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KEYSTONE FINANCIAL REPORTS RECORD FIRST QUARTER RESULTS

 HARRISBURG, Pa., April 16 /PRNewswire/ -- Keystone Financial, Inc. (NASDAQ-NMS: KSTN), Pennsylvania's ninth largest bank holding company, today reported record results for the first quarter ended March 31, 1993.
 Three-month net income rose to $9,708,000 or 62 cents per share from $9,139,000 or 59 cents per share for the same period last year, an increase in per share earnings of five percent. First quarter return on average assets was 1.30 percent and return on average equity was 14.26 percent.
 Assets at the close of the first quarter totaled $3,004,784,000 versus $2,939,598,000 on the same date in 1992. Deposits were $2,480,187,000 compared to $2,491,123,000 at March 31, 1992, and loans increased to $2,114,241,000 from $2,055,719,000 during the same period.
 "We are encouraged by these early returns for 1993. Our super community banking philosophy -- emphasizing quality service and local decision making, while allowing for the attainment of operating efficiencies - has helped generate increased earnings for Keystone during a period of continued economic weakness. We are optimistic that we will continue to progress and register another year of improved performance," Carl L. Campbell, president and chief executive officer, said.
 Keystone 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.
 KEYSTONE FINANCIAL, INC.
 Financial Highlights (Unaudited)
 Three months ended 3/31/93 3/31/92
 Net income $9,708,000 $9,139,000
 Earnings per share .62 .59
 Average shares outstanding 15,776,000 15,459,697
 -0- 4/16/93
 /CONTACT: Leslie Bootay of Keystone Financial, Inc., 717-231-5754/
 (KSTN)


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

AH-OS -- NY029 -- 6719 04/16/93 11:34 EDT
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Publication:PR Newswire
Date:Apr 16, 1993
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