railway hotel sawbridgeworth
MACON, Ga., Jan. 3 /PRNewswire-FirstCall/ -- Security Bank Corporation
(Nasdaq: SBKC) announced today it has completed the acquisition of Rivoli
BanCorp, Inc., a community bank holding company with approximately
$211 million in assets located in Macon, Georgia. Originally announced in
September 2005, the acquisition was approved by Rivoli BanCorp shareholders on
December 20, 2005 and has received final regulatory approval.
In addition, Security Bank said it will open a new banking office at 1535
Bass Road near Interstate 75 in North Bibb County as a result of the
acquisition. The office is scheduled to open as a branch of Security Bank in
mid-January.
Rivoli BanCorp Chairman F. Tredway Shurling said, "We are pleased to
become part of Security Bank. Our customers will have the same personal,
community bank attention along with enhanced services and banking
convenience."
"We are delighted to welcome the newest members of the Security Bank
team," said Rett Walker, President and CEO of Security Bank Corporation.
Walker said the move is part of Securitys strategy to enhance its market
presence in Middle Georgia.
Richard A. Collinsworth, President of Security Bank of Bibb County, said
that Rivoli Bank customers should continue to use their existing locations on
Zebulon Road and Mulberry Street in Macon until the banks complete their
conversion in March. "At present, Rivoli customers will continue banking just
as they always have," Collinsworth said. "Our primary aim during the coming
months will be to make this a smooth and easy process for Rivoli Bank
customers."
With the completion of the acquisition, Security Bank Corporation has
total assets of approximately $1.6 billion. Following the March conversion of
Rivoli locations, Security Bank of Bibb County will operate 10 full service
offices, including nine locations in Macon and one in Griffin, Georgia, and
one loan production office in Bogart, Georgia.
In November, Security Bank Corporation announced a definitive agreement to
acquire Neighbors Bancshares, Inc., a community bank holding company in
Alpharetta, Georgia, with approximately $105 million in assets as of September
30, 2005. That agreement is subject to Neighbors shareholder and regulatory
approvals, and is expected to be complete in the second quarter of 2006.
About Security Bank Corporation
Based in Macon, Georgia, Security Bank Corporation is a bank holding
company with assets of approximately $1.6 billion. The Companys wholly owned
bank subsidiaries are Security Bank of Bibb County, Security Bank of Houston
County, Security Bank of Jones County and Security Bank of North Metro. The
banks maintain 13 full service offices in Central Georgia (Macon, Perry,
Warner Robins, and Gray), two full service offices in Coastal Georgia
(Brunswick and St. Simons Island) and one full service office in North Metro
Atlanta (Woodstock). In addition, Security Bank of Bibb County operates a
wholly owned mortgage subsidiary, Fairfield Financial Services, Inc. Fairfield
has offices in Macon, Warner Robins, Columbus, Richmond Hill, Gray, Pooler,
St. Simons, and Brunswick.
Safe Harbor
This press release contains forward-looking statements as defined by
federal securities laws. These statements may address issues that involve
significant risks, uncertainties, estimates and assumptions made by
management. Actual results could differ materially from current projections,
and past performance should not be taken as an indication of future results.
Please refer to Security Bank Corporations filings with the Securities and
Exchange Commission for a summary of important factors that could affect
Security Bank Corporations forward-looking statements. Security Bank
Corporation undertakes no obligation to revise these statements following the
date of this press release.
|