EXHIBIT 10(m)
                           CHESTER VALLEY BANCORP INC.

                             1993 STOCK OPTION PLAN

                                  (As Amended)


         1.       Definitions


                  As used in this Plan, the following  definitions  apply to the
terms indicated below:

                  A. "Board" means the Board of Directors of the Company.

                  B.  "Committee"   means  the  Compensation  and  Stock  Option
Committee ap pointed by the Board from time to time. The Committee shall consist
of at least two persons, who shall be directors of the Company.

                  C. "Company" means Chester Valley Bancorp Inc., a Pennsylvania
corp oration.

                  D.  "Disinterested   Director"  means  a  director  who  is  a
Non-Employee  Director  within  the  meaning of Rule  16b-3  promulgated  by the
Securities and Exchange  Commission under the Exchange Act or any successor rule
or regulation adopted by the Securities and Exchange Commission.

                  E. "Fair Market Value" of a Share on a given day means, if the
Shares are traded in a public  market,  the closing price of a Share as reported
on the  principal  securities  exchange  on which the Shares are then  listed or
admitted to trading,  or as reported on the National  Association  of Securities
Dealers Automated Quotation System on the business day immediately preceding the
date of grant. If the Shares shall not be so traded, the Fair Market Value shall
be determined by the Committee taking into account all relevant facts and circum
stances.

                  F. "Exchange  Act" means the Securities  Exchange Act of 1934,
as amended.

                  G.  "Grantee"  means a person who is either an  Optionee or an
Optionee- Shareholder.

                  H. "Incentive  Stock Option" means an option,  whether granted
under this Plan or otherwise, that qualifies as an incentive stock option within
the meaning of Section 422 of the Internal Revenue Code.

                  I.  "Nonqualified  Option"  means  an  Option  that  is not an
Incentive Stock Option.
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                  J. "Option"  means a right to purchase  Shares under the terms
and conditions of this Plan.

                  K. "Optionee" means a person other than an
Optionee-Shareholder to whom an option is granted under this Plan.

                  L. "Optionee-Shareholder"  means a person to whom an option is
granted  under  this  Plan and who at the time  such  option  is  granted  owns,
actually or  constructively,  stock of the Company or of a Parent or  Subsidiary
possessing more than ten percent (10%) of the total combined voting power of all
classes of stock of the Company or of such Parent or Subsidiary.

                  M. "Parent" means any corporation  (other than the Company) in
an  unbroken  chain of  corporations  ending with the Company if, at the time of
granting an Option,  each of the  corporations in the unbroken chain (other than
the Company)  owns stock  possessing  fifty  percent  (50%) or more of the total
combined  voting power of all classes of stock in one of the other  corporations
in the chain.

                  N. "Plan" means this Chester  Valley  Bancorp Inc.  1993 Stock
Option Plan, including any amendments to the Plan.

                  O. "Share"  means a share of the Company's  common stock,  par
value $1.00 per share,  either now or hereafter owned by the Company as treasury
stock or authorized but unissued.

                  P. "Subsidiary" means any corporation (other than the Company)
in an unbroken chain of corporations  beginning with the Company if, at the time
of granting an Option,  each of the  corporations  in the unbroken  chain (other
than the last  corporation  in the chain) owns stock  possessing  fifty  percent
(50%) or more of the total combined  voting power of all classes of stock in one
of the other corporations in the chain.

                  Q. Options  shall be deemed  "granted"  under this Plan on the
date on which the Committee or the Board,  by appropriate  action,  approves the
grant of an Option  hereunder or on such subsequent date as the Committee or the
Board may designate.

                  R. As used herein,  the masculine  includes the feminine,  the
plural includes the singular, and the singular includes the plural.


         2.       Purpose


                  The purposes of the Plan are as follows.

                  A. To secure for the Company and its shareholders the benefits
arising from share  ownership by those officers and key employees of the Company
and its Subsidiaries who

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will be responsible for the Company's future growth and continued  success.  The
Plan is  intended  to provide an  incentive  to officers  and key  employees  by
providing them with an opportunity to acquire an equity  interest or increase an
existing  equity  interest in the Company,  thereby in creasing  their  personal
stake in its continued success and progress.

                  B. To enable the  Company and its  Subsidiaries  to obtain and
retain the services of key  employees,  by providing  such key employees with an
opportunity  to acquire  Shares under the terms and conditions and in the manner
contemplated by this Plan.


         3.       Plan Adoption and Term


                  A. This Plan shall become  effective  upon its adoption by the
Board,  and  Options  may be  issued  upon such  adoption  and from time to time
thereafter; provided, however, that the Plan shall be submitted to the Company's
shareholders for their approval at the next annual meeting of  shareholders,  or
prior thereto at a special  meeting of  shareholders  expressly  called for such
purpose; and provided further,  that the approval of the Company's  shareholders
shall be obtained  within 12 months of the date of adoption of the Plan.  If the
Plan is not approved by the affirmative vote of the holders of a majority of all
shares present in person or by proxy, at a duly called shareholders'  meeting at
which a quorum  representing a majority of all voting stock is present in person
or by proxy and  voting  on this  Plan,  then  this  Plan and all Op tions  then
outstanding under it shall forthwith  automatically terminate and be of no force
and effect.

