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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: left">As filed with the Securities and Exchange Commission
on October 11, 2012. &#9; </P>

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<P STYLE="font: 12.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 12.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">WASHINGTON, D.C. 20549</P>

<P STYLE="font: 9pt/50% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt/25% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt/25% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt/25% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12.5pt/1.45pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt/25% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt/25% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt/25% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM S-8</B></P>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNDER</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">THE SECURITIES ACT OF 1933</P>

<P STYLE="font: 10pt/25% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/25% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/25% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/25% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12.5pt/1.45pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/25% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/25% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SOUTHWEST GEORGIA FINANCIAL CORPORATION</B></P>

<P STYLE="font: 8pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><I>(Exact Name of Registrant as Specified
in its Charter)</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 34%; padding-right: 0.25in; padding-left: 0.25in">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Georgia</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>(State or Other Jurisdiction of</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Incorporation or Organization)</I></P></TD>
    <TD STYLE="width: 33%; padding-right: 0.25in; padding-left: 0.25in">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="width: 33%; padding-right: 0.25in; padding-left: 0.25in">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>58-1392259</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>(I.R.S. Employer</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Identification Number)</I></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>201 First Street, S.E.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Moultrie, Georgia 31768</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>(Address of Principal Executive Offices)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Directors and Executive Officers Stock Purchase
Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>(Full Title of the Plan)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Mr. DeWitt Drew</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>President and Chief Executive Officer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>201 First Street, S.E.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Moultrie, Georgia 31768</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>(229) 985-1120</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>(Name, Address and Telephone Number, Including
Area Code, of Agent for Service)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Copies to:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>James W. Stevens</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Kilpatrick Townsend &amp; Stockton LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>1100 Peachtree Street, Suite 2800</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Atlanta, Georgia 30309-4530</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(404) 815-6500</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>____________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 0.5in">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2
of the Exchange Act (check one):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 4.5pt 0 0">&nbsp;</P>

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    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 23%; font: 10pt Times New Roman, Times, Serif">Large accelerated filer <FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="width: 72%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Accelerated filer <FONT STYLE="font-family: Wingdings">o</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Non-accelerated filer <FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Smaller reporting company <FONT STYLE="font-family: Wingdings">&thorn;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>____________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%; border-top: windowtext 1.5pt double; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: bold 9pt Times New Roman, Times, Serif; padding-top: 4.5pt; padding-right: 6pt; padding-left: 6pt; text-align: center"><BR>Title of Securities<BR> to be Registered</TD>
    <TD STYLE="width: 16%; border-top: windowtext 1.5pt double; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Amount to</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 2.7pt; text-align: center"><B>be Registered (1)</B></P></TD>
    <TD STYLE="width: 23%; border-top: windowtext 1.5pt double; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: center"><B>Proposed Maximum</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Offering Price</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 2.7pt; text-align: center"><B>Per Share (2)</B></P></TD>
    <TD STYLE="width: 20%; border-top: windowtext 1.5pt double; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: center"><B>Proposed Maximum</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Aggregate</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 2.7pt; text-align: center"><B>Offering Price </B></P></TD>
    <TD STYLE="width: 15%; border-top: windowtext 1.5pt double; border-bottom: windowtext 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Amount of</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 2.7pt; text-align: center"><B>Registration Fee</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 4.5pt; padding-bottom: 2.7pt">Common Stock, par value $1.00 per share</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 4.5pt; padding-bottom: 2.7pt; text-align: center">200,000</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 4.5pt; padding-bottom: 2.7pt; text-align: center">$8.75</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 4.5pt; padding-bottom: 2.7pt; text-align: center">$1,750,000</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 4.5pt; padding-bottom: 2.7pt; text-align: center">$238.70</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0; text-align: justify">(1) Pursuant to Rule 416(a) of the Securities
Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), this Registration Statement also covers any additional shares of common
