Security Federal Corporation Announces Retirement and Appointment of President and CEO, and Appointment of New Director
January 05 2012 - 4:07PM
Security Federal Corporation ("Company") (OTCBB:SFDL), the holding
company for Security Federal Bank ("Bank"), announced today that
Timothy W. Simmons retired as the Company's President and Chief
Executive Officer and that J. Chris Verenes, the Chairman of the
Board and Chief Executive Officer of the Bank, had been appointed
as Mr. Simmons' successor.
Mr. Simmons' retirement as the Company's President and Chief
Executive Officer was effective January 1, 2012. Mr. Simmons will
continue to serve as Chairman of the Board of the Company and as a
director of the Bank. Mr. Simmons had been President of the Company
since 1987 and Chief Executive Officer of the Company since June
1994. He previously served as President of the Bank from 1987 until
2001 and as Chief Executive Officer of the Bank from 1988 until his
retirement on January 1, 2011.
"Tim's leadership and dedication are evident in the success the
Company and Bank have enjoyed over the years. Our Company, Board,
employees and stockholders are indebted to him for his many
contributions to the Company," stated Mr. Verenes. "I am pleased
that he will continue to serve as a director and as a result we
will have the ongoing benefit of his knowledge in our successful
operation," he continued.
Mr. Simmons commented, "The other directors and I are very
pleased that Chris is taking over the management of the
Company. During the past year, he has been successful in the
management of the Bank and in the completion of the Bank's charter
conversion to a South Carolina commercial bank. I'm excited to
provide my continued support from the Board Room and to watch Chris
continue in his leadership of our organization."
The Company also announced the appointment of W. Barry Adams to
the Board of Directors. Mr. Adams has served as Executive Vice
President of the Bank since 2010. Prior to his employment with
the Bank, Mr. Adams was employed by Regions Bank from 1998 to
2010 and served in a variety of positions with the last
position he held being Market President. Prior to that, Mr.
Adams was employed from 1974 to 1998 at Palmetto Federal Savings
Bank of South Carolina. Mr. Adams served in a variety of
positions while he was at Palmetto Federal with the last position
he held being Executive Vice President. Mr. Adams has over 37
years of banking experience. He is involved in a variety of
community-related activities and was the recipient of the Georgia
Military alumni's "Community Service Award" in 2011. He also
is active in the Salvation Army Advisory Board, the Rotary Club of
Aiken, Fellowship of Christian Athletes, Chair of Paul Knox
Educational Endowment Fund, Foundation Chair of Public Education
Partners, Aiken SCE&G Advisory Board, USCA School of Business
Advisory Board, and former Chair of the Aiken Chamber of Commerce.
Mr. Adams was also appointed to the Bank's Board of
Directors.
Security Federal Corporation is the bank holding company for
Security Federal Bank, a South Carolina chartered, FDIC insured
commercial bank. The 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:
Statements in this news release regarding future events,
performance or results are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995
("PSLRA") and are made pursuant to the safe harbors of the PSLRA.
These forward-looking statements relate to, among other things,
expectations of the business environment in which the Company
operates, projections of future performance, perceived
opportunities in the market, potential future credit experience,
and statements regarding the Company's mission and vision. These
forward-looking statements are based upon current management
expectations and may, therefore, involve risks and uncertainties.
Actual results could be materially different from those expressed
or implied by the forward-looking statements. Factors that could
cause results to differ include but are not limited to: general
economic and banking business conditions, competitive conditions
between banks and non-bank financial service providers, interest
rate fluctuations, the credit risk of lending activities, including
changes in the level and trend of loan delinquencies and
write-offs; results of examinations by our banking regulators,
regulatory and accounting changes, risks related to construction
and development lending, commercial and small business banking, our
ability to successfully integrate any assets, liabilities,
customers, systems, and management personnel we have acquired or
may in the future acquire into our operations and our ability to
realize related revenue synergies and cost savings within expected
time frames, and other risks. Additional factors that could cause
actual results to differ materially are disclosed in Security
Federal Corporation's recent filings with the Securities and
Exchange Commission, including but not limited to its Annual Report
on Form 10-K for the year ended March 31, 2011, Quarterly Reports
on Form 10-Q and Current Reports on Form 8-K. Forward-looking
statements are accurate only as of the date released, and we do not
undertake any responsibility to update or revise any
forward-looking statements to reflect subsequent events or
circumstances.
CONTACT: Roy Lindburg, Chief Financial Officer
(803) 641-3070
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