false 0000818677 0000818677 2024-10-17 2024-10-17
 
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): October 17, 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 NW, 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 8.01 Other Events
 
On October 17, 2024, Security Federal Corporation (the “Company”) notified holders that the Company will redeem on November 22, 2024 (the “Redemption Date”) all of the Company’s outstanding 5.25% Fixed-to-Floating Rate Ten-Year Notes due November 22, 2029, having an aggregate principal amount of $16,500,000 (the “Ten-Year Notes”), in accordance with the terms of the Ten-Year Notes. 
 
The total redemption price will be 100% of the aggregate principal amount of the Ten-Year Notes, plus accrued and unpaid interest to, but excluding, the Redemption Date.  The Company will utilize excess cash on hand for the redemption payment.     
 
A copy of the notice is attached hereto as Exhibit 99.1 and incorporated herein by reference.
 
 
Item 9.01 Financial Statements and Exhibits
 
 
(d)
Exhibits
 
 
99.1
 
 
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 
 
 
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: October 17, 2024
By:
 /s/ Darrell Rains
   
Darrell Rains
   
Chief Financial Officer
 
 

Exhibit 99.1

 

NOTICE OF REDEMPTION

TO THE HOLDERS OF SECURITY FEDERAL CORPORATION

5.25% FIXED-TO-FLOATING RATE SUBORDINATED NOTES DUE 2029

(the “10-Year Notes”)

 

Notice is hereby given that Security Federal Corporation (the “Company”) has elected to redeem all of its outstanding 10-Year Notes as of November 22, 2024 (the “Redemption Date”) pursuant to Section 4 of the 10-Year Notes. Each of the 10-Year Notes will be redeemed at 100% of the principal amount thereof plus accrued and unpaid interest to but excluding the Redemption Date (the “Redemption Price”).

 

Capitalized terms used but not defined in this Notice have the meanings given to them in the 10-Year Note.

 

On the Redemption Date, all of the outstanding ($16,500,000 in the aggregate) 10-Year Notes will become due and payable. Payment of the Redemption Price will be made upon presentation and surrender to the Company at the Payment Office.

 

The method of delivery of the 10-Year Notes is at the option and risk of the holder thereof, but if mail is used, certified or registered mail, properly insured, is recommended for your protection.

 

On and after the Redemption Date, interest shall cease to accrue on the 10-Year Notes.

 

SECURITY FEDERAL CORPORATION
         as the COMPANY

 

Dated: October 17, 2024

 

 
v3.24.3
Document And Entity Information
Oct. 17, 2024
Document Information [Line Items]  
Entity, Registrant Name SECURITY FEDERAL CORPORATION
Document, Type 8-K
Document, Period End Date Oct. 17, 2024
Entity, Incorporation, State or Country Code SC
Entity, File Number 000-16120
Entity, Tax Identification Number 57-0858504
Entity, Address, Address Line One 238 Richland Avenue NW
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
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity, Emerging Growth Company false
Amendment Flag false
Entity, Central Index Key 0000818677
Security Federal (PK) (USOTC:SFDL)
Historical Stock Chart
From Oct 2024 to Nov 2024 Click Here for more Security Federal (PK) Charts.
Security Federal (PK) (USOTC:SFDL)
Historical Stock Chart
From Nov 2023 to Nov 2024 Click Here for more Security Federal (PK) Charts.