1st Franklin Financial Changes Fiscal Year End
Sentiment: neutral
Topics: corporate-governance, filing-update
TL;DR
Franklin Financial is changing its fiscal year end, effective March 29, 2024.
AI Summary
On March 29, 2024, 1st Franklin Financial Corporation filed an 8-K report. The filing indicates a change in the company's fiscal year end from December 31st to a new, unspecified date. This change was effective as of March 29, 2024.
Why It Matters
A change in fiscal year end can impact financial reporting schedules and potentially signal strategic shifts within the company's operational or reporting structure.
Risk Assessment
Risk Level: low — This filing is a routine administrative change and does not appear to involve any significant financial events or strategic shifts that would immediately impact the company's risk profile.
Key Numbers
- 1231 — Previous Fiscal Year End (Indicates the prior end date for financial reporting.)
Key Players & Entities
- 1st Franklin Financial Corporation (company) — Registrant
- March 29, 2024 (date) — Date of Report
- Georgia (location) — State of Incorporation
- Toccoa, GA (location) — Principal Executive Offices
FAQ
What is the new fiscal year end date for 1st Franklin Financial Corporation?
The filing does not specify the new fiscal year end date, only that the change is effective March 29, 2024.
Why did 1st Franklin Financial Corporation change its fiscal year end?
The filing does not provide a reason for the change in fiscal year end.
When was the change in fiscal year end effective?
The change in fiscal year end was effective as of March 29, 2024.
Is this change related to any specific business event?
The filing does not indicate that this change is related to any specific business event; it is listed under 'Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year'.
What was the previous fiscal year end date?
The previous fiscal year end date was December 31st (1231).
Filing Stats: 2,323 words · 9 min read · ~8 pages · Grade level 12.6 · Accepted 2024-03-29 11:55:34
Key Financial Figures
- $100 — 2,000 shares of voting common stock at $100 par value per share (2) 198,000 shares
- $0.00 — hares of non-voting common stock at no ($0.00) par value per share Section 8.2 No h
Filing Documents
- na-20240329.htm (8-K) — 72KB
- 0000038723-24-000043.txt ( ) — 194KB
- na-20240329.xsd (EX-101.SCH) — 2KB
- na-20240329_lab.xml (EX-101.LAB) — 20KB
- na-20240329_pre.xml (EX-101.PRE) — 12KB
- na-20240329_htm.xml (XML) — 3KB
03 – Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
Item 5.03 – Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year On March 26, 2024, the Board of Directors of 1st Franklin Financial Corporation, a Georgia corporation (the "Company") approved and adopted amendments to the Company's Articles of Incorporation and Bylaws. The fundamental purpose and operation of the Company remains unchanged. The Company's governing documents, however, have not been amended or updated since 1974. Therefore, the Company resolved to adopt a revised set of Articles and Bylaws to: (1) modernize the overall language of its governing documents to conform with changes in the law since 1974; (2) grant the Board of Directors greater flexibility to grow the Board as the Company continues to grow; (3) establish a more robust succession planning process for the Board and the Company's Officers; and (4) clarify ambiguities in the documents regarding the dual roles of some Directors also serving as Company employees. A copy of the amended articles of incorporation and bylaws is filed as exhibits to this Current Report on Form 8-K. 2
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description Exhibit 3.1 Amended and Restated Articles of Incorporation Exhibit 3.2 Amended Bylaws 3
SIGNATURES
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. By: /s/ Brian J. Gyomory Name: Brian J Gyomory Title: Executive Vice President and CFO Date: March 29, 2024 4 AMENDED AND RESTATED ARTICLES OF INCORPORATION OF 1 ST FRANKLIN FINANCIAL CORPORATION Pursuant to GA Code Sections 14-2-1006 and 14-2-1007 (2022), 1st Franklin Financial Corporation ("1FFC") publishes and submits the within Amended and Restated Articles of Incorporation to amend and restate its current Articles of Incorporation as recorded with the Secretary of State of the State of Georgia. At the Corporate Offices of 1FFC in Toccoa, Georgia on the 26th day of March 2024, the Shareholders conducted a special meeting and adopted these Amended and Restated Articles of Incorporation by unanimous consent. I. Corporate Name The name of the corporation is 1 st Franklin Financial Corporation ("1FFC" or the "Corporation") II. Principal Office The principal place of business for 1FFC is 135 E. Tugalo Street, Toccoa, GA 30577 (P.O. Box 880, Toccoa, GA 30577). III. Legal Organization The Corporation is organized pursuant to the provisions of the Georgia Business Corporation Code. IV. Duration of Incorporation The Corporation will have perpetual duration. V. Purpose of Corporation The purpose of the Corporation will be to engage in any lawful purpose or purposes without limitation, and to engage in other lawful businesses from time to time without limitation. VI. Incorporator The Incorporator for purposes of filing these Amended and Restated Articles of Incorporation is Benjamin F. Cheek, IV 135 E. Tugalo Street Toccoa, GA 30577 1 VII. Registered Agent The Corporation's Registered Agent is: Mark J. Scarpitti 135 E. Tugalo Street Toccoa, GA 30577 (Stephens County, Georgia) VIII. Authorized Shares Section 8.1 The corporat