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 4,1999
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 4,1999 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 5,1999 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
/s/ William E. Snell, Jr.
By:
William E. Snell, Jr., President
and Chief Executive Officer
Dated: March 8, 1999
<PAGE>
Press Release - March 4, 1999
Franklin Financial Services Corporation
Kenneth C. Ditzler (717) 261-3665
Franklin Financial Announces Stock Repurchase Program
(Chambersburg, PA) Franklin Financial Services Corporation, the parent
bank holding company of Farmers and Merchants Trust Company of Chambersburg,
today announced that its Board of Directors has authorized the repurchase of up
to 50,000 shares of its $1.00 par value common stock, representing approximately
1.8% 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 8,975 shares of its common
stock during the past 12 months under a repurchase program authorized by the
Board of Directors last year. 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 benefits plans, executive compensation plans, and for
issuance under the Dividend Reinvestment Plan and other corporate purposes.
Franklin Financial Services Corporation is a Chambersburg, Pennsylvania
based bank holding company with assets of approximately $425 million. Its
wholly-owned subsidiary, Farmers and Merchants Trust Company of Chambersburg, is
an independent community bank which operates twelve banking offices located in
Franklin and Cumberland Counties, Pennsylvania.
