Despite a promise to cut expenses by roughly $20 million a year, Keystone Financial Inc. is under pressure to put itself up for sale.

Activist investor Seymour Holtzman is urging fellow shareholders to vote for a plan that would require Harrisburg, Pa.-based Keystone to find a buyer. He contends that the $7 billion-asset company is undervalued but would fetch a premium well above its current stock price if it were sold.

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