Security Federal Bank has announced the retirement of its president, Richard T. Harmon, effective Aug. 1, according to a press release from the bank.

Harmon has been president of the bank since 2014, and after his retirement will stay on the boards of both Security Federal Corporation and Security Federal Bank.

"Richard's leadership is evident in the success the bank has enjoyed during his tenure as president," said J. Chris Verenes, chairman of the board of the bank, in the release. "I am pleased that he will continue to serve as a director and that we will have the benefit of his knowledge."

The release also states that Philip R. Wahl, president of the bank's Augusta market since 2017, will succeed Harmon as president of the bank effective Aug. 2.

Wahl has worked in "diverse management positions with local and national banks in the Augusta market during his 33 year banking career," the release says.

He serves on the Georgia Health Sciences Foundation Board of Trustees and is chairman of the Board of the Augusta Convention and Visitors Center Bureau.

"The other directors and I are very pleased that Phil is taking over the management of the bank," says Verenes in the release. "During the past two years, he has successfully established our presence in Augusta and I'm excited about the future of the bank under his leadership."

Security Federal Bank has 16 full-service branches in Aiken, Lexington and Richland County in South Carolina, as well as in Evans, Georgia.

Lindsey Hodges is a general assignment reporter at the Aiken Standard and North Augusta Star. Follow her on Twitter at @LindseyNHodges.