the entire release here.

First Quarter WOW Employee Award

St. Simons, Georgia -- April 29, 2008 -- Karol Harvey, Branch Manager of Security Bank's St. Simons office location, has been awarded the WOW Employee winner for the First Quarter. Karol provided special attention to a customer who was recently hospitalized. A week later she found out that the customer's wife was also hospitalized and Karol made daily visits to check on them after work. Karol is truly sincere and dedicated to Security Bank customers. It comes naturally to her to make each and every customer feel as if they are “Number One” and Security Bank employees and customers appreciate Karol's willingness to go above and beyond.

Security Bank raises $28 million in Rights Offering

Macon, Georgia -- March 14, 2008 -- Security Bank Corporation has completed its previously announced rights offering of common stock to its shareholders and will issue approximately 4,311,359 shares, generating net proceeds of approximately $28 million for Security Bank. For the full release, click here.

Fourth Quarter and Annual Earnings Announced

Macon, Georgia -- January 24, 2008 -- Security Bank Corporation today reported a quarterly net loss of $6.9 million for the fourth quarter ended December 31, 2007, versus net income of $5.2 million for the fourth quarter of 2006. Diluted earnings per share for the fourth quarter of 2007 were a loss of $0.36 compared to earnings per share of $0.26 for the comparable year ago period. The decrease in diluted earnings per share is primarily attributable to an $18 million increase in the provision for loan losses versus the fourth quarter a year ago. For the year ended December 31, 2007 net income decreased to $6.6 million compared to $23.4 million a year ago and on a diluted per share basis decreased to $0.34 versus $1.33 for the comparable year ago period. Read the complete announcement here.

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