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KEYSTONE FINANCIAL SIGNS DEFINITIVE AGREEMENT TO ACQUIRE WM BANCORP

 HARRISBURG, Pa., Aug. 27 /PRNewswire/ -- Keystone Financial, Inc. (NASDAQ-NMS: KSTN), the ninth largest bank holding company in Pennsylvania, today reported it has signed a definitive agreement for the previously announced acquisition of the outstanding stock of WM Bancorp of Cumberland, Md., a multi-bank holding company with $350 million in assets and 21 offices in Maryland and West Virginia.
 Keystone will issue 1.67 shares of common stock for each of the approximately 1,396,300 shares of WM Bancorp outstanding. The transaction, subject to the approval of regulatory agencies and shareholders of WM Bancorp, is expected to be completed by the first quarter of 1994.
 Keystone Financial currently 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. The company also expects to complete the previously announced acquisition of Elmwood Federal Savings Bank, Media, Pa., with $250 million in assets, in the first quarter of 1994.
 -0- 8/27/93
 /CONTACT: Leslie Bootay of Keystone Financial, Inc., 717-231-5734/


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

SH-OS -- NY017 -- 6549 08/27/93 10:37 EDT
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Publication:PR Newswire
Date:Aug 27, 1993
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