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 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.
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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 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
  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.