Franklin Financial Services is the holding company for Farmers & Merchants Trust Company (F&M Trust), a community bank founded in 1906 and headquartered in Chambersburg, Pennsylvania. F&M Trust operates 23 branch offices across south-central Pennsylvania and Washington County, Maryland, with roughly $2.2B in total assets. F&M Trust's core business is traditional community banking — taking in deposits and lending that money out at a higher rate, with net interest margin as the primary earnings driver. The lending book leans heavily toward commercial real estate and C&I loans to small and mid-sized businesses, supplemented by residential mortgages, home equity products, and consumer installment loans. F&M Trust also participates in loan syndications to supplement organic origination volume. On the funding side, F&M Trust takes checking, savings, money market, and CD deposits from retail, commercial, and municipal customers. A secondary revenue stream comes from the Wealth Management department, which offers trust administration, estate planning, pension and employee benefit fund management, and non-trust investment services including mutual funds, annuities, and insurance products. F&M Trust's franchise is concentrated in Franklin County, Pennsylvania, where it holds a dominant deposit market share and has operated for over a century.