Franklin Financial Announces Stock Repurchase Program
Franklin Financial Services Corp., the parent bank holding company of F&M Trust, has announced that its board of directors has authorized the repurchase of up to 100,000 shares of its $1.00 par value common stock, representing approximately 3 percent 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.
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, the dividend reinvestment plan, and other appropriate corporate purposes. Franklin Financial has repurchased approximately 22,000 shares of its common stock during the past 12 months under a repurchase program authorized by the board of directors last year.
Franklin Financial Services Corp. is a Chambersburg, Pa., based bank holding company with assets of approximately $967 million. Its wholly-owned subsidiary, F&M Trust, is an independent community bank which operates 25 banking offices throughout Franklin, Fulton, Cumberland, and Huntingdon counties. Franklin Financial stock is traded on the over-thecounter market under the symbol FRAF.