stock of the registrant as may be issuable in the event of a stock dividend, stock split, recapitalization, or other similar changes
in the capital structure, merger, consolidation, spin-off, split-off, spin-out, split-up, reorganization, partial or complete liquidation,
or other distribution of assets, issuance of rights or warrants to purchase securities, or any other corporate transaction or event
having an effect similar to any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0; text-align: justify">(2) Determined in accordance with Rule
457(c) and (h) of the Securities Act solely for the purpose of calculating the registration fee. The proposed maximum offering
price per share is based on the average of the high and low prices of the Common Stock as reported on the NYSE MKT on October 10,
2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in; text-align: center"><B>PART I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION
10(a) PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Items 1 (Plan Information) and 2 (Registrant
Information and Employee Plan Annual Information).</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in; text-align: justify; text-indent: 0.5in">The documents
containing the information specified by Part I, Items 1 and 2, of this Registration Statement will be delivered to each of the
participants in accordance with Rule 428 under the Securities Act of 1933, as amended (&ldquo;Securities Act&rdquo;), and the Note
to Part I of Form S-8. These documents do not need to be filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
either as part of this Registration Statement or as a prospectus or prospectus supplement pursuant to Rule 424 under the Securities
Act, in reliance on Rule 428 under the Securities Act. These documents and the information incorporated by reference herein pursuant
to Item 3 of Part II of this Registration Statement, taken together, constitute a prospectus that meets the requirements of Section
10(a) of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in; text-align: center"><B>PART II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION
STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 3.&#9;Incorporation of Documents by Reference. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following documents
filed by Southwest Georgia Financial Corporation (the &ldquo;Registrant&rdquo;) with the Commission are incorporated by reference
in this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#9;(a)&#9;the Registrant&rsquo;s Annual Report
on Form 10-K/A for the year ended December 31, 2011;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#9;(b)&#9;the Registrant&rsquo;s Quarterly
Reports on Form 10-Q for the quarterly periods ended March 31, 2012 and June 30, 2012;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#9;(c)&#9;the Registrant&rsquo;s Current Reports
on Form 8-K (other than those portions furnished under items 2.02, 7.01 and 9.01 of the Form 8-K) filed with the Commission on
April 24, 2012, May 24, 2012, July 24, 2012 and August 23, 2012; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#9;(d)&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif">the
description of the Registrant&rsquo;s common stock, par value $1.00 per share (the &ldquo;Common Stock&rdquo;), contained in the
Registrant&rsquo;s registration on Form 8-A12B, Commission File No. 001-12053, which incorporates by reference the description
of the Common Stock contained in the section entitled &ldquo;Description of Securities&rdquo; of the Registrant&rsquo;s registration
statement on Form S-18, Commission File No. 33-327467-A, including all amendments and reports filed for the purpose of updating
such description</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition, all documents
filed by the Registrant pursuant to Sections 13(a), 12(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the
&ldquo;Exchange Act&rdquo;), after the date hereof and prior to the filing of a post-effective amendment which deregisters all
securities then remaining unsold, shall be deemed to be incorporated by reference into this Registration Statement and to be part
hereof from the date of filing of such documents; provided, however, that the Registrant is not incorporating by reference any
information furnished under Item 2.02 or Item 7.01 of any Current Report on Form 8-K, including the related exhibits under Item
9.01, unless, and only to the extent, specified in any Current Report on Form 8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in; text-align: justify; text-indent: 0.5in"><I>Any statement
contained in this Registration Statement, or in a document incorporated or deemed to be incorporated by reference herein, shall
be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein,
or in any other subsequently filed document which also is incorporated or deemed to be incorporated by reference herein, modifies
or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this Registration Statement.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in"><B>Item 4.&#9;Description of Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in; text-align: justify; text-indent: 0.5in">The Common Stock
to be offered pursuant to the Southwest Georgia Financial Corporation Directors and Executive Officers Stock Purchase Plan has
been registered under Section 12(g) of the Exchange Act. Accordingly, a description of the Common Stock is not required herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in"><B>Item 5.&#9;Interests of Named Experts and Counsel.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in; text-indent: 0.5in">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in; text-align: justify"><B>Item 6.&#9;Indemnification of Directors
and Officers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Registrant&rsquo;s
Bylaws provide that every person who is or was a director or officer of the Registrant (an &ldquo;Indemnified Party&rdquo;) may
be indemnified for any liability and expense that may be incurred by him in connection with or resulting from any threatened, pending,
or completed proceeding concerning his position as a director or officer of the Registrant (an &ldquo;Indemnification Event&rdquo;).
Indemnification is mandatory for every Indemnified Party who has been wholly successful with respect to any Indemnification Event.
Indemnification is discretionary for every Indemnified Party who has met certain standards of conduct set forth in the Bylaws as
determined by (a) by a majority of the directors who are not a party to the proceeding; (b) independent legal counsel selected
in accordance with the Bylaws; or (c) the holders of a majority of stock then entitled to vote for the election of directors. No
Indemnified Party who was or is a party to any action by or in the right of the Registrant shall be indemnified if such person
shall have been adjudged to be liable for negligence or misconduct in the performance of his duty to the Registrant unless the
court shall determine such person is fairly and reasonably entitled to indemnity for such expenses as the court shall deem proper.
