----

|   | UNITED      STATES |
|--------|--------------------|

|   | SECURITIES      AND EXCHANGE COMMISSION |
|--------|-----------------------------------------|

| x | QUARTERLY      REPORT UNDER SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF      1934 |
|---|----------------------------------------------------------------------------------------------|

| FOR      THE QUARTERLY PERIOD ENDED: | March      31, 2008       |
|--------------------------------------|---------------------------|
|                                 | ------------------------- |

| o | TRANSITION      REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF      1934 |
|---|-----------------------------------------------------------------------------------------------------|

| COMMISSION      FILE NUMBER: | 000-50224          |
|------------------------------|--------------------|
|                         | ------------------ |

| MISSISSIPPI                                              | 64-0681198                                                 |
|----------------------------------------------------------|------------------------------------------------------------|
|  (STATE      OF INCORPORATION)                      | (I.      R. S. EMPLOYER IDENTIFICATION NO.)                |
|                                                     |                                                       |
| 295      HIGHWAY 6 WEST/ P. O. BOX 690                   |                                                       |
| BATESVILLE,      MISSISSIPPI                             | 38606                                                      |
| -------------------------------------------------------- | ---------------------------------------------------------- |
| (ADDRESS      OF PRINCIPAL                               | (ZIP      CODE)                                            |
| EXECUTIVE      OFFICES)                                  |                                                       |

----

| TITLE                              | OUTSTANDING |
|------------------------------------|-------------|
| COMMON      STOCK, $5.00 PAR VALUE | 2,882,009   |

----

| TABLE      OF CONTENTS |
|------------------------|
|                   |   |   |
| PART      I.           | FINANCIAL      INFORMATION |   |
|                   |   |   |
| Item      1.           | Consolidated      Financial Statements |   |
|                   |   |   |
|                   | Consolidated      Balance Sheets |   |
|                   | March      31, 2008 (unaudited) and December 31, 2007 |   |
|                   |   |   |
|                   | Consolidated      Statements of Income |   |
|                   | Three      months ended March 31, 2008 and 2007 (unaudited) |   |
|                   |   |   |
|                   | Consolidated      Statements of Comprehensive Income |   |
|                   | Three      months ended March 31, 2008 and 2007 (unaudited) |   |
|                   |   |   |
|                   | Consolidated      Statements of Cash Flows |   |
|                   | Three      months ended March 31, 2008 and 2007 (unaudited) |   |
|                   |   |   |
|                   | Notes      to Consolidated Financial Statements |   |
|                   |   |   |
| Item      2.           | Management’s      Discussion and Analysis of Financial Condition and Results of      Operations |   |
|                   |   |   |
| Item      3.           | Quantitative      and Qualitative Disclosures about Market Risk |   |
|                   |   |   |
| Item      4.           | Controls      and Procedures |   |
|                   |   |   |
|                   |   |   |
| PART      II.          | OTHER      INFORMATION |   |
|                   |   |   |
| Item      1.           | Legal      Proceedings |   |
|                   |   |   |
| Item      1A.          | Risk      Factors |   |
|                   |   |   |
| Item      2.           | Changes      in Securities |   |
|                   |   |   |
| Item      3.           | Defaults      upon Senior Securities |   |
|                   |   |   |
| Item      4.           | Submission      of Matters to a Vote of Security Holders |   |
|                   |   |   |
| Item      5.           | Other      Information |   |
|                   |   |   |
| Item      6.           | Exhibits      and Reports on Form 8-K |   |

