Aug. 6--Macon-based Security Bank Corp. has filed for Chapter 7 bankruptcy as expected following closure of its banks July 24 by state and federal regulators.

The company's six banks are being bought by Pinehurst-based State Bank and Trust Co., therefore Security Bank Corp. "has minimal remaining tangible assets," according to a filing by the company.

The bankruptcy case was filed Friday in the United States Bankruptcy Court, Middle District of Georgia, in Macon. A meeting of creditors is set for 10 a.m. Sept. 9 at the court.

"Debtors (Security Bank in this case) are required to file what is referred to as the first meeting of creditors," said Bill Tanner, clerk of the bankruptcy court. "It is not a court hearing and there is no judge. The Chapter 7 trustee will preside over it ... creditors do not have to appear to file a claim."

Several pages of creditors also have been filed in the case.

"The debtor chooses who goes on the list and obviously the debtor is going to error on the side of caution," Tanner said. "It is nothing more than a list of interested parties to receive notice. ... That list would include shareholders who are considered equitable security holders. ... There is no legal significance of being listed there."

The trustee appointed to this case, Joy Webster with Akin, Webster and Matson, has filed notice that she "will be pursuing possible assets that may exist in this case." If assets are recovered that will benefit creditors, another filing will be made and a date will be set for filing of claims, according to the notice. Webster did not return a call Wednesday seeking comment.

In a related matter, the Federal Deposit Insurance Corp. has filed a legal notice in The Telegraph for creditors and depositors of the six failed banks Security Bank Corp. used to own. These banks include Security Bank of Bibb County, Security Bank of Houston County and Security Bank of Jones County.

Any creditors of these banks having a claim must file it by Oct. 28, with proof of claims to the FDIC as Receiver, 1601 Bryan St., Dallas, TX, 75201, listing the name of the individual bank the claim is against.

Depositors of the failed banks may continue to bank with the new owner but must do one of the following to claim ownership of the deposits, according to the legal notice:

--Make a deposit or withdrawal from an account. This includes an automated direct deposit credit or debit from an account.

--Fill out a new signature card.

--Provide the new institution with a change of address form.

--Write to the new company notifying it you want to keep your account active.

If an account is not claimed by one of these methods after 18 months, the funds would be returned to the FDIC, which would return the money to the state as unclaimed property, which gives depositors 10 years to claim the funds.

To contact writer Linda S. Morris, call 744-4223.

-----

To see more of The Macon Telegraph, or to subscribe to the newspaper, go to http://www.macon.com

Copyright (c) 2009, The Macon Telegraph, Ga.

Distributed by McClatchy-Tribune Information Services.

For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

NASDAQ-NMS:SBKC, Australia:TRU,

A service of YellowBrix, Inc.