HARRISBURG, Pa. -- Keystone Financial Inc. signed a definitive agreement to acquire all the outstanding stock of WM Bancorp of Cumberland, Md.

As reported, Keystone plans to issue 1.67 common shares for each of the approximately 1.4 million shares of WM Bancorp outstanding.

The transaction, subject to shareholder and regulatory approvals, is expected to be completed by the first quarter of 1994.

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