FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 2, 2002
Security Federal Corporation
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(Exact name of registrant as specified in its charter)
South Carolina 0-16120 57-0858504
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State or other jurisdiction Commission (I.R.S. Employer
of incorporation File Number Identification No.)
1705 Whiskey Road South, Aiken, SC 29801
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number (including area code): (803) 641-3000
Not Applicable
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(Former name or former address, if changed since last report)
Item 5. Other Events
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The Registrant announced on January 2, 2002 that Thomas C. Clark and J.
Chris Verenes have been elected as directors of Security Federal Corporation and
of Security Federal Bank, a wholly-owned subsidiary of the Corporation, as well
as of Security Federal Insurance, Inc., Security Federal Investments, Inc., and
Security Federal Trust, Inc., all of which are wholly-owned subsidiaries of the
Bank.
Mr. Clark has more than 22 years of financial services experience and is
currently serving as President of the Bank and its subsidiaries. Prior to his
promotion to President, and since 1992, Mr. Clark was in charge of commercial
and retail banking for the Bank. Mr. Clark has served as Chairman of the United
Way of Aiken County and is currently on the Executive Committee of the United
Way Board. Prior to joining Security Federal Bank, Mr. Clark was employed by
South Carolina National Bank and was the City Executive of its Aiken, South
Carolina office.
Mr. Verenes has held a variety of management positions with Washington
Group International, which manages the Savannah River Site for the Department of
Energy, and is currently its Director of Planning and Administration. Prior to
his position with Washington Group International, Mr. Verenes served as the
Controller of Riegel Textile Corporation, as Director of Control Data Business
and Technology Center, and as Executive Director of the South Carolina
Democratic Party. Mr. Verenes is a past Chairman of the Greater Aiken Chamber
of Commerce and a recipient of the Jaycee Aiken County Man of the Year award.
For further information, reference is made to the Registrant's press
release dated January 2, 2002, which is attached hereto as Exhibit 99 and
incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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Exhibit
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99 Press Release dated January 2, 2002
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SIGNATURES
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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: January 9, 2002 By:/s/Timothy W. Simmons
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Timothy W. Simmons
President and Chief Executive Officer
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Exhibit 99
Press Release Dated January 2, 2002
NEWS RELEASE
Aiken, South Carolina - January 2, 2002 - The Board of Directors of Security
Federal Corporation, parent company of Security Federal Bank, Aiken, South
Carolina, today announced the election of J. Chris Verenes and Thomas C. Clark
as directors of Security Federal Corporation and Security Federal Bank and its
subsidiaries.
Mr. Verenes has held several management positions with Washington Group
International and its predecessor companies and is currently their Director of
Planning and Administration. Washington Group International manages the
Savannah River Site for the Department of Energy. Mr Verenes has served as
Controller of Riegel Textile Corporation, as Director of the Control Data
Business and Technology Center and as Executive Director of the South Carolina
Democratic Party. He is a member of the South Carolina State Board of
Education and Chairman of the USCA Partnership Board. Mr. Verenes is a past
Chairman of the Greater Aiken Chamber of Commerce and a recipient of the Jaycee
Aiken County Man of the Year award.
Mr. Clark, who had been in charge of commercial and retail banking for Security
Federal since 1992, was recently promoted to President of the Bank and its
subsidiaries. Mr. Clark has served as Chairman of the United Way of Aiken
County and is currently on the Executive Committee of the United Way Board. He
is also Treasurer of Friends of the Aiken County Library and School PTSA. Mr.
Clark is a recipient of the United Way Volunteer of the Year Award.
T. Clifton Weeks, Chairman of the Board stated that "the addition of these two
outstanding individuals to our Board will be of great value as we plan for the
continued growth and profitability of our financial services companies."
Security Federal Corporation provides a full line of financial products and
services through Security Federal Bank and its trust, investment and insurance
subsidiaries. Through personal, local service and innovative technologies, the
Bank provides better ways to manage finances through a full range of deposit,
loan, trust, investment, asset banking and investing through a financial
services network of eleven branches and ATMs plus an internet web site located
at (www.securityfederalbank.com).
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Security Federal Corporation's common stock is traded over the counter.
For additional information contact Timothy W. Simmons at 803-641-3030.