<HTML>
<!-- Produced by edgar-services.com using EDGARsuite software, Advanced Computer Innovations, Inc., Copyright (C) 2008-2019 [PPXZRS4DKJZLVH4UMYTD]. www.edgarsuite.com -->
<HEAD>
<TITLE>Current Event Report - Form 8-K</TITLE>
</HEAD>
<BODY>
<DIV style=margin-left:72pt;width:468pt><P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt><B>UNITED STATES</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt'><FONT style=font-size:10pt><B>Washington, D.C. 20549</B></FONT></P>
<P align=center style='font:14pt Times New Roman;margin-top:0pt;margin-bottom:12pt'><B>FORM 8-K</B></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt><B>CURRENT REPORT</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt'><FONT style=font-size:10pt><B>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B></FONT></P>
<P style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:12pt;text-indent:36pt'>&nbsp;</P>
<TABLE style=border-collapse:collapse><TR><TD colspan=2 valign=top style=width:239.4pt><P style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>Date of report (Date of earliest event reported)</FONT></P>
</TD><TD colspan=4 valign=top style=width:239.4pt><P style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>June 5, 2019</FONT></P>
</TD></TR>
<TR><TD colspan=2 valign=top style=width:239.4pt><P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=4 valign=top style=width:239.4pt><P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR><TD colspan=6 valign=top style=width:478.8pt><P align=center style='font:14pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1<SUP>st</SUP> Franklin Financial Corporation&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</FONT></P>
</TD></TR>
<TR><TD colspan=6 valign=top style=width:478.8pt><P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>(Exact name of registrant as specified in its charter)</FONT></P>
</TD></TR>
<TR><TD colspan=2 valign=top style=width:239.4pt><P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=4 valign=top style=width:239.4pt><P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR><TD valign=top style=width:159.6pt><P align=center style='font:10pt Times New Roman;margin:0'><FONT style='font-size:10pt;border-bottom:1px solid #000000'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Georgia&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</FONT></P>
</TD><TD colspan=3 valign=top style=width:159.6pt><P align=center style='font:10pt Times New Roman;margin:0'><FONT style='font-size:10pt;border-bottom:1px solid #000000'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2-27985&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</FONT></P>
</TD><TD colspan=2 valign=top style=width:159.6pt><P align=center style='font:10pt Times New Roman;margin:0'><FONT style='font-size:10pt;border-bottom:1px solid #000000'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;58-0521233&#160;&#160;&#160;&#160;&#160;&#160;&#160;</FONT></P>
</TD></TR>
<TR><TD valign=top style=width:159.6pt><P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>(State or other jurisdiction </FONT><BR><FONT style=font-size:10pt>of incorporation)</FONT></P>
</TD><TD colspan=3 valign=top style=width:159.6pt><P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>(Commission File Number)</FONT></P>
</TD><TD colspan=2 valign=top style=width:159.6pt><P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>(IRS employer </FONT><BR><FONT style=font-size:10pt>Identification No.)</FONT></P>
</TD></TR>
<TR><TD colspan=2 valign=top style=width:239.4pt><P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=4 valign=top style=width:239.4pt><P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR><TD colspan=5 valign=top style=width:414.9pt><P align=center style='font:10pt Times New Roman;margin:0'><FONT style='font-size:10pt;border-bottom:1px solid #000000'>135 East Tugalo Street, P.O. Box 880, Toccoa, Georgia</FONT></P>
</TD><TD valign=top style=width:63.9pt><P align=center style='font:10pt Times New Roman;margin:0'><FONT style='font-size:10pt;border-bottom:1px solid #000000'>&#160;&#160;&#160;30577&#160;&#160;&#160;</FONT></P>
</TD></TR>
<TR><TD colspan=5 valign=top style=width:414.9pt><P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>(Address of principal executive offices)</FONT></P>
</TD><TD valign=top style=width:63.9pt><P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>(Zip Code)</FONT></P>
</TD></TR>
<TR><TD colspan=2 valign=top style=width:239.4pt><P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=4 valign=top style=width:239.4pt><P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR><TD colspan=3 valign=top style=width:261.9pt><P style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>Registrant's telephone number, including area code</FONT></P>
</TD><TD colspan=3 valign=top style=width:216.9pt><P style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>(706) 886-7571</FONT></P>
</TD></TR>
<TR><TD colspan=2 valign=top style=width:239.4pt><P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=4 valign=top style=width:239.4pt><P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR><TD colspan=6 valign=top style=width:478.8pt><P align=center style='font:10pt Times New Roman;margin:0'><FONT style='font-size:10pt;border-bottom:1px solid #000000'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;n/a&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</FONT></P>
