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SFDL > SEC Filings for SFDL > Form 8-K on 23-Dec-2010All Recent SEC Filings

Show all filings for SECURITY FEDERAL CORP



Unregistered Sale of Equity Securities, Financial Statements and Exhibits

Item 3.02. Unregistered Sales of Equity Securities.

On December 22, 2010, Security Federal Corporation, a South Carolina corporation (the "Company"), sold 82,906 shares of its common stock, $0.01 par value per share, to certain accredited investors who participated in the private placement. The purchase price of $10.00 per share was approved by the Board of Directors of the Company on October 21, 2010 and was based on independent valuation. The Company received net proceeds from the sale of these shares of approximately $829,060 and plans to use the net proceeds for general corporate purposes.

The shares of the Company's common stock sold in the offering were issued in reliance upon exemptions from registration available under Rule 506 of Regulation D and Section 4(2) of the Securities Act of 1933, as amended (the "Securities Act"), and are "restricted securities". The Company relied upon information provided by each purchaser, including representations and warranties in the subscription agreement, to comply with the exemption from registration under Rule 506 of the Securities Act.

The Company's press release, dated December 23, 2010, regarding the offering is attached hereto as Exhibit 99.1 and is 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:

Number    Description of Exhibit

99.1      Press Release dated December 23, 2010 issued by
          Security Federal Corporation

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