Bailout Bank Bio: Security Federal Corporation

Aug 7, 2009 | 2 min read | Print Article

Security Federal Corporation operates as the holding company for Security Federal Bank, which provides various banking products and services in South Carolina. The company offers deposit products include savings accounts, checking accounts, money market accounts, fixed interest rate certificates, negotiated rate jumbo certificates of deposit, and individual retirement accounts. Its loan portfolio comprises mortgage loans, multi-family residential and commercial real estate loans, consumer loans, and commercial loans, as well as construction loans on single family residences, multifamily dwellings and projects, and commercial real-estate. The company also offers loans for the acquisition, development, and construction of residential subdivisions and commercial projects. In addition, it offers insurance and insurance related products, annuity and investment brokerage, trust, financial planning, and financial management services. As of March 31, 2008, Security Federal Corporation operated 11 branch offices in Aiken and Lexington counties. The company was founded in 1922 and is headquartered in Aiken, South Carolina.

On December 19, 2008, Security Federal Corporation received $18 million in preferred stock with warrants under the Capital Purchase Program.

Federal Equity Investment	$4 million
Total Revenue	$54,121,000 (2007) $53,363,000 (2008)
Net Income	$4,280,000 (2007) $2,453,000 (2008)
Number of Employees	195
Corporate Headquarters	Aiken, South Carolina
Business Sector	Banking
Officers and Directors	Timothy W. Simmons, CEO, President, Director Other Officers and Directors
Corporate Website	https://www.securityfederalbank.com/
Executive Compensation	Security Federal