SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

MCCOLLUM J TERRY

(Last)

(First)

(Middle)

(Street)

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
ALFA CORP [ Alfa ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Sr. V.P., Claims

3. Date of Earliest Transaction (Month/Day/Year)
09/09/2003

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	09/09/2003	09/10/2003	M		5,000	A	$5.75	139,935	D
Common Stock	09/09/2003	09/10/2003	M		5,000	A	$5.75	144,935	D
Common Stock	09/09/2003	09/10/2003	M		5,000	A	$6.13	149,935	D
Common Stock	09/09/2003	09/10/2003	M		5,000	A	$6	154.935⁽⁸⁾	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	$11.5⁽³⁾	09/09/2003	09/10/2003	M			5,000	03/28/1995	03/27/2004	Incentive Stock Option	5,000⁽¹⁾	$5.75	0	D
Common Stock	$11.5⁽³⁾	09/09/2003	09/10/2003	M			5,000⁽²⁾	03/27/1996	03/26/2005	Incentive Stock Options	5,000	$5.75	0	D
Common Stock	$12.25⁽⁴⁾	09/09/2003	09/10/2003	M			5,000	04/18/1997	04/18/2006	Incentive Stock Options	5,000⁽⁵⁾	$6.13	0	D
Common Stock	$12⁽⁷⁾	09/09/2003	09/10/2003	M			5,000	02/18/1998	02/18/2007	Incentive Stock Options	5,000⁽⁶⁾	$6	0	D

Explanation of Responses:

1. Mr. McCollum is buying and holding these 5,000 shares from his ISO's which were granted in March of 1994.

2. Mr. McCollum is buying and holding these 5,000 shares from his ISO's which were granted in March of 1995.

3. $11.50 is the price at which the options were granted, however the stock split on June 17, 2002 and Mr. McCollum was able to exercise them at $5.75.

4. $12.25 is the price at which the options were granted, however the stock split on June 17, 2002 and Mr. McCollum was able to exercise them at $6.13.

5. Mr. McCollum is buying and holding these 5000 shares from his ISO's which were granted in April of 1996.

6. Mr. McCollum is buying and holding these 5000 shares from his ISO's which were granted in February of 1997.

7. $12.00 is the price at which the options were granted, however the stock split on June 17, 2002 and Mr. McCollum was able to exercise them at $6.00.

8. These 154,935 shares represent Mr. McCollum's direct number. Beneficial holdings reflected on this report include changes in the reporting Mr.McCollum's holdings of securities resulting from participation in the issuer's qualified employee stock plan since the last filing of a report disclosing transactions related to such participation.

	James T. McCollum	09/10/2003
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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