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)  July 11, 1996   
  
  
                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)
  
  
  <PAGE>
  Item 5.   Other Events.
  
       The press release of Franklin Financial Services Corporation
  dated July 11, 1996 relating to the modification and extension of
  an open market stock repurchase program previously authorized by
  the Board of Directors on March 7, 1996 and attached hereto as
  Exhibit 99 is incorporated by reference herein.
  
  Item 7.   Financial Statements and Exhibits.
  
            (c)  Exhibits
  
       The following exhibits are filed herewith:
  
                                               
       Number              Description              Page Number
  
         99      Press Release, dated July 11,           3
                 1996, 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
  
  
  
  Dated:  July 12, 1996<PAGE>
                              EXHIBIT 99
  
  
  
                       Franklin Financial Extends Stock Repurchase
  
  
       Franklin Financial Services Corporation, the parent bank holding company
  of F&M Trust Company, today announced that it has modified and extended the 
  stock repurchase program previously authorized by its board of directors on 
  March 7, 1996.  
  
       As originally adopted, the stock repurchase program authorized the
  repurchase of up to 50,000 shares of the Company's $1.00 par value common stock
  in open market or privately negotiated transactions during the one year period
  following the adoption of the program.  As modified and extended, the program
  increases the number of shares authorized to be repurchased from 50,000 to
  100,000 shares (representing approximately 5.1% of such shares issued and
  outstanding) and extends the period during which repurchases may be made until
  July 10, 1997.
  
       Franklin Financial has purchased approximately 50,000 shares since the
  repurchase program was adopted in March of this year.  According to William E.
  Snell, Jr., president and chief executive officer, 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 Dividend Reinvestment Plan and 
  other corporate purposes.
  
       Franklin Financial Services Corporation is a Franklin County-based bank
  holding company with assets of approximately $320 million.  Its wholly-owned
  subsidiary, F&M Trust, operates nine banking offices throughout Franklin County
  in Chambersburg, Marion, Mont Alto and Waynesboro and recently announced an
  agreement in principle to acquire four branch properties from PNC Bank in
  Franklin and Cumberland Counties.
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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)  July 11, 1996   
  
                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 July 11, 1996 relating to the modification and extension of
  an open market stock repurchase program previously authorized by
  the Board of Directors on March 7, 1996 and attached hereto as
  Exhibit 99 is incorporated by reference herein.
  
  Item 7.   Financial Statements and Exhibits.
  
            (c)  Exhibits
  
       The following exhibits are filed herewith:
  
                                               
       Number              Description              Page Number
  
         99      Press Release, dated July 11,           3
                 1996, 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
  
  Dated:  July 12, 1996
  EXHIBIT 99
  
                       Franklin Financial Extends Stock Repurchase
  
       Franklin Financial Services Corporation, the parent bank holding company
  of F&M Trust Company, today announced that it has modified and extended the 
  stock repurchase program previously authorized by its board of directors on 
  March 7, 1996.  
  
       As originally adopted, the stock repurchase program authorized the
  repurchase of up to 50,000 shares of the Company's $1.00 par value common stock
  in open market or privately negotiated transactions during the one year period
  following the adoption of the program.  As modified and extended, the program
  increases the number of shares authorized to be repurchased from 50,000 to
  100,000 shares (representing approximately 5.1% of such shares issued and
  outstanding) and extends the period during which repurchases may be made until
  July 10, 1997.
  
       Franklin Financial has purchased approximately 50,000 shares since the
  repurchase program was adopted in March of this year.  According to William E.
  Snell, Jr., president and chief executive officer, 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 Dividend Reinvestment Plan and 
  other corporate purposes.
  
       Franklin Financial Services Corporation is a Franklin County-based bank
  holding company with assets of approximately $320 million.  Its wholly-owned
  subsidiary, F&M Trust, operates nine banking offices throughout Franklin County
  in Chambersburg, Marion, Mont Alto and Waynesboro and recently announced an
  agreement in principle to acquire four branch properties from PNC Bank in
  Franklin and Cumberland Counties.