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                                 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):  January 27, 2011

                   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 January 27, 2011, Southwest Georgia Financial Corporation announced that
its Board of Directors at its meeting yesterday declared a cash dividend
of $0.10 per common share.  The dividend is payable February 15, 2011 to
shareholders of record on February 7, 2011. The Corporation paid a cash
dividend of $0.10 per common share in January 2010 and a cash dividend of
$0.07 per common share in January 2009.  Southwest Georgia Financial
Corporation or its predecessor, Southwest Georgia Bank, had paid cash
dividends for 83 consecutive years.

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
               January 27, 2011.


                                  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

                                                   January 27, 2011
                                         -----------------------------------
                                                         Date



EXHIBIT INDEX

Exhibit No.                                 Description

   99.1                         Press Release dated January 27, 2011.