Security Federal Corp. in Aiken, S.C., said Monday that it had signed a letter of intent to buy Collier Jennings Financial Corp. and merge its agency units into its Security Federal Insurance Inc.
Gerald Jennings, the president of Collier Jennings, is to be president of the insurance operations of the combined entities, the companies said. The deal's other terms were not disclosed.
Collier Jennings, founded in 1974, sells insurance and related products in the retail markets of Aiken, and Augusta, Ga., through its subsidiaries Collier-Jennings Inc., Auto Insurance Store Inc., and Collier-Jennings Premium Pay Plans Inc. It employs 10 licensed agents among 15 employees in all. It has offices in Aiken, Augusta, and North Augusta, S.C.
The companies plan to put additional insurance offices in Security Federal Bank's market areas in Aiken, Lexington, and Richland Counties in South Carolina and in Augusta.
Security Federal Bank has 11 full-service branches, in Aiken, Clearwater, Graniteville, Langley, Lexington, North Augusta, Wagener, and West Columbia, S.C. It plans to begin building a branch in Evans, Ga., next month.
