8-K

UNITED STATES

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) April 30, 2008 (April 28, 2008)

FRANKLIN FINANCIAL SERVICES CORPORATION

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

Pennsylvania	0-12126	23-144083
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	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)

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a –12 under the Exchange Act (17 CFR 240.14a –12)

o Pre-commencement communications pursuant to Rule 14d – 2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e – 4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01  Other Events.

The news release of Franklin Financial Services Corporation, dated April, 2008 and attached as Exhibit 99.1, announces its earnings for the quarter ended March 31, 2008 and is incorporated by reference herein.

Item 9.01  Financial Statements and Exhibits.

     (c)  Exhibits.

     The following exhibits are filed herewith:

Number	Description	Page Number
99 .1	Press Release, dated April 28, 2008 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: April 30, 2008

2

EX-99.1

Exhibit 99.1

News Release – April 28, 2008

Franklin Financial Services Corporation

Kenneth C. Ditzler (717) 261-3665

Franklin Financial quarterly earnings up 23%

(Chambersburg) Franklin Financial Services Corporation, the bank holding company of F&M Trust Company, reported earnings of $2,532,000 for the first quarter ended March 31, 2008.  When compared to first quarter 2007 earnings of $2,064,000, net income increased 22.7%. On a per share basis, diluted earnings were $.66 for the first three months of 2008 compared to $.54 for the same period in 2007.

Total assets at March 31, 2008 reached $829.0 million, an increase of 4.1% over total assets of $796.7 million at March 31, 2007.  Net loans increased to $581.6 million at quarter end from $530.6 million one year earlier.  Total deposits and repurchase agreements were $669.3 million at the end of the first quarter 2008, slipping 1.7% from the first quarter of 2007.  Reflecting an overall decline in the equities market, the market value of trust assets under management were $495.6 million on March 31, 2008, representing a 4.4% decline from a year earlier.

Franklin Financial is an independent, locally owned and operated bank holding company headquartered in Chambersburg.  Its wholly owned subsidiary, F&M Trust operates twenty-four community banking offices located throughout Cumberland, Franklin, Fulton and Southern Huntingdon counties in Boiling Springs, Carlisle, Chambersburg, Greencastle, Hustontown, McConnellsburg, Mont Alto, Marion, Newville, Orbisonia, Shippensburg, St. Thomas, Warfordsburg and Waynesboro. Franklin Financial stock is traded on the over-the-counter market under the symbol FRAF.