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) October 17, 1997
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 October 17, 1997.
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: October 17, 1997 Donald F. Holt
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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
October 17, 1997.
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Contact: Mark L. Pulaski Donald F. Holt
Sr. Exec. Vice President Sr. Vice President
Chief Financial Officer Corporate Controller
(717)231-5702 (717)231-5704
KEYSTONE FINANCIAL REPORTS THIRD QUARTER/NINE MONTHS RESULTS
HARRISBURG, PA, Oct. 17-- Keystone Financial, Inc., (NASDAQ, NM:KSTN), the
fourth largest bank holding company headquartered in Pennsylvania, today
reported operating results for the third quarter and nine months ended September
30, 1997.
Third quarter net income reached $24.6 million or 48 cents per share,
compared with $22.3 million or 43 cents per share for the same period last year.
Net income for the nine month period totaled $62.4 million or $1.21 per share,
versus $66.7 million or $1.28 per share in 1996. Excluding the impact of the
special charges and portfolio restructuring losses taken during the second
quarter of 1997, net income for the nine months was $1.37, up from $1.28 for the
same period in 1996, representing a return on average assets of 1.44 percent and
a return on average equity of 14.44 percent.
Assets at the close of this year's third quarter rose seven percent to
$6,838,234,000 from $6,413,534,000 at the same 1996 date. Deposits grew to
$5,316,677,000 from $5,087,008,000 at September 30, 1996, while loans increased
to $4,735,762,000 from $4,255,150,000 at the end of the third quarter of 1996.
"We are pleased with the quarterly performance gain, which reflects
healthy loan growth and rising fee-based income," Carl L. Campbell, president
and chief executive officer, said.
"We are committed to our relationship banking strategy as a way to
produce revenue and earnings growth by forging strong customer relationships and
achieving greater market penetration," he added. "Our asset quality remains
sound and we are satisfied with the successful integration of our new banks,
which should contribute to improved operating efficiency beginning next
quarter," he concluded.
Keystone Financial, Inc., with assets of approximately $6.8 billion has
seven member banks -- American Trust Bank, N.A., Cumberland, MD; Financial Trust
Company, Carlisle, PA; Keystone Bank, N.A., Horsham, PA; Keystone National Bank,
Lancaster, PA; Mid-State Bank, Altoona, PA; Northern Central Bank, Williamsport,
PA; and Pennsylvania National Bank, Pottsville, PA; -- which together operate
nearly 200 offices in Pennsylvania, Maryland and West Virginia. Keystone also
operates Martindale Andres & Co., West Conshohocken, PA, a company providing
investment management services, Keystone Financial Mortgage Co., Lancaster, PA,
MMC&P, a retirement benefit services firm, Pittsburgh, PA, Keystone Financial
Leasing Corporation, Exton, PA and Key Call Phone Banking Center, Cumberland,
MD.
For more information, visit the company's web site on the Internet at
www.keyfin.com
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