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<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=478.8></TD></TR>
<TR><TD valign=top width=638.4>&nbsp;</TD></TR>
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<TR><TD valign=top width=638.4><P style="line-height:14pt; margin-top:0pt; margin-bottom:6pt; font-size:12pt" align=center><FONT FACE="Times New Roman" COLOR=#000000>SECURITIES AND EXCHANGE COMMISSION</FONT></P>
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<TR><TD valign=top width=638.4><P style="line-height:14pt; margin-top:0pt; margin-bottom:6pt; font-size:12pt" align=center>Washington, D.C. &nbsp;20549</P>
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<TR><TD valign=top width=638.4>&nbsp;</TD></TR>
<TR><TD valign=top width=638.4><P style="line-height:14pt; margin-top:0pt; margin-bottom:6pt; font-size:12pt" align=center><B>FORM 8-K<BR>
</B></P>
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<TR><TD valign=top width=638.4><P style="line-height:14pt; margin-top:0pt; margin-bottom:6pt; font-size:12pt" align=center>Current Report <BR>
Pursuant to Section 13 or 15(d) of the<BR>
Securities Exchange Act of 1934</P>
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<TR><TD valign=top width=638.4>&nbsp;</TD></TR>
<TR><TD valign=top width=638.4><P style="line-height:14pt; margin-top:0pt; margin-bottom:6pt; font-size:12pt">Date of Report (Date of Earliest Event Reported): &nbsp;April 7, 2006 (April 1, 2006)</P>
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<TR><TD valign=top width=638.4>&nbsp;</TD></TR>
<TR><TD valign=top width=638.4><P style="line-height:normal; margin-top:0pt; margin-bottom:4pt; font-size:12pt" align=center><B>1<SUP>st</SUP> FRANKLIN FINANCIAL CORPORATION<BR>
</B><SMALL>(Exact Name of Registrant as Specified in Its Charter)</SMALL></P>
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<P style="margin-top:0pt; margin-bottom:4pt" align=center><BR></P>
<P style="margin-top:0pt; margin-bottom:4pt" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=159.6></TD><TD width=159.6></TD><TD width=159.6></TD></TR>
<TR><TD valign=top width=212.8><P style="line-height:14pt; margin-top:0pt; margin-bottom:6pt; font-size:12pt" align=center>Georgia</P>
</TD><TD valign=top width=212.8><P style="line-height:14pt; margin-top:0pt; margin-bottom:6pt; font-size:12pt" align=center>2-27985</P>
</TD><TD valign=top width=212.8><P style="line-height:14pt; margin-top:0pt; margin-bottom:6pt; font-size:12pt" align=center>58-0521233</P>
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<TR><TD valign=top width=212.8><P style="line-height:10pt; margin-top:0pt; margin-bottom:4pt; font-size:8pt" align=center>(State or Other Jurisdiction of Incorporation)</P>
</TD><TD valign=top width=212.8><P style="line-height:10pt; margin-top:0pt; margin-bottom:4pt; font-size:8pt" align=center>(Commission File Number)</P>
</TD><TD valign=top width=212.8><P style="line-height:10pt; margin-top:0pt; margin-bottom:4pt; font-size:8pt" align=center>(I.R.S. Employer Identification No.)</P>
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<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=239.4></TD><TD width=239.4></TD></TR>
<TR><TD valign=top width=319.2><P style="line-height:14pt; margin:0pt; font-size:12pt">213 East Tugalo Street, P.O. Box 880</P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">Toccoa, Georgia</P>
</TD><TD valign=top width=319.2><P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>30577</P>
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<TR><TD valign=top width=319.2><P style="line-height:10pt; margin-top:0pt; margin-bottom:4pt; font-size:8pt">(Address of Principal Executive Offices)</P>
</TD><TD valign=top width=319.2><P style="line-height:10pt; margin-top:0pt; margin-bottom:4pt; font-size:8pt" align=center>(Zip Code)</P>
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<P style="margin-top:0pt; margin-bottom:4pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=478.8></TD></TR>
<TR><TD valign=top width=638.4><P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; font-size:12pt">Registrant&#146;s Telephone Number, Including Area Code:</P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:6pt; text-indent:288pt; font-size:12pt">(706) 886-7571</P>
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<P style="margin-top:0pt; margin-bottom:6pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=478.8></TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=638.4><P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>N/A</P>
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<TR><TD valign=top width=638.4><P style="line-height:10pt; margin-top:0pt; margin-bottom:4pt; font-size:8pt" align=center>(Former Name or former address, if changed since last report)</P>
