A versatile voltage regulator accommodates either an Alkaline or Lithium-Ion battery main battery and provides low-current power for a real time clock module and for charging a backup battery. Depending upon the battery power source that is used, the present invention provides a best circuit configuration for efficient power conversion. If the power converter according to the present invention provides a regulated output voltage that is greater than the main battery voltage of an Alkaline battery, a low drop-out-voltage (LDO) voltage regulator is used in feedback loop with a charge pump. Otherwise, for a Lithium-Ion battery, only a LDO voltage regulator is used. The voltage regulator includes a series low drop-out-voltage (LDO) voltage regulator that is coupled between the main external battery and the vout load terminal, when the voltage at the vout load terminal is less than the voltage of the main external battery. The voltage regulator also includes a charge pump circuit adapted to be connected in feedback loop with the LDO regulator and the vout load terminal, when the voltage at the vout load terminal exceeds the voltage of the main external battery.