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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Security Federal Bancorp, Inc.
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(Name of Issuer)
Common Stock, Par Value $.01 Per Share
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(Title of Class of Securities)
81423P 10 3
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(CUSIP Number)
T. Gary Fitts
c/o Security Federal Bancorp, Inc.
2301 University Boulevard
Tuscaloosa, Alabama 35401
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(Name, address and telephone number of person
authorized to receive notices and communications)
November 20, 1996
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(Date of event which requires filing of this Statement)
If the filing person has previously filed a statement on
Schedule 13G to report the acquisition which is the subject of
this Schedule 13D, and is filing this schedule because of Rule
13d-1(b)(3) or (4), check the following box. [ ]
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CUSIP No. 81423P 10 3 13D
1. Name of reporting person: T. Gary Fitts
SSN of reporting person: ###-##-####
2. Check the appropriate box if a member of a group:
(a) [ ]
(b) [ ]
3. SEC use only:
4. Sources of funds: PF
5. Check box if disclosure of legal proceedings is required
pursuant to Items 2(d) or 2(e): [ ]
6. Citizenship or place of organization: United States
Number of 7. Sole Voting Power: 33,803
shares
beneficially 8. Shared Voting Power: 0
owned by
each 9. Sole Dispositive Power: 33,573
reporting
person with 10. Shared Dispositive Power: 0
11. Aggregate amount beneficially owned by each reporting
person:
34,379 (includes 576 shares deemed owned under Rule
13d-3(d))
12. Check box if the aggregate amount in Row 11 excludes
certain shares: [ X ]
13. Percent of class represented by amount in Row 11: 5.1%
14. Type of reporting person: IN<PAGE>
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Item 1. Security and Issuer.
The class of equity to which this statement relates is the Common
Stock, par value $.01 per share, of Security Federal Bancorp,
Inc. (the "Issuer"), whose executive office is at 2301 University
Boulevard, Tuscaloosa, Alabama 35401.
Item 2. Identity and Background.
(a) Name: T. Gary Fitts
(b) Business Address: 615 Queen City Avenue, Tuscaloosa,
Alabama 35401
(c) Present Principal Occupation or Employment: President
of Fitts Agency, Inc., an insurance agency.
(d) Criminal Proceeding Convictions: None
(e) Securities Laws Proceedings: None
(f) Citizenship: United States of America
Item 3. Source and Amount of Funds or Other Consideration.
The reporting person acquired beneficial ownership of such 34,379
shares as follows:
(a) 33,573 shares were acquired on March 31, 1995 in the
initial public offering of the Common Stock of the Issuer,
of which all were acquired with personal funds of the
reporting person and are held directly by the reporting
person;
(b) 806 shares may or will be acquired within 60 days of the
date of this statement, of which 576 shares may be acquired
upon the vesting and exercise of options granted under the
Issuer's Stock Option and Incentive Plan and 230 shares
will be acquired without payment therefor upon the vesting
of shares awarded under the Issuer's Management Recognition
Plan.
Item 4. Purpose of Transaction.
The shares covered by this statement are being held for
investment purposes. Depending upon a continuing assessment and
upon future developments, the reporting person may determine,
from time to time or at any time, to purchase additional shares
of the Issuer or to sell or otherwise dispose of some of the
shares. Other than in his capacity as a member of the Board of
Directors of the Issuer, the reporting person has no plans which
relate to or would result in:
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(a) An extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving the Issuer or any
of its subsidiaries;
(b) A sale or transfer of a material amount of assets of the
Issuer or any of its subsidiaries;
(c) Any change in the present Board of Directors or management
of the Issuer, including any plans or proposals to change
the number or term of directors or to fill any existing
vacancies on the board;
(d) Any material change in the present capitalization or
dividend policy of the Issuer;
(e) Any other material change in the Issuer's business or
corporate structure;
(f) Changes in the Issuer's corporate charter or bylaws or
instruments corresponding thereto or other actions which may
impede the acquisition of control of the Issuer by any
person;
(g) Causing a class of securities of the Issuer to be delisted
from a national securities exchange or to cease to be
authorized to be quoted in an inter-dealer quotation system
of a registered national securities association;
(h) A class of equity securities of the Issuer becoming eligible
for termination of registration pursuant to Section 12(g)(4)
of the Securities Exchange Act of 1934; or
(i) Any action similar to any of those enumerated above.
Item 5. Interest in Securities of the Issuer.
(a) 34,379 shares are beneficially owned by the reporting person
as of the date of this statement, representing 5.1% of the
total shares issued and outstanding of the Issuer. The
aggregate amount reported as beneficially owned in Row 11
does not include 3,227 shares that may not be acquired
within 60 days of the date of this statement, of which 2,305
shares are subject to unvested options granted under the
Issuer's Stock Option and Incentive Plan and 922 shares
represent unvested shares awarded under the Issuer's
Management Recognition Plan, as to which the reporting
person disclaims beneficial ownership. All excluded
unvested options under the Stock Option and Incentive Plan
and awards under the Management Recognition Plan plans vest
annually in equal amount amounts ending on November 20,
2000.
(b) The reporting person has sole voting power over 33,803
shares and sole dispositive power over 33,573 shares.
(c) Not applicable.
(d) Not applicable.
(e) Not applicable.
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Item 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities of the Issuer
The reporting person has not entered into any contracts,
arrangements, understandings or relationships (legal or
otherwise) with respect to any securities of the Issuer, other
than the following:
(a) The Issuer's Stock Option and Incentive Plan, which is
filed as Exhibit 1 (for additional information, see the
Issuer's proxy statement dated October 26, 1995 (File
No. 0-25728); and
(b) The Issuer's Management Recognition Plan, which is filed
as Exhibit 2 (for additional information, see the
Issuer's proxy statement dated October 26, 1995 (File
No. 0-25728).
Item 7. Material to be Filed as Exhibits.
The following materials are filed as exhibits to this statement:
Exhibit 1: The Issuer's Stock Option and Incentive Plan is
incorporated by reference to the Issuer's
Registration Statement on Form S-1 (File No. 33-
83912).
Exhibit 2: The Issuer's Management Recognition Plan is
incorporated by reference to the Issuer's
Registration Statement on Form S-1 (File No. 33-
83912).<PAGE>
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SIGNATURE
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After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and correct.
Date: November 25, 1996 /s/ T. Gary Fitts
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T. Gary Fitts
