Security Federal in SC set to receive ECIP capital

Security Federal in Aiken, S.C., said it is eligible to receive nearly $83 million of capital from the Treasury Department’s Emergency Capital Investment Program. 

The Treasury has $9 billion set aside to invest in Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) through the program. The capital will help the institutions provide loans, grants and forbearance for small and minority businesses, as well as consumers in low-income and underserved communities. 

The $1.3 billion-asset Security Federal said in a press release Friday that it was informed on April 21 that it could receive $82.9 million of non-dilutive Tier 1 senior perpetual preferred capital. 

The company would be required to fulfill certain conditions established by the Treasury; it would also be subject to certain restrictions.