SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 10, 2002
Security Bancorp Inc.
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(Exact name of registrant as specified in charter)
Tennessee 0-22553 62-1682697
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(State or other jurisdiction (Commission File (I.R.S. Employer
of incorporation) Number) Identification No.)
306 W. Main Street, McMinnville, Tennessee 37110
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (931) 473-4483
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Not Applicable
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(Former name or former address, if changed since last report)
Item 5. Other Events
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On May 10, 2002, the Registrant filed a Form 15 to terminate registration
of its common stock under the Securities and Exchange Act of 1934. Reference
is made to the Registrant's press release dated May 10, 2002, which is
attached hereto as Exhibit 99 and incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(c) Exhibits
Exhibit 99 Registrant's Press release dated May 10, 2002
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
SECURITY BANCORP, INC.
/s/Joe H. Pugh
Date: May 10, 2002 By: -------------------------------
Joe H. Pugh
President and Chief Executive Officer
EXHIBIT 99
Registrant's Press Release Dated
May 10, 2002
Exhibit 99
PRESS RELEASE
Contact: Joe H. Pugh
Security Bancorp, Inc.
President and Chief Executive Officer
(931) 473-4483
SECURITY BANCORP, INC. FILES FORM 15 TO DEREGISTER
WITH SECURITIES AND EXCHANGE COMMISSION
McMinnville, Tennessee, May 10, 2002 Security Bancorp, Inc. (OTC BB:
SCYT)announced today the filing of a Form 15 with the Securities and Exchange
Commission (the "SEC"). The filing of the Form 15 will terminate registration
of the Company's common stock under the Securities and Exchange Act of 1934
(the "1934 Act").
Upon the filing of the Form 15, Security Bancorp, Inc. will no longer
file with the SEC certain reports and forms, including Forms 10-KSB, 10-QSB
and 8-K. When the Form 15 is deemed effective, which is expected within 90
days of filing, Security Bancorp, Inc. will no longer file proxy statements
with the SEC. The common stock of Security Bancorp, Inc., however, will
continue to be traded on the OTC Bulletin Board.
According to management, the Company is terminating registration in order
to reduce corporate costs associated with being a "reporting company" under
the 1934 Act. After careful consideration, the board of directors concluded
that for Security Bancorp, Inc. the advantages of being a reporting company
under the 1934 Act do not offset the costs and administrative burdens
associated with the SEC reporting requirements. In addition, the Company's
common stock has been extremely thinly-traded.
Mr. Joe H. Pugh, President and Chief Executive Officer of Security
Bancorp, Inc., stated that it is the Company's intention to provide its record
stockholders with press releases of material events affecting the Company,
quarterly unaudited earnings releases, as well as an annual report and proxy
statement.
Security Bancorp, Inc. is the holding company for Security Federal
Savings Bank of McMinnville, TN, which operates two offices located in
McMinnville, Tennessee.
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