Security Federal Corporation Expands Stock Repurchase Program
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Security Federal Corporation Announces New Stock Repurchase Program
Security Federal Corporation (the “Company”) (OTCBB: SFDL), the holding company for Security Federal Bank (the “Bank”), recently declared an increase in the number of shares authorized for repurchase under its established stock repurchase program.
This new initiative allows the Company to repurchase an additional 100,000 of its outstanding shares, which brings the total to 135,276 shares when combined with the previously approved 35,276 shares.
Details of the Repurchase Program
The repurchases will be made at the discretion of management based on prices considered attractive and beneficial for both the Company and its shareholders. This process will take into account the availability of stock, general market conditions, trading prices, alternative capital uses, and the overall financial performance of the Company. These open market purchases will adhere to the stipulations set forth in Rule 10b-18 of the Securities Exchange Act of 1934 along with other applicable legal requirements.
It is important to note that the repurchase program is subject to suspension, termination, or modification at any time for various reasons, including market conditions, repurchase costs, and the availability of alternative investment opportunities. These changing factors are likely to influence the timing and volume of share repurchases, and there is no assurance as to the specific number of shares that will be repurchased by the Company.
Security Federal Bank's Branch Network
Security Federal Bank maintains 19 full-service branches located across various regions, offering comprehensive banking services to enhance customer convenience. The locations include Aiken, Ballentine, Clearwater, Columbia, Graniteville, Langley, Lexington, North Augusta, Ridge Spring, Wagener, and West Columbia, South Carolina, as well as Augusta and Evans, Georgia. The newest branch opened recently in downtown Augusta, Georgia, in April 2023, providing customers with a full range of depository banking services, along with commercial and consumer lending.
In addition to traditional banking services, the Bank also provides a full suite of financial services, including trust and investment options. Insurance services are offered through the Bank's wholly owned subsidiary, Security Federal Insurance, Inc.
Current Market Insights
The financial landscape continues to evolve with various factors influencing banks' operations and financial strategies. Security Federal Corporation remains committed to navigating these changes effectively and ensuring that shareholder interests are prioritized. The ongoing challenges in the economy, like labor shortages and inflationary pressures, are being closely monitored, and proactive measures are being adopted to optimize financial performance.
By enhancing its stock repurchase program, Security Federal Corporation is signaling confidence in its financial health and long-term growth strategy, focusing on creating value for its shareholders even amid a fluctuating economic environment.
Company Contact Information
For further information, you can contact:
Security Federal Corporation
Email: info@securityfederalbank.com
Phone: (803) 642-3500
Frequently Asked Questions
1. What is the purpose of the stock repurchase program?
The stock repurchase program aims to enhance shareholder value by allowing the company to buy back its shares under favorable market conditions.
2. How many total shares can Security Federal Corporation repurchase?
The company can repurchase a total of 135,276 shares, which includes 100,000 additional shares authorized for repurchase.
3. Who decides when the repurchases will take place?
The repurchases will be conducted at the discretion of management, who will assess market conditions and stock prices to determine optimal timing.
4. Where are Security Federal Bank's branches located?
Security Federal Bank has 19 branches located in various cities across South Carolina and Georgia, including new openings to better serve the community.
5. What financial services does Security Federal offer?
The bank provides a comprehensive range of services, including traditional banking, commercial and consumer loans, trust and investments, and insurance services through its subsidiary.
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