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): July 20, 2006
SECURITY FEDERAL CORPORATION
(Exact name of registrant as specified in its charter)
South Carolina 0-16120 57-0858504
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1705 Whiskey Road South, 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))
Item 1.01 Entry into a Material Definitive Agreement
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On June 20, 2006, the Board of Directors ("Board") of Security Federal
Bank (the "Bank"), the wholly owned operating subsidiary of Security Federal
Corporation ("Company"), adopted the Security Federal Bank Salary Continuation
Agreement (the "SCA") for Gerald D. Jennings, a new executive officer of the
Company, which is effective July 20, 2006. The form of SCA adopted for Mr.
Jennings is the same, and provides the same benefits, as the SCA adopted by
the Bank's Board on May 18, 2006 for certain executive and senior officers of
the Company and reported on a Current Report on Form 8-K filed with the
Securities and Exchange Commission on May 24, 2006 ("May 24 Form 8-K"). The
description of the benefits provided by the SCA and included in the May 24,
2006 Form 8-K, and the form of SCA included as an exhibit to the May 24, 2006
Form 8-K, are hereby incorporated by reference.
Item 9.01 Financial Statements and Exhibits
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(c) Exhibits
99.1 Form of Security Federal Bank Salary Continuation Agreement
(incorporated by reference to Exhibit 99.1 included in the Current
Report on Form 8-K dated May 24, 2006).
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: July 24, 2006 By:/s/Roy G. Lindburg
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Roy G. Lindburg
Treasurer and Chief Financial Officer