Security Bank Declares Cash Dividends

The Board of Directors of Security Bank Corporation (PSE: SECB) approved on September 24, 2013 the declaration of a regular semestral cash dividend of P0.50 per share and a special cash dividend of P0.50 per share on the outstanding capital stock of the Bank for a total cash dividend of P1 per share for the semester, subject to approval of the Bangko Sentral ng Pilipinas (BSP). The record date and payment date will be determined after receipt of BSP approval on the cash dividend declaration. This will bring the total cash dividend for the year to P2 per share.The Bank”s Board also approved the exercise of the call option on and redemption of the Lower Tier 2 subordinated notes with face value of P3 billion. The notes were issued on December 10, 2008 with coupon rate of 8.625% and maturity date on December 10, 2018. As of June 30, 2013, the Bank”s total Capital Adequacy Ratio (CAR) was 18% and Tier 1 CAR was 16.2%. Security Bank”s Board of Directors called for a special stockholders” meeting on November 26, 2013 to seek shareholders” approval for the creation of one billion preferred shares with par value of ten centavos (P0.10) per share. The preferred shares will be voting, non-cumulative, non-participating and non-convertible. The preferred shares are part of the Bank