Merger involving Oconee-based bank

An announcement details the completion of a merger involving a local bank.  Community First says the acquisition of (SFB) Security Federal Bank, effective with the close of business Friday, means that Security Federal merges immediately into Community First.  Under terms of the agreement, Security Federal shareholders receive cash of about $8.3 million, or $33.00 for each share of common stock held by them.  Security Federal paid a special cash dividend on its outstanding common stock to its shareholders of about $2.8 million, or $11.00 a share.  The combined bank will conduct business as “Community First Bank”.