Security Federal Corporation Announces Annual Meeting of Shareholders

TL;DR

<b>Security Federal Corporation invites shareholders to its virtual annual meeting on May 9, 2024, emphasizing the importance of voting.</b>

AI Summary

SECURITY FEDERAL CORP (SFDL) filed a Proxy Statement (DEF 14A) with the SEC on April 8, 2024. The virtual annual meeting of shareholders for Security Federal Corporation will be held on May 9, 2024, at 11:00 a.m. Eastern Time. Shareholders must register for the meeting by emailing shareholders@securityfederalbank.com or calling (803) 502-5603 by 5:00 p.m. Eastern Time on May 8, 2024. Proof of ownership and a control number are required for shareholders holding shares in 'street name'. The meeting will include a report on financial and operating performance for the year ended December 31, 2023. Darrell Rains, Chief Financial Officer, will discuss charts on pages 9-14 of the Annual Report to Shareholders.

Why It Matters

For investors and stakeholders tracking SECURITY FEDERAL CORP, this filing contains several important signals. Shareholders need to register by a specific deadline to attend the virtual meeting, requiring proof of ownership for 'street name' holders. The meeting will cover the company's 2023 financial performance and strategic progress, with specific financial data to be presented by the CFO.

Risk Assessment

Risk Level: low — SECURITY FEDERAL CORP shows low risk based on this filing. The filing is a routine proxy statement for an annual shareholder meeting and does not contain significant new financial or operational information that would indicate a change in risk.

Analyst Insight

Shareholders should review the proxy materials and vote their shares by the deadline to participate in corporate governance decisions.

Key Numbers

• May 9, 2024 — Annual Meeting Date (Date of the virtual annual meeting of shareholders.)
• 11:00 a.m. Eastern Time — Annual Meeting Time (Time of the virtual annual meeting of shareholders.)
• May 8, 2024 — Registration Deadline (Deadline for shareholder registration for the annual meeting.)
• 5:00 p.m. Eastern Time — Registration Deadline Time (Time of the registration deadline for the annual meeting.)
• 2023 — Fiscal Year End (Year for which financial and operating performance will be reported.)

Key Players & Entities

• Security Federal Corporation (company) — Registrant and filer of the proxy statement.
• May 9, 2024 (date) — Date of the annual meeting of shareholders.
• May 8, 2024 (date) — Registration deadline for the annual meeting.
• Darrell Rains (person) — Chief Financial Officer who will discuss financial charts.
• December 31, 2023 (date) — End of the fiscal year for which performance will be reported.
• April 8, 2024 (date) — Filing date of the proxy statement.

FAQ

Industry Context

Security Federal Corporation operates as a commercial bank, a sector characterized by regulatory oversight and sensitivity to economic conditions.

Regulatory Implications

As a bank holding company, Security Federal Corporation is subject to regulations from various federal and state agencies, including the Federal Reserve and state banking authorities.

What Investors Should Do

1. Shareholders should register for the virtual annual meeting by May 8, 2024.
2. Review the proxy materials and vote on corporate business items by mail or virtually.
3. Prepare to discuss the company's 2023 financial and operating performance during the meeting.

Key Dates

• 2024-05-09: Annual Meeting of Shareholders — Shareholders will vote on corporate business and receive updates on financial and operating performance.
• 2024-05-08: Registration Deadline — Last day for shareholders to register for the virtual annual meeting.
• 2024-04-08: Filing Date — Date the definitive proxy statement was filed with the SEC.

Year-Over-Year Comparison

This is a definitive proxy statement (DEF 14A) filed for the annual shareholder meeting, indicating a routine corporate governance event.

Filing Documents

• sfdl20240326_def14a.htm (DEF 14A) — 463KB
• comppdtsr.jpg (GRAPHIC) — 32KB
• netincome.jpg (GRAPHIC) — 31KB
• 0001437749-24-011368.txt (&nbsp;) — 551KB

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT The following table sets forth, as of March 11, 2024 the voting record date, information regarding share ownership of: those persons or entities (or groups of affiliated persons or entities) known by management to beneficially own more than five percent of Security Federal's common stock, other than directors and executive officers; each director and director nominee of Security Federal; each executive officer of Security Federal or the Bank named in the Summary Compensation Table appearing under "Executive Compensation" below (known as "named executive officers"); and all current directors and executive officers of Security Federal and the Bank as a group. Persons and groups who beneficially own in excess of five percent of Security Federal's common stock are required to file with the Securities and Exchange Commission ("SEC"), and provide a copy to us, reports disclosing their ownership pursuant to the Securities Exchange Act of 1934. To our knowledge, no other person or entity, other than those set forth below, beneficially owned more than five percent of the outstanding shares of Security Federal's common stock as of the close of business on the voting record date. Beneficial ownership is determined in accordance with the rules and regulations of the SEC. In accordance with Rule 13d-3 of the Securities Exchange Act of 1934, a person is deemed to be the beneficial owner of any shares of common stock if he or she has voting and/or investment power with respect to those shares. Therefore, the table below includes shares owned by spouses, other immediate family members in trust, shares held in retirement accounts or funds for the benefit of the named individuals, and other forms of ownership, over which shares the persons named in the table may possess voting and/or investment power. 4 Name Number of Shares Beneficially Owned Percent of Shares Outstanding (%) Beneficial Owners of More

View Full Filing

View this DEF 14A filing on SEC EDGAR