                  B. Subject to the provisions hereinafter contained relating to
amendment or  discontinuance,  this Plan shall  continue to be in effect for ten
(10) years from the date of adoption  of this Plan by the Board.  No Options may
be granted  hereunder  except  within  such period of ten (10) years but Options
granted within such ten (10) year period may extend beyond the termina tion date
of this Plan.


         4.       Administration of Plan


                  A. This Plan shall be administered by the Board or, subject to
Paragraph 4.C below, the Committee.  Except as otherwise  expressly  provided in
this Plan,  the Board shall have  authority to interpret  the  provisions of the
Plan, to construe the terms of any Option, to prescribe, amend and rescind rules
and  regulations  relating to the Plan, to determine the terms and provisions of
Options granted hereunder,  and to make all other determinations in the judgment
of the Board necessary or desirable for the  administration of the Plan. Without
limiting  the  foregoing,  the Board  shall,  to the  extent  and in the  manner
contemplated herein, exercise the dis cretion granted to it to determine to whom
Incentive  Stock Options and  Nonqualified  Options  shall be granted,  how many
Shares shall be subject to each such Option, whether a Grantee shall be required
to surrender for cancellation an outstanding  Option as a condition to the grant
of a

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new Option, and the prices at which Shares shall be sold to Grantees.  The Board
may correct any defect or supply any omission or reconcile any  inconsistency in
the  Plan or in any  Option  in the  manner  and to the  extent  it  shall  deem
expedient to carry the Plan into effect and shall be the sole and final judge of
such expediency.

                  B. No member of the Board shall be liable for any action taken
or omitted or any determination  made by him in good faith relating to the Plan,
and the Company  shall  indemnify and hold harmless each member of the Board and
each other  employee  of the  Company to whom any duty or power  relating to the
administration or interpretation of the Plan has been delegated against any cost
or expense  (including  counsel  fees) or liability  (including  any sum paid in
settlement of a claim with the approval of the Committee) arising out of any act
or omission in connection with the Plan, unless arising out of such person's own
fault or bad faith.

                  C.  If  all  members  of  the  Committee   are   Disinterested
Directors,  the Committee  shall have the  authority to administer  the Plan and
exercise  any power  granted  to the Board in the Plan.  If all  members  of the
Committee  are  not  Disinterested  Directors,  the  Committee  shall  have  the
authority solely to make  recommendations to the Board for the administration of
the Plan.


         5.       Eligibility


                  Directors,  officers and key  employees of the Company and its
Subsidiaries shall be eligible for selection by the Board to be granted Options.
Directors  who are not also  employees  of the  Company or  Subsidiary  shall be
eligible  to be  granted  only  Nonqualified  Options.  A  director,  officer or
employee who has been granted an Option may, if he or she is otherwise eligible,
be granted an additional Option or Options if the Committee shall so deter mine.


         6.       Options


                  A. Subject to  adjustment  as provided in Paragraph 13 hereof,
Options may be granted  pursuant  to the Plan for the  purchase of not more than
75,000 Shares; provided, how ever, that if prior to the termination of the Plan,
an Option shall expire or terminate for any reason without having been exercised
in full, the unpurchased Shares subject thereto shall again be available for the
purposes of the Plan.

                  B. Each Option granted under the Plan shall be evidenced by an
option  certificate or agreement for Shares in such form, not inconsistent  with
this Plan,  as the Board may adopt for  general use or for  specific  cases from
time to  time.  Such  option  certificate  shall  designate  each  Option  as an
Incentive Stock Option or a Nonqualified Option.


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                  C. The aggregate Fair Market Value  (determined as of the time
Options are granted) of the Shares with respect to which Incentive Stock Options
may be or become exercisable for the first time by a Grantee during any calendar
year  (whether  granted  under this Plan or any other plan of the Company or any
Parent or Subsidiary  corporation) shall not exceed $100,000. To the extent (and
only to the extent) that an Incentive Stock Option may be or become  exercisable
in violation of this limitation, it shall be deemed to be a Nonqualified Option.


         7.       Option Price


                  A. The purchase price per Share  deliverable upon the exercise
of an Option shall be determined  by the Board,  but in the case of an Incentive
Stock  Option shall not be less than 100% of the Fair Market Value of a Share on
the date the  Incentive  Stock Option is granted to an Optionee and shall not be
less than  110% of the Fair  Market  Value of a Share on the date the  Incentive
Stock Option is granted to an Optionee-Shareholder.

