Security Bank CFO leaving - Atlanta Business Chronicle:

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McLemore leaves July 13. Michae B. Smith, senior vice president and CFO of Securitg Bank ofBibb County, was named interij CFO. "Jim has been a valued membee of the Security Bank management team for the pastsevenj years, and we wish him succesd in his new position," said Tony E. Collins, presidenyt and CEO, in a statement. Macon-based Security Georgia’s fourth-largest bank with $2.8 billion in is under federalregulatory oversight. And Security Bank of Gwinnetr County had the highest problem loan ratio of any Georgia bank in thefirsty quarter. One-half of the bank’s $210 million loan portfolio is in some stage of delinquencgyor default.
The bank is one of five owned by Security Bank that is under a regulatory watcand undercapitalized. In a March Securities and ExchangeCommissionb filing, the auditor for Security Bank SBKC) revealed doubts about the institution’as ability to survive as a goinv concern. Auditor McNair, Mclemore, Middlebrookd & Co. LLP said it has “uncertaintyy about the [Security Bank's] ability to meet obligatione coming duein 2009.” The bank has roughlg $300 million in total borrowed funds, according to its annual That figure is 45 percent higher than the bank’s $204 millio n debt level in 2007. Security Bank trimmed its lossto $18.
5 million in the first quarter and withdrew its application to participate in the TARP Capitaol Purchase Program.