An Indemnified Party may, under certain circumstances, be advanced expenses in defending a proceeding for which indemnification
may be sought.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">To the extent that limitation
of liability or indemnification for liabilities under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;),
may be permitted to directors, officers, or persons controlling the Registrant under the foregoing provisions, the Registrant has
been informed that, in the opinion of the Commission, such indemnification is against public policy as expressed in the Securities
Act, and is therefore unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in; text-align: justify; text-indent: 0.5in">In addition, the
Registrant&rsquo;s Restated Articles of Incorporation, to the extent permitted by Georgia law, eliminate or limit the personal
liability of directors to the Registrant and its shareholders for monetary damages for breach of the duty of care. The Registrant&rsquo;s
Bylaws also provide that it has the power to purchase and maintain insurance on behalf of any person who is or was one of its directors,
officers, employees, or agents against any liability asserted against that person or incurred by that person in these capacities,
whether or not it would have the power to indemnify that person against these liabilities under Georgia law. The Registrant maintains
insurance on behalf of all of its directors and executive officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in"><B>Item 7.&#9;Exemption from Registration Claimed.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in; text-indent: 0.5in">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in"><B>Item 8.&#9;Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The exhibits included as part of this Registration
Statement are listed under the Exhibit Index below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in"><B>Item 9.&#9;Undertakings.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a) The undersigned Registrant
hereby undertakes:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(1) To file,
during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(i) To include
any prospectus required by Section 10(a)(3) of the Securities Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(ii) To reflect
in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this
Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar
value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated
maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) under the Securities
Act if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering
price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(iii) To include
any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any
material change to such information in this Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><I>Provided</I>,
<I>however</I>, that paragraphs (a)(1)(i) and (a)(1)(ii) above do not apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant
to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(2) That, for
the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(3) To remove
from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b) The undersigned Registrant
hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant&rsquo;s
annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and where applicable, each filing of an employee
benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this Registration
Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c) Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant
pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such
indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that
a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by
a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless
in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed
by the final adjudication of such issue.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Pursuant to the
requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that
it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf
by the undersigned, thereunto duly authorized, in the City of Moultrie, State of Georgia, on October 11, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt 250pt"><B>SOUTHWEST GEORGIA FINANCIAL CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 250pt; text-align: justify">By: <U>/s/ DeWitt Drew&#9;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 250pt; text-align: justify">DeWitt Drew</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 250pt; text-align: justify">President and Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in 250pt; text-align: justify">(Principal Executive Officer)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each person whose
signature appears below constitutes and appoints DeWitt Drew and George R. Kirkland, and each of them acting alone, his true and
lawful attorney-in-fact with full power of substitution, for him in any and all capacities, to execute any and all amendments and
post-effective amendments to this Registration Statement and to cause the same to be filed, with all exhibits thereto and other
documents in connection therewith, with the Securities and Exchange Commission, hereby granting to said attorneys-in-fact and agents
full power and authority to do so and perform each and every act and thing whatsoever requisite or desirable to be done in and
about the premises, as fully to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming
all acts and things that said attorneys-in-fact, or their substitute or substitutes, may lawfully do or cause to be done by virtue
hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities
indicated on October 11, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 43%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><U>/s/ DeWitt Drew&#9;</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt">DeWitt Drew</P></TD>
    <TD STYLE="vertical-align: top; width: 56%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 7.15pt">President and Chief Executive Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt; text-indent: 7.15pt">(Principal Executive Officer)</P></TD>
