<PAGE> 1
10-K/A No. 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------------
AMENDMENT TO APPLICATION OR REPORT
Filed Pursuant to Section 12, 13 or 15 (d) of
THE SECURITIES EXCHANGE ACT OF 1934
SECURITY BANC CORPORATION
(Exact name of registrant as specified in charter)
The undersigned registrant hereby amends the following items, financial
statements, exhibits or other portions or its Annual Report on Form 10-K for the
year ended December 31, 1997; as set forth in the pages attached hereto:
ITEM 14 EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
The following financial statement with respect to the Security National Bank and
Trust Co. 401(k) Profit Sharing Savings Plan (the "Plan") are filed herewith as
Exhibit 28.1, pursuant to Rule 15d-21 under the Securities Exchange Act of 1934,
in lieu of a filing on Form 11-K:
(a) Report of Independent Auditors
(b) Statements of Assets Available for Distribution to Plan
Participants-December 31, 1997 and 1996
(c) Statements of Changes in Assets Available for Distribution to Plan
Participants - years ended December 31, 1997 and 1996
(d) Notes to Financial Statements
(e) Schedule of Assets Held for Investment - December 31, 1997
(f) Schedule of Transactions or Series of Transactions in Excess of 5% of
the current value of Plan Assets - year ended December 31, 1997
The Plan is subject to the Employee Retirement Income Security Act of 1974, as
amended, and the foregoing financial statements are filed in lieu of the
financial statements required by Items 1, 2, and 3 of Form 11-K.
The Consent of the Plan's independent auditors to the inclusion of the foregoing
financial statements herein and to the incorporation by reference of such
financial statements in the registrant's Registration Statement on Form S-8
pertaining to the Plan is attached as Exhibit 24.1.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this amendment to be signed on its behalf by the
undersigned, thereunto duly authorized.
SECURITY BANC CORPORATION
By /s/ Thomas L. Miller Date: June 29, 1998
--------------------------------- ------------------
Thomas L. Miller
Vice President/Controller
<PAGE> 2
Financial Statements
and Other Financial Information
Security Banc Corporation 401(k)
Profit Sharing Savings Plan
Years ended December 31, 1997 and 1996
with Report of Independent Auditors
<PAGE> 3
Security Banc Corporation 401(k)
Profit Sharing Savings Plan
Financial Statements
and Other Financial Information
Years ended December 31, 1997 and 1996
CONTENTS
Report of Independent Auditors.................................................1
Audited Financial Statements
Statements of Net Assets Available for Benefits................................2
Statements of Changes in Net Assets Available for Benefits with
Fund Information...........................................................3
Notes to Financial Statements..................................................7
Supplemental Schedules
Assets Held for Investment....................................................13
Reportable Transactions.......................................................14
<PAGE> 4
Report of Independent Auditors
Plan Committee
Security Banc Corporation
401(k) Profit Sharing Savings Plan
We have audited the accompanying statements of net assets available for benefits
of the Security Banc Corporation 401(k) Profit Sharing Savings Plan (the Plan)
as of December 31, 1997 and 1996, and the related statements of changes in net
assets available for benefits with Fund Information for the years then ended.
