UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): December 18, 2008 SOUTHWEST GEORGIA FINANCIAL CORPORATION (Exact name of Registrant as Specified in its Charter) Georgia 001-12053 58-1392259 (State or other Jurisdiction of (Commission File Number) (IRS Employer Incorporation or Organization) Identification No.) 201 First Street, S.E. Moultrie, Georgia 31768 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (229) 985-1120 Not Applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act. [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act. [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. ITEM 8.01 OTHER EVENTS On December 18, 2008, Southwest Georgia Financial Corporation announced that its Board of Directors at its meeting yesterday declared a quarterly cash dividend of $.07 per common share, down from $.14 per share in the third quarter of 2008. The dividend is payable January 30, 2009 to shareholders of record on December 31, 2008. Also, the Company elected not to participate in the U.S. Treasury Department's Capital Purchase Program after a careful consideration of the Company's strategy, strong capital position, and the known and potential constraints of the program. The constraints of the program include potential restrictions on dividends and the issuance of warrants for common stock that would be dilutive to common shareholders. The Company's total risk based capital ratio is at 16.07%, which is more than 60 percent in excess of the regulatory standard for a "well-capitalized" bank holding company. During 2008, the Company has paid dividends of $.56 per share. A copy of that press release is attached as Exhibit 99.1 to this Current Report. Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS (d) Exhibits: The following exhibit is furnished with this report. Exhibit 99.1: Southwest Georgia Financial Corporation's press release dated December 18, 2008. SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized. SOUTHWEST GEORGIA FINANCIAL CORPORATION /s/George R. Kirkland ---------------------------------- By: George R. Kirkland Senior Vice President and Treasurer December 18, 2008 ----------------------------------- Date EXHIBIT INDEX Exhibit No. Description 99.1 Press Release dated December 18, 2008.