Security Federal Savings Bank of McMinnville Tennessee Completes Charter Conversion

Security Bancorp, Inc. (�Company�) (OTCBB:SCYT), the parent company of Security Federal Savings Bank of McMinnville Tennessee (�Bank�), today announced that it has converted to a bank holding company. In connection with the conversion, the Bank has converted to a state chartered commercial bank from a federally-chartered stock savings bank. The Bank will continue to use its current corporate title as a commercial bank.

�An integral part of community banking is being able to effectively serve businesses as well as consumers. We intend to be the preferred community-based commercial bank in our market,� said Joe H. Pugh, President and Chief Executive Officer of the Company and the Bank. �The charter conversion is an important step in facilitating this strategic direction.�

With the completion of the charter conversion, the Bank�s primary regulator is now the Tennessee Department of Financial Institutions, which conducts joint exams with the Federal Deposit Insurance Corporation. �We will now be regulated by an agency with a strong expertise in commercial banking,� stated Mr. Pugh.

The Bank was chartered in 1960 and operates two full service offices located in McMinnville, Tennessee. At September 30, 2008, the Company had consolidated total assets of $134.7 million and stockholders� equity of $14.5 million.

Safe-Harbor Statement

Certain matters in this News Release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may relate to, among others, expectations of the business environment in which the Company operates and projections of future performance. These forward-looking statements are based upon current management expectations, and may, therefore, involve risks and uncertainties. The Company�s actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide range of factors including, but not limited to, the general business environment, interest rates, competitive conditions, regulatory changes, and other risks.

Security Bancorp (PK) (USOTC:SCYT)
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