These financial statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. These standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan at
December 31, 1997 and 1996, and the changes in the net assets available for
benefits for the years then ended, in conformity with generally accepted
accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplemental schedules of assets held for
investment as of December 31, 1997 and reportable transactions for the year
ended December 31, 1997 are presented for the purpose of complying with the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974, and are not a required part
of the basic financial statements. The Fund Information in the statement of net
assets available for benefits and the statement of changes in net assets
available for benefits is presented for purposes of additional analysis rather
than to present the net assets available for benefits and changes in net assets
available for benefits of each fund. The supplemental schedules and Fund
Information have been subjected to the auditing procedures applied in the audit
of the basic financial statements and, in our opinion, are fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
ERNST & YOUNG LLP
Columbus, Ohio
May 8, 1998
1
<PAGE> 5
Security Banc Corporation 401(k)
Profit Sharing Savings Plan
Statements of Net Assets Available for Benefits
<TABLE>
<CAPTION>
DECEMBER 31
1997 1996
----------------------------------
<S> <C> <C>
ASSETS
Investments at fair value:
Fidelity Advisor Institutional Growth Opportunity Fund $ 686,913 $ 383,011
Fidelity Advisor LTD Bond Fund 94,274 74,075
Fidelity Balanced Fund 305,711 233,464
Fidelity Diversified International Fund 236,407 98,635
Fidelity Institutional Money Market - Government Class T - 573,500
Fidelity Magellan Fund 611,390 439,227
Kaufmann Fund, Inc. 633,059 341,884
PNC Temporary Fund 431,402 272,442
Security Banc Corporation Common Stock 7,621,553 3,953,178
VanGuard Index Fund 962,404 371,741
Security Investment Account II 369,485 -
----------------------------------
Total Investments 11,952,598 6,741,157
Cash 21,724 -
----------------------------------
TOTAL ASSETS 11,974,322 6,741,157
Accrued income 5,444 2,481
----------------------------------
Net assets available for benefits $ 11,979,765 $ 6,743,638
==================================
</TABLE>
See accompanying notes.
2
<PAGE> 6
Security Banc Corporation 401(k)
Profit Sharing Savings Plan
Statement of Changes in Net Assets Available for Benefits with Fund Information
Year ended December 31, 1997
<TABLE>
<CAPTION>
MONEY BANC CORP.
MARKET BALANCED STOCK
FUND FUND FUND
-----------------------------------------------
<S> <C> <C> <C>
Investment income:
Net unrealized appreciation in fair value of investments
net of realized gains and losses $ - $ 23,731 $2,550,298
Interest 2,035 - 23,204
Dividends 18,692 35,612 105,449
-----------------------------------------------
20,727 59,343 2,678,951
-----------------------------------------------
Contributions:
Employer 9,937 4,051 83,669
Employee 23,453 9,918 240,540
-----------------------------------------------
33,390 13,969 324,209
-----------------------------------------------
Total additions 54,117 73,312 3,003,160
Deduction:
Benefit payments 13,773 6,061 78,696
-----------------------------------------------
Net increase prior to transfers between funds 40,344 67,251 2,924,464
Transfers between funds (31,314) (12,739) (36,562)
Transfers of net assets of acquired companies 140,581 22,081 570,505
-----------------------------------------------
Total transfers 109,267 9,342 533,943
-----------------------------------------------
Net (deductions) additions 149,611 76,593 3,458,407
Net assets available for benefits:
Beginning of the year 273,570 233,464 4,527,793
-----------------------------------------------
End of the year $423,181 $310,057 $7,986,200
===============================================
</TABLE>
See accompanying notes.
3
<PAGE> 7
<TABLE>
<CAPTION>
FIXED AGGRESSIVE COMMON CONSERVATIVE
INCOME GROWTH INTERNATIONAL SMALL CAP STOCK INDEX GROWTH
FUND FUND FUND GROWTH FUND FUND FUND TOTAL
- ----------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C>
$ 1,422 $117,739 $ 9,299 $ 28,793 $ 148,100 $ 81,738 $ 2,961,120
467 - - - - - 25,706
4,901 39,219 8,566 19,679 16,995 47,211 296,324
- ----------------------------------------------------------------------------------------------------------------------
6,790 156,958 17,865 48,472 165,095 128,949 3,283,150
- ----------------------------------------------------------------------------------------------------------------------
2,384 10,858 7,450 19,631 32,730 16,361 187,071
5,102 28,653 25,012 56,985 88,592 54,534 532,789
- ----------------------------------------------------------------------------------------------------------------------
