<PAGE>   1
                                                                      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, 1999

     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, 1999 and 1998
     c.  Statement of Changes in Net Assets Available for Plan Benefits, for the
         Years Ended December 31, 1999 and 1998
     d.  Notes to Financial Statements
     e.  Schedule H - Schedule of Assets Held for Investment Purposes
     f.  Schedule H - Schedule of Reportable Transactions
<PAGE>   2

                          FRANKLIN FINANCIAL EMPLOYEES
                             RETIREMENT SAVINGS PLAN

                 FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES
                           DECEMBER 31, 1999 AND 1998
                   (WITH INDEPENDENT AUDITORS' REPORT THEREON)



<PAGE>   3



              FRANKLIN FINANCIAL EMPLOYEES RETIREMENT SAVINGS PLAN

                                TABLE OF CONTENTS


<TABLE>
<S>                                                                                <C>
Independent Auditors' Report.........................................................1-2

Financial Statements:

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

         Statements of Changes in Net Assets Available for Plan Benefits...............4

         Notes to Financial Statements...............................................5-8

Schedules:

         Assets Held for Investment Purposes...........................................9

         Reportable Transactions...................................................10-12
</TABLE>

<PAGE>   4

                          INDEPENDENT AUDITOR'S REPORT


To the Board of Directors of the
Franklin Financial Employees
Retirement Savings Plan


We have audited the accompanying statements of net assets available for plan
benefits of Franklin Financial Employees Retirement Savings Plan as of December
31, 1999 and 1998, and the related statements of changes in net assets available
for plan benefits for the years 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 audits.

We conducted our audits in accordance with generally accepted auditing
standards. 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 audits provide a reasonable basis for our opinion.

In our opinion, the 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, 1999 and 1998,
and the changes in its net assets available for plan benefits for the years then
ended in conformity with generally accepted accounting principles.

Our audits were conducted for the purpose of forming an opinion on the 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 anaylsis and are not a required part of the 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 basic financial statements and, in our opinion, are fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.




<PAGE>   5



The schedule of assets held for investment purposes that accompanies the Plan's
financial statements does not disclose the historical cost of certain plan
investments held by the Plan custodian. Disclosure of this information is
required by the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974.




Heathcott & Mullaly, P.C.
Brentwood, Tennessee
May 15, 2000




<PAGE>   6



              FRANKLIN FINANCIAL EMPLOYEES RETIREMENT SAVINGS PLAN
              STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
                           DECEMBER 31, 1999 AND 1998


<TABLE>
<CAPTION>
                  ASSETS:                                                     1999                1998
                                                                           ----------          ----------

                  <S>                                                      <C>                 <C>
                  Investments held by Aetna Life Insurance
                    and Annuity Company, Custodian                         $1,389,821             978,836
                  Franklin Financial Corporation common stock                 261,775             224,612
                  Participant loans                                            16,043              28,291
                  Cash                                                          2,426                 830
                                                                           ----------          ----------

                      Total investments, at fair value                      1,670,065           1,232,569
                                                                           ==========          ==========

                  Receivables:
                    Employee contributions                                        281                  --
                    Employer contribution                                       6,766               1,211
                                                                           ----------          ----------

                      Total receivables                                         7,047               1,211
                                                                           ----------          ----------

                           Total assets                                    $1,677,112           1,233,780
                                                                           ==========          ==========



                           NET ASSETS AVAILABLE FOR PLAN BENEFITS          $1,677,112           1,233,780
                                                                           ==========          ==========
</TABLE>

See accompanying notes to financial statements.


                                       3
<PAGE>   7


              FRANKLIN FINANCIAL EMPLOYEES RETIREMENT SAVINGS PLAN
         STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
                     YEARS ENDED DECEMBER 31, 1999 AND 1998


<TABLE>
<CAPTION>

                 ADDITIONS TO NET ASSETS ATTRIBUTED TO:                             1999                1998
                                                                                 ----------          ----------

                 <S>                                                             <C>                 <C>
                       Investment income:
                          Interest                                               $    1,766               4,567
                          Net appreciation in fair value of investments             106,967              33,116
                                                                                 ----------          ----------

                          Total investment income                                   108,733              37,683
                                                                                 ----------          ----------

                      Contributions
                          Employer                                                  134,773              80,364
                          Participants                                              238,253             194,871
                                                                                 ----------          ----------

                          Total contributions                                       373,026             275,235
                                                                                 ----------          ----------

                               Total additions                                      481,759             312,918
                                                                                 ----------          ----------


                 DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
                          Benefits paid to participants                              32,817              39,196
                          Forfeitures                                                 5,610               3,047
                                                                                 ----------          ----------

                               TOTAL DEDUCTIONS                                      38,427              42,243
                                                                                 ----------          ----------

                 INCREASE IN NET ASSETS                                             443,332             270,675

                 NET ASSETS AT BEGINNING OF YEAR                                  1,223,780             963,105
                                                                                 ----------          ----------

                 NET ASSETS AT END OF YEAR                                       $1,677,112           1,233,780
                                                                                 ==========          ==========
</TABLE>



See accompanying notes to financial statements.


