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KEYSTONE FINANCIAL COMPLETES ACQUISITION OF WM BANCORP

 HARRISBURG, Pa., Jan. 10 /PRNewswire/ -- Keystone Financial, Inc. (NASDAQ-NMS: KSTN), the ninth largest bank holding company in Pennsylvania, today reported that the previously announced acquisition of the outstanding stock of WM Bancorp (WM), of Cumberland, Md., a multi-bank holding company with $350 million in assets and 21 offices in Maryland and West Virginia, was completed as of the close of business on Jan. 7, 1994.
 Shareholders of WM will receive 1.67 shares of Keystone common stock for each of the approximately 1,396,300 outstanding shares of WM. Keystone stock closed at $32 per share on Jan. 7, 1994, resulting in an aggregate consideration of approximately $74.6 million. Following the acquisition, approximately 18 million shares of Keystone stock are outstanding.
 "The acquisition of this strong, vibrant institution expands our super community banking structure beyond the borders of Pennsylvania. WM represents a natural geographic extension of our primary markets which reach from the New York to the Maryland borders," Carl L. Campbell, president and chief executive officer, said. "We would like to welcome WM shareholders, customers and employees into the Keystone member bank family," he added.
 Keystone's member banks include -- American Trust Bank, Cumberland, Md.; American Trust Bank of West Virginia, Keyser, W.Va.; Pennsylvania National Bank, Pottsville; Northern Central Bank, Williamsport; Mid-State Bank, Altoona; and National Bank of the Main Line, Wayne -- which together operate 113 offices in 26 counties in Pennsylvania, Maryland and West Virginia. The company previously announced the acquisition of Elmwood Bancorp of Media, Pa., which is also scheduled for completion in January 1994.
 -0- 1/10/94
 /CONTACT: Mark L. Pulaski of Keystone Financial, 717-231-5702/
 (KSTN)


CO: Keystone Financial, Inc.; WM Bancorp ST: Pennsylvania, Maryland IN: FIN SU: TNM

PS-JG -- NY043 -- 0530 01/10/94 11:16 EST
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Publication:PR Newswire
Date:Jan 10, 1994
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