7,486 39,511 32,462 76,616 121,322 70,895 719,860
- ----------------------------------------------------------------------------------------------------------------------
14,276 196,469 50,327 125,088 286,417 199,844 4,003,010
1,437 24,234 3,460 5,112 3,307 1,003 137,083
- ----------------------------------------------------------------------------------------------------------------------
12,839 172,235 46,867 119,976 283,110 198,841 3,865,927
(750) (7,919) 38,171 41,287 13,578 (3,752) -
8,720 45,540 53,621 126,650 293,690 108,812 1,370,200
- ----------------------------------------------------------------------------------------------------------------------
7,970 37,621 91,792 167,937 307,268 105,060 1,370,200
- ----------------------------------------------------------------------------------------------------------------------
20,809 209,856 138,659 287,913 590,378 303,901 5,236,127
74,313 439,227 98,635 341,884 371,741 383,011 6,743,638
- ----------------------------------------------------------------------------------------------------------------------
$95,122 $649,083 $ 237,294 $ 629,797 $ 962,119 $ 686,912 $11,979,765
======================================================================================================================
</TABLE>
4
<PAGE> 8
Security Banc Corporation 401(k)
Profit Sharing Savings Plan
Statement of Changes in Net Assets Available for Benefits with Fund Information
Year ended December 31, 1996
<TABLE>
<CAPTION>
MONEY BANC CORP. FIXED
MARKET BALANCED STOCK INCOME
FUND FUND FUND FUND
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Investment income:
Net unrealized appreciation (depreciation) in fair
value of investments net of realized gains and losses $ - $ 7,760 $ 895,651 $ (507)
Interest 12,383 8 5,874 1,823
Dividends - 8,378 81,698 -
-----------------------------------------------------------
12,383 16,146 983,223 1,316
-----------------------------------------------------------
Contributions:
Employer 4,436 5,421 72,616 1,131
Employee 56,487 62,829 764,087 53,030
-----------------------------------------------------------
60,923 68,250 836,703 54,161
-----------------------------------------------------------
Total additions 73,306 84,396 1,819,926 55,477
Deduction:
Benefit payments 14,396 3,212 75,476 821
-----------------------------------------------------------
Net increase prior to transfers between funds 58,910 81,184 1,744,450 54,656
Transfers between funds (3,240) 1,050 33,720 (1,754)
-----------------------------------------------------------
Net (deductions) additions 55,670 82,234 1,778,170 52,902
Net assets available for benefits:
Beginning of the year 217,900 151,230 2,749,623 21,411
-----------------------------------------------------------
End of the year $273,570 $233,464 $4,527,793 $74,313
===========================================================
</TABLE>
See accompanying notes.
5
<PAGE> 9
<TABLE>
<CAPTION>
AGGRESSIVE COMMON CONSERVATIVE
GROWTH INTERNATIONAL SMALL CAP STOCK INDEX GROWTH
FUND FUND GROWTH FUND FUND FUND TOTAL
- -------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C>
$ (10,807) $ 6,542 $ 7,983 $ 2,766 $ 2,924 $ 912,312
6 2 - - 607 20,703
45,083 1,619 541 3,245 - 140,564
- -------------------------------------------------------------------------------------------------------
34,282 8,163 8,524 6,011 3,531 1,073,579
- -------------------------------------------------------------------------------------------------------
12,901 6,644 3,425 4,868 2,343 113,785
153,200 58,326 326,016 358,439 374,857 2,207,271
- -------------------------------------------------------------------------------------------------------
166,101 64,970 329,441 363,307 377,200 2,321,056
- -------------------------------------------------------------------------------------------------------
200,383 73,133 337,965 369,318 380,731 3,394,635
1,963 219 - 35 - 96,122
- -------------------------------------------------------------------------------------------------------
198,420 72,914 337,965 369,283 380,731 3,298,513
(27,073) (11,360) 3,919 2,458 2,280 -
- -------------------------------------------------------------------------------------------------------
171,347 61,554 341,884 371,741 383,011 3,298,513
267,880 37,081 - - - 3,445,125
- -------------------------------------------------------------------------------------------------------
$439,227 $ 98,635 $ 341,884 $ 371,741 $ 383,011 $6,743,638
=======================================================================================================
</TABLE>
6
<PAGE> 10
Security Banc Corporation 401(k)
Profit Sharing Savings Plan
Notes to Financial Statements
December 31, 1997 and 1996
1. SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The financial statements of the plan are prepared on the accrual basis.
USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the amounts reported in the financial statements and accompanying notes.
Actual results could differ from those estimates.
VALUATION OF INVESTMENTS AND INCOME RECOGNITION
Marketable securities are stated at fair value. Securities traded on a national
securities exchange are valued at the last reported sales price on the last
business day of the plan year. Investments not traded on the over-the-counter
market and listed securities for which no sale was reported on that date are
valued at the average of the last reported bid and ask prices. Short-term
investment funds are stated at redemption value, which is equal to market value.
Purchases and sales of securities are recorded on a trade-date basis. Interest
income is recorded on the accrual basis. Dividends are recorded on the
ex-dividend basis.
Unrealized gains and losses are differences between the fair value and cost
basis of investments. The cost basis of investments is based on the average cost
method.
2. DESCRIPTION OF THE PLAN
The following description of the Security Banc Corporation 401(k) Profit Sharing
Savings Plan (the Plan) provides only general information. Participants should
refer to the summary plan description for a more complete description of the
Plan's provisions.
7
<PAGE> 11
Security Banc Corporation 401(k)
Profit Sharing Savings Plan
Notes to Financial Statements (continued)
2. DESCRIPTION OF THE PLAN (CONTINUED)
GENERAL
The Plan is a defined contribution plan established on January 1, 1989, which
covers all employees meeting specified age requirements and following the
completion of one year of credited service (500 hours) with Security National
Bank and Trust Co. (the Bank). The Plan is subject to the provision of the
Employee Retirement Income Security Act of 1974 (ERISA).
In December of 1996, the Third Savings Employee Stock Ownership Plan was
terminated and merged into the Plan. These amounts are shown as employee
contributions on the Statement of Changes in Net Assets Available for Benefits
with Fund Information.
Effective January 1, 1997, the name of the Plan was changed to the Security Banc
Corporation 401(k) Profit Sharing Savings Plan. Also effective January 1, 1997,
the Third Savings Employee Savings Protection Plan and the CitNat Bancorp, Inc.
Urbana, Ohio, Employee Stock Ownership Plan (With 401(k) Provisions) merged into
the Plan.
CONTRIBUTIONS
Participants are not required to make contributions to the Plan; however, they
may voluntarily contribute an amount not exceeding 15 percent of their pretax
compensation received while a participant during the year. Contributions are
also subject to the maximum allowed by Internal Revenue Service (IRS)
regulations. The Bank has agreed to voluntarily contribute, each year out of its
net profits before deductions for federal income taxes, a percentage of the
matchable contributions made by each participant. The Bank is currently matching
50 percent of each participant's contributions up to the first 6 percent of a
participant's compensation.
PARTICIPANT ACCOUNTS
Each participant's account is credited with the participant's contributions,
Bank's contributions and allocation of earnings or losses. Earnings or losses of
the trust fund are allocated quarterly among participants in the proportion that
each participant's account balance bears to the total value of all participants'
account balances. The Bank pays all expenses of administering the Plan.
8
<PAGE> 12
Security Banc Corporation 401(k)
Profit Sharing Savings Plan
Notes to Financial Statements (continued)
2. DESCRIPTION OF THE PLAN (CONTINUED)
VESTING
Participants are immediately vested in their contributions plus actual earnings
thereon. Vesting in the remainder of their accounts is based on years of
continuous service. A participant vests 20 percent per year of credited service
for five years and is 100 percent vested after five years of credited service.
Forfeitures will be used to reduce future Bank matching contributions or will be
allocated to the separate account of each participant.
TERMINATION OF PLAN
Although the Bank has not expressed any intent to do so, the Bank has the right
under the Plan to discontinue contributions at any time and terminate the Plan.
In the event of termination of the Plan, distribution would be made to
participants in the amount of their respective account balances. Under the Plan,
all contributions and earnings thereon are immediately vested and fully
nonforfeitable.
PAYMENT OF BENEFITS
On termination of service, a participant may receive a lump-sum amount equal to
the vested value of his or her account, or upon death, disability or retirement,
elect to receive annual installments over a period not to exceed fifteen years.