                                       4
<PAGE>   8

              FRANKLIN FINANCIAL EMPLOYEES RETIREMENT SAVINGS PLAN
                          NOTES TO FINANCIAL STATEMENTS
                           DECEMBER 31, 1999 AND 1998

(1)      DESCRIPTION OF PLAN

         The following description of the Franklin Financial Employees
         Retirement Savings 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. Contributions are
                  subject to certain limitations. 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.


                                       5
<PAGE>   9

              FRANKLIN FINANCIAL EMPLOYEES RETIREMENT SAVINGS PLAN
                          NOTES TO FINANCIAL STATEMENTS
                           DECEMBER 31, 1999 AND 1998

(1)      DESCRIPTION OF PLAN, CONTINUED

         (D)      VESTING, CONTINUED

                  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.

         (E)      INVESTMENT OPTIONS

                  Upon enrollment in the Plan, a participant may direct employee
                  contributions in any of thirteen 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. 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
                  reduce future Company contributions.


                                       6
<PAGE>   10

              FRANKLIN FINANCIAL EMPLOYEES RETIREMENT SAVINGS PLAN
                          NOTES TO FINANCIAL STATEMENTS
                           DECEMBER 31, 1999 AND 1998

(1)      DESCRIPTION OF PLAN, CONTINUED

         (I)      PLAN TERMINATION

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

(2)      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         (A)      BASIS OF PRESENTATION

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

         (B)      ESTIMATES

                  The preparation of financial statements in conformity with
                  generally accepted accounting principles requires the plan
                  administrator to make estimates and assumptions that affect
                  certain reported amounts and disclosures. Accordingly, actual
                  results may differ from those estimates.

         (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.

         (D)      PAYMENT OF BENEFITS

                  Benefits are recorded when paid.

(3)      INVESTMENTS

         The following presents investments at December 31, 1999 and 1998 that
         represent 5% or more of the plan's net assets.


                                       7
<PAGE>   11

              FRANKLIN FINANCIAL EMPLOYEES RETIREMENT SAVINGS PLAN
                          NOTES TO FINANCIAL STATEMENTS
                           DECEMBER 31, 1999 AND 1998

(3)      INVESTMENTS, CONTINUED


<TABLE>
<CAPTION>

                                                       1999              1998
                                                     --------          --------

<S>                                                  <C>               <C>
Aetna Investments Growth and Income Fund             $409,222          $329,624
Aetna Investments Balances Fund                       114,977            89,020
Aetna Investments Fixed Account                       244,271           244,309
Portfolio Partners MFS Emerging Equities              110,643                --
Fidelity VIP Equity Income Portfolio                  116,962            63,501
Fidelity VIP Growth Portfolio                         275,803           114,343
Franklin Financial Corporation Common Stock           261,775           224,612
</TABLE>

(4)      TAX STATUS

         The Plan has received a determination letter in which the Internal
         Revenue Service stated the Plan, as currently designed, is in
         compliance with the applicable requirements of the Internal Revenue
         Code.

(5)      RELATED PARTY TRANSACTION

         Certain Plan investments are shares of institutional funds managed by
         Aetna Life Insurance and Annuity Company. Aetna Life Insurance and
         Annuity Company is the custodian of the Plan and, therefore, these
         transactions qualify as party-in-interest.


                                       8
<PAGE>   12

              FRANKLIN FINANCIAL EMPLOYEES RETIREMENT SAVINGS PLAN
                                 EIN: 62-1376027
                                PLAN NUMBER: 001
                       PLAN YEAR ENDED: DECEMBER 31, 1999

               SCHEDULE H - SCHEDULE OF ASSETS HELD FOR INVESTMENT
                             PURPOSES AT END OF YEAR

<TABLE>
<CAPTION>

           Identity of Issue,                      Description of                              Current
            Borrower, Lessor                         Investment                Cost             Value

<S>                                              <C>                         <C>             <C>
*Aetna Growth and Income                         Institutional fund              N/A         $   409,222
*Aetna Money Market                              Money Market                    N/A              53,264
*Aetna Bond                                      Institutional fund              N/A              13,968
*Aetna Balanced                                  Institutional fund              N/A             114,977
*Aetna Guaranteed Accumulation                   Institutional fund              N/A               2,425
Account - Short Term
*Aetna Guaranteed Accumulation                   Institutional fund              N/A                 315
Account - Long Term
*Aetna Fixed Account #26                         Institutional fund              N/A             244,271
Portfolio Partners Scudder Int'l Growth          Mutual fund                     N/A              18,395
Portfolio Partners MFS Research                  Mutual fund                     N/A              29,576
Growth
Portfolio Partners MFS Emerging                  Mutual fund                     N/A             110,643
Equities
Fidelity VIP Equity Income Portfolio             Mutual fund                     N/A             116,962
Fidelity VIP Growth Portfolio                    Mutual fund                     N/A             275,803
*Participant Loans                               8.25% - 8.75%                   N/A              16,043
*Franklin Financial Corporation                  Employer Stock              452,053             261,775
                                                                                             -----------
TOTAL INVESTMENTS                                                                            $ 1,667,639
</TABLE>

*Party-in-interest to the Plan.


