<HTML>
<!-- Produced by edgar-services.com using EDGARsuite software, Advanced Computer Innovations, Inc., Copyright (C) 2008-2019 [PPXZRS4DKJZLVHR8MEWM]. www.edgarsuite.com -->
<HEAD>
<TITLE>_</TITLE>
</HEAD>
<BODY>
<DIV style=margin-left:72pt;width:468pt><A name=_Hlk25141024 /><P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt><B>UNITED STATES</B></FONT><BR><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:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt'><FONT style=font-size:10pt><B>FORM 8-K</B></FONT></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:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt;text-indent:36pt'>&nbsp;</P>
<TABLE align=center 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>November 22, 2019</FONT></P>
</TD></TR>
<TR><TD colspan=2 valign=top style=width:239.4pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=4 valign=top style=width:239.4pt><P align=center style='font:10pt 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'>1<SUP>st</SUP> Franklin Financial Corporation</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 align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=4 valign=top style=width:239.4pt><P align=center style='font:10pt 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'>Georgia</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'>2-27985</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'>58-0521233</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 align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=4 valign=top style=width:239.4pt><P align=center style='font:10pt 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'>30577</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 align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=4 valign=top style=width:239.4pt><P align=center style='font:10pt 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 align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=4 valign=top style=width:239.4pt><P align=center style='font:10pt 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'>n/a</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:10pt 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>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt'>Securities registered pursuant to Section 12(b) of the Act: &nbsp;None</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).</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>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 November 19, 2019, 1<SUP>st</SUP> Franklin Financial Corporation (the &#8220;Company&#8221;) entered into an Amended and Restated Loan and Security Agreement (the &#8220;Amended and Restated Loan and Security Agreement&#8221;), by and among the Company, Wells Fargo Bank, N.A., as agent for the lenders (&#8220;the Agent&#8221;), and the other financial institutions from time to time party thereto. &nbsp;The Amended and Restated Loan and Security Agreement amends and restates the Company&#8217;s prior Loan and Security Agreement, originally dated as of September 11, 2009, as amended, in its entirety.</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 Amended and Restated Loan and Security Agreement, among other things, increases the amount of borrowings available under the Company&#8217;s revolving credit facility to $200.0 million (the &#8220;Maximum Principal Amount&#8221;) and extends the maturity date to February 28, 2022. &nbsp;Subject to the terms and conditions of the Amended and Restated Loan and Security Agreement, the Company shall have the right at any time to increase the Maximum Principal Amount (the &#8220;Accordion Increase&#8221;) in an amount acceptable to the Agent in its sole and absolute discretion; provided however, that the aggregate amount of the Accordion Increase shall not exceed $100.0 million. &nbsp;Available but unborrowed amounts under the Amended and Restated Loan and Security Agreement are subject to a periodic unused line fee of .50%. &nbsp;Interest on any outstanding borrowings will bear interest at an annual rate at all times equal to the one-month LIBOR Rate plus the Applicable Margin. &nbsp;The Applicable Margin is based on the Funded Debt to Adjusted Net Worth Ratio. &nbsp;If the Funded Debt to Adjusted Net Worth Ratio is less than 2.75 to 1.0, the Applicable Margin will be 2.75%. &nbsp;The Applicable Margin will be 3.00% if the Funded Debt to Adjusted Net Worth Ration is greater than or equal to 2.75 to 1.0. &nbsp;The Company&#8217;s obligations under the Amended and Restated Loan and Security Agreement are secured by the finance receivables of the Company.</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 foregoing description of the Amended and Restated Loan and Security Agreement is qualified in its entirety by reference to the full text of the Amended and Restated Loan and Security Agreement, which is attached hereto as Exhibit 10.1 and is incorporated herein by this reference.