Security Federal Corporation Announces Elimination of Mandatorily Redeemable Shares and Increase in Capital
April 13 2011 - 3:10PM
Security Federal Corporation (OTCBB:SFDL) ("Company"), the holding
company for Security Federal Bank, today announced that it had
eliminated the mandatorily redeemable shares of the Company's
common stock as a result of an investor's purchase of these shares
in a private transaction that occurred on April 11, 2011. In
connection with the purchase of these shares, the redemption
feature was eliminated. As a result, the Company no longer has
the liability related to these shares on its balance sheet and the
Company's capital increased by $1.5 million.
About the Company Security Federal Bank has 13
full service branch locations in Aiken, Clearwater, Graniteville,
Langley, Lexington, North Augusta, Wagener, Columbia and West
Columbia, South Carolina and Evans, Georgia. A full range of
financial services, including trust and investments, are provided
by the Bank and insurance services are provided by the Bank's
wholly-owned subsidiary, Security Federal Insurance, Inc.
Forward-looking statements:
Certain matters discussed in this press release may contain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 and are made pursuant to
the safe harbors of the PSLRA. Any such forward-looking statements
are subject to various risks and uncertainties and are therefore
qualified by Security Federal Corporation's cautionary statements
contained in its filings with the Securities and Exchange
Commission, including, but not limited to Annual Reports on Form
10-K, Quarterly Reports on Form 10-Q and Current Reports on Form
8-K. Accordingly, these factors should be considered in
evaluating forward-looking statements, and undue reliance should
not be placed on such statements. The Company undertakes no
responsibility to update or revise any forward-looking
statements.
CONTACT: Roy G. Lindburg, Chief Financial Officer
(803) 641-3000
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