<PAGE>
                                                                      EXHIBIT 99

         Information required by Form 11-K with respect to the Franklin
Financial Employees Retirement Savings Plan for the fiscal year ended December
31, 2001.

         The following financial statements prepared in accordance with the
         financial reporting requirements of ERISA include the following:

         a.       Independent Auditors' Report
         b.       Statement of Net Assets Available for Plan Benefits, as of
                  December 31, 2001 and 2000
         c.       Statement of Changes in Net Assets Available for Plan
                  Benefits, for the Years Ended December 31, 2001 and 2000
         d.       Notes to Financial Statements
         e.       Schedule H - Schedule of Assets (Held at End of Year)
         f.       Schedule H - Schedule of Reportable Transactions


                                      -4-
<PAGE>

                          FRANKLIN FINANCIAL EMPLOYEES
                             RETIREMENT SAVINGS PLAN

                              FINANCIAL STATEMENTS
                           DECEMBER 31, 2001 AND 2000


<PAGE>

              FRANKLIN FINANCIAL EMPLOYEES RETIREMENT SAVINGS PLAN
                               FRANKLIN, TENNESSEE

                              FINANCIAL STATEMENTS
                           DECEMBER 31, 2001 AND 2000

                                TABLE OF CONTENTS

<TABLE>
<S>                                                                                       <C>
Report of Independent Auditors..............................................................1

Financial Statements:

         Statements of Net Assets Available for Plan Benefits...............................2

         Statements of Changes in Net Assets Available for Plan Benefits....................3

         Notes to Financial Statements....................................................4-8

Supplemental Schedules:

         Schedule H, Line 4i - Schedule of Assets...........................................9
         (Held at end of year)

         Schedule H, Line 4j - Schedule of Reportable Transactions.........................10
</TABLE>


<PAGE>

                         REPORT OF INDEPENDENT AUDITORS

Plan Administrator
Franklin Financial Employees
Retirement Savings Plan
Franklin, Tennessee

We have audited the accompanying statements of net assets available for plan
benefits of Franklin Financial Employees Retirement Savings Plan as of December
31, 2001, and the related statement of changes in net assets available for plan
benefits for the year then ended. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audit. The statement of net
assets available for plan benefits as of December 31, 2000 was audited by other
auditors whose report dated June 20, 2001 expressed an unqualified opinion on
that statement.

We conducted our audit in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.

In our opinion, the 2001 financial statements referred to above present fairly,
in all material respects, the net assets available for plan benefits of Franklin
Financial Employees Retirement Savings Plan as of December 31, 2001, and the
changes in its net assets available for plan benefits for the year then ended in
conformity with accounting principles generally accepted in the United States of
America.

Our audit was conducted for the purpose of forming an opinion on the 2001 basic
financial statements taken as a whole. The supplemental schedules of Assets
Held for Investment Purposes and Reportable Transactions are presented for the
purpose of additional analysis and are not a required part of the 2001 basic
financial statements but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. These supplemental
schedules are the responsibility of the Plan's management. The supplemental
schedules have been subjected to the auditing procedures applied in the audits
of the 2001 basic financial statements and, in our opinion, are fairly stated
in all material respects in relation to the 2001 basic financial statements
taken as a whole.



                                            /s/ Crowe, Chizek and Company LLP

Brentwood, Tennessee
May 8, 2002


<PAGE>

              FRANKLIN FINANCIAL EMPLOYEES RETIREMENT SAVINGS PLAN
              STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
                           DECEMBER 31, 2001 AND 2000

<TABLE>
<CAPTION>
         ASSETS:                                                              2001                2000
                                                                          -----------          ----------
         <S>                                                              <C>                  <C>
         Investments - at fair value (See Note 3)                         $ 2,319,407           1,757,962
                                                                          -----------          ----------

         Receivables:
           Employee contributions and loan payments                                --                 862
           Employer contribution                                               11,807              11,679
                                                                          -----------          ----------

               Total receivables                                               11,807              12,541

           Cash                                                                 4,108              12,152
                                                                          -----------          ----------

                  Total assets                                              2,335,322           1,782,655
                                                                          ===========          ==========

         LIABILITIES:

           Benefit Claims                                                       3,511                  --
                                                                          -----------          ----------

                  NET ASSETS AVAILABLE FOR PLAN BENEFITS                  $ 2,331,811           1,782,655
                                                                          ===========          ==========
</TABLE>

See accompanying notes to financial statements.