----

|   |   |
|--------|--------|

| SECURITY      CAPITAL CORPORATION                                    |   |
|----------------------------------------------------------------------|--------|
| CONSOLIDATED      BALANCE SHEETS                                     |   |
| (dollar      amounts presented in thousands)                         |   |
|                                                                 |   | (Unaudited) |   |   |   |   |
|                                                                 |   | March      31, |   |   | Dec.      31, |   |
|                                                                 |   | 2008 |   |   | 2007 |   |
| ASSETS                                                               |   |   |   |   |   |   |
|                                                                 |   |   |   |   |   |   |
| Cash      and due from banks                                         |   | $ | 16,808 |   |   | $ | 19,163 |   |
| Interest-bearing      deposits with banks                            |   |   | 21,098 |   |   |   | 643 |   |
|    Total      cash and cash equivalents               |   |   | 37,906 |   |   |   | 19,806 |   |
| Federal      funds sold                                              |   |   | 8,500 |   |   |   | - |   |
| Term      deposits with other banks                                  |   |   | 198 |   |   |   | 198 |   |
| Securities      available-for-sale                                   |   |   | 71,941 |   |   |   | 66,156 |   |
| Securities      held-to-maturity, estimated fair value of            |   |   | 7,015 |   |   |   | 7,235 |   |
|    $7,042      in 2008 and $7,442 in 2007             |   |   |   |   |   |   |   |   |
| Securities,      other                                               |   |   | 2,149 |   |   |   | 2,028 |   |
|    Total      securities                              |   |   | 81,105 |   |   |   | 75,419 |   |
| Loans,      less allowance for loan losses of                        |   |   |   |   |   |   |   |   |
|    $4,507      in 2008 and $4,729 in 2007             |   |   | 336,970 |   |   |   | 338,460 |   |
| Interest      receivable                                             |   |   | 5,747 |   |   |   | 6,158 |   |
| Premises      and equipment                                          |   |   | 23,066 |   |   |   | 23,072 |   |
| Intangible      assets                                               |   |   | 3,874 |   |   |   | 3,874 |   |
| Cash      surrender value of life insurance                          |   |   | 6,130 |   |   |   | 6,075 |   |
| Other      assets                                                    |   |   | 4,038 |   |   |   | 3,468 |   |
| Total      Assets                                                    |   | $ | 507,534 |   |   | $ | 476,530 |   |
| LIABILITIES      AND SHAREHOLDERS' EQUITY                            |   |   |   |   |   |   |   |   |
| Liabilities:                                                         |   |   |   |   |   |   |   |   |
|    Noninterest-bearing      deposits                  |   | $ | 57,685 |   |   | $ | 58,373 |   |
|    Time      deposits of $100,000 or more             |   |   | 84,896 |   |   |   | 90,299 |   |
|    Other      interest-bearing deposits               |   |   | 267,484 |   |   |   | 240,061 |   |
|       Total      deposits              |   |   | 410,065 |   |   |   | 388,733 |   |
|    Interest      payable                              |   |   | 1,778 |   |   |   | 1,953 |   |
|    Federal      funds purchased                       |   |   | - |   |   |   | 4,000 |   |
|    Borrowed      funds                                |   |   | 32,775 |   |   |   | 23,472 |   |
|    Other      liabilities                             |   |   | 3,625 |   |   |   | 1,433 |   |
| Total      Liabilities                                               |   |   | 448,243 |   |   |   | 419,591 |   |
| Shareholders'      equity:                                           |   |   |   |   |   |   |   |   |
|    Common      stock - $5 par value, 5,000,000 shares |   |   |   |   |   |   |   |   |
|    authorized,      2,890,811 shares issued in 2008   |   |   |   |   |   |   |   |   |
|    and      2007                                      |   |   | 14,454 |   |   |   | 14,454 |   |
| Surplus                                                              |   |   | 40,703 |   |   |   | 40,701 |   |
| Retained      Earnings                                               |   |   | 3,102 |   |   |   | 1,502 |   |
| Accumulated      other comprehensive income                          |   |   | 1,076 |   |   |   | 326 |   |
| Treasury      stock, at par, 8,802 shares and 8,852                  |   |   |   |   |   |   |   |   |
|    shares      in 2008 and 2007, respectively         |   |   | (44 | ) |   |   | (44 | ) |
| Total      Shareholders' Equity                                      |   |   | 59,291 |   |   |   | 56,939 |   |
|                                                                 |   |   |   |   |   |   |   |   |
| Total      Liabilities and Shareholders' Equity                      |   | $ | 507,534 |   |   | $ | 476,530 |   |

