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October 13, 2015 4:01 AM ET

Consumer Finance

Company Overview of 1st Franklin Financial Corporation

Company Overview

1st Franklin Financial Corporation, a consumer finance company, originates and services direct cash loans, real estate loans, and sales finance contracts in the southeastern United States. The company purchases sales finance contracts from various retail dealers. It also writes optional credit insurance, including credit life insurance, credit accident and health insurance, and credit property insurance as an agent for a non-affiliated insurance company. As of March 31, 2014, the company operated through a network of 275 branch offices in Georgia, Alabama, South Carolina, Mississippi, Louisiana, and Tennessee. 1st Franklin Financial Corporation was founded in 1941 and is based in Toccoa, Geo...

135 East Tugalo Street

Post Office Box 880

Toccoa, GA 30577

United States

Founded in 1941

1,217 Employees



Key Executives for 1st Franklin Financial Corporation

Chief Executive Officer, President and Member of Executive Compensation Committee
Age: 51
Chief Financial Officer, Chief Accounting Officer, Executive Vice President, Director and Member of Executive Compensation Committee
Age: 60
Chief Operating Officer, Executive Vice President and Member of Executive Compensation Committee
Age: 60
Executive Vice President and General Counsel
Age: 54
Treasurer, Secretary and Vice President of Investment Center
Age: 57
Compensation as of Fiscal Year 2015.

1st Franklin Financial Corporation Key Developments

1st Franklin Financial Corporation Announces Management Changes, Effective January 1, 2015

On December 4, 2014, 1st Franklin Financial Corporation announced the changes to the Company's Executive Management Team. Effective January 1, 2015, Mrs. Virginia C. Herring will be promoted to Chief Executive Officer in addition to retaining her current position as President. Mr. Ben F. Cheek, IV, currently Vice Chairman, will be promoted to Chairman of the board of directors. Current Chairman and CEO Mr. Ben F. Cheek, III will assume Mr. Cheek, IV's previous role as Vice Chairman of the board of directors.

1st Franklin Financial Corporation Files Two Registration Statements for the Sale of Debt

1st Franklin Financial Corporation on April 3 filed two registration statements for the sale of debt. The company registered $800 million of senior demand notes and $75 million of variable-rate subordinated debentures. The filings cover approximately $401.5 million of senior demand notes and about $37.0 million of variable-rate subordinated debentures unsold under prior registration statements. The senior demand notes, which will be senior, unsecured obligations of the company and will be issued under an indenture between 1st Franklin and U.S. Bank NA, as trustee, will be payable or redeemable at any time upon request. The interest rate payable on senior demand notes will be a variable rate, compounded daily, and will depend on a holder's then-current daily balance of senior demand notes, which have no stated maturity. The variable-rate subordinated debentures, which will be subordinated, unsecured debt obligations, will be issued under an indenture between 1st Franklin and U.S. Bank NA as trustee. On each Thursday and for each separate minimum purchase amount, 1st Franklin will establish an interest rate and a time period after which the interest rate will adjust. The adjustment period will range from one month to four years. 1st Franklin may redeem any debenture, upon at least 30 days' written notice, either electronically or by mail, at any time before its stated maturity for a redemption price equal to the principal amount plus any accrued and unpaid interest up to the date of redemption. Each debenture initially matures four years from its date of issue.

1st Franklin Financial Corporation Announces Board Changes

On January 15, 2014, 1st Franklin Financial Corporation announced that Dr. Robert E. Thompson, age 81, a member of the company's board of directors since 1970, retired from the Board effective December 31, 2013. The company also announced that, effective January 15, 2014, Mr. James H. Harris, III has been appointed to the Board, including as a member of the audit committee thereof.

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