UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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) January 12, 2004
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Security Federal Corporation
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(Exact Name of Registrant as Specified in 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, South Carolina 29801
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (803) 641-3000
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events.
On January 12, 2004, Security Federal Corporation issued a press release
regarding the appointment of J. Chris Verenes, President of the Company's
financial institution subsidiary, Security Federal Bank, and its subsidiaries
Security Federal Trust, Inc., Security Federal Investments, Inc. and Security
Federal Insurance, Inc., effective immediately. For further information see
the Company's press release attached hereto as Exhibit 99.1, which is
incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
99.1 News Release of Security Federal Corporation dated January
12, 2004.
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.
Date: January 12, 2004 SECURITY FEDERAL CORPORATION
/s/ Timothy W. Simmons
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Timothy W. Simmons
President and Chief Executive Officer
Exhibit 99.1
News Release Dated January 12, 2004
**FOR IMMEDIATE RELEASE**
Security Federal Corporation Names Bank President
Aiken, South Carolina - January 12, 2004 - The Board of Directors of Security
Federal Corporation (OTCBB:SFDL), parent company of Security Federal Bank, has
appointed J. Chris Verenes as President of Security Federal Bank and its
subsidiaries, Security Federal Trust, Inc., Security Federal Investments,
Inc., and Security Federal Insurance, Inc.
Verenes brings a broad range of experiences to Security Federal Bank including
finance, accounting, strategic planning, business development, marketing and
governmental affairs. For the past 15 years, he has worked for Washington
Group International, the largest private employer in South Carolina. During
his career with Washington Group International, he served in various
positions, including Chief of Staff to the President and CEO. In his previous
assignment, Verenes served as Deputy Manager for Business Development for
Westinghouse Savannah River Company, a subsidiary of Washington Group
International.
Prior to his work with Washington Group, Verenes served as a Controller for
Riegel Textile Corporation, Director of Control Data Business and Technology
Center, and Executive Director of the South Carolina Democratic Party based in
Columbia, South Carolina.
Verenes was elected to the Board of Directors of Security Federal Corporation
and its subsidiaries in January 2002, and has served as a member of the Audit
Committee. He will remain on the Board of Directors.
"Security Federal Bank is fortunate to have on our Board an individual with
the skills and track record to take us to our next level of growth. I am
pleased that he has accepted this challenge," Security Federal Corporation
Board Chairman T. Clifton Weeks said.
Verenes has been active in the community. He recently completed a term as a
member of the South Carolina State Board of Education, and served on the Aiken
County Board of Education from 1984-'88. He has served as Chairman of the
University of South Carolina - Aiken Partnership Board and Vice-
Chair of the Aiken Technical College Foundation. Mr. Verenes is a past
Chairman of the Greater Aiken Chamber of Commerce and recipient of the Jaycee
Aiken County Man of the Year award. "Chris is well-known and respected
throughout the State by virtue of his statewide positions - both formal and
volunteered," said Tim Simmons, Chairman of Security Federal Bank.
Verenes received his Masters in Business Administration and Bachelor of
Science degree in Marketing from the University of South Carolina.
He and his wife, Carol, have two children Bradley (13) and Natalie (10).
Security Federal Bank has twelve full service branch locations in Aiken,
Clearwater, Denmark, Graniteville, Langley, Lexington, North Augusta, Wagener,
and West Columbia. An additional branch has been announced for the Irmo area
of Lexington County, and it is anticipated that construction will begin later
this year. Additional financial services are provided by three of the Bank's
wholly owned subsidiaries, Security Federal Trust, Inc., Security Federal
Investments, Inc., and Security Federal Insurance, Inc.
Security Federal Corporation common stock began trading on the
Over-the-Counter Bulletin Board on October 9, 2003 under the symbol SFDL.OB.
Its market makers include Sterne, Agee, & Leach, Inc., and Trident Securities.
At September 30, 2003, Security Federal Corporation had consolidated total
assets of $493 million and stockholders' equity of $30.6 million.
For additional information, contact Timothy W. Simmons at 803.641.3030.