Security Federal Bank Completes Conversion to South Carolina Commercial Bank Charter
December 29 2011 - 10:02AM
Security Federal Corporation ("Company") (OTCBB:SFDL), the holding
company for Security Federal Bank ("Bank"), today announced that
the Bank has completed its conversion to a state chartered
commercial bank from a federally chartered stock savings bank. The
Bank will continue to use its current corporate title as a
commercial bank. In connection with the conversion, the Company has
received approval from the Federal Reserve and converted to a bank
holding company from a savings and loan holding company. The
effective date for the conversion and reorganization was December
28, 2011.
"Our conversion to a state-chartered commercial bank reflects
the Bank's operating strategy and increase in the origination of
commercial loans," said J. Chris Verenes, the Chairman and Chief
Executive Officer of the Bank. "The charter conversion will also
result in reduced regulatory fees and reduced South Carolina state
income taxes."
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:
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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