News & Updates
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.
Fourth Quarter WOW Employee Award
Macon, Georgia -- January 17, 2008 -- Laurie Stevenson, customer service representative in Security Bank's Hartley Bridge office in Macon, has been recognized as the WOW Employee winner for the Fourth Quarter. She went above and beyond by providing special caring and attention for an elderly customer whose wife suffers from Alzheimer's disease. Laurie's compassion for a person in distress drew the attention and praise of fellow employees, who nominated her for the WOW Award of the quarter.
Security Bank has largest deposit share in Bibb, Houston and Jones
Macon, Georgia - October 18, 2007 - For the second year in a row, Security Bank had the largest share of total banking deposits in Bibb, Houston and Jones counties, according to the Federal Deposit Insurance Corporation (FDIC). The annual "share of deposits" report by the FDIC, for the period ending June 30, 2007, shows Security Banks in Macon, Warner Robins, Perry and Gray with $1.43 billion in deposits, or 29.63% of all banking deposits. See the complete news release here (PDF format) or here (MS Word format).
Security Bank authorizes share repurchases and names Lorraine D. Miller, CFA head of investor relations
Macon, Georgia -- August 7, 2007 -- Security Bank Corporation today announced initiatives focused on enhancing long-term shareholder value. The company's board of directors has approved the repurchase in the open market of up to 1.2 million shares of Security Bank's common stock during the next 12 months, subject to market conditions and in accordance with applicable federal securities laws.
In addition, Lorraine D. Miller, CFA has joined the company in the newly created position of Senior Vice President, Investor Relations. For the complete news release, click here.