                                       2
<PAGE>

              FRANKLIN FINANCIAL EMPLOYEES RETIREMENT SAVINGS PLAN
        STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
                          YEAR ENDED DECEMBER 31, 2001

<TABLE>
<CAPTION>
         ADDITIONS TO NET ASSETS ATTRIBUTED TO:                          2001
                                                                     ------------
         <S>                                                         <C>
               Investment income:
                  Interest                                           $      4,605
                  Dividends                                                 6,389
                  Net appreciation (depreciation) in
                     fair value of investments                               (530)
                                                                     ------------

                  Total investment income                                  10,464
                                                                     ------------

              Contributions
                  Employer                                                168,952
                  Participants                                            420,350
                  Rollover                                                 19,911
                                                                     ------------

                  Total contributions                                     609,213
                                                                     ------------

                       Total additions                                    619,677
                                                                     ------------

         DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
                  Benefits paid to participants                            65,541
                  Forfeitures                                               4,980
                                                                     ------------

                       TOTAL DEDUCTIONS                                    70,521
                                                                     ------------

         NET INCREASE                                                     549,156

         NET ASSETS AVAILABLE FOR BENEFITS:

            BEGINNING OF YEAR                                           1,782,655
                                                                     ------------

            END OF YEAR                                              $  2,331,811
                                                                     ============
</TABLE>

See accompanying notes to financial statements.


                                       3
<PAGE>

              FRANKLIN FINANCIAL EMPLOYEES RETIREMENT SAVINGS PLAN
                          NOTES TO FINANCIAL STATEMENTS
                           DECEMBER 31, 2001 AND 2000

1.       DESCRIPTION OF PLAN

         The following brief description of the Franklin Financial Employees
         Retirement Savings Plan (Plan) provides only general information.
         Participants should refer to the Plan agreement for a more
         comprehensive description of the Plan's provisions.

         (A)      GENERAL

                  The Plan is a defined contribution plan covering all employees
                  of Franklin National Bank (the Company) who have three months
                  of service and are age twenty-one or older. The Plan is
                  subject to the provisions of the Employee Retirement Income
                  Security Act of 1974 (ERISA). Franklin National Bank is a
                  wholly-owned subsidiary of Franklin Financial Corporation.

         (B)      CONTRIBUTIONS

                  Each year, participants may contribute up to 15% of pretax
                  annual income, as defined in the Plan. Participants may also
                  contribute amounts representing distributions from other
                  qualified defined benefit or contribution plans. The Company
                  contributes 50% of the first 6% of base compensation that a
                  participant contributes to the Plan. Additional amounts may be
                  contributed at the option of the Company. A participant may
                  make a contribution to the Plan, limited to the lesser of
                  $10,500 for 2001 and 2000, or the maximum permitted
                  contribution percentage of his or her salary. Effective
                  January 1, 1998 all employer contributions are invested in
                  Franklin Financial Corporation stock.

         (C)      PARTICIPANTS ACCOUNTS

                  Each participant's account is credited with the participant's
                  contribution and allocations of (a) the Company's contribution
                  and (b) Plan earnings, and charged with an allocation of
                  administrative expenses, if any. Allocations are based on
                  participant earnings or account balances, as defined. The
                  benefit to which a participant is entitled is the benefit that
                  can be provided from the participant's vested account.

         (D)      VESTING

                  Participants are immediately vested in their contributions
                  plus actual earnings thereon. Vesting in the Company's
                  matching and discretionary contribution portion of their
                  accounts plus actual earnings is based on years of continuous
                  service. A participant is 100 percent vested after 3 years of
                  service.

