This invention relates to a structural cementitious panel (SCP) panel able to resist lateral forces imposed by high wind and earthquake loads in regions where they are required by building codes. These panels may be used for shear walls, flooring or roofing or other locations where shear panels are used in residential or commercial construction. The panels employ one or more layers of a continuous phase resulting from the curing of an aqueous mixture of inorganic binder reinforced with glass fibers and containing lightweight filler particles. One or more reinforcement members, such as mesh or plate sheets, are bonded to at least one surface of the panel to provide a completed panel that can breathe and has weather resistant characteristics to be capable of sustaining exposure to the elements during construction, without damage.