Security Federal Savings Bank of McMinnville Tennessee Completes Charter Conversion
February 11 2009 - 4:32PM
Business Wire
Security Bancorp, Inc. (�Company�) (OTCBB:SCYT), the parent
company of Security Federal Savings Bank of McMinnville Tennessee
(�Bank�), today announced that it has converted to a bank holding
company. In connection with the conversion, the Bank has converted
to a state chartered commercial bank from a federally-chartered
stock savings bank. The Bank will continue to use its current
corporate title as a commercial bank.
�An integral part of community banking is being able to
effectively serve businesses as well as consumers. We intend to be
the preferred community-based commercial bank in our market,� said
Joe H. Pugh, President and Chief Executive Officer of the Company
and the Bank. �The charter conversion is an important step in
facilitating this strategic direction.�
With the completion of the charter conversion, the Bank�s
primary regulator is now the Tennessee Department of Financial
Institutions, which conducts joint exams with the Federal Deposit
Insurance Corporation. �We will now be regulated by an agency with
a strong expertise in commercial banking,� stated Mr. Pugh.
The Bank was chartered in 1960 and operates two full service
offices located in McMinnville, Tennessee. At September 30, 2008,
the Company had consolidated total assets of $134.7 million and
stockholders� equity of $14.5 million.
Safe-Harbor Statement
Certain matters in this News Release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements may relate to, among others, expectations of the
business environment in which the Company operates and projections
of future performance. These forward-looking statements are based
upon current management expectations, and may, therefore, involve
risks and uncertainties. The Company�s actual results, performance,
or achievements may differ materially from those suggested,
expressed, or implied by forward-looking statements as a result of
a wide range of factors including, but not limited to, the general
business environment, interest rates, competitive conditions,
regulatory changes, and other risks.
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