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)  March 6, 1997   
                                           
                                
                                
                 FRANKLIN FINANCIAL SERVICES CORPORATION          
     (Exact name of registrant as specified in its charter)
                                
 Pennsylvania                0-12126               23-144083 
(State or other jurisdiction    (Commission            (IRS Employer
 of incorporation)             File Number)        Ident. 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.

     The press release of Franklin Financial Services Corporation
dated March 6, 1997 and attached hereto as Exhibit 99,  which
relates to the authorization to repurchase up to 100,000 shares
of common stock in open market or privately negotiated
transactions, is incorporated by reference herein.

Item 7.      Financial Statements and Exhibits.

            (c)    Exhibits

     The following exhibits are filed herewith:

     Number              Description              Page Number

       99           Press Release, dated March 6,      3
                    1997, 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:                                     
                             William E. Snell, Jr., President and
                               Chief Executive Officer



Dated: March 6, 1997

    
                          EXHIBIT 99

News Release - March 6, 1997
Franklin Financial Services Corporation
Kenneth C. Ditzler (717) 261-3665
                                
                                
                                
                                
    Franklin Financial announces stock repurchase program                       
          
     Franklin Financial Services Corporation, the parent
company of F&M Trust Company, today announced that its
board of directors has authorized the repurchase of up
to 100,000 shares of its common stock.

     The board has authorized the repurchase of shares
of its $1.00 par value common stock, representing
approximately 5.3% of such shares now issued and
outstanding.  The repurchases are authorized to be made
from time to time during the next 12 months in open
market or privately negotiated transactions.

     Franklin Financial has repurchased approximately
96,000 shares of its common stock since March 1996. 
According to president and chief executive officer,
William E. Snell, Jr., the repurchased shares will be
held as treasury shares available for issuance in
connection with future stock dividends and stock
splits, employee benefit plans, executive compensation
plans, and for issuance under the Dividend Reinvestment
Plan and other corporate purposes.

     Franklin Financial is the largest locally owned and
operated bank holding company in Franklin County with
assets of $336 million.  Its wholly-owned subsidiary,
F&M Trust Company, has twelve banking offices located
in Boiling Springs, Chambersburg, Mont Alto, Marion,
Newville, Shippensburg and Waynesboro.