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FRAF > SEC Filings for FRAF > Form 8-K on 6-Nov-2012All Recent SEC Filings




Change in Directors or Principal Officers, Financial Statem

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

(d) On November 1, 2012, the Board of Directors of Franklin Financial Services Corporation (the "Corporation"), appointed Richard E. Jordan III as a Director of the Corporation. Mr. Jordan was appointed a Class C Director with a term scheduled to expire at the annual meeting of shareholders in 2015. On November 1, 2012, the Board of Directors of Farmers and Merchants Trust Company of Chambersburg ("F&M Trust", or the "Bank"), a wholly-owned banking subsidiary of the Corporation, also appointed Mr. Jordan as a Director of F&M Trust.

Mr. Jordan is the Vice-President of Smith Land & Improvement Corporation which is a customer of the bank and engages in banking transactions with F&M Trust in the ordinary course of business. All loans and commitments to lend to such company were made on substantially the same terms, including interest rates, collateral, and repayment terms, as those prevailing at the time for comparable transactions with other persons and did not involve more than a normal risk of collectability or present other unfavorable features. F&M Trust, in the ordinary course of business, has entered into a real estate lease agreement with Smith Land & Improvement Corporation for a location on which the Bank has a community banking office. The initial term of the real estate lease is 20 years, with one renewal option of 5 years, and one renewal option of 4 years and 11 months. Over the initial 20 year term of the lease, the Bank will make rental payments totaling $3.2 million to Smith Land & Improvement Corporation.

Mr. Jordan will be entitled to receive director's fees and be eligible to participate in the F&M Trust Director Deferred Compensation Plan and the Director Pay for Performance Plan on the same basis as other directors of the Corporation and F&M Trust. Such fees, plan and program are described in the Corporation's Proxy Statement incorporated by reference into its annual report on Form 10-K for the fiscal year ended December 31, 2011.

The news release announcing the appointments of Mr. Jordan is attached to this report as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits. The following exhibits are filed herewith:

Number Description

99.1 News Release dated November 2, 2012

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