Stock Rights Offering - SECURITY BANK CORPORATION (the “Bank” or “SECB”)

Please be informed that the Board of Directors of the Exchange, based on the representations and documents submitted, and subject to the conditions set forth below, approved on October 14, 2009, the application of SECURITY BANK CORPORATION (the “Bank” or “SECB”) to list approximately 82,336,424 common shares, with a par value of P10.00 per share, with an offer size of up to P2,500,000,000.00, to cover its stock rights offering to all stockholders of record as of November 5, 2009, at an offer price to be based on the 15-day volume-weighted average price of the Bank’s shares on the Exchange for the period ranging from October 6, 2009 to October 26, 2009, subject to a discount of 25% to 50%.

Amount of Proceeds

Gross: Up to P 2,500,000,000.00

Estimated Expenses for the Offer: P 124,960,575.00

Net: P 2,375,039,425.00

Number of Rights Offer Shares : Approximately 82,336,424 shares or up to P2,500,000,000.00. The Offer Shares will come from the unissued shares in the Bank’s authorized capital stock.

Par value P 10.00 per common share

Timetable of the Rights Offer

Pricing Date : October 26, 2009
Ex-Date : October 30, 2009
Record Date : November 5, 2009
Rights Offer Period : November 5 to 11, 2009
Rights Offer Settlement Date : November 11, 2009
Domestic Offer Period : November 12, 2009
Domestic Offer Settlement Date : November 12, 2009
International Offer Period : November 12, 2009
International Offer Settlement Date : November 12, 2009
Listing Date and commencement of trading of the Offer Shares on the PSE : November 16, 2009
Offer Price : The Offer Price shall be computed based on the 15-day volume-weighted average price of the Bank’s shares on the PSE for the period ranging from October 6, 2009 to October 26, 2009, ending on October 26, 2009, subject to a discount of 25% to 50%.
Eligible Shareholder : All existing common shareholders of the Bank as of the Record Date who are: (i) located in the Philippines; and (ii) located in jurisdictions outside the Philippines where it is legal to participate in the offer under the securities laws of such jurisdictions.
Rights Entitlement : To be determined on Pricing Date
Minimum Subscription: Each application must be for a minimum of [100] Offer Shares, and thereafter in multiples of [100] Offer Shares. Applications for multiples of any other number of Shares may be rejected or adjusted to conform to the required multiple, at the discretion of the Bank.

Click her for SECB PSE disclosure.