MACON, Ga., Sept. 9, 2008 (GLOBE NEWSWIRE) -- Security Bank Corporation (Nasdaq:SBKC) announced that the Treasury Department's move yesterday to take control of Fannie Mae and Freddie Mac and place them in conservatorship would have no material impact on Security Bank's financial condition. Furthermore, all bank subsidiaries remain in the highest capital category of "well-capitalized" as defined by regulatory standards.
Security Bank's financial exposure to Fannie Mae and Freddie Mac securities is limited to a single Freddie Mac bond with a $1 million market value. Yesterday's actions by the Treasury Department do not negatively affect the long-term obligation of Freddie Mac to its bondholders, including Security Bank. In fact, the Treasury Department's actions yesterday significantly improves bondholders' position because the Treasury Department has committed to making principal and interest payments on these debt obligations. Security Bank does not own any Fannie Mae or Freddie Mac common or preferred securities in its investment portfolio.
Security Bank Corporation President and Chief Executive Officer, Rett Walker stated, "As a result of conservative positioning of our investment portfolio, we do not anticipate any adverse impact from yesterday's government actions with regards to Fannie Mae and Freddie Mac."
About Security Bank Corporation
Based in Macon, Georgia, Security Bank Corporation is a multi-bank holding company with assets of $2.9 billion at June 30, 2008. Security Bank Corporation operates six community banks with offices located throughout middle Georgia, coastal Georgia and north metropolitan Atlanta. In addition, Security Bank Corporation operates an interim real estate and development lender and traditional mortgage originator, Security Real Estate 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.
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. Security Bank Corporation does not intend to and assumes no responsibility, except as required by law, for updating or revising any forward-looking statements contained in this press release, whether as a result of new information, changes in assumptions, future events or otherwise.