Business news

Security Federal has lower net income


Security Federal Corp., the holding company for Security Federal Bank, announced quarterly net income of $457,000 for the three months ending Sept. 30, down from $582,000 during the same period last year.

The primary reason for the decrease was an increase in the provision for loan losses, according to chief financial officer Roy Lindburg.

Despite three consecutive quarterly decreases in nonperforming assets, management added $2.15 million to the allowance for loan losses.

Since the beginning of its fiscal year, March 31, Security Federal Corp. saw total deposits increase from $694.2 million to $697.7 million.

Total assets declined from $956 million to $949 million.

Details on public sale of GM stock emerge

DETROIT --- General Motors Co. stock should sell for between $26 and $29 per share in an initial public offering that could be issued in mid-November, two people briefed on the matter said Monday.

The people said the U.S. government is expected to reduce its stake in the automaker from 61 percent to around 43 percent in the sale.

Terms of the sale are not final, because GM's board has yet to approve them, although it has accepted the general outline, another person said.

Bankers leading the sale are recommending that the final share price be revealed Nov. 17 and the sale take place Nov. 18, according to the sources.

A price range could be formally announced in a regulatory filing within the next 48 hours, the sources said.