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




                               August 1, 2003
______________________________________________________________________________
                    (Date of earliest event reported)



                       First Keystone Financial, Inc.
______________________________________________________________________________
          (Exact name of registrant as specified in its charter)


     Pennsylvania                     000-25328               23-0469351
______________________________________________________________________________
(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)


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


                               Not Applicable
______________________________________________________________________________
(Former name, former address and former fiscal year, if changed since last
report)




ITEM 7.  Financial Statements, Pro Forma Financial Information and Exhibits
         ------------------------------------------------------------------

         (a)  Not applicable.
         (b)  Not applicable.
         (c)  Exhibits

              The following exhibit is filed herewith.

         Exhibit Number           Description
         --------------           -----------

              99.1           Press Release dated August 1, 2003 announcing
                             results of operations for the three and nine
                             months ended June 30, 2003



ITEM 12. Results of Operations and Financial Condition
         ---------------------------------------------

    On August 1, 2003, First Keystone Financial, Inc. (the "Company") reported
its earnings for the quarter and nine months ended June 30, 2003.  For
additional information, reference is made to the Company's press release
dated August 1, 2003 which is included as Exhibit 99.1 hereto and is
incorporated herein by reference thereto.



















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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 1, 2003         By:  /s/ Thomas M. Kelly
                                  ---------------------------------------
                                  Thomas M. Kelly
                                  President and Chief Financial Officer




























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