Security Federal gets option to buy back Treasury-held ECIP preferred stock at discount

SECURITY FEDERAL CORP

Option to repurchase all 82,949 ECIP preferred shares during first 15 years from May 24, 2022 original closing.
Purchase price based on present value formula; company expects substantial discount from face value.
Exercise during first 10 years requires meeting one of three lending thresholds; company currently meets none.
Earliest possible threshold satisfaction June 30, 2026; current dividend rate 2.0%.
Company may designate a Mission Aligned Nonprofit Affiliate as purchaser under the option.

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