HARRISBURG, Pa. -- Keystone Financial Inc. has signed a letter of intent to acquire WM Bancorp of Cumberland, Md., for $69 million in stock.

WM Bancorp, which has two bank subsidiaries, has $350 million of assets and 21 community offices in Maryland and West Virginia.

Keystone Financial said it expected to sip a definitive agreement for the acquisition within a week. The company expects to complete the transaction by the first quarter of 1994.

The would-be buyer has four member banks, all in Pennsylvania -- Pennsylvania National Bank, Pottsville; Northern Central Bank, Williamsport; Mid-State Bank, Altoona; and National Bank of the Main Line, Wayne. The company expects to complete the previously announced acquisition of Elmwood Federal Savings Bank, Media, Pa., with $250 million in assets, in the first quarter of 1994.

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