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)   August 27, 2008

First Keystone Financial, Inc.
(Exact name of registrant as specified in its charter)
Pennsylvania	000-25328		23-2576479
(State or other jurisdiction	(Commission File Number)		(IRS Employer
of incorporation)			Identification No.)
22 West State Street, Media, Pennsylvania				19063
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code   (610) 565-6210

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
[  ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 5.02      Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(a)   Not applicable.

(b)   Not applicable.

(c)   The Board of Directors of First Keystone Financial, Inc. (the “Company”) and First Keystone Bank (the “Bank”) appointed, effective August 27, 2008, Hugh J. Garchinsky as Senior Vice President and Chief Financial Officer of the Company and the Bank. Mr. Garchinsky, age 58, previously served as President (from 2000) and Chief Executive Officer (from 2002) of The Peoples Bank of Oxford and its parent holding company, Peoples First, Inc., Oxford, Pennsylvania, until their merger in June 2004 with and into National Penn Bank and National Penn Bancshares, Inc., respectively, and after the merger as President of the Peoples Division of National Penn Bank until April 2007.  He was self-employed from May 2007 until his engagement by the Company and the Bank. In addition, since October 2007, he has served as an administrative officer of Oxford Mainstreet, Inc., Oxford, Pennsylvania, a non-profit community development organization involved in developing downtown revitalization projects in Oxford, Pennsylvania. There are no arrangements or understandings between a director or executive officer of the Company or the Bank and Mr. Garchinsky pursuant to which he was elected an executive officer of the Company and the Bank. No directors or executive officers of the Company or the Bank are related to Mr. Garchinsky by blood, marriage or adoption. Mr. Garchinsky has not engaged in any transactions since October 1, 2006 with the Company or any of its subsidiaries that would be required to be reported under Item 404(a) of Regulation S-K promulgated by the Securities and Exchange Commission.

(d)   Not applicable.

(e)   Not applicable.

(f) Not applicable.

ITEM 7.01       Regulation FD Disclosure

On August 27, 2008, the Company issued a press release announcing the appointment of Mr. Garchinsky, effective August 27, 2008, as Senior Vice President and Chief Financial Officer of the Company and the Bank. For additional information, reference is made to the Company’s press release, dated August 27, 2008, which is included as Exhibit 99.1 hereto and is incorporated herein by reference thereto.  The press release attached hereto is being furnished to the Securities and Exchange Commission and shall not be deemed to be “filed” for any purpose except as shall be expressly set forth by specific reference to such filing in other filings of the Company into which it may be incorporated.

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ITEM 9.01       Financial Statements and Exhibits

 (a)          Not applicable.

 (b)          Not applicable.

 (c)          Not applicable.

 (d)          Exhibits

The following exhibit is filed herewith.

Exhibit Number	Description
99.1	Press release dated August 27, 2008.

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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 thereunto duly authorized.

	FIRST KEYSTONE FINANCIAL, INC.
Date:  August 27, 2008	By:	/s/Donald S. Guthrie
		Donald S. Guthrie
		Chairman of the Board and Interim Chief Executive Officer

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EX-99.1

Exhibit 99.1

FIRST	22 West State Street
KEYSTONE	Media, PA 19063
FINANCIAL, INC.	610-565-6210

PRESS RELEASE

First Keystone Financial Announces Hugh Garchinsky

Appointed as New Chief Financial Officer

Media, PA - August 27, 2008 – (BUSINESS WIRE; NASDAQ: FKFS) – First Keystone Financial, Inc. (the “Company”), announced the appointment of Hugh Garchinsky to Senior Vice President and Chief Financial Officer of the Company and its wholly owned subsidiary, First Keystone Bank (the “Bank”).

Mr. Garchinsky’s most recent experience includes The Peoples Bank of Oxford where he served from 1992 until 2007 including as President and CEO from 2000 until its  merger in 2004 with National Penn Bank after which he served as President of the Peoples Division until 2007.  Earlier in his career, Garchinsky was the Chief Financial Officer of Freedom Valley Bank, a de novo institution headquartered in West Chester, PA.

Garchinsky earned an MBA with concentrations in Finance and Economics from Drexel University. He has also served as an adjunct professor of Economics at Widener University and Immaculata University.

“Hugh is a great addition to our organization and we look forward to working with him. His strong financial background will help solidify the initiatives we have implemented to move us closer to completing our transition from a traditional residential lender to a community bank with a strong emphasis on providing commercial products and services for the small and medium-sized businesses within our community,” said Donald S. Guthrie, Interim Chief Executive Officer.

First Keystone Bank serves its customers from eight full-service offices in Delaware and Chester Counties, Pennsylvania.

Certain information in this release may constitute forward-looking statements as that term is defined in the Private Securities Litigation Act of 1995.  Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those estimated due to a number of factors.  Persons are cautioned that such forward-looking statements are not guarantees of future performance and are subject to various factors, which could cause actual results to differ materially from those estimated.  These factors include, but are not limited to, changes in general economic and market conditions and the development of an interest rate environment that adversely affects the interest rate spread or other income from the Company's and the Bank's investments and operations.  The Company does not undertake and specifically disclaims any obligation to publicly release the result of any revisions which may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

CONTACT:	Donald S. Guthrie, Interim Chief Executive Officer
	or
	Carol Walsh, Corporate Secretary
	(610) 565-6210

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