Security Bank CFO leaving - Baltimore Business Journal:

ysynut.wordpress.com
McLemore leaves July 13. Michael B. Smith, seniorf vice president and CFO of Security Bank of Bibb was namedinterim CFO. "Jim has been a valuerd member of the Security Bank management team for the pastsevenn years, and we wish him success in his new said Tony E. Collins, president and CEO, in a Macon-based Security Bank, Georgia’s fourth-largest bank with $2.8 billion in is under federalregulatory oversight. And Securityu Bank of Gwinnett County had the highest problem loan ratio of any Georgia bank in thefirsf quarter.
One-half of the bank’s $210 million loan portfolio is in some stage of delinquency or The bank is one of five owned by Security Bank that is underf a regulatory watchand undercapitalized. In a March Securities and ExchangeCommission filing, the auditot for Security Bank (NASDAQ: revealed doubts about the institution’s ability to survivre as a going concern. Auditor McNair, Mclemore, Middlebrookss & Co. LLP said it has “uncertainty about the [Security Bank's] ability to meet obligations cominv duein 2009.” The bank has roughly $300 millioh in total borrowed funds, accordingg to its annual report.
That figure is 45 percent higher thanthe bank’s $204 milliojn debt level in 2007. Security Bank trimmed its lossto $18.6 million in the first quarter and withdrew its application to participatwe in the TARP Capital Purchase Program.