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1st
Franklin Financial Corporation has been engaged in the consumer
finance
business since 1941. Company founder, Mr. Ben F.
Cheek, Jr., began the
business on January 1, 1941 in Toccoa,
Georgia. His primary goal was to provide
“Financing for the
Individual.” Business was conducted in Mr. Cheek’s law office
and
his original loan was an automobile loan of $34. The business was
originally
founded as Franklin Discount Company.
Only a few loans
were made during those first months, with operating capital
coming
from relatives, friends and local banks. In May of 1941, a
borrowing
arrangement with the newly formed Automobile Department of
the National
Bank of Atlanta gave the business considerable impetus.
The business was
incorporated in 1946 with assets of $289,000. Original
officers
were Ben F. Cheek, Jr., President and Chairman of the Board,
J.B.
McMurray, Vice President, and Hazel L. Henderson, Secretary and
Treasurer. On March 25, 1972, Mr. Cheek, Jr. retired as President
and
Ben F. Cheek, III was elected to fill his position. Mr. Cheek,
Jr.
continued to
serve as Chairman until his death in September of
1988.
In 1947, the
Company moved to North Sage Street, then relocated again in 1951
when more
room was needed. Franklin Discount Company remained
at this location as a one office
operation until 1955 when the
Company began expansion by opening additional offices in
Northeast
Georgia.
The Company
celebrated its 25th Anniversary by moving into its own
corporate office
building on East Tugalo Street where it remains today.
Two additional buildings have
since been purchased in downtown
Toccoa to facilitate the corporate headquarters.
Early in its
history, the Company expanded its services into the area of
insurance.
In 1948, a contract was made to write credit automobile
insurance, and in 1956
credit life and accident & health insurance
were added. As the Company grew, the
decision was made to form its
own insurance company to reinsure the credit written
by the
Company. In 1977, the Company formed Frandisco Life Insurance
Company,
and in 1989 Frandisco Property and Casualty Insurance
Company was formed.
By 1950, the
Company expanded its services further by selling investment
securities
to the public to finance its loan operations. The
original offering was an 8%
Investment Certificate and by December
1950 investments totaled $11,000.
Feeling a new name
would more accurately describe the business, Franklin
Discount
Company officially became 1st Franklin Financial
Corporation in December
1983.
1st Franklin has taken an
active role within the industry as members and
officers of several
organizations. These include the American Financial Services
Association (AFSA),
National Installment Lenders Association (NILA),
Georgia Financial Service Association (GFSA), Georgia
Industrial
Loan
Association (GILA), Mississippi Consumer Finance Association
(MCFA),
Louisiana Finance Association (LFA), South Carolina Financial
Services
Association (SCFSA), Alabama Financial Services Association (AFSA),
and
the Tennessee Consumer Finance Association (TCFA).
Mr. Ben F. Cheek,
Jr. was unfailing in his efforts to see that each employee
took
pride in being fair, honest and friendly with our customers. Due to
his
diligence, we have earned the reputation of the “Friendly
Franklin Folks”. He
was also committed to the concept that each
employee is vitally important to
the overall success of a Company. He asked and expected that each employee
give his or her best, and in
return he pledged that the Company would make every
effort
to give
the employee its best. He honored that pledge by sharing the profits
of
the
Company with the employees.
1st
Franklin Financial continues to hold forth the same beliefs the
company was
founded on in 1941. 1st Franklin Financial
is still family owned and operated today.
Mr. Ben F. Cheek, III
still serves as Chairman and Chief Executive Officer. His son,
Ben
F. Cheek, IV serves as Vice Chairman and his daughter, Ginger
Herring, serves
as President. |
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