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 17, 1998
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 July 17, 1998.
Signatures
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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)
Donald F. Holt
Date: July 21, 1998 -----------------------------------
Senior Vice President &
Chief Financial Officer
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EXHIBIT INDEX
Exhibit No. Description
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99.1 Press Release of Keystone Financial, Inc. dated
July 17, 1998.
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For Further Information Contact:
Donald F. Holt
Sr. Vice President &
Chief Financial Officer
(717) 231-5704
Keystone Financial Reports Higher June 30 Results
HARRISBURG, PA., July 17, 1998 - Keystone Financial, Inc.(Keystone), (NASDAQ,
NM:KSTN), the third largest bank holding company headquartered in Pennsylvania,
today reported increases in earnings for the second quarter and six months ended
June 30, 1998.
Second quarter net income was $25,281,000 or 49 cents per basic share, compared
to $14,982,000, or 29 cents per basic share for the same period of 1997. Results
for the second quarter of 1997 had included the impact of special merger and
portfolio restructuring charges that reduced quarterly net income by $8.6
million, or 17 cents per share. Excluding these items, net income and earnings
per share for the second quarter of 1998 increased 7 percent over the same
period of 1997.
Net income for the six months ended June 30, 1998 reached $49,417,000, or 96
cents per basic share, versus $37,753,000, or 73 cents per basic share for the
comparable 1997 period. Performance for the first half of 1998 increased 7
percent over 1997, exclusive of the above-mentioned merger and portfolio
restructuring charges. For the first six months of 1998, return on average
assets and return on average equity reached 1.46 percent and 14.59 percent,
respectively. Assets at the close of the second quarter were $6,898,890,000,
compared with $6,880,835,000 at the end of the second quarter of 1997. Loans
reached $4,616,650,000 while deposits were $5,178,972,000 at June 30, 1998.
"We are pleased with our core operating performance during the quarter,
particularly with the continuing growth in fee revenues, which exceeded 20
percent," Carl L. Campbell, chairman and chief executive officer, commented. "We
believe our fundamental strategy of providing fully integrated financial
services solutions to meet the broad range of customer needs provides the
foundation for higher revenues and earnings," Campbell added.
Keystone Financial Inc., with assets of approximately $6.9 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., an investment management services provider,
Keystone Financial Mortgage Co., MMC&P, a retirement benefit services firm,
Keystone Financial Leasing Corporation, and Key Call Phone Banking Center.
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