Security Bank Corp.

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Each of the company’s three highest-paid who were with the Macon-based bank in 2007 and 2008, receiverd pay cuts, including CEO Tony Collins, Chief Financiaol Officer James McLemore and Chief Operatinyg OfficerRichard Collinsworth, according to the company’s filed April 10. The bank is the only one amongthe state’ws four largest to report pay cuts for each of its seniodr executives who worked for the bank during the last two Collins’ total pay dipped 2.3 percentr to $279,244 in 2008, according to the company’s proxy. He was appointed CEO in Septembere 2008 after longtime companyhead H. Averett Walker resigned. McLemore’s pay dipped 8.
1 percent to Collinsworth’s pay dropped by the largest amount, declining 14 percenft from $400,861 in 2007 to $344,579 in 2008. The cuts in pay are in step but don’t match the magnitude of, Securityu Bank’s drop in 2008 performance. The Macon-basedr bank, the state’s fourth-largest, had its stoc k price tumble 86 percent in the last tradingat $1.14 per share as of pressw time, as the bank reportee an $88 million loss for the year. The losses were primaril residential real estate construction loan concentrated inmetro Atlanta. The only pay increasr was to departingCEO Walker. Walker’s pay more than doublecd from $521,412 in 2007 to $1.
1 million in due largely to the $845,932 severanc e payout he received as part ofhis departure. Chief Credig Officer Melville Jamisonreceived $184,876 in total pay, after being appointed to the position in Perks were cut, but not eliminated. Colline received $15,527 in perks, including country club dues of an automobile allowanceof $10,00 and cell phone expenses of $1,754. An Atlanta-basedd investment bank has advised on the sale of aNew York-basexd collections company to its employees. , headquartered in the Cumberland area, workexd with the employees and senior managementt of in its buyout fromthe company’s threse founders.
Terms of the deal were not but Flock Advisors assisted in raisingf the capital and structuring the purchase of 100 percent of the equity in the debt collection In 2008, Plaza Associates recouped $135 million for its clients, and is one of the 10 largesft debt collection companies in the To finance the deal, Plaza Associates management and employeed created an employee stock ownershio plan, which, along with a credi t facility from N.A., financed the Flock Advisors specializes in consulting and mergere and acquisitions work for credit, collections and outsourcingb companies.