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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington , D.C. 20549 FORM 10 - K × ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31 , 2020 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 Pennsylvania For the transition period from_ to Commission file number 001-38884 FRANKLIN FINANCIAL SERVICES CORPORATION ( Exact name of registrant as specified in its charter ) ( State or other jurisdiction of incorporation or organization ) 25-1440803 ( I.R.S. Employer Identification No. ) 20 South Main Street , Chambersburg , PA ( Address of principal executive offices ) 17201-0819 ( Zip Code ) ( 717 ) 264-6116 ( Registrant's telephone number , including area code ) Securities registered pursuant to Section 12 ( b ) of the Act NONE Securities registered pursuant to Section 12 ( g ) of the Act : Common Stock , par value $ 1.00 per share ( Title of class ) Indicate by check mark if the Registrant is a well - known seasoned issuer , as defined in Rule 405 of the Securities Act . Yes o No x Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15 ( d ) of the Act . Yes o No x Indicate by check mark whether the Registrant ( 1 ) has filed all reports required to be filed by Section 13 or 15 ( d ) of the Securities Exchange Act of 1934 during the preceding 12 months ( or for such shorter periods that the Registrant was required to file such reports ) , and ( 2 ) has been subject to such filing requirements for the past 90 days . Yes x No o Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S - T ( 232.405 of this chapter ) during the preceding 12 months ( or for such shorter period that the registrant was required to submit such files ) . Yes x No o Indicate by check mark whether the registrant is a large accelerated filer , an accelerated filer , a non - accelerated filer , smaller reporting company , or an emerging growth company . See the definitions of “ large accelerated filer , " " accelerated filer , ” “ smaller reporting company , ” and “ emerging growth company " in Rule 12b - 2 of the Exchange Act . Large accelerated filer o Accelerated filer o Non - accelerated filer x Smaller reporting company x Emerging growth company o Securities registered pursuant to Section 12 ( b ) of the Act : Title of class Common stock Symbol FRAF Name of exchange on which registered Nasdaq Capital Market If an emerging growth company , indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 ( a ) of the Exchange Act . o Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404 ( b ) of the Sarbanes - Oxley Act ( 15 U.S.C. 7262 ( b ) ) by the registered public accounting firm that prepared or issued its audit report . o Indicate by check mark whether the Registrant is a shell company ( as defined in Rule 12b - 2 of the Act ) Yes o No x The aggregate market value of the 3,977,805 shares of the Registrant's common stock held by nonaffiliates of the Registrant as of June 30 , 2020 based on the price of such shares was $ 103,025,150 . There were 4,399,352 outstanding shares of the Registrant's common stock as of February 28 , 2021 . DOCUMENTS INCORPORATED BY REFERENCE Portions of the definitive annual proxy statement to be filed , pursuant to Reg . 14A within 120 days after December 31 , 2020 , are incorporated into Part III .