----

| SECURITY      CAPITAL CORPORATION                   |   |
|-----------------------------------------------------|--------|
| CONSOLIDATED      STATEMENTS OF INCOME              |   |
| (dollar      amounts presented in thousands)        |   |
|                                                |   | (Unaudited) |   |
|                                                |   | For      the three months |   |
|                                                |   | ended      March 31, |   |
|                                                |   | 2008 |   |   | 2007 |   |
|                                                |   |   |   |   |   |   |
| INTEREST      INCOME                                |   |   |   |   |   |   |
| Interest      and fees on loans                     |   | $ | 6,822 |   |   | $ | 7,199 |   |
| Interest      and dividends on securities           |   |   | 912 |   |   |   | 796 |   |
| Federal      funds sold                             |   |   | 48 |   |   |   | 61 |   |
| Other                                               |   |   | 91 |   |   |   | 91 |   |
|    Total      interest income        |   |   | 7,873 |   |   |   | 8,147 |   |
|                                                |   |   |   |   |   |   |   |   |
| INTEREST      EXPENSE                               |   |   |   |   |   |   |   |   |
| Interest      on deposits                           |   |   | 2,540 |   |   |   | 2,934 |   |
| Interest      on borrowings                         |   |   | 204 |   |   |   | 286 |   |
| Interest      on federal funds purchased            |   |   | 14 |   |   |   | 22 |   |
|     Total      interest expense |   |   | 2,758 |   |   |   | 3,242 |   |
|                                                |   |   |   |   |   |   |   |   |
| Net      Interest Income                            |   |   | 5,115 |   |   |   | 4,905 |   |
|                                                |   |   |   |   |   |   |   |   |
| Provision      for loan losses                      |   |   | 573 |   |   |   | 273 |   |
|                                                |   |   |   |   |   |   |   |   |
| Net      interest income after provision            |   |   |   |   |   |   |   |   |
|   for      loan losses                    |   |   | 4,542 |   |   |   | 4,632 |   |
|                                                |   |   |   |   |   |   |   |   |
| OTHER      INCOME                                   |   |   |   |   |   |   |   |   |
| Service      charges on deposit accounts            |   |   | 1,285 |   |   |   | 1,262 |   |
| Trust      Department income                        |   |   | 266 |   |   |   | 271 |   |
| Securities      gains (losses), net                 |   |   | 2 |   |   |   | - |   |
| Impairment      loss on securities                  |   |   | - |   |   |   | (448 | ) |
| Other      income                                   |   |   | 351 |   |   |   | 238 |   |
|    Total      other income           |   |   | 1,904 |   |   |   | 1,323 |   |
|                                                |   |   |   |   |   |   |   |   |
| OTHER      EXPENSES                                 |   |   |   |   |   |   |   |   |
| Salaries      and employee benefits                 |   |   | 2,700 |   |   |   | 2,501 |   |
| Occupancy      expense                              |   |   | 599 |   |   |   | 592 |   |
| Other      operating expense                        |   |   | 844 |   |   |   | 646 |   |
|    Total      other expenses         |   |   | 4,143 |   |   |   | 3,739 |   |
|                                                |   |   |   |   |   |   |   |   |
| INCOME      BEFORE PROVISION                        |   |   |   |   |   |   |   |   |
|    FOR      INCOME TAXES             |   |   | 2,303 |   |   |   | 2,216 |   |
|                                                |   |   |   |   |   |   |   |   |
| PROVISION      FOR INCOME TAXES                     |   |   | 626 |   |   |   | 700 |   |
|                                                |   |   |   |   |   |   |   |   |
| NET      INCOME                                     |   | $ | 1,677 |   |   | $ | 1,516 |   |
|                                                |   |   |   |   |   |   |   |   |
| BASIC      NET INCOME PER SHARE                     |   | $ | 0.58 |   |   | $ | 0.53 |   |
|                                                |   |   |   |   |   |   |   |   |

----

| SECURITY      CAPITAL CORPORATION                        |   |
|----------------------------------------------------------|--------|
| CONSOLIDATED      STATEMENTS OF COMPREHENSIVE INCOME     |   |
| (dollar      amounts presented in thousands)             |   |
|                                                     |   | (Unaudited) |   |
|                                                     |
|                                                     |   | For      the three months |   |
|                                                     |   | ended      March 31, |   |
|                                                     |   | 2008 |   |   | 2007 |   |
|                                                     |   |   |   |   |   |   |
| Net      income                                          |   | $ | 1,677 |   |   | $ | 1,516 |   |
|                                                     |   |   |   |   |   |   |   |   |
| Other      comprehensive income, net of tax:             |   |   |   |   |   |   |   |   |
|                                                     |   |   |   |   |   |   |   |   |
|    Unrealized      holding gains/(losses) |   |   | 750 |   |   |   | (69 | ) |
|                                                     |   |   |   |   |   |   |   |   |
| Comprehensive      income                                |   | $ | 2,427 |   |   | $ | 1,447 |   |
|                                                     |   |   |   |   |   |   |   |   |

