Security Bank Corp. in Macon, Ga., said Wednesday that H. Averett "Rett" Walker has resigned as its president and chief executive and as a director of the $2.9 billion-asset company and its Security Bank.
Mr. Walker was named the president in 1996 and added the CEO title the next year.
Tony E. Collins, executive vice president of Security Bank Corp., will be the interim president and CEO until a successor is found. Mr. Collins has 30 years of banking experience and has worked at Security Bank Corp. for the last three years.
The company has posted three straight quarterly losses, including a $17.8 million one for the second quarter. As of June 30 it had $249 million of nonperforming assets, or 11.3% of total loans, plus other real estate owned.
In August, Security Bank Corp. suspended its quarterly dividend and its director fees. By Wednesday's close, its shares had declined 17% from Tuesday's close, to $2.39.