                                       9
<PAGE>   13

              FRANKLIN FINANCIAL EMPLOYEES RETIREMENT SAVINGS PLAN
                                 EIN: 62-1376027
                                PLAN NUMBER: 001
                       PLAN YEAR ENDED: DECEMBER 31, 1999

                SCHEDULE H - SCHEDULE OF REPORTABLE TRANSACTIONS

<TABLE>
<CAPTION>
                                                                                                            CURRENT
                                                                                                           VALUE OF
                                                                                                             ASSET
  IDENTITY OF                                                                                                 ON
     PARTY        DESCRIPTION      PURCHASE        SELLING       LEASE        EXPENSE       COST OF       TRANSACTION     NET GAIN
   INVOLVED        OF ASSET         PRICE           PRICE        RENTAL       INCURRED       ASSET           DATE          OR LOSS

1) Single Transactions
<S>               <C>              <C>             <C>           <C>          <C>          <C>            <C>             <C>

*Franklin          Employer        $103,157          --            --            --        $ 103,157       $ 103,157         --
Financial Corp      Stock

2) Series of Nonsecurity Transactions

   None reportable.
</TABLE>


                                       10
<PAGE>   14

              FRANKLIN FINANCIAL EMPLOYEES RETIREMENT SAVINGS PLAN
                                 EIN: 62-1376027
                                PLAN NUMBER: 001
                       PLAN YEAR ENDED: DECEMBER 31, 1999

                SCHEDULE H - SCHEDULE OF REPORTABLE TRANSACTIONS

<TABLE>
<CAPTION>
                                                                                                            CURRENT
                                                                                                           VALUE OF
                                                                                                             ASSET
  IDENTITY OF                                                                                                 ON
     PARTY        DESCRIPTION      PURCHASE        SELLING       LEASE        EXPENSE       COST OF       TRANSACTION     NET GAIN
   INVOLVED        OF ASSET         PRICE           PRICE        RENTAL       INCURRED       ASSET           DATE          OR LOSS

3) Aggregate Transactions in One issue of Securities
<S>               <C>              <C>             <C>           <C>          <C>           <C>           <C>             <C>

* Aetna          Institutional     $ 56,043             --         --            --         $56,043        $  56,043         --
Growth and       Fund                    --        $29,078         --            --         $29,078        $  29,078         --
Income

* Aetna          Money             $ 19,394             --         --            --         $19,394        $  19,394         --
Money            Market                  --        $ 6,172         --            --         $ 6,172        $   6,172         --
Market

* Aetna                            $ 21,729             --         --            --         $21,729        $  21,729         --
Balanced                                 --        $ 8,356         --            --         $ 8,356        $   8,356         --

*Aetna Fixed     Institutional     $ 37,088             --         --            --         $37,088        $  37,088         --
Account #26      Fund                    --        $46,684         --            --         $46,684        $  46,684         --
</TABLE>


                                       11
<PAGE>   15

              FRANKLIN FINANCIAL EMPLOYEES RETIREMENT SAVINGS PLAN
                                 EIN: 62-1376027
                                PLAN NUMBER: 001
                       PLAN YEAR ENDED: DECEMBER 31, 1999

                SCHEDULE H - SCHEDULE OF REPORTABLE TRANSACTIONS

<TABLE>
<CAPTION>
                                                                                                       CURRENT
                                                                                                       VALUE OF
                                                                                                        ASSET
  IDENTITY OF                                                                                             ON
     PARTY        DESCRIPTION      PURCHASE      SELLING     LEASE     EXPENSE       COST OF         TRANSACTION     NET GAIN
   INVOLVED        OF ASSET         PRICE         PRICE      RENTAL    INCURRED       ASSET              DATE        OR LOSS

<S>               <C>              <C>           <C>         <C>       <C>          <C>              <C>             <C>
Portfolio            Mutual        $ 19,688           --       --         --        $  19,688         $  19,688         --
Partners             Fund                --      $ 3,140       --         --        $   3,140         $   3,140         --
MFS
Emerging Eq

Fidelity VIP         Mutual        $ 52,595           --       --         --        $  52,595         $  52,595         --
Equity               Fund                --      $ 2,516       --         --        $   2,516         $   2,516         --
Income

Fidelity VIP         Mutual        $111,419           --       --         --        $ 111,419         $ 111,419         --
Growth               Fund                --      $14,641       --         --        $  14,641         $  14,641         --
Portfolio

*Franklin            Employer      $129,190           --       --         --        $ 129,190         $ 129,190         --
Financial            Stock
Corp

4) Other Transactions Involving Securities or Parties Involved in Single
Transactions Reportable

   None Reportable.
</TABLE>

*Party-in-interest to the Plan.


                                       12
<PAGE>   16


                                  SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Plan has caused this annual report to be signed on the 27th day of June,
2000, 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)