Security Federal receives $82.9M in ECIP preferred stock investment from Treasury

SECURITY FEDERAL CORP

Issued 82,949 shares of Series ECIP Non-Cumulative Perpetual Preferred Stock to U.S. Treasury for $82.949 million.
Preferred stock pays no dividend for first 24 months; thereafter annual rate up to 2% based on qualified lending targets.
Company may redeem preferred shares on or after fifth anniversary, subject to regulatory approval.
Dividend and share repurchase restrictions on common stock apply if preferred dividends are not paid in full.
Excessive or luxury expenditure policy must be adopted within 90 days of closing.

item 1.01 item 5.03 item 3.02 item 3.03 item 9.01

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