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ELMWOOD BANCORP, INC. AGREES TO JOIN WITH KEYSTONE FINANCIAL, INC.

 MEDIA, Pa., July 2 /PRNewswire/ -- Elmwood Bancorp, Inc. (NASDAQ: EFSB) today announced that it has signed a definitive agreement to become the fifth banking partner of Keystone Financial, Inc. (NASDAQ: KSTN).
 Based in Harrisburg, Pa., Keystone has assets of approximately $3.1 billion and is the ninth-largest bank holding company in Pennsylvania. Keystone Financial currently has four member banks -- Pennsylvania National Bank, Pottsville; Northern Central Bank, Williamsport; Mid-State Bank, Altoona; and National Bank of the Main Line, Wayne -- which together operate 94 community offices in 23 Pennsylvania counties.
 Elmwood, the parent company of Elmwood Federal Savings Bank, has $250 million in assets and nine community offices located in the western suburbs of Philadelphia, an area complementary to Keystone's existing banking operations.
 Keystone will issue .74 shares of its common stock for each of the Elmwood 1,460,000 shares outstanding. The closing market price of Keystone on July 1, 1993, was $31.50 per share. As a result, the aggregate consideration for the transaction is approximately $34 million. Keystone currently has 15.7 million shares outstanding.
 For the first three months of 1993, Elmwood had net income from continuing operations of $557,500, which produced a return on assets of .91 percent and a return on equity of 9.72 percent.
 Frank C. Freeman, chairman and chief executive officer of Elmwood, commented, "We look forward to being a part of the banking family of a highly regarded, growth-oriented organization like Keystone. We share their dedication to quality and their `Super Community Banking' philosophy. Keystone's substantial resources, including state-of-the- art technology, will help stimulate our growth through the expansion of products and services such as trust and small business lending."
 "Elmwood is a profitable, well-run organization located in a very desirable banking market," said Carl L. Campbell, president and chief executive officer of Keystone. "We are excited about the benefits that will be created by combining the efforts of Elmwood with those of our National Bank of the Main Line."
 "Their customer focus, dedicated employees and solid fundamentals add significant strength to our already successful efforts serving the customers in this important market," he added.
 The agreement is subject to approval by regulatory agencies and shareholders of Elmwood. Completion of the acquisition is expected by the end of the first quarter of 1994.
 /delval/
 -0- 7/2/93
 /CONTACT: Frank C. Freeman, chairman and CEO of Elmwood, 215-565-8200/


CO: Elmwood Bancorp, Inc.; Elmwood Federal Savings Bank; Keystone
 Financial, Inc. ST: Pennsylvania IN: FIN SU: TNM


CC-LJ -- PH038 -- 8337 07/02/93 17:40 EDT
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Publication:PR Newswire
Date:Jul 2, 1993
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