                  Participants automatically become fully vested, regardless of
                  the years of service completed, upon attainment of the Plan's
                  normal retirement age of 65, upon death, or upon disability.


                                       4
<PAGE>

              FRANKLIN FINANCIAL EMPLOYEES RETIREMENT SAVINGS PLAN
                          NOTES TO FINANCIAL STATEMENTS
                           DECEMBER 31, 2001 AND 2000

1.       DESCRIPTION OF PLAN, CONTINUED

         (E)      INVESTMENT OPTIONS

                  Upon enrollment in the Plan, a participant may direct employee
                  contributions in any of fourteen investment options including
                  common stock of Franklin Financial Corporation.

         (F)      PARTICIPANT LOANS

                  Participants may borrow from their fund accounts to a maximum
                  equal to the lesser of $50,000 or 50% of their account
                  balance. Loan transactions are treated as a transfer to (from)
                  the investment funds from (to) the Participant notes fund.
                  Loan terms are limited to five years. The loan term may exceed
                  five years for the purchase of a primary residence. The loans
                  are secured by the balance in the participant's account and
                  bear interest at a rate commensurate with local prevailing
                  rates as determined by the Plan administrator. Principal and
                  interest are paid ratably through monthly payroll deductions.

         (G)      PAYMENT OF BENEFITS

                  On termination of service due to death, disability or
                  retirement, a participant may elect to receive either a
                  lump-sum amount equal to the value of the participant's vested
                  interest in his or her account, or annual installments. If a
                  participant's account balance exceeds $5,000, no portion of
                  the account balance will be distributed as a lump-sum without
                  the participant's consent. For termination of service due to
                  other reasons, a participant may receive the value of the
                  vested interest in their account as a lump sum distribution.

         (H)      FORFEITED ACCOUNTS

                  Forfeitures of nonvested Company contributions are used to pay
                  expenses of the Plan.

         (I)      TERMINATED PARTICIPANTS

                  Included in net assets available for benefits are amounts
                  allocated to individuals who have elected to withdraw from the
                  Plan, but who have not yet been paid. Amounts allocated to
                  those participants were zero at December 31, 2001 and 2000.


                                       5

<PAGE>

              FRANKLIN FINANCIAL EMPLOYEES RETIREMENT SAVINGS PLAN
                          NOTES TO FINANCIAL STATEMENTS
                           DECEMBER 31, 2001 AND 2000

2.       SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         (A)      BASIS OF ACCOUNTING

                  The financial statements of the Plan are prepared on an
                  accrual method of accounting.

         (B)      USE OF ESTIMATES

                  The preparation of financial statements in conformity with
                  accounting principles generally accepted in the United States
                  of America requires management to make estimates and
                  assumptions that affect certain reported amounts and
                  disclosures. These estimates and assumptions may change in the
                  future and future results would differ. It is at least
                  reasonably possible that a significant change may occur in the
                  near term for the estimates of investment valuation.

         (C)      INVESTMENTS

                  Investments are stated at fair value as reported by the
                  custodian. Fair values have been determined by quoted prices
                  on an active market. Shares of mutual funds are valued at
                  quoted market prices which represent the net assets value of
                  shares held by the plan at year end. In accordance with the
                  policy of stating investments at fair value, the Plan presents
                  the net appreciation as both realized gains or losses and
                  unrealized appreciation (depreciation) on those investments in
                  the statement of changes in net assets available for benefits.
                  Purchases and sales of securities are recorded on a trade date
                  basis. Interest income is recorded on the accrual basis.
                  Dividends are recorded on the ex-dividend date.

         (D)      PAYMENT OF BENEFITS

                  Benefits are recorded when paid.


