SECURITY FEDERAL CORPORATION (OTCMKTS:SFDL) Files An 8-K Other Events
Item 8.01 Other Events
SECURITY FEDERAL CORPORATION (OTCMKTS:SFDL) Files An 8-K Other Events
On January 2, 2020, Security Federal Corporation (the “Company”) issued a notice of redemption to the holders of its 8.0% Convertible Senior Debentures due 2029 (CUSIP No. 813903101) (the “Debentures”) regarding the Company’s exercise of its option to redeem all $6,044,000 in aggregate principal amount of Debentures issued and outstanding to Section 1105 of the Indenture dated as of December 1, 2009, between the Company and Wilmington Trust Company, as trustee. The Company will redeem all of the Debentures for cash at a price of 100.00% of the principal amount of the Debentures, plus the accrued and unpaid interest thereon from, December 1, 2019, through, but excluding, March 2, 2020, (the “Redemption Date”) unless earlier converted. Prior to February 28, 2020, the holders of the Debentures are entitled to convert such Debentures into shares of the Company’s common stock at a rate of 50 shares of common stock for each $1,000 principal amount of Debentures, which is equivalent to a conversion price of $20.00 per share.
For additional information, please see the cover letter and notice of redemption that are attached to this Current Report on Form 8-K as Exhibit 99.1 and are incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
The following exhibit is being filed herewith and this list shall constitute the exhibit index.
99.1 Cover Letter and Notice of Full Redemption of 8.0% Convertible Senior Debentures due 2029
SECURITY FEDERAL CORP Exhibit
EX-99.1 2 ex991122020.htm EXHIBIT 99.1 Exhibit 99.1 238 Richland Avenue NW Post Office Box 810 (29802) Aiken,…
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EX-99.1 2 ex991122020.htm EXHIBIT 99.1 Exhibit 99.1 238 Richland Avenue NW Post Office Box 810 (29802) Aiken,…
To view the full exhibit click
here
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.