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) April 18, 1996
KEYSTONE FINANCIAL, INC.
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(Exact name of registrant as specified in its charter)
Pennsylvania 0-11460 23-2289209
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(State or other jurisdiction (Commission File Number) (IRS Employer ID No.)
of incorporation)
One Keystone Plaza, P.O.Box 3660, Harrisburg, Pennsylvania 17105-3660
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(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 April 18, 1996.
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.
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(Registrant)
Date: March 3, 1997 ______________________
---------------------- Donald F. Holt
Senior Vice President &
Controller
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EXHIBIT INDEX
Exhibit No. Description
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99.1 Press Release of Keystone Financial, Inc. dated
April 18, 1996.
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PRESS RELEASE - For Immediate Release For Further Information Contact:
April 18, 1996 Mark L. Pulaski
(717) 231-5702
KEYSTONE FINANCIAL REPORTS FIRST QUARTER RESULTS
HARRISBURG, PA, April 18 - Keystone Financial, Inc., (NMS, NASDAQ: KSTN),
Pennsylvania's seventh largest bank holding company, today announced results for
the first quarter ended March 31, 1996.
First quarter net income rose to $16,857,000, or 67 cents per share
compared to $14,656,000, or 63 cents per share for the same period last year and
represented a six percent increase in earnings per share. First quarter return
on average assets was 1.36 percent and return on average equity was 14.02
percent.
Assets at the close of the first quarter increased to $4,966,610,000, from
$4,679,942,000 on the same date last year. Loans increased to $3,355,552,000,
from $3,237,611,000 at the end of 1995's first quarter, while deposits grew to
$3,990,379,000, from $3,825,127,000.
"We are pleased with first quarter results, especially given the impact of
the harsh winter. Revenue production and relationship banking, a key component
of our corporate strategy, remain priorities for us. Through relationship
banking we intend to translate value-added solutions to our customer's financial
needs into higher levels of income," Carl L. Campbell, president and chief
executive officer, commented.
"Asset quality also remains strong and steps taken during the quarter to
centralize our collections efforts and dispose of our credit card loan portfolio
will help ensure the continued high quality of our assets," Campbell concluded.
Keystone Financial, with assets of approximately $5 billion, 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
Pennsylania, Maryland and West Virginia.
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