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KEYSTONE FINANCIAL AGREES TO ACQUIRE MAIN LINE BANCSHARES

 KEYSTONE FINANCIAL AGREES TO ACQUIRE MAIN LINE BANCSHARES
 HARRISBURG, Pa., Jan. 14 /PRNewswire/ -- Keystone Financial, Inc. (NASDAQ: KSTN), the ninth largest bank holding company in Pennsylvania, today announced it has signed a definitive agreement to acquire all the outstanding stock of Main Line Bancshares, Inc. (Main Line) (OTC), of Wayne, Pa.
 Main Line, formed in 1985, is the parent company of National Bank of the Main Line with assets of approximately $190 million and four community offices in Wayne, Paoli, Exton and Bryn Mawr, Pa. For 1990, Main Line had net income of $1,552,020 or $1.35 per share and for the first nine months of 1991 net income was $1,478,636 or $1.28 per share.
 At the close of business on Jan. 13, 1992, the market price of Keystone Financial stock was $24 per share. Under terms of the agreement, shareholders of Main Line will receive .92 of a share of Keystone stock for each share of their stock. This results in aggregate consideration of approximately $28.7 million.
 "Main Line has experienced outstanding growth in the highly desirable western suburbs of Philadelphia, while maintaining strong asset quality -- a Keystone hallmark," Carl L. Campbell, president and chief executive officer of Keystone, said.
 "The success of Main Line is attributable to strong, experienced management and a community banking approach based on quality, personalized service to small business and professionals -- a corporate culture shared by Keystone," he added.
 Ted Peters, president and chief executive officer of Main Line, commented, "We are excited by this unique opportunity to become a partner with a high-quality organization such as Keystone. Their 'Super Community Banking' strategy is ideally suited to our concept of serving customers. With Keystone's backing, we can accelerate our growth through the introduction of new products and services, such as trust, and the application of their extensive support system."
 The agreement is subject to approval by appropriate regulatory agencies and shareholders of Main Line. Completion of the acquisition is expected during the summer of 1992.
 Keystone Financial has three member banks -- Pennsylvania National Bank, Pottsville; Northern Central Bank, Williamsport; and Mid-State Bank, Altoona -- which operate 93 community offices in 20 Pennsylvania counties.
 -0- 1/14/92
 /CONTACT: Robert J. Gentry of Keystone Financial, 717-231-5708/
 (KSTN) CO: Keystone Financial Inc.; Main Line Bancshares Inc. ST: Pennsylvania IN: FIN SU: TNM


TS-OS -- NY010 -- 9412 01/14/92 09:14 EST
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Publication:PR Newswire
Date:Jan 14, 1992
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