CINCINNATI, June 9 /PRNewswire-FirstCall/ -- John J. Kuntz, Chairman, President and CEO of
First Franklin Corporation (Nasdaq: FFHS) and Chairman of Franklin
Savings and Loan Company, today announced that the nationally
recognized proxy advisory firm of Glass, Lewis & Co.
recommended votes for Thomas Siemers
and John Kuntz, First Franklin's
board nominees, for election at the company's June 14, 2010 annual meeting. Kuntz also
acknowledged receipt of a letter from the dissident shareholder
withdrawing one of two candidates they had nominated.
According to Kuntz, "Glass, Lewis & Co. got it right.
We appreciate their expert and independent review. They
endorsed our board's recommendation that Tom Siemers and I be re-elected. They
concluded, as have we, that the other nominees have not shown that
they are better qualified to replace us or that they could create
better value for our shareholders. Importantly, Glass, Lewis
& Co. reported that they did not believe First Franklin has
underperformed its peers."
Kuntz added, "In addition, we learned yesterday – six days
before our annual meeting of shareholders – Lenox Wealth Management
withdrew one of its two board nominees (Jason D. Long). This unusual step comes on
the heels of our revelation that the Lenox proxy solicitation
appeared to be in violation of federal banking regulations and the
release of a report by another proxy advisory firm advising against
a vote for Mr. Long. It's the bottom of the ninth and they
pulled half of their team! It's incredibly irresponsible of
Lenox, less than a week before the annual meeting, to effectively
disenfranchise the shareholders who may have wasted one of their
votes on Mr. Long."
Kuntz concluded, "First Franklin is headed in the right
direction. An independent proxy advisory firm recognized this
and endorsed our board's nominees. The First Franklin Board
and management team are fully engaged to restore dividend payments
as quickly as possible and maintain our commitment to providing
long term value to our stockholders."
About First Franklin Corporation: First
Franklin Corporation is a savings and loan holding company that was
incorporated under the laws of the State
of Delaware in September 1987.
It owns all of the outstanding common stock of The Franklin
Savings and Loan Company. Additional information about First
Franklin and Franklin Savings can be found on the company's Web
site: www.franklinsavings.com.
SOURCE First Franklin Corporation