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) March 6, 1997
FRANKLIN FINANCIAL SERVICES CORPORATION
(Exact name of registrant as specified in its charter)
Pennsylvania 0-12126 23-144083
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Ident. No.)
20 South Main Street, Chambersburg,PA 17201
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code (717) 264-6116
N/A
(Former name or former address, if changes since last report)
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Item 5. Other Events.
The press release of Franklin Financial Services Corporation
dated March 6, 1997 and attached hereto as Exhibit 99, which
relates to the authorization to repurchase up to 100,000 shares
of common stock in open market or privately negotiated
transactions, is incorporated by reference herein.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
The following exhibits are filed herewith:
Number Description Page Number
99 Press Release, dated March 6, 3
1997, of Franklin Financial
Services Corporation
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.
FRANKLIN FINANCIAL SERVICES CORPORATION
By:
William E. Snell, Jr., President and
Chief Executive Officer
Dated: March 6, 1997
EXHIBIT 99
News Release - March 6, 1997
Franklin Financial Services Corporation
Kenneth C. Ditzler (717) 261-3665
Franklin Financial announces stock repurchase program
Franklin Financial Services Corporation, the parent
company of F&M Trust Company, today announced that its
board of directors has authorized the repurchase of up
to 100,000 shares of its common stock.
The board has authorized the repurchase of shares
of its $1.00 par value common stock, representing
approximately 5.3% of such shares now issued and
outstanding. The repurchases are authorized to be made
from time to time during the next 12 months in open
market or privately negotiated transactions.
Franklin Financial has repurchased approximately
96,000 shares of its common stock since March 1996.
According to president and chief executive officer,
William E. Snell, Jr., the repurchased shares will be
held as treasury shares available for issuance in
connection with future stock dividends and stock
splits, employee benefit plans, executive compensation
plans, and for issuance under the Dividend Reinvestment
Plan and other corporate purposes.
Franklin Financial is the largest locally owned and
operated bank holding company in Franklin County with
assets of $336 million. Its wholly-owned subsidiary,
F&M Trust Company, has twelve banking offices located
in Boiling Springs, Chambersburg, Mont Alto, Marion,
Newville, Shippensburg and Waynesboro.
