Item 8.01 Other Events
On January 2, 2020, Security Federal Corporation (the "Company") issued a notice
of redemption to the holders of its 8.0% Convertible Senior Debentures due 2029
(CUSIP No. 813903101) (the "Debentures") regarding the Company's exercise of its
option to redeem all $6,044,000 in aggregate principal amount of Debentures
issued and outstanding pursuant to Section 1105 of the Indenture dated as of
December 1, 2009, between the Company and Wilmington Trust Company, as trustee.
The Company will redeem all of the Debentures for cash at a price of 100.00% of
the principal amount of the Debentures, plus the accrued and unpaid interest
thereon from, December 1, 2019, through, but excluding, March 2, 2020, (the
"Redemption Date") unless earlier converted. Prior to February 28, 2020, the
holders of the Debentures are entitled to convert such Debentures into shares of
the Company's common stock at a rate of 50 shares of common stock for each
$1,000 principal amount of Debentures, which is equivalent to a conversion price
of $20.00 per share.
For additional information, please see the cover letter and notice of redemption
that are attached to this Current Report on Form 8-K as Exhibit 99.1 and are
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.
99.1 Cover Letter and Notice of Full Redemption of 8.0% Convertible Senior
Debentures due 2029
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SECURITY FEDERAL CORPORATION 
