SECURITY FEDERAL CORPORATION (OTCMKTS:SFDL) Files An 8-K Submission of Matters to a Vote of Security HoldersItem 5.07 Submission of Matters to a Vote of Security Holders
|
(a) |
The Annual Meeting of Security Federal Corporation ("Company") was held on April 19, 2018. |
|
(b) |
There were a total of 2,953,324 shares of the Company's common stock outstanding and entitled to vote at the Annual Meeting. At the Annual Meeting, 1,926,149 shares of common stock were represented in person or by proxy, therefore a quorum was present. The following proposals were submitted by the Board of Directors to a vote of shareholders: |
Proposal 1. Election of Directors. The following individuals were elected as directors:
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FOR |
WITHHELD |
BROKER NON-VOTES |
|
|
No. of votes |
No. of votes |
No. of votes |
|
|
Timothy W. Simmons |
1,777,255 |
148,894 |
296,688 |
|
Harry O. Weeks, Jr. |
1,817,453 |
108,696 |
296,688 |
|
Roy G. Lindburg |
1,777,255 |
148,894 |
296,688 |
Based on the votes set forth above, Messrs. Simmons, Weeks and Lindburg were duly elected to serve as directors of the Company for a three year term expiring at the annual meeting of shareholders in 2021, each to serve until their respective successors have been duly elected and qualified.
The terms of Directors Gasper L. Toole, III, Thomas L. Moore, J. Chris Verenes, Richard T. Harmon, Robert E. Alexander, William Clyburn and Frank M. Thomas, Jr. continued.
Proposal 2. Advisory approval of the compensation of the Company's named executive officers. This proposal received the following votes:
|
For |
Percentage of shares present |
Against |
Percentage of shares present |
Abstain |
Percentage of shares present |
Broker Non- Vote |
|
1,887,021 |
97.969 |
18,978 |
0.985 |
20,150 |
1.046 |
296,688 |
Based on the votes set forth above, the compensation of the Company's named executive officers was approved by shareholders.
Proposal 3. Adoption of the Security Federal Corporation 2018 Employee Stock Purchase Plan.
|
For |
Percentage of shares present |
Against |
Percentage of shares present |
Abstain |
Percentage of shares present |
Broker Non- Vote |
|
1,815,853 |
94.232 |
109,896 |
5.705 |
1,200 |
0.062 |
296,688 |
(c)None.
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.
