FIRSTSPARTAN FINANCIAL

First Spartan Financial Corp., the holding company for First Federal Savings and Loan Association of Spartanburg. The Holding Company was organized on February 4, 1997 under Delaware law at the direction of the Association to acquire all of the capital stock that the Association will issue upon its conversion from the mutual to stock form of ownership. The Holding Company has only engaged in organizational activities to date. The Holding Company has received conditional OTS approval to become a savings and loan holding company through the acquisition of 100% of the capital stock of the Association.