</TD></TR>
<TR><TD colspan=6 valign=top style=width:478.8pt><P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>(Former name or former address, if changed since last report)</FONT></P>
</TD></TR>
</TABLE>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt'>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>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt'>[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt'>[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt'>[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt'>[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </P>
<TABLE style='border-collapse:collapse;border:0.5pt solid #000000'><TR style=height:23.05pt><TD valign=top style='width:159.6pt;border:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0'>Title of Each Class</P>
</TD><TD valign=top style='width:159.6pt;border:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0'>Trading Symbol(s)</P>
</TD><TD valign=top style='width:159.6pt;border:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0'>Name of Each Exchange on Which Registered</P>
</TD></TR>
<TR style=height:10.8pt><TD valign=top style='width:159.6pt;border:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0'>N/A</P>
</TD><TD valign=top style='width:159.6pt;border:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0'>N/A</P>
</TD><TD valign=top style='width:159.6pt;border:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0'>N/A</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter). &nbsp;Emerging growth company [ ]</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &nbsp;[ ]</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt'><FONT style=font-size:10pt><B>Section 1 &#8211;&nbsp;Registrant&#8217;s Business and Operations</B></FONT></P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt'><FONT style=font-size:10pt><B>I</B></FONT><A name=_Hlk533687637 /><FONT style=font-size:10pt><B>tem 1.01 &#8211;&nbsp;Entry into a Material Definitive Agreement</B>.</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt;text-indent:36pt'><FONT style=font-size:10pt>On May 31, &#160;2019, 1<SUP>st</SUP> Franklin Financial Corporation (the &#8220;Company&#8221;) entered into a Ninth Amendment (the &#8220;Ninth Amendment&#8221;) to that certain Loan and Security Agreement, originally dated as of September 11, 2009 (as heretofore amended, the &quot;Agreement&quot;), by and among the Company, the subsidiary guarantors of the Company listed on the signature page thereto, Wells Fargo Bank, N.A., as agent for the lenders, and the other financial institutions from time to time party thereto. &#160;The following description of the Ninth Amendment is qualified in its entirety by reference to the full text of the Ninth Amendment, which is attached hereto as Exhibit 10.1 and is incorporated herein by this reference.</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt;text-indent:36pt'><FONT style=font-size:10pt>The Ninth Amendment has the following changes:</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt;margin-left:72pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD><FONT style=font-size:10pt>Deletes the original Senior Debt to Capital Base Ratio in Section 6.4(d) effective March 31, 2019.</FONT>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt;margin-left:72pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD><FONT style=font-size:10pt>Tangible Net Worth Section 6.4(f) is hereby amended and restated as follows: &nbsp;As of the end of each calendar month, a Tangible Net Worth of a least $200,000,000 (such amount to be increased on an annual basis upon Agent&#8217;s receipt of Borrowers&#8217; net income (less Permitted Tax Distributions, Insurance Premium Dividends and dividends permitted pursuant to Section 7.2(e)) for the prior fiscal year, commencing with the fiscal year ending December 31, 2019).</FONT>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt;margin-left:72pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD><FONT style=font-size:10pt>Total Liabilities to Tangible Net Wor6th Ration Section 6.4(g) amended and restated as follows: &nbsp;As of the end of each calendar month, a Total Liabilities to Tangible Net Worth Ratio of not more than 3.00 to 1.00.</FONT>&nbsp;</P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt'><FONT style=font-size:10pt><B>Section 9 &#8211;&nbsp;Financial Statements and Exhibits</B></FONT></P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt'><FONT style=font-size:10pt><B>Item 9.01 &#8211;&nbsp;Financial Statements and Exhibits</B>.</FONT></P>
<TABLE style=border-collapse:collapse><TR><TD valign=top style=width:50.25pt;padding-left:7.2pt;padding-right:7.2pt><P style='font:12pt Times New Roman;margin:0'><A href=ff_ex10z1.htm style=text-decoration:none><FONT style='color:#0000FF;border-bottom:1px solid #0000FF'>10.1</FONT></A></P>