    <TD STYLE="width: 1%; font: 12.5pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><U>/s/ George R. Kirkland&#9;</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt">George R. Kirkland</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 7.15pt">Senior Vice President and Treasurer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt; text-indent: 7.15pt">(Principal Financial and Accounting
        Officer)</P></TD>
    <TD STYLE="font: 12.5pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><U>/s/ Michael J. McLean&#9;</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt">Michael J. McLean</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt 7.15pt">Chairman of the Board</P></TD>
    <TD STYLE="font: 12.5pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><U>/s/ Richard L. Moss&#9;</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt">Richard L. Moss</P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt; text-indent: 7.15pt">Vice Chairman of the Board</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><U>/s/ Cecil H. Barber&#9;</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt">Cecil H. Barber</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt; text-indent: 7.15pt">Director</P></TD>
    <TD STYLE="font: 12.5pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><U>/s/ John J. Cole, Jr.&#9;</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt">John J. Cole, Jr.</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt; text-indent: 7.15pt">Director</P></TD>
    <TD STYLE="font: 12.5pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><U>/s/ Roy Reeves&#9;</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt">Roy Reeves</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt; text-indent: 7.15pt">Director</P></TD>
    <TD STYLE="font: 12.5pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><U>/s/ Johnny R. Slocumb&#9;</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt">Johnny R. Slocumb</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt; text-indent: 7.15pt">Director</P></TD>
    <TD STYLE="font: 12.5pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><U>/s/ M. Lane Wear&#9;</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt">M. Lane Wear</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt; text-indent: 7.15pt">Director</P></TD>
    <TD STYLE="font: 12.5pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><U>/s/ Marcus R. Wells&#9;</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt">Marcus R. Wells</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt; text-indent: 7.15pt">Director</P></TD>
    <TD STYLE="font: 12.5pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 1in"><U>Exhibit Number</U></TD>
    <TD STYLE="text-align: justify"><U>Description</U></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">4</TD><TD STYLE="text-align: justify">Southwest Georgia Financial Corporation Directors and Executive Officers Stock Purchase Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">5</TD><TD STYLE="text-align: justify">Opinion of Kilpatrick Townsend &amp; Stockton LLP.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">23.1</TD><TD STYLE="text-align: justify">Consent of Thigpen, Jones, Seaton &amp; Co., P.C.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">23.2</TD><TD STYLE="text-align: justify">Consent of Kilpatrick Townsend &amp; Stockton LLP (included in Exhibit 5).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0.25in"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">24</TD><TD>Power of Attorney (<FONT STYLE="letter-spacing: -0.1pt">included on the signature page of this Registration Statement).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 12.5pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 12.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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{"company-data": {"conformed-name": "SOUTHWEST GEORGIA FINANCIAL CORP", "cik": "0000315849", "assigned-sic": "6022", "irs-number": "581392259", "state-of-incorporation": "GA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-184380", "film-number": "121140255"}, "business-address": {"street1": "201 FIRST ST SE", "street2": "P O BOX 849", "city": "MOULTRIE", "state": "GA", "zip": "31768", "phone": "2299851120"}, "mail-address": {"street1": "201 FIRST STREET", "city": "MOULTRIE", "state": "GA", "zip": "31768"}}
As filed with the Securities and Exchange Commission
on October 11, 2012.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
SOUTHWEST GEORGIA FINANCIAL CORPORATION
(Exact Name of Registrant as Specified
in its Charter)
Georgia
(State or Other Jurisdiction of
Incorporation or Organization)
58-1392259
(I.R.S. Employer
Identification Number)
201 First Street, S.E.
Moultrie, Georgia 31768
(Address of Principal Executive Offices)
Directors and Executive Officers Stock Purchase
Plan
(Full Title of the Plan)
Mr. DeWitt Drew
President and Chief Executive Officer
201 First Street, S.E.
Moultrie, Georgia 31768
(229) 985-1120
(Name, Address and Telephone Number, Including
Area Code, of Agent for Service)
Copies to:
James W. Stevens
Kilpatrick Townsend & Stockton LLP
1100 Peachtree Street, Suite 2800
Atlanta, Georgia 30309-4530
(404) 815-6500
____________________________
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2
of the Exchange Act (check one):
Large accelerated filer
o
Accelerated filer
o
Non-accelerated filer
o
Smaller reporting company
þ
____________________________
CALCULATION OF REGISTRATION FEE
Title of Securities
to be Registered
Amount to
be Registered (1)
Proposed Maximum
Offering Price
Per Share (2)
Proposed Maximum
Aggregate
Offering Price
Amount of
Registration Fee
Common Stock, par value $1.00 per share
200,000
$8.75
$1,750,000
$238.70
(1) Pursuant to Rule 416(a) of the Securities
Act of 1933, as amended (the "Securities Act"), this Registration Statement also covers any additional shares of common
stock of the registrant as may be issuable in the event of a stock dividend, stock split, recapitalization, or other similar changes
in the capital structure, merger, consolidation, spin-off, split-off, spin-out, split-up, reorganization, partial or complete liquidation,
or other distribution of assets, issuance of rights or warrants to purchase securities, or any other corporate transaction or event
having an effect similar to any of the foregoing.
