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)     July 18, 2003

FRANKLIN FINANCIAL SERVICES CORPORATION

(Exact name of registrant as specified in its new charter)

Pennsylvania	0-12126	23-144083
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Indent. No.)
20 South Main Street, Chambersburg, PA		17201
(Address of principal executive office)		(Zip Code)
Registrant’s telephone number, including area code        (717) 264-6116
N/A
(Former name or former address, if changes since last report)

Item 5.  Other Events.

                On  July 18, 2003,  Franklin Financial Services Corporation issued a press release reporting its financial results for the quarter ending June 30, 2003.  A copy of the press release is attached as Exhibit 99 of this report.

Item 7.  Financial Statements and Exhibits.

                (c)  Exhibits.

                The following exhibits are filed herewith:

Number	Description	Page Number
99	Press Release, dated July 18, 2003	3
	of  Franklin Financial
	Services Corporation

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.

	FRANKLIN FINANCIAL
	SERVICES CORPORATION
	By:	/s/ William E. Snell Jr.
	William E. Snell, Jr., President
	and Chief Executive Officer
Dated:  July 18, 2003

2

EX-99

Exhibit 99

PRESS RELEASE

News Release — July 18, 2003

Franklin Financial Services Corporation

Kenneth C. Ditzler (717) 261-3665

Franklin Financial earnings increase 8%

(Chambersburg) Franklin Financial Services Corporation, the bank holding company of F&M Trust Company, reported earnings of $3,079,000 for the first six months of 2003.

This represents an increase of 8.5% when compared to earnings of $2,839,000 for the six months ended June 30, 2002.  On a per share basis, basic earnings were $1.15 for the first six months in 2003 compared to $1.07 for the same period in 2002, a 7.5% increase.

Total assets at June 30, 2003 grew by 1.8% over totals a year earlier to $543,478,000. Net loans were up 6.4%, and total deposits and repurchase agreements remained relatively flat. The market value of trust assets under management increased to $382,580,000 on June 30, 2003, a 7.5% increase.

Franklin Financial is the bank holding company for F&M Trust, a locally-owned and operated community bank with fifteen community offices throughout Franklin and Cumberland Counties in Boiling Springs, Carlisle, Chambersburg, Marion, Mont Alto, Newville, Shippensburg and Waynesboro.