1st Franklin Financial Corporation is a family controlled company, with Mr. Ben F. Cheek, III‘s family directly or indirectly owning all of the Company's stock. Mr. Cheek, III, who has significant knowledge of all aspects of the Company's business and operations, served as Chairman and Chief Executive Officer through 2014. Effective January 1, 2015, Mr. Cheek, III transitioned to the role of Vice Chairman and Ben F. Cheek, IV, who previously served as Vice Chairman and has been with the Company since 1988 in roles of increasing responsibility, was appointed Chairman of the Board. At that time, Mrs. Virginia C. Herring, the Company’s President, took on the additional role of Chief Executive Officer. In light of the additional responsibilities assumed by Mr. Cheek, IV and Ms. Herring, and in order to allow them to each focus on the significant responsibilities contained within these new roles, the Board determined at that time that it was appropriate to separate the roles of Chairman and Chief Executive Officer. Given the separation of the Chairman and Chief Executive Officer roles, relatively low historical turnover of members of the Board of Directors and the strong working relationship between such members, the Board has determined there is not a need to appoint a lead independent director. The Board continues to believe that such determination is in the best interests of the Company. During 2020, Mr. Cheek, III transitioned to Chairman Emeritus.
Company profile
CEO
R. Eric Chadwick
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
FIRST FRANKLIN FINANCIAL CORP
SEC CIK
Latest filings (excl ownership)
POS AM
Prospectus update (post-effective amendment)
19 Apr 24
POS AM
Prospectus update (post-effective amendment)
19 Apr 24
8-K/A
Amendments to Articles of Incorporation or Bylaws
19 Apr 24
424B3
Prospectus supplement
18 Apr 24
424B3
Prospectus supplement
18 Apr 24
424B3
Prospectus supplement
10 Apr 24
424B3
Prospectus supplement
10 Apr 24
424B3
Prospectus supplement
3 Apr 24
424B3
Prospectus supplement
3 Apr 24
424B3
Prospectus supplement
3 Apr 24
Latest ownership filings
No filings
Financial summary
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Annual (USD) | Dec 22 | Dec 21 | Dec 20 | Dec 19 | |
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Cash burn rate (est.) | Burn method: Change in cash | Burn method: Operating income | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
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Cash on hand (at last report) | 34.50 mm | 34.50 mm | 34.50 mm | 34.50 mm | 34.50 mm | 34.50 mm |
Cash burn (monthly) | 9.96 mm | 2.05 mm | (no burn) | (no burn) | (no burn) | (no burn) |
Cash used (since last report) | 67.94 mm | 13.98 mm | n/a | n/a | n/a | n/a |
Cash remaining | -33.44 mm | 20.51 mm | n/a | n/a | n/a | n/a |
Runway (months of cash) | -3.4 | 10.0 | n/a | n/a | n/a | n/a |