Security Federal Corporation, the holding company for Security Federal Bank (“Bank”), announced that Richard T. Harmon will be retiring effective August 1, 2019 as the Bank’s President. Mr. Harmon has been the President of the Bank since 2014. He was elected to the Company’s and the Bank’s Boards of Directors in 2013 and will continue serving on the Company’s and the Bank’s Boards following his retirement.

“Richard’s leadership is evident in the success the Bank has enjoyed during his tenure as President”, stated J. Chris Verenes, Chairman of the Board of the Bank. “I am pleased that he will continue to serve as a director and that we will have the benefit of his knowledge,” he continued. 

The Bank’s board of directors also announced the appointment of Philip R. Wahl, the Bank’s Augusta Market President, as president of Security Federal Bank effective August 2, 2019. Mr. Wahl has served in his present capacity with the Bank since 2017. Mr. Wahl previously worked in diverse management positions with local and national banks in the Augusta, Georgia market during his 33 year banking career. He currently serves on the Georgia Health Sciences Foundation Board of Trustees and is Chairman of the Board of the Augusta Convention & Visitors Bureau.    

Mr. Verenes also commented, “The other directors and I are very pleased that Phil is taking over the management of the Bank. During the past two years, he has successfully established our presence in Augusta and I am excited about the future of the Bank under his leadership.”

Security Federal Bank currently has 16 full service branch locations in Aiken, Ballentine, Clearwater, Columbia, Graniteville, Langley, Lexington, North Augusta, Ridge Spring, Wagener, and West Columbia, South Carolina and Evans, Georgia. A full range of financial services, including trust and investments, are provided by the Bank and insurance services are provided by the Bank’s wholly owned subsidiary, Security Federal Insurance, Inc.