</FONT></P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt'><FONT style=font-size:10pt><B>Section 2 &#8211;&nbsp;Financial Information</B></FONT></P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt'><FONT style=font-size:10pt><B>Item 2.03 &#8211;&nbsp;Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant</B></FONT></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:10pt Times New Roman;margin:0'><A href=ff_ex10z1.htm style=text-decoration:none><FONT style='font-size:10pt;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'><A href=ff_ex10z1.htm style=text-decoration:none><FONT style='font-size:10pt;color:#0000FF;border-bottom:1px solid #0000FF'>Amended and Restated Loan and Security Agreement, dated as of November 19, 2019, by and among the Company, Wells Fargo Bank, N.A., as agent for the lenders, and the other financial institutions from time to time party thereto.</FONT></A></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 style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt;text-indent:36pt'>&nbsp;</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'>&nbsp;</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:10pt 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: &nbsp;A. Roger Guimond</FONT></P>
<P style='font:10pt Times New Roman;margin:0;margin-left:252pt'><FONT style=font-size:10pt> Title: &nbsp;&nbsp;&nbsp;Executive Vice President and</FONT><BR><FONT style=font-size:10pt>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Chief Financial Officer</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>Date: &nbsp;November 22, 2019</FONT><BR></P>
<P align=center style='font:10pt Times New Roman;margin-top:6pt;margin-bottom:0pt'>&nbsp;</P>
</DIV>
</BODY>
</HTML>
[{"type": "8-K", "sequence": "1", "filename": "ff_8k.htm", "description": "CURRENT EVENT REPORT - FORM 8-K", "secsgml_size_bytes": 15055}]
{"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": "191240969"}, "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"}]}
_
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)
November 22, 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))
Securities registered pursuant to Section 12(b) of the Act:  None
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 November 19, 2019, 1
st
Franklin Financial Corporation (the "Company") entered into an Amended and Restated Loan and Security Agreement (the "Amended and Restated Loan and Security Agreement"), by and among the Company, Wells Fargo Bank, N.A., as agent for the lenders ("the Agent"), and the other financial institutions from time to time party thereto.  The Amended and Restated Loan and Security Agreement amends and restates the Company's prior Loan and Security Agreement, originally dated as of September 11, 2009, as amended, in its entirety.
The Amended and Restated Loan and Security Agreement, among other things, increases the amount of borrowings available under the Company's revolving credit facility to $200.0 million (the "Maximum Principal Amount") and extends the maturity date to February 28, 2022.  Subject to the terms and conditions of the Amended and Restated Loan and Security Agreement, the Company shall have the right at any time to increase the Maximum Principal Amount (the "Accordion Increase") in an amount acceptable to the Agent in its sole and absolute discretion; provided however, that the aggregate amount of the Accordion Increase shall not exceed $100.0 million.  Available but unborrowed amounts under the Amended and Restated Loan and Security Agreement are subject to a periodic unused line fee of .50%.  Interest on any outstanding borrowings will bear interest at an annual rate at all times equal to the one-month LIBOR Rate plus the Applicable Margin.  The Applicable Margin is based on the Funded Debt to Adjusted Net Worth Ratio.  If the Funded Debt to Adjusted Net Worth Ratio is less than 2.75 to 1.0, the Applicable Margin will be 2.75%.  The Applicable Margin will be 3.00% if the Funded Debt to Adjusted Net Worth Ration is greater than or equal to 2.75 to 1.0.  The Company's obligations under the Amended and Restated Loan and Security Agreement are secured by the finance receivables of the Company.
The foregoing description of the Amended and Restated Loan and Security Agreement is qualified in its entirety by reference to the full text of the Amended and Restated Loan and Security Agreement, which is attached hereto as Exhibit 10.1 and is incorporated herein by this reference.
Section 2 – Financial Information
Item 2.03 – Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
Section 9 – Financial Statements and Exhibits
Item 9.01 – Financial Statements and Exhibits
.
10.1
Amended and Restated Loan and Security Agreement, dated as of November 19, 2019, by and among the Company, Wells Fargo Bank, N.A., as agent for the lenders, and the other 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:  November 22, 2019