ITEM 8.01 OTHER EVENTS

On December 18, 2008, Southwest Georgia Financial Corporation announced that its Board of Directors at its meeting yesterday declared a quarterly cash dividend of $.07 per common share, down from $.14 per share in the third quarter of 2008. The dividend is payable January 30, 2009 to shareholders of record on December 31, 2008. Also, the Company elected not to participate in the U.S. Treasury Department's Capital Purchase Program after a careful consideration of the Company's strategy, strong capital position, and the known and potential constraints of the program. The constraints of the program include potential restrictions on dividends and the issuance of warrants for common stock that would be dilutive to common shareholders. The Company's total risk based capital ratio is at 16.07%, which is more than 60 percent in excess of the regulatory standard for a "well-capitalized" bank holding company. During 2008, the Company has paid dividends of $.56 per share.

A copy of that press release is attached as Exhibit 99.1 to this Current Report.

Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits:

The following exhibit is furnished with this report.

Exhibit 99.1: Southwest Georgia Financial Corporation's press release dated December 18, 2008.