James McLemore Jr., 49, chief financial officer of Macon-based Security Bank Corp., has announced his resignation and an interim CFO has been named.
McLemore “has accepted the CFO position with another financial institution in the Southeast effective July 13,” according to a news release.
McLemore has not publicly disclosed where he is going, said marketing director Tom Woodbery.
Michael Smith, senior vice president and CFO of Security Bank of Bibb County, has assumed the CFO function of Security Bank Corp. on an interim basis, the release stated.
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“Jim has been a valued member of the Security Bank management team for the past seven years, and we wish him success in his new position,” president and CEO Tony Collins, stated in the release. “We are fortunate to have Michael Smith, an experienced financial manager, available to assume Jim’s duties.”
Smith, 52, joined Security in 2005, and he is a certified public accountant, Woodbery said.
This is the second high-ranking official to leave Security Bank within a year. Averett “Rhett” Walker was forced to resign last fall as president/CEO. In January, Collins was named to fill those positions. The bank announced in April “cease and desist” orders had been filed by the Federal Deposit Insurance Corp. for five of the six subsidiary banks it owned.
Also in April, the company reported a net loss of $18.5 million for the first quarter ended March 31, compared to a net loss of $24.2 million for the first quarter of 2008.
Based in Macon, Security Bank Corp. (NASDAQ: SBKC) is a multi-bank holding company with assets of $2.8 billion as of March 31, according to a news release. Security Bank operates community banks with banking offices located in Middle Georgia and north metropolitan Atlanta.
To contact writer Linda S. Morris, call 744-4223.