EX-25 4 sdn_ex25.htm FORM T-1 Form T-1

Exhibit 25

_____________________________________________________________________________   

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________

 

FORM T-1

 

STATEMENT OF ELIGIBILITY UNDER

THE TRUST INDENTURE ACT OF 1939 OF A

CORPORATION DESIGNATED TO ACT AS TRUSTEE

Check if an Application to Determine Eligibility of

a Trustee Pursuant to Section 305(b)(2)

_______________________________________________________

 

U.S. BANK NATIONAL ASSOCIATION

(Exact name of Trustee as specified in its charter)

 

31-0841368

I.R.S. Employer Identification No.

 

800 Nicollet Mall

Minneapolis, Minnesota

 

55402

(Address of principal executive offices)

(Zip Code)

 

Jack Ellerin

U.S. Bank National Association

1349 West Peachtree Street, Suite 1050

Atlanta, GA  30309

(404) 898-8830

(Name, address and telephone number of agent for service)

                                                      

1st Franklin Financial Corporation

                                                      (Issuer with respect to the Securities)

Georgia

58-0521233

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

 

 

 

135 East Tugalo Street

Toccoa, Georgia

 

30577

(Address of Principal Executive Offices)

(Zip Code)

 

Senior Demand Notes

(Title of the Indenture Securities)

 

FORM T-1

 

Item 1.      GENERAL INFORMATION.  Furnish the following information as to the Trustee.

 

a)Name and address of each examining or supervising authority to which it is subject. 

Comptroller of the Currency 

Washington, D.C. 

 

b)Whether it is authorized to exercise corporate trust powers.  

Yes 

 

Item 2.     AFFILIATIONS WITH OBLIGOR. If the obligor is an affiliate of the Trustee, describe each such affiliation.

None 

 

Items 3-15Items 3-15 are not applicable because to the best of the Trustee's knowledge, the obligor is not in default under any Indenture for which the Trustee acts as Trustee. 

 

Item 16.     LIST OF EXHIBITS: List below all exhibits filed as a part of this statement of eligibility and qualification.

 

1.   A copy of the Articles of Association of the Trustee.* 

 

2.   A copy of the certificate of authority of the Trustee to commence business, attached as Exhibit 2. 

 

3.A copy of the certificate of authority of the Trustee to exercise corporate trust powers, attached as Exhibit 3. 

 

4.A copy of the existing bylaws of the Trustee.** 

 

5.A copy of each Indenture referred to in Item 4.  Not applicable. 

 

6.The consent of the Trustee required by Section 321(b) of the Trust Indenture Act of 1939, attached as Exhibit 6. 

 

7.Report of Condition of the Trustee as of December 31, 2019 published pursuant to law or the requirements of its supervising or examining authority, attached as Exhibit 7. 

 

* Incorporated by reference to Exhibit 25.1 to Amendment No. 2 to registration statement on S-4, Registration Number 333-128217 filed on November 15, 2005.

 

** Incorporated by reference to Exhibit 25.1 to registration statement on form S-3ASR, Registration Number 333-199863 filed on November 5, 2014.

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the Trustee, U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility and qualification to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of Atlanta, State of Georgia on the 7th of April, 2020. 

 

By:/s/ Jack Ellerin      

Jack Ellerin 

Vice President

 

Exhibit 2

Picture 1 

 

Exhibit 3

 

 

Picture 2 

Exhibit 6

 

CONSENT

 

 

In accordance with Section 321(b) of the Trust Indenture Act of 1939, the undersigned, U.S. BANK NATIONAL ASSOCIATION hereby consents that reports of examination of the undersigned by Federal, State, Territorial or District authorities may be furnished by such authorities to the Securities and Exchange Commission upon its request therefor. 

 

 

Dated: April 7, 2020

 

 

By:/s/ Jack Ellerin        

Jack Ellerin 

Vice President

Exhibit 7

U.S. Bank National Association

Statement of Financial Condition

As of 12/31/2019

 

($000’s)

 

12/31/2019 

Assets

Cash and Balances Due From $ 22,256,667 

          Depository Institutions

Securities120,982,766 

Federal Funds881,341 

Loans & Lease Financing Receivables 297,660,359 

Fixed Assets               5,895,381 

Intangible Assets12,915,451 

Other Assets   25,412,255 

Total Assets    $486,004,220 

 

Liabilities

Deposits$374,303,872 

Fed Funds1,094,396 

Treasury Demand Notes0 

Trading Liabilities  769,407 

Other Borrowed Money41,653,916 

Acceptances0 

Subordinated Notes and Debentures3,850,000 

Other Liabilities14,940,126 

Total Liabilities$436,611,717 

 

Equity

     Common and Preferred Stock18,200 

Surplus 14,266,915 

Undivided Profits34,306,761 

Minority Interest in Subsidiaries800,627 

Total Equity Capital$49,392,503 

 

Total Liabilities and Equity Capital$486,004,220