3. INVESTMENT OPTIONS
Plan participants may allocate their accounts between funds based on an election
filed at the start of the quarter after the employee becomes eligible to
participate in the Plan. Participants may change their allocation by filing an
election prior to the start of each quarter. Effective July 1, 1996,
participants may change their allocation at any time.
The Plan provides for six separate investment programs with separate funds.
Money Market Fund - The fund seeks to obtain a high level of current income as
is consistent with the preservation of principal and liquidity within the
standards of the Portfolio.
9
<PAGE> 13
Security Banc Corporation 401(k)
Profit Sharing Savings Plan
Notes to Financial Statements (continued)
3. INVESTMENT OPTIONS (CONTINUED)
Balanced Fund - The fund seeks to obtain as much income as possible, consistent
with preservation of capital, by investing in a broadly diversified portfolio of
high yielding securities, including common stocks, preferred stocks, and bonds.
Banc Corporation Stock Fund - The fund provides a means to invest in shares of
Security National Bank and Trust Co.'s Common Stock, $3.125 par value. Security
National Bank and Trust Co. is the parent corporation of the Bank.
Fixed Income Fund - The fund seeks a high rate of income through investment in
high and upper-medium grade fixed-income obligations.
Growth Fund - The fund seeks capital appreciation by investing primarily in
common stock and securities convertible into common stock that offer potential
for growth.
International Fund - The fund seeks capital growth through investments in
foreign securities.
Effective July 1, 1996, the Plan added three additional investment options.
Aggressive Small Cap Growth Fund - The fund seeks long-term capital appreciation
by investing primarily in common stocks of small and medium-sized companies and
securities convertible into common stock.
Common Stock Index Fund - The funds seeks investment results that correspond
with the price and yield performance of the S&P 500 index.
Conservative Growth Fund - The fund seeks capital appreciation by investing
primarily in common stocks and securities convertible into common stock.
10
<PAGE> 14
Security Banc Corporation 401(k)
Profit Sharing Savings Plan
Notes to Financial Statements (continued)
4. INVESTMENTS
The Plan's investments are held by a trustee, the Bank's trust department. The
following individual investments represent 5 percent or more of the fair value
of assets available for benefits as of December 31, 1997 and 1996:
<TABLE>
<CAPTION>
DECEMBER 31
1997 1996
------------------------------------
<S> <C> <C>
Fidelity Advisor Institutional Growth
Opportunity Fund $ 686,913 $ 383,011
Fidelity Institutional Money Market -
Government Class T - 573,500
Fidelity Magellan Fund 611,390 439,227
Kaufmann Fund, Inc. 633,059 341,884
Security Banc Corporation Common Stock 7,621,553 3,953,178
VanGuard Index Fund 962,404 371,741
</TABLE>
The Plan's investments (including investments bought, sold, and held during the
year) appreciated (depreciated) in carrying value as follows:
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31
1997 1996
------------------------------------
<S> <C> <C>
Fidelity Advisor Institutional Growth
Opportunity Fund $ 81,738 $ 2,924
Fidelity Advisor LTD Bond Fund 1,422 (507)
Fidelity Balanced 23,731 7,760
Fidelity Diversified International Fund 9,299 6,542
Fidelity Magellan Fund 117,739 (10,807)
Kaufmann Fund, Inc. 28,793 7,983
Security Banc Corporation Common Stock 2,550,298 895,651
VanGuard Index Fund 148,100 2,766
------------------------------------
Total $ 2,961,120 $ 912,312
====================================
</TABLE>
11
<PAGE> 15
Security Banc Corporation 401(k)
Profit Sharing Savings Plan
Notes to Financial Statements (continued)
5. INCOME TAX STATUS
The Internal Revenue Service ruled on January 19, 1996 that the Plan qualifies
under Section 401(a) of the Internal Revenue Code (IRC) and, therefore, the
related trust is not subject to tax under present income tax law. Once
qualified, the Plan is required to operate in conformity with the IRC to
maintain its qualification. The Plan was amended effective January 1, 1997 and
again November 7, 1997; the plan administrator filed for a new determination
letter March 13, 1998. The plan administrator is not aware of any course of
action or series of events that have occurred that might adversely affect the
Plan's qualified status.
