---
schema_version: "secwatch.filing_event.v1"
accession: "0000723646-23-000003"
form_type: "8-K"
ticker: "FRAF"
cik: "0000723646"
company_name: "FRANKLIN FINANCIAL SERVICES CORP /PA/"
filed_at: "2023-01-05T23:59:59+00:00"
generated_at: "2026-06-20T19:58:51.123458+00:00"
event_type: "leadership"
sentiment: "positive"
materiality_score: 0.45
calibrated_materiality_score: 0.45
confidence: "high"
source: SEC EDGAR
---

# Franklin Financial hires Chad Carroll as EVP and COO of F&M Trust

## Summary
- Charles B. Carroll, age 50, joins from S&T Bank where he was EVP, Chief Administrative Officer.
- Employment agreement effective Jan 3, 2023, initial 3-year term with automatic renewals.
- Annual base salary of $292,500, plus discretionary bonus and club membership dues.
- Severance: 2.5x salary lump sum after change-in-control termination; 2x-2.99x salary for other no-cause termination.
- Role includes day-to-day bank operations and strategic planning reporting to CEO Tim Henry.

## SEC filing metadata
- accession: 0000723646-23-000003
- form_type: 8-K
- ticker: FRAF
- cik: 0000723646
- company_name: FRANKLIN FINANCIAL SERVICES CORP /PA/
- filed_at: 2023-01-05T23:59:59+00:00
- event_type: leadership
- sentiment: positive
- materiality_score: 0.45
- calibrated_materiality_score: 0.45
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/723646/000072364623000003/0000723646-23-000003-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/723646/000072364623000003/fraf-20230105x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000723646-23-000003
- JSON: https://secwatch.observer/filing/0000723646-23-000003.json
- Plain text: https://secwatch.observer/filing/0000723646-23-000003.txt

## Key facts
- Executive change
  Charles (Chad) B. Carroll was appointed as Executive Vice President and Chief Operating Officer at FRANKLIN FINANCIAL SERVICES CORP /PA/.
  - Action: hired
  - Role: Executive Vice President and Chief Operating Officer
  source text: On January 5, 2023, Farmers and Merchants Trust company of Chambersburg (the “Bank), the wholly owned subsidiary of Franklin Financial Services Corporation (the “Corporation”), announced the hiring of Charles (Chad) B. Carroll as Executive Vice President and Chief Operating Officer.
  evidence_url: https://www.sec.gov/Archives/edgar/data/723646/000072364623000003/0000723646-23-000003-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.