content: 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.
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text: 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
  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.