SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) July 25, 1996
KEYSTONE FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
Pennsylvania 0-11460 23-2289209
State or other jurisdiction (Commission File Number) (IRS Employer ID No.)
of incorporation)
One Keystone Plaza, P.O.Box 3660,Harrisburg, Pennsylvania 17105-3660
(Address of principal executive offices) (ZIP CODE)
Registrant's telephone number including area code: (717) 233-1555
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Item 5. Other Events
The following document is filed as an exhibit to this Form 8-K:
I. Press Release of Keystone Financial, Inc.
dated July 25, 1996.
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Keystone Financial, Inc.
(Registrant)
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Date: July 26, 1996
Mark L. Pulaski
Senior Executive Vice President
Chief Administrative Officer
and Chief Financial Officer
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EXHIBIT INDEX
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Exhibit No. Description
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99.1 Press Release of Keystone Financial, Inc. dated
July 25, 1996.
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Exhibit 99.1
July 25, 1996 Mark L. Pulaski
(717)231-5702
KEYSTONE FINANCIAL ANNOUNCES 3-FOR-2 STOCK SPLIT,
DECLARES REGULAR QUARTERLY CASH DIVIDEND
HARRISBURG, PA, July 25 -- Keystone Financial, Inc., (NASDAQ:
NM:KSTN), Pennsylvania's fifth largest bank holding company, today
announced a 3-for-2 stock split and declared a regular cash
dividend. The stock split, in the form of a 50 percent stock
dividend, is payable on August 23, 1996, to shareholders of record
as of August 6, 1996. A cash payment will be made in lieu of the
issuance of fractional shares. Following the split, the company
will have approximately 38 million shares outstanding.
A regular quarterly cash dividend of 36 cents per share was
also declared, which adjusted for the split is equal to 24 cents
per share. The dividend is payable October 20, 1996, to
shareholders of record on October 9, 1996.
"We are pleased with our operating performance and are
optimistic that the strategies we are pursuing will continue to add
value. The dividend and stock split are evidence of our desire to
continue to enhance our shareholders' investment," Carl L.
Campbell, president and chief executive officer said. "The
benefits of the split should include an increased attractiveness
and availability of our stock in the marketplace," he concluded.
Keystone recently reported record second quarter and year-to-date
results. Second quarter net income increased to $17,733,000,
or 70 cents per share, from $15,021,000 or 64 cents per share for
the same period in 1995. Net income for the six month period rose
to $34,590,000, or $1.37 per share from $29,677,000 or $1.27 per share, a
gain in earnings per share of eight percent. Reported earnings per
share do not reflect the impact of the stock split.
Keystone Financial has five member banks -- Pennsylvania
National Bank, Pottsville; Northern Central Bank, Williamsport;
Mid-State Bank, Altoona; Frankford Bank, Horsham; and American
Trust Bank N.A.,Cumberland, MD; which together operate 154 offices
in Pennsylvania, Maryland and West Virginia. Keystone also
operates several non-banking companies providing specialized
services including Keystone Financial Mortgage Company, Lancaster,
PA; Martindale Andres & Co., (asset management firm), West
Conshohocken, PA ; and Keystone Financial Dealer Center,
Williamsport, PA.
