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)     October 16, 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  October 16, 2003,  Franklin Financial Services Corporation issued a news release reporting its financial results for the quarter ending September 30, 2003.  A copy of the news 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	News Release, dated October 16, 2003 of  Franklin Financial Services Corporation	3

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:  October 17, 2003

2

EX-99

Exhibit 99

News Release – October 16, 2003

Franklin Financial Services Corporation

Kenneth C. Ditzler (717) 261-3665

Franklin Financial earnings increase 11%

(Chambersburg) Franklin Financial Services Corporation, the bank holding company of F&M Trust Company, reported earnings of $4,509,000 for the first nine months of 2003.

This represents an increase of 11.3% when compared to earnings of $4,050,000 for the nine months ended September 30, 2002.  On a per share basis, basic earnings were $1.68 for the first nine months in 2003 compared to $1.52 for the same period in 2002, a 10.5% increase.

Total assets at September 30, 2003 grew by 1.3% over totals a year earlier to $550,303,000. Net loans were up 6.5%, while total deposits and customer repurchase agreements remained relatively flat. The market value of trust assets under management slipped to $317,659,000 on September 30, 2003, a 7.4% decline.

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.