FIRST FRANKLIN FINANCIAL CORP
POS AM, 1994-12-29
PERSONAL CREDIT INSTITUTIONS
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                                                 Registration No.  33-49151
  

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                              --------------------

                        POST-EFFECTIVE AMENDMENT NO. 2

                                      TO

                                   FORM S-2

             REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

                              --------------------

                       1st FRANKLIN FINANCIAL CORPORATION

              A Georgia Corporation I.R.S. Employer No. 58-0521233

                             213 East Tugalo Street
                               Post Office Box 880
                             Toccoa, Georgia  30577
                                 (706) 886-7571

                           ------------------------

                              Agent for Service:
                               A. Roger Guimond
                           Chief Financial Officer 
                            213 East Tugalo Street
                              Post Office Box 880
                            Toccoa, Georgia  30577
                           Phone No. (706) 886-7571

                           ------------------------
                 
                                  Copies to:
                                 Dom H. Wyant
                          Jones, Day, Reavis & Pogue 
                           3500 One Peachtree Center
                          303 Peachtree Street, N.E.
                         Atlanta, Georgia  30308-3242
                           Phone No. (404) 581-8075
                                       
                    AS FILED WITH SEC ON DECEMBER 29, 1994

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                      1st FRANKLIN FINANCIAL CORPORATION

                                Deregistration

    This Registration Statement registered a maximum principal amount of 
$20,000,000 of Variable Rate Subordinated Debentures (the "Debentures") of 
1st Franklin Financial Corporation (the "Company").  An aggregate principal 
amount of $14,730,385 of Debentures were sold in the offering prior to its 
completion on November 21, 1994.  Accordingly, the Company hereby deregisters 
the $6,269,615 aggregate principal amount of Debentures remaining unsold at 
the completion of the offering.
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      PAGE 3
                                 SIGNATURES

  Pursuant to the requirements of the Securities Act of 1933, the 
registrant certifies that it has reasonable grounds to believe that it meets 
all of the requirements for filing on Form S-2 and has duly caused this 
registration statement or amendment thereto to be signed on its behalf by the 
undersigned, thereunto duly authorized, in the City of Toccoa, State of 
Georgia, on  December 29, 1994.                      

                                         1st FRANKLIN FINANCIAL CORPORATION
     
                                                Ben F. Cheek, III
                                                Chairman of the Board

     Pursuant to the requirements of the Securities Act of 1933, this 
registration statement or amendment thereto has been signed by the following 
persons in the capacities and on the dates indicated:

      Signature                    Title                         Date


  
  Ben F. Cheek, III        Chairman of the Board;           December 29, 1994 
                           Director

  T. Bruce Childs          President                        December 29, 1994
  
  A. Roger Guimond         Principal Financial Officer;
                           Principal Accounting Officer     December 29, 1994
                                                                  

  Richard Acree            Director                         December 29, 1994


  Mrs. Lorene M. Cheek     Director                         December 29, 1994

  
  Jack Stovall             Director                         December 29, 1994

  
  Robert E. Thompson       Director                         December 29, 1994



                                         
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