12
<PAGE> 16
Security Banc Corporation 401(k)
Profit Sharing Savings Plan
Assets Held for Investment
December 31, 1997
<TABLE>
<CAPTION>
FAIR
DESCRIPTION SHARES COST VALUE
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Fidelity Advisor Institutional Growth 16,212 $ 616,023 $ 686,913
Opportunity Fund
Fidelity Advisor Interm Bond Fund 8,894 93,027 94,274
Fidelity Balanced Fund 20,020 277,307 305,711
Fidelity Diversified International Fund 14,656 222,735 236,407
Fidelity Institutional money Market - 369,485 369,485 369,485
Government Class T
Fidelity Magellan Fund 6,417 515,545 611,390
Kaufmann Fund, Inc. 99,381 594,983 633,059
PNC Temporary Fund 431,402 431,402 431,402
Security Banc Corporation Common Stock* 139,845 3,148,485 7,621,553
VanGuard Index Fund 10,685 830,209 962,404
====================================
Total assets held for investment $ 7,099,200 $ 11,952,599
====================================
<FN>
* Party in interest to the plan.
</TABLE>
13
<PAGE> 17
Security Banc Corporation 401(k)
Profit Sharing Savings Plan
Reportable Transactions
Year ended December 31, 1997
<TABLE>
<CAPTION>
NUMBER NUMBER NET PROCEEDS
OF OF PURCHASE SELLING FROM NET
DESCRIPTION PURCHASES SALES PRICE PRICE SALE GAIN
- --------------------------------------------------------------------------------------------------------------------
CATEGORY (i) - INDIVIDUAL TRANSACTIONS IN EXCESS OF 5% OF PLAN ASSETS
<S> <C> <C> <C> <C> <C> <C>
Fidelity Advisor Institutional Growth
Opportunity Fund 1 $113,572
Kaufmann Fund, Inc. 1 113,572
Kaufmann Fund, Inc. 1 126,650
PNC Temporary Fund 1 1 274,906 $233,598 $ 233,598 $ -
PNC Temporary Fund 1 151,752
VanGuard Index Fund 1 293,690
Security Banc Corporation
Common Stock 1 385,000 - - -
CATEGORY (iii) - A SERIES OF TRANSACTIONS IN EXCESS OF 5% OF PLAN ASSETS
Fidelity Advisor Institutional Growth
Opportunity Fund 60 16 $ 410,467 $ 174,531 $ 188,302 $13,771
Fidelity Institutional Money Market -
Government Class T 2 3 11,704 585,204 585,204 -
Fidelity Diversified
International Fund 59 11 149,869 18,249 20,417 2,168
Fidelity Magellan Fund 62 18 166,997 64,034 75,121 11,087
Kaufmann Fund, Inc. 57 22 358,636 97,553 96,253 (1,300)
PNC Temporary Fund 64 17 503,117 344,158 344,158 -
Security Banc Corporation Common
Stock 56 36 770,296 29,354 56,387 27,033
Security Investment Account II 63 39 1,397,567 1,028,082 1,028,082 -
VanGuard Index Fund 67 19 584,967 123,732 141,402 17,670
</TABLE>
There were no Category (ii) or (iv) reportable transactions during the year
ended December 31, 1997.
14
<PAGE> 1
Exhibit 24.1
Consent of Independent Auditors
We consent to the inclusion in Amendment No. 1 to Security Banc Corporation's
Annual Report on Form 10-K for the year ended December 31, 1997, and to the
incorporation by reference in the Registration Statement (Form S-8 No. 33-59244)
pertaining to the Security Banc Corporation 401 (K) Profit Sharing Savings Plan
of our report dated May 8, 1998 with respect to financial statements and
schedules of the Security Banc Corporation 401 (k) Profit Sharing Savings Plan
for the year ended December 31, 1997.
Ernst & Young LLP
June 25, 1998
Columbus, Ohio
