8-K

                       SECURITIES AND EXCHANGE COMMISSION


                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

                     PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934



       Date of Report (Date of earliest event reported) November 18, 1999



                            KEYSTONE FINANCIAL, INC.

             (Exact name of registrant as specified in its charter)


       Pennsylvania                   0-11460                 23-2289209

(State or other jurisdiction  (Commission File Number) (IRS Employer ID No.)
 of incorporation)


     One Keystone Plaza, P.O. Box 3660, Harrisburg,  Pennsylvania 17105-3660

        (Address of principal executive offices)                  (ZIP CODE)



Registrant's telephone number including area code:      (717) 233-1555






Item 5.     Other Events

            The following document is filed as an exhibit to this Form 8-K:

                  I.    Press Release of Keystone Financial, Inc.
                        dated November 22, 1999.



                                   Signatures

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.




                                      Keystone Financial, Inc.
                                         (Registrant)





Date:    November 22, 1999          _________________________________
                                    Executive Vice President &
                                    Chief Financial Officer



EXHIBIT INDEX

Exhibit No.       Description
- ----------      ---------------

  99.1            Press Release of Keystone Financial, Inc. dated
                  November 22, 1999.

EX-99.1

                                              For Further Information, Contact:
                                              Donald F. Holt
                                              Executive Vice President &
                                              Chief Financial Officer
                                              (717) 231-5704

                    Keystone Declares Quarterly Cash Dividend

Harrisburg,  PA, November 22,  1999---Keystone  Financial,  Inc., (NASDAQ,  NMS:
KSTN),  the fourth largest bank holding company  headquartered  in Pennsylvania,
announced  that its Board of Directors  declared a regular  cash  dividend of 29
cents per share,  payable on January  20, 2000 to  shareholders  of record as of
January 9, 2000.

Keystone  Financial,  Inc., with assets of $6.9 billion,  is the holding company
for Keystone Financial Bank, NA, which has 175 branches throughout Pennsylvania,
Maryland and West Virginia.  Keystone also operates  Martindale Andres & Co., an
investment management services provider; Keystone Financial Mortgage Co.; MMC&P,
a retirement  benefit services firm;  Keystone  Brokerage,  Inc.,  offering full
service investment planning and discount brokerage;  and a 24-hours a day, seven
days a week Telephone Banking Center.

For  more  information,  visit  the  company's  web  site  on  the  Internet  at
www.keyfin.com.