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<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<P align="center" style="font-size: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): May 14, 2009</B>

<P align="center">

<P align="center" style="font-size: 24pt"><B>SOUTHEASTERN BANK FINANCIAL CORPORATION<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>

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    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
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    <TD width="32%">&nbsp;</TD>
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    <TD style="border-bottom: 1px solid #000000"><B>Georgia</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>0-24172</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>58-2005097</B></TD>
</TR>
<TR valign="top">
    <TD>(State or other Jurisdiction of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD>(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD>(IRS Employer Identification No.)</TD>
</TR>
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    <TD width="49%">&nbsp;</TD>
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    <TD style="border-bottom: 1px solid #000000"><B>3530 Wheeler Road, Augusta, Georgia<BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>30909</B></TD>
</TR>
<TR valign="top">
    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
</TR>
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<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(706) 738-6990</B>


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    <TD nowrap style="border-bottom: 1px solid #000000"><B>NOT APPLICABLE<BR></B></TD>
</TR>
<TR>
    <TD nowrap>(Former name or former address if changed since last report.)</TD>
</TR>
</TABLE>

<P align="left" style="font-size: 10pt">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:

<P align="left" style="font-size: 10pt">
<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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<P align="center" style="font-size: 10pt; display: none">1
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>Item&nbsp;2.03</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrange of a
Registrant</B></DIV></TD>
</TR>

</TABLE>


<P align="justify" style="font-size: 10pt; text-indent: 4%">On May&nbsp;14, 2009, Southeastern Bank Financial Corporation (the &#147;Company&#148;) issued to R.W. Pollard Enterprises, LLLP
(the &#147;Holder&#148;) a subordinated debenture in the principal amount of $2,946,646.00. The debenture is unsecured, bears
interest at a rate of 8% per annum, payable quarterly, matures on the five-year anniversary of the date of issuance,
and is callable at the Company&#146;s option at a redemption price equal to the outstanding principal amount plus accrued
but unpaid interest beginning on the three-year anniversary of issuance. The principal may be accelerated upon the
assignment for the benefit of creditors, bankruptcy, insolvency, or receivership of the Company. The debenture was
issued to the Holder in a private placement exempt from registration under Rule&nbsp;506 of the Securities Act of 1933, as
amended (the &#147;Act&#148;). The general partner of the Holder is the Jennie F. Pollard Irrevocable Gifting Trust, the trustee
of which is Robert W. Pollard, a director of the Company. The terms of the debenture were approved by the
disinterested directors of the Company.


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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>Item&nbsp;3.02</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Unregistered Sales of Equity Securities</B></DIV></TD>
</TR>

</TABLE>


<P align="justify" style="font-size: 10pt; text-indent: 4%">On May&nbsp;14, 2009, the Company completed a private placement of 683,272 shares of Company common stock at a purchase
price of $13.25 per share in accordance with the provisions of Rule&nbsp;506 under the Act, as amended. The offering was
conducted without general solicitation and directed to &#147;accredited investors,&#148; as such term is defined in Rule&nbsp;501
under the Act. The private placement resulted in gross proceeds to the Company of $9,053,354.00. No underwriting or
placement agency fees were incurred in connection with the private placement.


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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>Item&nbsp;9.01</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Financial Statements and Exhibits</B></DIV></TD>
</TR>

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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Description</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><BR>4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>8% Subordinated Debenture due 2014 issued by the Company to the Holder</TD>
</TR>
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<P align="center" style="font-size: 10pt; display: none">2
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<P align="center" style="font-size: 10pt">SIGNATURES



<P align="justify" style="font-size: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned, hereunto duly authorized.


<P align="justify" style="font-size: 10pt; margin-left: 46%; font-size: 10pt"><B>SOUTHEASTERN BANK FINANCIAL</B>
<BR>
<B>CORPORATION</B>


<P align="justify" style="font-size: 10pt">DATE: May&nbsp;20, 2009


<P align="justify" style="font-size: 10pt; margin-left: 46%; font-size: 10pt; margin-top: -11pt">By: <U><B>/</B>s/ Ronald L. Thigpen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
<BR>
Ronald L. Thigpen
<BR>
Executive Vice President and Chief Operating Officer


<P align="center" style="font-size: 10pt">- 2 -




<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">3
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<P align="center" style="font-size: 10pt">EXHIBIT INDEX


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>

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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Description</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><BR>4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>8% Subordinated Debenture due 2014 issued by the Company to the Holder</TD>
</TR>
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</DIV>


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<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">4
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{"company-data": {"conformed-name": "Southeastern Bank Financial CORP", "cik": "0000880116", "assigned-sic": "6022", "irs-number": "582005097", "state-of-incorporation": "GA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-24172", "film-number": "09842541"}, "business-address": {"street1": "3530 WHEELER RD", "city": "AUGUSTA", "state": "GA", "zip": "30909", "phone": "7067386990"}, "mail-address": {"street1": "3530 WHEELER RD", "city": "AUGUSTA", "state": "GA", "zip": "30909"}, "former-company": {"former-conformed-name": "GEORGIA BANK FINANCIAL CORP /GA", "date-changed": "19940506"}}
8-K
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): May 14, 2009
SOUTHEASTERN BANK FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Georgia
0-24172
58-2005097
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
3530 Wheeler Road, Augusta, Georgia
30909
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
(706) 738-6990
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:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.03
Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrange of a
Registrant
On May 14, 2009, Southeastern Bank Financial Corporation (the "Company") issued to R.W. Pollard Enterprises, LLLP
(the "Holder") a subordinated debenture in the principal amount of $2,946,646.00. The debenture is unsecured, bears
interest at a rate of 8% per annum, payable quarterly, matures on the five-year anniversary of the date of issuance,
and is callable at the Company's option at a redemption price equal to the outstanding principal amount plus accrued
but unpaid interest beginning on the three-year anniversary of issuance. The principal may be accelerated upon the
assignment for the benefit of creditors, bankruptcy, insolvency, or receivership of the Company. The debenture was
issued to the Holder in a private placement exempt from registration under Rule 506 of the Securities Act of 1933, as
amended (the "Act"). The general partner of the Holder is the Jennie F. Pollard Irrevocable Gifting Trust, the trustee
of which is Robert W. Pollard, a director of the Company. The terms of the debenture were approved by the
disinterested directors of the Company.
Item 3.02
Unregistered Sales of Equity Securities
On May 14, 2009, the Company completed a private placement of 683,272 shares of Company common stock at a purchase
price of $13.25 per share in accordance with the provisions of Rule 506 under the Act, as amended. The offering was
conducted without general solicitation and directed to "accredited investors," as such term is defined in Rule 501
under the Act. The private placement resulted in gross proceeds to the Company of $9,053,354.00. No underwriting or
placement agency fees were incurred in connection with the private placement.
Item 9.01
Financial Statements and Exhibits
Exhibit
Description
4.1
8% Subordinated Debenture due 2014 issued by the Company to the Holder
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned, hereunto duly authorized.
SOUTHEASTERN BANK FINANCIAL
CORPORATION
DATE: May 20, 2009
By:
/
s/ Ronald L. Thigpen
Ronald L. Thigpen
Executive Vice President and Chief Operating Officer
- 2 -
EXHIBIT INDEX
Exhibit
Description
4.1
8% Subordinated Debenture due 2014 issued by the Company to the Holder
- 3 -