Keystone Financial Inc. said it had completed the acquisition of National American Bancorp of Towanda, Pa., for about $34.5 million.

Keystone said National American shareholders will receive two Keystone shares for each National American share. About 578,000 National American shares are outstanding.

National American is the holding company of First National Bank of Bradford County.

Keystone said its stock closed at $30 a share on Dec. 29. Following the acquisition, there are about 25 million Keystone shares outstanding.

Keystone Financial is a bank holding company with assets of about $5 billion.

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