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 6,1998
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)
Item 5. Other Events.
The press release of Franklin Financial Services Corporation dated
March 6,1998 and attached hereto as Exhibit 99, relates to the authorization
to repurchase up to 50,000 shares of the Corporation's common stock in open
market or privately negotiated transactions is incorporated by reference
herein.
Item 7. Financial Statements and Exhibits.
Exhibits
The following exhibits are filed herewith:
Number Description Page Number
99 Press Release, dated March 6,1998 3
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: /s/ William E. Snell, Jr.
William E. Snell, Jr., President
and Chief Executive Officer
Dated: March 6, 1998
<PAGE>
News Release - March 6, 1998
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 50,000 shares of its common stock.
The Board has authorized the repurchase of shares of its $1.00 par value
common stock, representing approximately 1.79% 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 36,750 shares of its
common stock, as adjusted to reflect the 3-for-2 stock split in the form of a
50% stock dividend declared November 13, 1997, pursuant to a one-year stock
repurchase program authorized by the board in March 1997. 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 approximately $353 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, Pennsylvania.
