Salt Lake-based Security National Financial Corp. said Wednesday it will merge one of its subsidiaries with Florida-based Southern Security Life Insurance Co.
The action will occur through SNFC's wholly owned subsidiaries, Security National Life Insurance Co. and SSLIC Holding Co. It will result in SSLIC merging into Southern, with Southern becoming a wholly owned subsidiary of Security National Life Insurance.
Security National Life Insurance and SSLIC currently own 77 percent of the outstanding common shares of Southern. Southern's minority stockholders will receive $3.84 per share for a total of nearly $1.9 million.
SNFC provides life insurance and annuity products in 36 states, cemetery and mortuary operations in three states, and residential and commercial loans for new construction and existing homes and real estate projects in seven states.