F&M And Community Trust Merger Approved
Franklin Financial Services Corp., holding company of F&M Trust, and Community Financial Inc., holding company of Community Trust Co., announced last week that the Federal Deposit Insurance Corp. and the Pennsylvania Department of Banking have approved the merger of Community Financial with and into Franklin Financial Services, as well as the related merger of Community Trust with and into F&M Trust.
The joint announcement was made by William E. Snell Jr., president and chief executive officer of Franklin Financial Services, and Susan A. Russell, president and chief executive officer of Community Financial.
The acquisition is expected to be completed on November 29, 2008, at which time Franklin Financial Services will have total assets under management and with third-party brokers of more than $600 million.
With more than $880 million in assets, Franklin Financial Services is the holding company for F&M Trust, headquartered in Chambersburg and operating 25 community banking offices throughout Cumberland, Franklin, Fulton, and Huntingdon counties.