SECURITY FEDERAL CORPORATION (OTCMKTS:SFDL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On February 21, 2019, Security Federal Corporation (the “Company”) and its financial institution subsidiary, Security Federal Bank (the “Bank”) (collectively “Security Federal”), announced that Gasper L. (Ren) Toole, III (“Mr. Toole”) will not stand for re-election as a director of Company or the Bank at their respective meetings of stockholders and will retire from service at the conclusion of the Company’s annual meeting.
Mr. Tooleserved as Vice President of the Company from July 1987 and of the Bank from August 1958 until December 2006. He has been Vice Chairman of Security Federal since July 2006. Mr. Toole currently serves as a member of the Board of Directors’ Executive Committee, Compensation Committee and Nominating Committee. There were no disagreements between Mr. Toole and the Company pertaining to the Company’s operations, policies or practices.
Concurrent with Mr. Toole’s retirement and as recommended by the Nominating Committee of the Board of Directors of the Company, Frampton W. Toole, III (“Frampton Toole”) will be a nominee to the Company’s Board of Directors at the Company’s Annual Meeting of Stockholders. Frampton Toole is the nephew of Mr. Toole.
Frampton Toole was not appointed as a director to any arrangement or understanding with any person. Frampton Toole has not engaged in any transaction with the Company and the Bank that would be reportable as a related party transaction under the rules of the Securities and Exchange Commission.
About SECURITY FEDERAL CORPORATION (OTCMKTS:SFDL)
Security Federal Corporation is a bank holding company for Security Federal Bank (the Bank). Through its subsidiary, the Company offers financial services. The Bank is a South Carolina chartered commercial bank with approximately 10 branch offices in Aiken, Richland and Lexington counties, South Carolina and Columbia County and Georgia. The principal business of the Bank is accepting deposits from the public and originating commercial real estate loans, commercial business loans, consumer loans, as well as mortgage loans to buy or refinance one- to four-family residential real estate. It also originates construction loans on single-family residences, multi-family dwellings and projects, and commercial real estate, as well as loans for the acquisition, development and construction of residential subdivisions and commercial projects. It operates Security Federal Trust and Investments, as a division of the Bank that offers trust, financial planning and financial management services.