(2) Determined in accordance with Rule
457(c) and (h) of the Securities Act solely for the purpose of calculating the registration fee. The proposed maximum offering
price per share is based on the average of the high and low prices of the Common Stock as reported on the NYSE MKT on October 10,
2012.
PART I
INFORMATION REQUIRED IN THE SECTION
10(a) PROSPECTUS
Items 1 (Plan Information) and 2 (Registrant
Information and Employee Plan Annual Information).
The documents
containing the information specified by Part I, Items 1 and 2, of this Registration Statement will be delivered to each of the
participants in accordance with Rule 428 under the Securities Act of 1933, as amended ("Securities Act"), and the Note
to Part I of Form S-8. These documents do not need to be filed with the Securities and Exchange Commission (the "Commission")
either as part of this Registration Statement or as a prospectus or prospectus supplement pursuant to Rule 424 under the Securities
Act, in reliance on Rule 428 under the Securities Act. These documents and the information incorporated by reference herein pursuant
to Item 3 of Part II of this Registration Statement, taken together, constitute a prospectus that meets the requirements of Section
10(a) of the Securities Act.
PART II
INFORMATION REQUIRED IN THE REGISTRATION
STATEMENT
Item 3.	Incorporation of Documents by Reference.
The following documents
filed by Southwest Georgia Financial Corporation (the "Registrant") with the Commission are incorporated by reference
in this Registration Statement:
(a)	the Registrant's Annual Report
on Form 10-K/A for the year ended December 31, 2011;
(b)	the Registrant's Quarterly
Reports on Form 10-Q for the quarterly periods ended March 31, 2012 and June 30, 2012;
(c)	the Registrant's Current Reports
on Form 8-K (other than those portions furnished under items 2.02, 7.01 and 9.01 of the Form 8-K) filed with the Commission on
April 24, 2012, May 24, 2012, July 24, 2012 and August 23, 2012; and
(d)
the
description of the Registrant's common stock, par value $1.00 per share (the "Common Stock"), contained in the
Registrant's registration on Form 8-A12B, Commission File No. 001-12053, which incorporates by reference the description
of the Common Stock contained in the section entitled "Description of Securities" of the Registrant's registration
statement on Form S-18, Commission File No. 33-327467-A, including all amendments and reports filed for the purpose of updating
such description
.
In addition, all documents
filed by the Registrant pursuant to Sections 13(a), 12(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), after the date hereof and prior to the filing of a post-effective amendment which deregisters all
securities then remaining unsold, shall be deemed to be incorporated by reference into this Registration Statement and to be part
hereof from the date of filing of such documents; provided, however, that the Registrant is not incorporating by reference any
information furnished under Item 2.02 or Item 7.01 of any Current Report on Form 8-K, including the related exhibits under Item
9.01, unless, and only to the extent, specified in any Current Report on Form 8-K.
Any statement
contained in this Registration Statement, or in a document incorporated or deemed to be incorporated by reference herein, shall
be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein,
or in any other subsequently filed document which also is incorporated or deemed to be incorporated by reference herein, modifies
or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this Registration Statement.
Item 4.	Description of Securities.
The Common Stock
to be offered pursuant to the Southwest Georgia Financial Corporation Directors and Executive Officers Stock Purchase Plan has
been registered under Section 12(g) of the Exchange Act. Accordingly, a description of the Common Stock is not required herein.
Item 5.	Interests of Named Experts and Counsel.
Not Applicable.
Item 6.	Indemnification of Directors
and Officers.
The Registrant's
Bylaws provide that every person who is or was a director or officer of the Registrant (an "Indemnified Party") may
be indemnified for any liability and expense that may be incurred by him in connection with or resulting from any threatened, pending,
or completed proceeding concerning his position as a director or officer of the Registrant (an "Indemnification Event").
Indemnification is mandatory for every Indemnified Party who has been wholly successful with respect to any Indemnification Event.
Indemnification is discretionary for every Indemnified Party who has met certain standards of conduct set forth in the Bylaws as
determined by (a) by a majority of the directors who are not a party to the proceeding; (b) independent legal counsel selected
in accordance with the Bylaws; or (c) the holders of a majority of stock then entitled to vote for the election of directors. No
Indemnified Party who was or is a party to any action by or in the right of the Registrant shall be indemnified if such person
shall have been adjudged to be liable for negligence or misconduct in the performance of his duty to the Registrant unless the
court shall determine such person is fairly and reasonably entitled to indemnity for such expenses as the court shall deem proper.
An Indemnified Party may, under certain circumstances, be advanced expenses in defending a proceeding for which indemnification
may be sought.
