SCYT Security Bancorp Inc (PK)

Security Bancorp, Inc. (OTCBB:SCYT), the parent Company of Security Federal Savings Bank of McMinnville, Tennessee (�Security Federal�), today announced plans for converting Security Federal from a federally chartered stock savings bank to a Tennessee chartered commercial bank. Security Federal also intends to become a member bank of the Federal Reserve Bank of Atlanta. In connection with the charter conversion of Security Federal, Security Bancorp will convert from a savings and loan holding company to a bank holding company. �Today�s announcement is an important step in completing the conversion to a full service commercial bank. Over the past several years our company has been undergoing a major transformation,� said Joe H. Pugh, President and CEO of Security Federal and Security Bancorp. �We have been positioning Security Federal to be the preferred community bank in our market and to better serve our customers and shareholders. Our planned charter conversion strongly reinforces this strategic direction.� Security Bancorp�s conversion to a bank holding company is subject to the approval of the Board of Governors of the Federal Reserve System. The conversion of Security Federal to a Tennessee commercial bank is subject to the approval of the Office of Thrift Supervision, Security Federal�s current primary regulator, and the Tennessee Department of Financial Institutions. The Board of Governors of the Federal Reserve System also will need to approve Security Federal�s application to become a member bank of the Federal Reserve. Security Federal Savings Bank is the wholly-owned subsidiary of Security Bancorp, Inc. and has served the financial needs of Warren County, Tennessee through its two locations in McMinnville, Tennessee since 1960.