3.       INVESTMENTS

         Investments that represent 5% or more of the Plan's net assets in
         either year are presented below:

<TABLE>
<CAPTION>
                                                                                  December 31,
                                                                             2001               2000
                                                                          ---------           -------

         <S>                                                              <C>                 <C>
         Aetna Investments Growth and Income Fund                         $ 316,867           336,321

         Aetna Investments Balanced Fund                                    120,311           116,529

         Aetna Investments Fixed Account                                    320,785           264,274

         Portfolio Partners MFS Emerging Equities                                --           132,777

         Fidelity VIP Equity Income Portfolio                               121,255           108,446

         Fidelity VIP Growth Portfolio                                      473,349           376,044

         Franklin Financial Corporation Common Stock                        673,858           256,294
</TABLE>


                                       6
<PAGE>

              FRANKLIN FINANCIAL EMPLOYEES RETIREMENT SAVINGS PLAN
                          NOTES TO FINANCIAL STATEMENTS
                           DECEMBER 31, 2001 AND 2000

3.       INVESTMENTS, CONTINUED

         During the years ended December 31, 2001 and 2000, the Plan's
         investments (including bought, sold, and held during the year)
         appreciated (depreciated) as follows:

<TABLE>
<CAPTION>
                                                                                    December 31,
                                                                              2001                2000
                                                                          -----------          ----------
         <S>                                                              <C>                  <C>
         Investments held by Aetna Life Insurance and
           Annuity Company, custodian                                     $  (192,269)           (193,109)

         Franklin Financial Corporation common stock                          191,739             (86,538)
                                                                          -----------          ----------
                                                                          $      (530)           (279,647)
                                                                          ===========          ==========
</TABLE>

         NONPARTICIPANT - DIRECTED INVESTMENTS

         Information about the net assets and the significant components of the
         changes in net assets relating to the nonparticipant-directed
         investments is as follows:

<TABLE>
<CAPTION>
                                                                                  December 31,
                                                                             2001              2000
                                                                          ---------           -------
         <S>                                                              <C>                 <C>
         Net Assets:
         Franklin Financial Corporation common stock                      $ 463,136           160,272
                                                                          =========           =======
</TABLE>

<TABLE>
<CAPTION>
                                                       Year Ended
                                                    December 31, 2001
                                                    -----------------
         <S>                                        <C>
         Changes in Net Assets:
             Contributions                            $  181,101
             Dividends                                     4,456
             Net appreciation                            160,387
         Benefits paid to participants                   (43,080)
                                                      ----------
                                                      $  302,864
                                                      ==========
</TABLE>

4.       INCOME TAX STATUS

         The Internal Revenue Service has determined and informed the Company by
         a letter dated November 30, 1998, that the Plan and related trust are
         designed in accordance with applicable sections of the Internal Revenue
         Code (IRC). The Plan has been amended since receiving the determination
         letter. However, the Company believes that the Plan is designed and is
         currently being operated in compliance with the applicable requirements
         of the IRC.


                                       7
<PAGE>

              FRANKLIN FINANCIAL EMPLOYEES RETIREMENT SAVINGS PLAN
                          NOTES TO FINANCIAL STATEMENTS
                           DECEMBER 31, 2001 AND 2000

5.       PARTY-IN-INTEREST TRANSACTIONS

         Parties-in-interest are defined under Department of Labor Regulations
         as any fiduciary of the Plan, any party rendering service to the Plan,
         the employer and certain others. Professional fees for the
         administration and audit of the Plan were paid by the Plan.

<TABLE>
<CAPTION>
                                                                                   December 31,
                                                                             2001               2000
                                                                          ---------           -------
         <S>                                                              <C>                 <C>
         Aetna Funds                                                      $ 814,289           780,694
         Franklin Financial Corporation Common Stock                        673,858           256,294
         Participant Loans                                                   34,698            43,891
</TABLE>

6.       PLAN TERMINATION

         Although it has not expressed my intent to do so, the Company has the
         right under the Plan to discontinue its contributions at any time and
         to terminate the Plan subject to the provisions of ERISA and its
         related regulations. In the event of Plan termination, participants
         will become 100% vested in their accounts.


