AIKEN, S.C., June 04, 2026 (GLOBE NEWSWIRE) -- Security Federal Corporation (the “Company”) (OTCID:SFDL), the holding company for Security Federal Bank (the “Bank”) today announced, effective July 10, 2026, J. Chris Verenes and Darrell R. Rains will be retiring as Chief Executive Officer and Chief Financial Officer, respectively. Effective today, Mr. Rains will become a member of the Company’s and the Bank’s Boards of Directors. Mr. Verenes will remain Chairman of Security Federal Bank and continue serving on the Boards of Directors of the Company and the Bank. Mr. Verenes will also become Vice Chairman of the Board of Directors of the Company.

“The Company and the Bank will continue to benefit from the knowledge and experience that Chris and Darrell bring as members of the Boards,” said Timothy W. Simmons, Chairman of the Company’s Board of Directors.

The Company also announced that Philip R. Wahl, II and Nathan T. Crowe have been promoted to Chief Executive Officer and Chief Financial Officer, respectively of the Company and the Bank, upon the retirement of Messrs. Verenes and Rains. Mr. Wahl will remain President of the Bank, and effective today, will become a member of the Company’s and the Bank’s Boards of Directors.

Mr. Wahl was appointed President of the Bank, effective August 2019. Prior to that, he had served as the Bank's Augusta Market President since 2017. Before joining the Bank, Mr. Wahl held a variety of leadership positions with local and national banks in the Augusta, Georgia area during his 40-year banking career. He currently serves as Chair of the CSRA Transportation Investment Act Citizens Review Panel. He formerly served as Chair of the Board of Destination Augusta, Chair of the Augusta Metro Chamber of Commerce and Chair of the Augusta University Foundation Board of Trustees.

Mr. Crowe joined the Bank in November 2021 as the Director of Strategic Planning. He has served as the Bank’s Chief Accounting Officer from April 2022 to the present. He was the CFO of Optus Bank in Columbia, South Carolina from May 2021 to October 2021. Prior to that, he worked at the accounting firm of Elliott Davis, LLC for over 12 years and was a Senior Manager from July 2016 to May 2021. He is a CPA and a CRCM.

Security Federal Bank has 19 full-service branches located in Aiken, Ballentine, Clearwater, Columbia, Graniteville, Langley, Lexington, North Augusta, Ridge Spring, Wagener and West Columbia, South Carolina and Augusta 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.

For additional information contact Beverly Nettles, Assistant Secretary, Shareholder Relations, at (803) 641-3000.