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<P style="margin-top:0pt; margin-bottom:6pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=478.8></TD></TR>
<TR><TD valign=top width=638.4><P style="margin-top:0pt; margin-bottom:5pt">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>
</TD></TR>
<TR><TD valign=top width=638.4><P style="margin-top:0pt; margin-bottom:-12pt; font-family:Wingdings"><FONT FACE="Wingdings">&#168;</FONT></P>
<P style="margin-top:0pt; margin-bottom:3.35pt; text-indent:18pt"><FONT FACE="Times New Roman">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</FONT></P>
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<TR><TD valign=top width=638.4><P style="margin-top:0pt; margin-bottom:-12pt; font-family:Wingdings"><FONT FACE="Wingdings">&#168;</FONT></P>
<P style="margin-top:0pt; margin-bottom:3.35pt; text-indent:18pt"><FONT FACE="Times New Roman">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>
</TD></TR>
<TR><TD valign=top width=638.4><P style="margin-top:0pt; margin-bottom:-12pt; font-family:Wingdings"><FONT FACE="Wingdings">&#168;</FONT></P>
<P style="margin-top:0pt; margin-bottom:3.35pt; text-indent:18pt"><FONT FACE="Times New Roman">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>
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<TR><TD valign=top width=638.4><P style="margin-top:0pt; margin-bottom:-12pt; font-family:Wingdings"><FONT FACE="Wingdings">&#168;</FONT></P>
<P style="margin-top:0pt; margin-bottom:3.35pt; text-indent:18pt"><FONT FACE="Times New Roman">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>
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<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>1</P>
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<TR><TD valign=top width=638.4><P style="line-height:14pt; margin:0pt; font-size:12pt"><B>Section 5 &#150; Corporate Governance and Management</B></P>
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<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=65.4></TD><TD width=413.4></TD></TR>
<TR><TD valign=top width=87.2><P style="line-height:14pt; margin:0pt; padding-right:-3.9pt; font-size:12pt"><B>Item &nbsp;5.02</B></P>
</TD><TD valign=top width=551.2><P style="line-height:14pt; margin:0pt; padding-right:72pt; font-size:12pt"><B>Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers</B></P>
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<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=478.8></TD></TR>
<TR><TD valign=top width=638.4><P style="line-height:14pt; margin:0pt; padding-right:4.5pt; font-size:12pt" align=justify>Effective April 1, 2006, J. Michael Culpepper was appointed Executive Vice President and Chief Operating Officer of the Company. &nbsp;Below is certain information with respect to Mr. Culpepper. &nbsp;He succeeds A. Jarrell Coffee, who announced his plans to retire in June 2006. &nbsp;Mr. Coffee will remain with the Company as an Executive Vice President until such retirement date. &nbsp;</P>
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<TR><TD valign=top width=638.4>&nbsp;</TD></TR>
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<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=118.9></TD><TD width=28.6></TD><TD width=71.95></TD><TD width=259.35></TD></TR>
<TR><TD valign=top width=158.533>&nbsp;</TD><TD valign=top width=38.133>&nbsp;</TD><TD valign=top width=95.933><P style="margin:0pt; font-family:Arial" align=center><FONT FACE="Arial">Date of</FONT></P>
</TD><TD valign=top width=345.8>&nbsp;</TD></TR>
<TR><TD valign=top width=158.533><P style="margin:0pt; font-family:Arial" align=center><U>Name</U></P>
</TD><TD valign=top width=38.133><P style="margin:0pt; font-family:Arial" align=center><U>Age</U></P>
</TD><TD valign=top width=95.933><P style="margin:0pt; font-family:Arial" align=center><U>Appointment</U></P>
</TD><TD valign=top width=345.8><P style="margin:0pt; font-family:Arial" align=center>Background Information</P>
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<TR><TD valign=top width=158.533>&nbsp;</TD><TD valign=top width=38.133>&nbsp;</TD><TD valign=top width=95.933>&nbsp;</TD><TD valign=top width=345.8>&nbsp;</TD></TR>
<TR><TD valign=top width=158.533><P style="margin:0pt; font-family:Arial">J. Michael Culpepper</P>
</TD><TD valign=top width=38.133><P style="margin:0pt; font-family:Arial">51</P>
</TD><TD valign=top width=95.933><P style="margin:0pt; font-family:Arial">April 1, 2006</P>
</TD><TD valign=top width=345.8><P style="margin:0pt; font-family:Arial" align=justify>Mr. Culpepper joined the Company on April 2, 1979 as a Manager Trainee. &nbsp;He was promoted to Manager on July 1, 1981 and Supervisor on March 31, 1984. &nbsp;On July 1, 1996, he was named Area Vice President and on July 1, 2001 he was named Vice President of Operations. Mr. Culpepper was promoted to Executive Vice President and Chief Operating Officer effective April 1, 2006. &nbsp;Mr. Culpepper is not related to any director or other executive officer of the Company.</P>
