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KEYSTONE FINANCIAL REPORTS RECORD RESULTS FOR YEAR

 KEYSTONE FINANCIAL REPORTS RECORD RESULTS FOR YEAR
 HARRISBURG, Pa., Jan. 21 /PRNewswire/ -- Keystone Financial, Inc.


(NASDAQ: KSTN), the ninth largest bank holding company in Pennsylvania, today reported continuing strong operating results for the fourth quarter and year ended Dec. 31, 1991.
 "We achieved record results for the third consecutive year and made substantial progress in realizing long-term operating goals, despite hostile economic and banking environments," Carl L. Campbell, president and chief executive officer, said. "The results are attributable to our effective strategy of maintaining a quality loan portfolio, focusing resources on customer service and improving operating fundamentals such as cost management," he added.
 Fourth quarter net income was $8,343,000 or 58 cents per share, matching the $8,272,000 or 58 cents per share earned in the same period in 1990.
 For the year, net income increased to $33,171,000 compared to $32,270,000 for the same period in the prior year. This record performance resulted in earnings per share of $2.31 versus $2.23 in 1990, an increase of 3.6 percent.
 Assets at the close of 1991 totaled $2,721,542,000 versus $2,679,431,000 at the end of 1990. Deposits were $2,322,026,000 compared to $2,326,583,000 at Dec. 31, 1990, while loans increased to $1,901,293,000 from $1,839,607,000 during the same period. Keystone maintained a strong capital position with equity capital at year end reaching $236,333,000 or 8.68 percent of assets.
 Return on average assets for 1991 was 1.22 percent and return on average equity was 14.59 percent.
 "The operating climate in 1992 remains uncertain. However, we believe that we are well positioned to continue to progress," Campbell concluded.
 Earlier this month, Keystone announced the signing of an agreement to acquire Main Line Bancshares, Inc. (OTC), the parent company of National Bank of the Main Line, with assets of about $190 million and four community offices in Wayne, Paoli, Exton and Bryn Mawr, Pa.
 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.
 KEYSTONE FINANCIAL, INC.
 Periods ended: Three months Year
 Dec. 31: 1991 1990 1991 1990
 Net income $8,343,000 $8,272,000 $33,171,000 $32,270,000
 Earnings per share $.58 $.58 $2.31 $2.23
 Wtd. avg. no. of
 shares outstdg. 14,361,181 14,374,413 14,390,195 14,483,130
 -0- 1/21/92
 /CONTACT: Robert J. Gentry of Keystone Financial, 717-231-5708/
 (KSTN) CO: Keystone Financial Inc. ST: Pennsylvania IN: FIN SU: ERN FC-TS -- NY010 -- 1641 01/21/92 08:55 EST
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Publication:PR Newswire
Date:Jan 21, 1992
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