For Further Information Contact: J. Gerald Bazewicz President and Chief Executive Officer (570) 752-3671 Exhibit 99.1 PRESS RELEASE FIRST KEYSTONE CORPORATION ANNOUNCES STOCK REPURCHASE PLAN Berwick, Pennsylvania - June 24, 2003 - First Keystone Corporation (OTC BB: FKYS), parent company of The First National Bank of Berwick, announced that its Board of Directors authorized a plan to purchase, in open market and privately negotiated transactions, up to 100,000 shares of its outstanding common stock. This newly approved repurchase plan when combined with 25,644 shares remaining to be purchased under First Keystone's repurchase plan announced in March 2001, represents approximately 4.25% of the outstanding shares of First Keystone's common stock. In announcing the plan, J. Gerald Bazewicz, President and CEO of First Keystone Corporation, stated the Board of Directors believes the opportunity to purchase First Keystone Corporation's common stock represents an attractive opportunity for the Corporation and its shareholders. Any repurchased shares will be added to the corporate treasury and will be used for general corporate purposes. The First National Bank of Berwick now operates 10 full service offices in Columbia (5), Luzerne (4), and Montour (1) Counties providing banking and trust services. Inquiries regarding the purchase of the company's stock may be made through the following brokers: Legg Mason Wood Walker, Inc., 800-888-6673; Janney Montgomery Scott, Inc., 800-526-6397; Ferris, Baker, Watts, Inc., 800-638-7411; Ryan, Beck and Company, 800-223-8969; and Boenning & Scattergood, Inc., 800-883-8383. Note: This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. These factors include operating, legal and regulatory risks; changing economic and competitive conditions and other risks and uncertainties. For more information on The First National Bank of Berwick or its parent company, First Keystone Corporation, please contact J. Gerald Bazewicz at 570-752-3671, extension 172. - 5 -