To the extent that limitation
of liability or indemnification for liabilities under the Securities Act of 1933, as amended (the "Securities Act"),
may be permitted to directors, officers, or persons controlling the Registrant under the foregoing provisions, the Registrant has
been informed that, in the opinion of the Commission, such indemnification is against public policy as expressed in the Securities
Act, and is therefore unenforceable.
In addition, the
Registrant's Restated Articles of Incorporation, to the extent permitted by Georgia law, eliminate or limit the personal
liability of directors to the Registrant and its shareholders for monetary damages for breach of the duty of care. The Registrant's
Bylaws also provide that it has the power to purchase and maintain insurance on behalf of any person who is or was one of its directors,
officers, employees, or agents against any liability asserted against that person or incurred by that person in these capacities,
whether or not it would have the power to indemnify that person against these liabilities under Georgia law. The Registrant maintains
insurance on behalf of all of its directors and executive officers.
Item 7.	Exemption from Registration Claimed.
Not Applicable.
Item 8.	Exhibits.
The exhibits included as part of this Registration
Statement are listed under the Exhibit Index below.
Item 9.	Undertakings.
(a) The undersigned Registrant
hereby undertakes:
(1) To file,
during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
(i) To include
any prospectus required by Section 10(a)(3) of the Securities Act;
(ii) To reflect
in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this
Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar
value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated
maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) under the Securities
Act if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering
price set forth in the "Calculation of Registration Fee" table in the effective registration statement;
(iii) To include
any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any
material change to such information in this Registration Statement;
Provided
,
however
, that paragraphs (a)(1)(i) and (a)(1)(ii) above do not apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant
to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.
(2) That, for
the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial
bona fide
offering thereof.
(3) To remove
from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.
(b) The undersigned Registrant
hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's
annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and where applicable, each filing of an employee
benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this Registration
Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial
bona fide
offering thereof.
(c) Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant
pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such
indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that
a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by
a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless
in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed
by the final adjudication of such issue.
SIGNATURES
Pursuant to the
requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that
it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf
by the undersigned, thereunto duly authorized, in the City of Moultrie, State of Georgia, on October 11, 2012.
SOUTHWEST GEORGIA FINANCIAL CORPORATION
By:
/s/ DeWitt Drew
DeWitt Drew
President and Chief Executive Officer
(Principal Executive Officer)
POWER OF ATTORNEY
Each person whose
signature appears below constitutes and appoints DeWitt Drew and George R. Kirkland, and each of them acting alone, his true and
lawful attorney-in-fact with full power of substitution, for him in any and all capacities, to execute any and all amendments and
post-effective amendments to this Registration Statement and to cause the same to be filed, with all exhibits thereto and other
documents in connection therewith, with the Securities and Exchange Commission, hereby granting to said attorneys-in-fact and agents
full power and authority to do so and perform each and every act and thing whatsoever requisite or desirable to be done in and
about the premises, as fully to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming
all acts and things that said attorneys-in-fact, or their substitute or substitutes, may lawfully do or cause to be done by virtue
hereof.
Pursuant to the requirements
of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities
indicated on October 11, 2012.
/s/ DeWitt Drew
DeWitt Drew
President and Chief Executive Officer
(Principal Executive Officer)
/s/ George R. Kirkland
George R. Kirkland
Senior Vice President and Treasurer
(Principal Financial and Accounting
        Officer)
/s/ Michael J. McLean
Michael J. McLean
Chairman of the Board
/s/ Richard L. Moss
Richard L. Moss
Vice Chairman of the Board
/s/ Cecil H. Barber
Cecil H. Barber
Director
/s/ John J. Cole, Jr.
John J. Cole, Jr.
Director
/s/ Roy Reeves
Roy Reeves
Director
/s/ Johnny R. Slocumb
Johnny R. Slocumb
Director
/s/ M. Lane Wear
M. Lane Wear
Director
/s/ Marcus R. Wells
Marcus R. Wells
Director
EXHIBIT INDEX
Exhibit Number
Description
4
Southwest Georgia Financial Corporation Directors and Executive Officers Stock Purchase Plan.
5
Opinion of Kilpatrick Townsend & Stockton LLP.
23.1
Consent of Thigpen, Jones, Seaton & Co., P.C.
23.2
Consent of Kilpatrick Townsend & Stockton LLP (included in Exhibit 5).
24
Power of Attorney (
included on the signature page of this Registration Statement).