                                       8
<PAGE>

              FRANKLIN FINANCIAL EMPLOYEES RETIREMENT SAVINGS PLAN
                                 EIN: 62-1376027
                                PLAN NUMBER: 001
                       PLAN YEAR ENDED: DECEMBER 31, 2001

         SCHEDULE H, LINE 4I - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

<TABLE>
<CAPTION>
                                                                                  (c)
     (a)
                                       (b)                                  Description of                         (e)
    Party                                                                Investments including       (d)
    -in-                   Identity of Issue, Borrower,                    Maturity Date and                       Current
  interest                   Lessor or Similar Party                       Rate of Interest          Cost           Value
---------------------------------------------------------------------------------------------------------------------------
<S>            <C>                                                       <C>                         <C>          <C>
      *        Aetna Growth and Income                                   Institutional fund          N/A          $ 316,867

      *        Aetna Money Market                                           Money Market             N/A             47,500

      *        Aetna Bond                                                Institutional fund          N/A              8,826

      *        Aetna Balanced                                            Institutional fund          N/A            120,311

      *        Aetna Fixed Account #26                                   Institutional fund          N/A            320,785

               Portfolio Partners Scudder Int'l. Growth                      Mutual fund             N/A             16,146

               Portfolio Partners MFS Research Growth                        Mutual fund             N/A             23,803

               Portfolio Partners MFS Emerging Equities                      Mutual fund             N/A             80,180

               Fidelity VIP Equity Income Portfolio                          Mutual fund             N/A            121,255

               Fidelity VIP Growth Portfolio                                 Mutual fund             N/A            470,629

               Janus Aspen Growth Portfolio                                  Mutual fund             N/A             60,950

               Janus Aspen Aggressive Growth Portfolio                       Mutual fund             N/A             20,393

               Janus Aspen Worldwide Growth Portfolio                        Mutual fund             N/A              3,206

      *        Participant Loans                                            8.25% - 8.75%            N/A             34,698

      *        Franklin Financial Corporation

                     Participant-Directed                                  Employer Stock            N/A            210,722

                     Nonparticipant-Directed                               Employer Stock          $310,560         463,163
                                                                                                                 ----------
               TOTAL INVESTMENTS                                                                                 $2,319,407
                                                                                                                 ==========
</TABLE>

* Party-in-interest to the Plan.

N/A - Information is not required since these are participant directed
      investments.


                                       9
<PAGE>

              FRANKLIN FINANCIAL EMPLOYEES RETIREMENT SAVINGS PLAN
                                 EIN: 62-1376027
                                PLAN NUMBER: 001
                       PLAN YEAR ENDED: DECEMBER 31, 2001

            SCHEDULE H, LINE 4J - SCHEDULE OF REPORTABLE TRANSACTIONS


<TABLE>
<CAPTION>
                                                                                                               (H)

                                                                                 (F)                         CURRENT
       (A)                                                                                                  VALUE OF
                       (B)            (C)           (D)            (E)         EXPENSE           (G)          ASSET           (I)
   IDENTITY OF                                                                 INCURRED                        ON
      PARTY        DESCRIPTION     PURCHASE       SELLING         LEASE          WITH          COST OF     TRANSACTION     NET GAIN
     INVOLVED        OF ASSET        PRICE         PRICE         RENTAL      TRANSACTION        ASSET         DATE         OR (LOSS)
------------------------------------------------------------------------------------------------------------------------------------
<S>                <C>            <C>             <C>            <C>         <C>             <C>           <C>             <C>
1)  Single Transactions

  * Franklin         Employer     $ 181,101          --             --              --       $ 181,101     $ 181,101            --
    Financial        Stock
    Corp

2)  Series of Nonsecurity Transactions

    None reportable.
</TABLE>

* Party-in-interest to the Plan.


                                       10
<PAGE>

                               S I G N A T U R E S

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Plan has caused this annual report to be signed on the 28th day of June,
2002, by the undersigned thereunto duly authorized.

                                              FRANKLIN FINANCIAL EMPLOYEES
                                              RETIREMENT SAVINGS PLAN



                                              By: /s/ Gordon E. Inman
                                                  ------------------------------
                                                  Gordon E. Inman, Trustee
                                                  (Plan Administrator)



                                              By: /s/ Richard E. Herrington
                                                  ------------------------------
                                                  Richard E. Herrington, Trustee
                                                  (Plan Administrator)