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 7, 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 March 7, 1996 relating to the authorization of an open
  market stock repurchase program 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 March 7,      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
  
  
                           By:                                     
                                William E. Snell, Jr., President
  
  
  
  
  Dated: March 7, 1996
  
  
  
  
  
  
  
  
  
  
  
  
  
  
                           PRESS RELEASE
  
  For Immediate Release    Contact:
                           William E. Snell, Jr., President
                           Franklin Financial Services Corporation
                           (717) 264-6116
  
  
       CHAMBERSBURG, PENNSYLVANIA, March 7, 1996 -- 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, or approximately 2.6% of such shares issued and
  outstanding.
  
       The repurchases are authorized to be made from time to time
  in open market or privately negotiated transactions during the
  next year.  According to President 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 Franklin County
  based bank holding company with assets of approximately $313
  million.  Its wholly-owned subsidiary, Farmers and Merchants
  Trust Company of Chambersburg, operates eight banking offices in
  Franklin County, Pennsylvania.
  
                              - End -
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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 7, 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 March 7, 1996 relating to the authorization of an open
  market stock repurchase program 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 March 7,      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
  
                           By:                                     
                                William E. Snell, Jr., President
  
  Dated: March 7, 1996
  
                           PRESS RELEASE
  
  For Immediate Release    Contact:
                           William E. Snell, Jr., President
                           Franklin Financial Services Corporation
                           (717) 264-6116
  
       CHAMBERSBURG, PENNSYLVANIA, March 7, 1996 -- 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, or approximately 2.6% of such shares issued and
  outstanding.
  
       The repurchases are authorized to be made from time to time
  in open market or privately negotiated transactions during the
  next year.  According to President 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 Franklin County
  based bank holding company with assets of approximately $313
  million.  Its wholly-owned subsidiary, Farmers and Merchants
  Trust Company of Chambersburg, operates eight banking offices in
  Franklin County, Pennsylvania.
  
                              - End -