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KEYSTONE FINANCIAL ACQUIRES MORTGAGE COMPANY

 HARRISBURG, Pa., May 11 /PRNewswire/ -- Keystone Financial, Inc., (NASDAQ-NMS: KSTN), Pennsylvania's ninth largest bank holding company, today announced the formation of Keystone Financial Mortgage Corporation (KFMC), a result of the acquisition of Mortgage Technology Corporation, a newly established mortgage company, headquartered in Lancaster, Pa. Terms of the acquisition were not disclosed.
 "This venture will allow Keystone to take advantage of existing mortgage banking opportunities in Southcentral Pennsylvania, specifically in Lancaster and York. In addition, it will allow KFMC to offer additional products and services to Keystone's existing markets," Carl L. Campbell, president and chief executive officer of Keystone, said.
 James M. Deitch, president and chief executive officer of KFMC and former president of Parent Federal Savings Bank, Lancaster, stated; "Initially, Keystone Financial Mortgage Corporation will be based in Lancaster. Once it is established, we intend to provide construction, permanent and jumbo financing throughout all existing market areas of Keystone Financial." "This is another method of providing greater value to our customers by offering specialized services, technology and management," Campbell added.
 Keystone Financial Corporation is a $3.1 billion holding company. Member banks include Mid State Bank, Altoona; Northern Central Bank, Williamsport; Pennsylvania National Bank, Pottsville, and National Bank of the Main Line, Wayne.
 -0- 5/12/93
 /CONTACT: Elizabeth A. Bauer of Keystone Financial, Inc., 717-231-5732/
 (KSTN)


CO: Keystone Financial, Inc. ST: Pennsylvania IN: FIN SU: TNM

SM-OS -- NY087 -- 7708 05/12/93 15:47 EDT
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Publication:PR Newswire
Date:May 12, 1993
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