----

| SECURITY      CAPITAL CORPORATION                                                      |   |
|----------------------------------------------------------------------------------------|--------|
| CONSOLIDATED      STATEMENTS OF CASH FLOWS                                             |   |
| (dollar      amounts presented in thousands)                                           |   |
|                                                                                   |   | (Unaudited) |   |
|                                                                                   |   | Three      months ended |   |
|                                                                                   |   | March      31, |   |
|                                                                                   |   | 2008 |   |   | 2007 |   |
|                                                                                   |   |   |   |   |   |   |
|  CASH      FLOWS FROM OPERATING ACTIVITIES:                                       |   |   |   |   |   |   |
|  NET      INCOME                                                                  |   |   | 1,677 |   |   |   | 1,516 |   |
|  Adjustments      to reconcile net income to                                      |   |   |   |   |   |   |   |   |
|     net      cash provided by operating activities:                |   |   |   |   |   |   |   |   |
|     Provision      for loan losses                                 |   |   | 573 |   |   |   | 273 |   |
|     Amortization      of premiums and discounts on securities, net |   |   | 10 |   |   |   | 51 |   |
|     Depreciation      and amortization                             |   |   | 303 |   |   |   | 279 |   |
|     FHLB      stock dividend                                       |   |   | (16 | ) |   |   | (23 | ) |
|     Loss      (gain) on securities, net                            |   |   | (2 | ) |   |   | - |   |
|     Impairment      loss on securities                             |   |   | - |   |   |   | 448 |   |
|     (Gain)      loss on sale/disposal of other assets              |   |   | 68 |   |   |   | (12 | ) |
|  Changes      in:                                                                 |   |   |   |   |   |   |   |   |
|     Interest      receivable                                       |   |   | 411 |   |   |   | (148 | ) |
|     Cash      value of life insurance, net                         |   |   | (55 | ) |   |   | (50 | ) |
|     Other      assets                                              |   |   | (995 | ) |   |   | 129 |   |
|     Interest      payable                                          |   |   | (175 | ) |   |   | (34 | ) |
|     Other      liabilities                                         |   |   | 2,192 |   |   |   | 742 |   |
|  Net      cash provided by operating activities                                   |   |   | 3,991 |   |   |   | 3,171 |   |
|                                                                                   |   |   |   |   |   |   |   |   |
|  CASH      FLOWS FROM INVESTING ACTIVITIES                                        |   |   |   |   |   |   |   |   |
|  Decrease      (Increase) in loans                                                |   |   | 1,712 |   |   |   | (9,639 | ) |
|  Purchase      of securities available for sale                                   |   |   | (6,905 | ) |   |   | (5,343 | ) |
|  Proceeds      of maturities and calls of securities available for sale           |   |   | 970 |   |   |   | 2,060 |   |
|  Proceeds      of maturities and calls of securities held to maturity             |   |   | 220 |   |   |   | 210 |   |
|  Additions      to premises and equipment                                         |   |   | (272 | ) |   |   | (192 | ) |
|  Proceeds      from sale of other assets                                          |   |   | 246 |   |   |   | 329 |   |
|  Changes      in:                                                                 |   |   |   |   |   |   |   |   |
|     Federal      funds sold                                        |   |   | (8,500 | ) |   |   | (3,000 | ) |
|  Net      cash used in investing activities                                       |   |   | (12,529 | ) |   |   | (15,575 | ) |
|                                                                                   |   |   |   |   |   |   |   |   |
|  CASH      FLOWS FROM FINANCING ACTIVITIES                                        |   |   |   |   |   |   |   |   |
|  Changes      in:                                                                 |   |   |   |   |   |   |   |   |
|     Deposits                                                       |   |   | 21,332 |   |   |   | 35,570 |   |
|     Federal      Funds purchased                                   |   |   | (4,000 | ) |   |   | (8,000 | ) |
|  Reissuance      of treasury stock                                                |   |   | 2 |   |   |   | 25 |   |
|  Repayment      of debt                                                           |   |   | (1,551 | ) |   |   | (30,287 | ) |
|  Proceeds      from issuance of debt                                              |   |   | 10,855 |   |   |   | 18,760 |   |
|  Net      cash provided by financing activities                                   |   |   | 26,638 |   |   |   | 16,068 |   |
|                                                                                   |   |   |   |   |   |   |   |   |
|  Net      increase in cash and cash equivalents                                   |   |   | 18,100 |   |   |   | 3,664 |   |
|                                                                                   |   |   |   |   |   |   |   |   |
|  Cash      and cash equivalents at beginning of year                              |   |   | 19,806 |   |   |   | 23,447 |   |
|                                                                                   |   |   |   |   |   |   |   |   |
|  Cash      and cash equivalents at end of period                                  |   |   | 37,906 |   |   |   | 27,111 |   |
|                                                                                   |   |   |   |   |   |   |   |   |
|  Supplemental      Disclosures of Cash Flow Information                           |   |   |   |   |   |   |   |   |
|                                                                                   |   |   |   |   |   |   |   |   |
|  Cash      paid during the period for:                                            |   |   |   |   |   |   |   |   |
|     Interest                                                       |   | $ | 2,933 |   |   | $ | 3,276 |   |
|     Income      taxes                                              |   |   | - |   |   |   | - |   |

