MACON, Ga., March 17, 2009 (GLOBE NEWSWIRE) -- Security Bank Corporation (Nasdaq:SBKC) today announced in compliance with NASDAQ Marketplace Rule 4350(b)(1)(B) that it received an audit opinion containing a "going concern" modification for its Annual Report on Form 10K for the year ended December 31, 2008.
Tony E. Collins, Security Bank Corporation's President and CEO commented, "Given these times of unprecedented challenges for financial institutions, we remain very focused on our previously stated objectives of preserving capital, maintaining liquidity, improving asset quality and reducing noninterest expenses. As such, we have undertaken several initiatives to help ensure the bank's long term viability which includes engaging two investment banking firms to explore possible strategic alternatives to raise capital as well as negotiate the sale of certain offices, including selected assets and liabilities."
"We will continue to be internally focused on working through this credit cycle and greatly appreciate the continued support of our customers," Mr. Collins concluded.
About Security Bank Corporation
Based in Macon, Georgia, Security Bank Corporation is a multi-bank holding company with assets of $2.9 billion at December 31, 2008. Security Bank Corporation operates six community banks with banking offices located throughout middle Georgia, coastal Georgia and north metropolitan Atlanta.
FDIC deposit insurance has been increased from $100,000 to $250,000 per depositor through December 31, 2009. In addition, Security Bank is participating in the FDIC Transaction Account Guarantee Program, which provides that all non-interest-bearing checking accounts (including most business checking accounts) have unlimited FDIC insurance coverage until December 31, 2009.
Security Bank Corporation common stock is traded on the NASDAQ Global Select Market under the ticker symbol "SBKC." You may obtain copies of all documents that Security Bank Corporation files with the Securities and Exchange Commission, free of charge, at the SEC's website at www.sec.gov. In addition, copies of these documents may also be obtained from us without charge by directing a written request to Security Bank Corporation, 4219 Forsyth Road, Macon, Georgia 31210, Attention: Investor Relations.
Safe Harbor
This press release contains forward-looking statements as defined by federal securities laws. Statements contained in this press release that are not historical facts are forward-looking statements. Forward-looking statements may address issues involving significant risks, uncertainties, estimates and assumptions made by management. Security Bank Corporation's ability to accurately project results or predict the effects of future plans or strategies is inherently limited. Although Security Bank Corporation believes that the expectations and estimates reflected in its forward-looking statements are based on reasonable assumptions, actual results and performance could differ materially from those set forth in the forward-looking statements. Please refer to Security Bank Corporation's public filings with the Securities and Exchange Commission for a summary of important factors that could affect Security Bank Corporation's financial results and operations and its forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements. Security Bank Corporation does not intend, and undertakes no responsibility to update or revise any forward looking statement, whether as a result of difference in actual results, changes in assumptions or changes in other factors affecting such statements, except as required by law.