Business & Finance
Tue, February 17, 2009Mon, February 16, 2009Fri, February 13, 2009Thu, February 12, 2009Wed, February 11, 2009Tue, February 10, 2009Mon, February 9, 2009Fri, February 6, 2009Thu, February 5, 2009Security Federal Savings Bank of McMinnville Tennessee Completes Charter Conversion
Published in Business and Finance on Wednesday, February 11th 2009 at 14:15 GMT, Last Modified on 2009-02-11 14:16:12 by Market Wire
MCMINNVILLE, Tenn.--([ 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.