</TD><TD valign=top style=width:428.25pt;padding-left:7.2pt;padding-right:7.2pt><P align=justify style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>Ninth Amendment to Loan and Security Agreement, dated as of May 31, 2019, by and among the Company, the subsidiary guarantors listed on the signature page thereto, Wells Fargo Bank, N.A., as agent for the lenders, and the financial institutions from time to time party thereto.</FONT></P>
</TD></TR>
</TABLE>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P align=center style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt'><FONT style=font-size:10pt><B>SIGNATURES</B></FONT></P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt;text-indent:36pt'><FONT style=font-size:10pt>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.</FONT></P>
<P style='font:10pt Times New Roman;margin:0;margin-left:234pt'><FONT style=font-size:10pt>1<SUP>ST</SUP> FRANKLIN FINANCIAL CORPORATION</FONT></P>
<P style='font:12pt Times New Roman;margin:0;margin-left:234pt'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0;margin-left:234pt'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0;margin-left:234pt'><FONT style=font-size:10pt>By: &nbsp;</FONT><FONT style='font-size:10pt;border-bottom:1px solid #000000'>/s/ A. Roger Guimond&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</FONT></P>
<P style='font:10pt Times New Roman;margin:0;margin-left:252pt'><FONT style=font-size:10pt> Name:&#160;&#160;A. Roger Guimond</FONT></P>
<P style='font:10pt Times New Roman;margin:0;margin-left:252pt'><FONT style=font-size:10pt> Title:&#160;&#160;&#160;&#160;Executive Vice President and</FONT></P>
<P style='font:10pt Times New Roman;margin:0;margin-left:252pt'><FONT style=font-size:10pt>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Chief Financial Officer</FONT></P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>Date: &nbsp;June 5, 2019</FONT></P>
</DIV>
</BODY>
</HTML>
[{"type": "8-K", "sequence": "1", "filename": "ff_8k.htm", "description": "CURRENT EVENT REPORT - FORM 8-K", "secsgml_size_bytes": 16125}]
{"company-data": {"conformed-name": "1st 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": "19879495"}, "business-address": {"street1": "135 E TUGALO ST", "street2": "P O BOX 880", "city": "TOCCOA", "state": "GA", "zip": "30577", "phone": "7068867571"}, "mail-address": {"street1": "135 EAST TUGALO STREET", "street2": "PO  BOX  880", "city": "TOCCOA", "state": "GA", "zip": "30577"}, "former-company": [{"former-conformed-name": "FIRST FRANKLIN FINANCIAL CORP", "date-changed": "19920703"}, {"former-conformed-name": "FRANKLIN DISCOUNT CO", "date-changed": "19840115"}]}
Current Event Report - Form 8-K
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)
June 5, 2019
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)
(IRS employer
Identification No.)
135 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))
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on Which Registered
N/A
N/A
N/A
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).  Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  [ ]
Section 1 – Registrant's Business and Operations
I
tem 1.01 – Entry into a Material Definitive Agreement
.
On May 31,  2019, 1
st
Franklin Financial Corporation (the "Company") entered into a Ninth Amendment (the "Ninth Amendment") to that certain Loan and Security Agreement, originally dated as of September 11, 2009 (as heretofore amended, the "Agreement"), by and among the Company, the subsidiary guarantors of the Company listed on the signature page thereto, Wells Fargo Bank, N.A., as agent for the lenders, and the other financial institutions from time to time party thereto.  The following description of the Ninth Amendment is qualified in its entirety by reference to the full text of the Ninth Amendment, which is attached hereto as Exhibit 10.1 and is incorporated herein by this reference.
The Ninth Amendment has the following changes:

Deletes the original Senior Debt to Capital Base Ratio in Section 6.4(d) effective March 31, 2019.

Tangible Net Worth Section 6.4(f) is hereby amended and restated as follows:  As of the end of each calendar month, a Tangible Net Worth of a least $200,000,000 (such amount to be increased on an annual basis upon Agent's receipt of Borrowers' net income (less Permitted Tax Distributions, Insurance Premium Dividends and dividends permitted pursuant to Section 7.2(e)) for the prior fiscal year, commencing with the fiscal year ending December 31, 2019).

Total Liabilities to Tangible Net Wor6th Ration Section 6.4(g) amended and restated as follows:  As of the end of each calendar month, a Total Liabilities to Tangible Net Worth Ratio of not more than 3.00 to 1.00.
Section 9 – Financial Statements and Exhibits
Item 9.01 – Financial Statements and Exhibits
.
10.1
Ninth Amendment to Loan and Security Agreement, dated as of May 31, 2019, by and among the Company, the subsidiary guarantors listed on the signature page thereto, Wells Fargo Bank, N.A., as agent for the lenders, and the financial institutions from time to time party thereto.
SIGNATURES
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
By:
/s/ A. Roger Guimond
Name:  A. Roger Guimond
Title:    Executive Vice President and
Chief Financial Officer
Date:  June 5, 2019