UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): May 9, 2024
 
SECURITY FEDERAL CORPORATION
(Exact name of registrant as specified in its charter)
 
South Carolina
  
000-16120
  
57-0858504
(State or other jurisdiction
  
(Commission
  
(IRS Employer
of incorporation)
  
 File Number)
  
Identification No.)
 
238 Richland Avenue Northwest, Aiken, South Carolina
  
29801
(Address of principal executive offices)
  
(Zip Code)
 
Registrant's telephone number (including area code): (803) 641-3000
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions.
 
☐     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Item 5.07  Submission of Matters to a Vote of Security Holders

(a)
The Annual Meeting of Security Federal Corporation (“Company”) was held on May 9, 2024 in a virtual format.

(b)
There were a total of 3,229,325 shares of the Company’s common stock outstanding and entitled to vote at the Annual Meeting. At the Annual Meeting, 2,352,294 shares of common stock were represented in person or by proxy, therefore a quorum was present. The following proposals were submitted by the Board of Directors to a vote of shareholders:

Proposal 1.  Election of Directors.  The following individuals were elected as directors:

   
FOR
    
WITHHELD
    
BROKER
NON-VOTES
  
   
No. of votes
    
No. of votes
    
No. of votes
  
                   
Timothy W. Simmons
    
2,145,978
      
206,316
      
301,217
  
Harry O. Weeks, Jr.
    
2,207,275
      
145,019
      
301,217
  
Roy G. Lindburg
    
2,207,575
      
144,719
      
301,217
  

Based on the votes set forth above, Messrs. Simmons, Weeks and Lindburg were duly elected to each serve as directors of the Company for a three year term expiring at the annual meeting of shareholders in 2027, each to serve until their respective successors have been duly elected and qualified.

The terms of Directors Thomas L. Moore, J. Chris Verenes, Richard T. Harmon, Frampton W. Toole, III, Robert E. Alexander, William Clyburn, Frank M. Thomas, Jr. and Jessica T. Cummins, continued.

Proposal 2.  Advisory approval of the compensation of the Company’s named executive officers.  This proposal received the following votes:

 
 
 
 
For
  
 
Percentage
of
shares
present
  
 
 
 
 
Against
  
 
Percentage
of
shares
present
  
 
 
 
 
Abstain
  
 
Percentage
of
shares
present
  
 
 
 
 
Broker Non-Votes
2,181,201
  
93%
  
145,028
  
6%
  
26,065
  
1%
  
301,217

Based on the votes set forth above, the compensation of the Company’s named executive officers was approved by shareholders.





SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

 
SECURITY FEDERAL CORPORATION
     
     
Date: May 10, 2024
By:
 /s/ J. Chris Verenes
   
J. Chris Verenes
   
Chief Executive Officer


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Document and Entity Information
May 09, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date May 09, 2024
Entity File Number 000-16120
Entity Registrant Name SECURITY FEDERAL CORPORATION
Entity Central Index Key 0000818677
Entity Incorporation, State or Country Code SC
Entity Tax Identification Number 57-0858504
Entity Address, Address Line One 238 Richland Avenue Northwest
Entity Address, City or Town Aiken
Entity Address, State or Province SC
Entity Address, Postal Zip Code 29801
City Area Code 803
Local Phone Number 641-3000
Entity Emerging Growth Company false
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
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