Security Federal Corporation Announces Appointment Of New Director And Change In Fiscal Year

AIKEN, S.C., Jan. 22, 2013 (GLOBE NEWSWIRE) -- Security Federal Corporation ("Company") (OTCBB:SFDL), the holding company for Security Federal Bank ("Bank"), announced today that Mr. Richard T. Harmon had been appointed to the Board of Directors of the Company and the Bank.

Timothy W. Simmons, Chairman of the Board, stated "We are pleased to welcome Richard to our Board and believe his expertise will be of great benefit to our Company."

The Company's Nominating and Corporate Governance Committee proposed and the Board of Directors ratified and approved the appointment of Mr. Harmon to the Board of Directors. The appointment of Mr. Harmon to the Company's Board of Directors is effective January 17, 2013.

Mr. Harmon is an Executive Vice President and Chief Lending Officer of the Bank, a position he has held since January 1, 2011. He had served as Senior Vice President of Mortgage Lending since 2007 when he began his career with the Bank. Prior to his employment with the Bank, Mr. Harmon was employed with Regions Bank from 1998-2007 as Senior Vice-President of Construction Lending. 

The Company also announced that the Board of Directors approved the change in the Company's fiscal year to December 31, effective January 17, 2013. As a result, the Company will file a transition period annual report on Form 10-KT with the Securities and Exchange Commission for the nine month period ended December 31, 2012, and quarterly reports on Form 10-Q for the quarters ending March 31, June 30 and September 30, 2013. The Company's next fiscal year end will be December 31, 2013, and the Company will file its next annual report on Form 10-K for that period. This change in fiscal year is being undertaken to align the financial reporting periods for the Company and the Bank with regulatory reporting periods now effective with the Company's reorganization to a bank holding company and the Bank's conversion to a commercial bank that occurred on December 28, 2011.