MACON, Ga., Nov. 20, 2007 (PRIME NEWSWIRE) -- Security Bank Corporation (Nasdaq:SBKC), announced today that it received a Nasdaq Staff Deficiency Letter on November 14, 2007 indicating that the Company was not in compliance with The Nasdaq Stock Market's audit committee composition requirement as set forth in Marketplace Rule 4350(d)(2) (the "Rule"). The Rule requires, in part, that the audit committee be comprised solely of independent directors. The Nasdaq letter was in response to the Company's correspondence, initiated on November 8, 2007, notifying Nasdaq that the Company inadvertently appointed an audit committee member who did not meet the criteria for independence. The director in question was not employed by the Company at the time of his appointment to the audit committee, but had been employed by the Company within three years of his appointment; therefore, he did not meet the independence criteria. Upon discovering the error, the director promptly resigned his position on the audit committee, effective November 8, 2007. As a result of this action, the audit committee is comprised of nine members, all of whom are independent directors. Nasdaq's letter acknowledges that with the resignation, and this subsequent public announcement, the Company has regained compliance with the Rule and the matter is now closed.
About Security Bank Corporation
Based in Macon, Georgia, Security Bank Corporation is a multi-bank holding company with assets of $2.7 billion at September 30, 2007. Security Bank Corporation operates six community banks with banking offices located throughout middle Georgia, coastal Georgia and north metropolitan Atlanta. Security Bank Corporation also operates an investment management and planning firm, CFS Wealth Management, LLC, in addition to operating its interim real estate and development lender and traditional mortgage originator, Fairfield Financial Services, Inc., with offices throughout Georgia.
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.