Ben Franklin said, "A penny saved is a penny earned," but Franklin Financial might be able to convert those pennies into dollars. It's the holding company for Farmers and Merchants Trust Company (F&M Trust), a community bank serving south-central Pennsylvania from more than 20 locations. Established in 1906, F&M Trust offers standard deposit products, including checking and savings accounts, IRAs, and CDs. It also provides discount brokerage, insurance, retirement planning, and other investment services. More than half of the company's lending portfolio is devoted to commercial, industrial, and agricultural loans; the bank also makes consumer, construction, and residential mortgage loans.
In 2008 Franklin Financial announced plans to buy Community Trust Company, which has some $70 million in assets under management. The transaction is valued at more than $1.1 million and will bring F&M Trust's assets under management totals to approximately $700 million.
The company bought area rival Fulton Bancshares in 2006. – less