----

|   |                 | For      the Three Months Ended             |
|--------|----------------------|---------------------------------------------|
|   |                 | March      31, 2008                         |
|   |                 |  Net      Income                       |   | Shares |   | Per      Share |
|   |                 |  (Numerator)                           |   | (Denominator) |   | Data |
|   |                 |                                        |   |   |   |   |
|   | Basic      per Share |  $      1,677,331                      |   | 2,881,993 |   |  $     0.58 |
|   |                 |                                        |   |   |   |   |
|   |                 |                                        |   |   |   |   |
|   |                 | For      the Three Months Ended             |
|   |                 | March      31, 2007                         |
|   |                 |  (as      restated for stock dividend) |
|   |                 |  Net      Income                       |   | Shares |   | Per      Share |
|   |                 |  (Numerator)                           |   | (Denominator) |   | Data |
|   |                 |                                        |   |   |   |   |
|   | Basic      per Share |  $      1,516,435                      |   | 2,881,502 |   |  $     0.53 |

----

|   | ITEM      NO. 1A     RISKFACTORS |
|--------|-----------------------------------------------------------|

| ITEM      NO. 2 | MANAGEMENT’S      DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF      OPERATIONS |
|-----------------|-------------------------------------------------------------------------------------------------------|

----

|                                             | (in      thousands)      |
|--------------------------------------------------|--------------------------|
| Past      due 30 days through 89 days            | $10,412                  |
| Past      due 90 days or more and still accruing |  $  2,423 |

----

|                     | Company | Bank   |         |
|--------------------------|---------|--------|--------------|
| Risk-Based Capital Ratio | Ratio   | Ratio  | Requirements |
| Total      Capital       | 15.94%  | 14.86% | 8%           |
| Tier      1 Capital      | 14.76%  | 13.68% | 4%           |
| Leverage      Capital    | 11.49%  | 10.64% | 3%           |
|                     |    |   |         |

----

| ITEM      NO. 3 | QUANTITIVE      AND QUALITATIVE DISCLOSURE ABOUT MARKETRISK |
|-----------------|-------------------------------------------------------------|

| ITEM      NO. 4 | CONTROLS      AND PROCEDURES |
|-----------------|------------------------------|

| PART      II-- | OTHER      INFORMATION |
|----------------|------------------------|

| ITEM      1. | LEGAL      PROCEEDINGS |
|--------------|------------------------|

|   | ITEM      NO. 1A     RISKFACTORS |
|--------|-----------------------------------------------------------|

| ITEM      2. | CHANGES      IN SECURITIES |
|--------------|----------------------------|

| ITEM      3. | DEFAULT      UPON SENIOR SECURITIES |
|--------------|-------------------------------------|

| ITEM      4. | SUBMISSION      OF MATTERS TO A VOTE OF SECURITYHOLDERS |
|--------------|---------------------------------------------------------|

| ITEM      5. | OTHER      INFORMATION |
|--------------|------------------------|

| ITEM      6. | EXHIBITS      AND REPORTS ON FORM 8-K |
|--------------|---------------------------------------|

|   | (a) | Exhibits |
|--------|-----|----------|

|   | (b) | The      Company did not file any reports on Form 8-K during the quarter ended      March 31, 2008. |
|--------|-----|-----------------------------------------------------------------------------------------------------|

----

| BY      /s/ Frank West                     | BY      /s/ Connie Woods    Hawkins    |
|--------------------------------------------|----------------------------------------|
| Frank      West                            | Connie      Woods Hawkins              |
| President      and Chief Executive Officer | Executive      Vice-President, Cashier |
|                                       | and      Chief Financial Officer       |
|                                       |                                   |
|                                       |                                   |
|                                       |                                   |
| DATE:  May      9, 2008          | DATE:  May      9, 2008      |

----