SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

SULLIVAN MARY W

(Last)

(First)

(Middle)

(Street)

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
FIRST FRANKLIN CORP [ FFHS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/28/2003

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	10/28/2003		M		375	A	$13.56	1,875	D
Common Stock	10/28/2003		M		375	A	$12.81	2,250	D
Common Stock	10/28/2003		M		250	A	$7.75	2,500	D
Common Stock	10/28/2003		M		250	A	$10.14	2,750	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock option (right to buy)	$13.56	10/28/2003		D			375	01/20/2000⁽¹⁾	03/01/2009	Common Stock	375	$13.56	0	D
Stock Option (right to buy)	$12.81	10/28/2003		D			375	01/20/2001⁽²⁾	03/01/2010	Common Stock	375	$12.81	0	D
Stock Option (right to buy)	$7.75	10/28/2003		D			250	01/20/2002⁽³⁾	03/01/2011	Common Stock	250	$7.75	125	D
Stock Option (right to buy)	$10.14	10/28/2003		D			250	03/01/2002⁽⁴⁾	03/01/2012	Common Stock	250	$10.14	500	D

Explanation of Responses:

1. This option was granted on March 1, 1999 suject to the satisfaction of performance goals. Certain of these performance goals were satisfied and, as a result, the options vested and became exercisable in three equal annual installments beginning January 20, 2000.

2. This option was granted on March 1, 2000 subject to certain performance goals. Certain of these performance goals were satisfied and, as a result, the options vested and became exercisable in three equal annual installments beginning January 20, 2001.

3. This option was granted on March 1, 2001 subject to the satisfaction of performance goals. Certain of these performance goals were satisfied and, as a result, 125 of the options vested and became exercisable on each of January 20, 2002 and 2003, and 125 options will vest and become exercisable on January 20, 2004.

4. This option was granted on March 1, 2002 subject to the satisfaction of performance goals. Certain of these performance goals were satisfied and, as a result, 250 of the options vested and were exercisable on January 20, 2003, and 250 options will vest and become exercisable on each of January 20, 2004 and 2005.

	Mary W Sullivan	10/29/2003
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.