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<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><FONT FACE="Times New Roman">2</FONT></P>
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<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=478.8></TD></TR>
<TR><TD valign=top width=638.4><P style="line-height:14pt; margin-top:0pt; margin-bottom:6pt; font-size:12pt" align=center><B>SIGNATURE</B></P>
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<TR><TD valign=top width=638.4><P style="line-height:14pt; margin-top:0pt; margin-bottom:6pt; font-size:12pt">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>
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<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=262.8></TD></TR>
<TR><TD valign=top width=350.4><P style="line-height:14pt; margin:0pt; font-size:12pt"><B>1<SUP>st</SUP> FRANKLIN FINANCIAL CORPORATION</B></P>
</TD></TR>
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<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=262.8></TD></TR>
<TR><TD valign=top width=350.4><P style="line-height:14pt; margin:0pt; padding-bottom:3pt; font-size:12pt; border-bottom:1.5pt solid #000000">&nbsp;/s/ A. Roger Guimond</P>
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<TR><TD valign=top width=350.4><P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; font-size:12pt">By:</P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">A. Roger Guimond</P>
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<TR><TD valign=top width=350.4><P style="line-height:14pt; margin:0pt; font-size:12pt">Executive Vice President and</P>
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<TR><TD valign=top width=350.4><P style="line-height:14pt; margin:0pt; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer</P>
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<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=478.8></TD></TR>
<TR><TD valign=top width=638.4><P style="line-height:14pt; margin-top:0pt; margin-bottom:6pt; font-size:12pt">Date: &nbsp;April 7, 2006</P>
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<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>3</P>
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{"company-data": {"conformed-name": "FIRST FRANKLIN FINANCIAL CORP", "cik": "0000038723", "assigned-sic": "6141", "irs-number": "580521233", "state-of-incorporation": "GA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "002-27985", "film-number": "06747180"}, "business-address": {"street1": "213 E TUGALO ST", "street2": "P O BOX 880", "city": "TOCCOA", "state": "GA", "zip": "30577", "phone": "4048867571"}, "former-company": {"former-conformed-name": "FRANKLIN DISCOUNT CO", "date-changed": "19840115"}}
_
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):  April 7, 2006 (April 1, 2006)
1
st
FRANKLIN FINANCIAL CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
Georgia
2-27985
58-0521233
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
213 East Tugalo Street, P.O. Box 880
Toccoa, Georgia
30577
(Address of Principal Executive Offices)
(Zip Code)
Registrant's Telephone Number, Including Area Code:
(706) 886-7571
N/A
(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 (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
1
Section 5 – Corporate Governance and Management
Item  5.02
Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
Effective April 1, 2006, J. Michael Culpepper was appointed Executive Vice President and Chief Operating Officer of the Company.  Below is certain information with respect to Mr. Culpepper.  He succeeds A. Jarrell Coffee, who announced his plans to retire in June 2006.  Mr. Coffee will remain with the Company as an Executive Vice President until such retirement date.
Date of
Name
Age
Appointment
Background Information
J. Michael Culpepper
51
April 1, 2006
Mr. Culpepper joined the Company on April 2, 1979 as a Manager Trainee.  He was promoted to Manager on July 1, 1981 and Supervisor on March 31, 1984.  On July 1, 1996, he was named Area Vice President and on July 1, 2001 he was named Vice President of Operations. Mr. Culpepper was promoted to Executive Vice President and Chief Operating Officer effective April 1, 2006.  Mr. Culpepper is not related to any director or other executive officer of the Company.
2
SIGNATURE
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.
1
st
FRANKLIN FINANCIAL CORPORATION
/s/ A. Roger Guimond
By:
A. Roger Guimond
Executive Vice President and
Chief Financial Officer
Date:  April 7, 2006
3