                  B.  Payment for Shares  purchased  under an Option may be made
(1) in cash;  (2) in Shares  valued at their  Fair  Market  Value on the date of
exercise, or (3) in a combination of cash and Shares.


         8.       Duration of Options


                  Each  Option and all rights  thereunder  shall  expire and the
Option  shall no longer be  exercisable  on a date not later than ten (10) years
from the date on which the Option was  granted.  Options may expire and cease to
be  exercisable  on such earlier date as the Board may  determine at the time of
grant.  Options shall be subject to termination  before their expiration date as
provided herein.


         9.       Conditions Relating to Exercise of Options


                  A. The Shares  subject to any Option may be  purchased  at any
time  during the term of the Option,  unless,  at the time an Option is granted,
the Board shall have fixed a specific period or periods  required to have passed
as a  condition  to exercise  of an option or a part  thereof.  To the extent an
Option is not exercised when it becomes initially  exercisable,  or is exercised
only in part, the Option or remaining part thereof shall not expire but shall be
carried forward and shall be exercisable  until the expiration or termination of
the Option.  Partial exercise as to whole Shares is permitted from time to time,
provided  that no partial  exercise of an Option shall be for a number of Shares
having a purchase price of less than $1,000.


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<PAGE>
                  B. No Option  shall be  transferable  by the  Grantee  thereof
other than by will or by the laws of descent and distribution, and Options shall
be exercisable  during the lifetime of a Grantee only by such Grantee or, to the
extent that such  exercise  would not prevent an Option  from  qualifying  as an
Incentive  Stock Option under the Internal  Revenue Code, by his or her guardian
or legal representative.

                  C.  Certificates for Shares purchased upon exercise of Options
shall be issued  either in the name of the Grantee or in the name of the Grantee
and another person  jointly with the right of  survivorship.  Such  certificates
shall be  delivered  as soon as  practical  following  the date  the  Option  is
exercised.

                  D. An Option shall be exercised by the delivery to the Company
at its principal  office,  to the attention of its Chief Financial  Officer,  of
written notice of the number of Shares with respect to which the Option is being
exercised,  and of the name or names in which the  certificate for the Shares is
to be issued, and by paying the purchase price for the Shares in accordance with
paragraph 7 hereof.  At the time of exercise of an Incentive  Stock Option,  the
Grantee  also shall sign and deliver to the Company the  Grantee's  agreement to
notify the  Company if the  Grantee  sells or  otherwise  disposes of any of the
Shares being  purchased  within two years after the date such Option was granted
or one year after the date of exercise.


                  E. Notwithstanding any other provision in this Plan, no Option
may be  exercised  unless  and  until  (i) this  Plan has been  approved  by the
shareholders of the Company,  and (ii) the Shares to be issued upon the exercise
thereof have been  registered  under the  Securities  Act of 1933 and applicable
state securities laws, or are, in the opinion of counsel to the Com pany, exempt
from  such  registration.  The  Company  shall not be under  any  obligation  to
register  under  applicable  Federal or state  securities  laws any Shares to be
issued upon the exercise of an Option  granted  hereunder,  or to comply with an
appropriate  exemption from registration  under such laws in order to permit the
exercise of an Option or the issuance and sale of Shares subject to such Option.
If the Company chooses to comply with such an exemption from  registration,  the
certificates  for Shares  issued  under the Plan,  may, at the  direction of the
Board, bear an appropriate restrictive legend restricting the transfer or pledge
of the  Shares  represented  thereby,  and the Board  may also give  appropriate
stop-transfer instructions to the transfer agent of the Company.

                  F.  Any  person   exercising  an  Option  or  transferring  or
receiving  Shares  shall comply with all  regulations  and  requirements  of any
governmental  authority having jurisdiction over the issuance,  transfer or sale
of securities of the Company or over the extension of credit for the purposes of
purchasing or carrying any margin  securities,  or the requirements of any stock
ex change on which the Shares may be listed, and as a condition to receiving any
Shares,  shall execute all such  instruments as the Board in its sole discretion
may deem necessary or advisable.

                  G. Each Option shall be subject to the requirement that if the
Board shall  determine that the listing,  registration or  qualification  of the
Shares subject to such Option upon any securities exchange or under any state or
Federal law, or the consent or approval of any


                                       -6-
<PAGE>
governmental or regulatory body, is necessary or desirable as a condition of, or
in connection  with,  the granting of such Option or the issuance or purchase of
Shares  thereunder,  such Option may not be exercised in whole or in part unless
such listing, registration,  qualification,  consent or approval shall have been
effective or obtained free of any conditions not acceptable to the Board.


         10.      Effect of Termination of Employment or Death


                  A. In the event of  termination  of a Grantee's  employment or
status  as a  director  by  reason  of  such  Grantee's  death,  disability,  or
retirement  with the consent of the Board or in  accordance  with an  applicable
retirement   plan,   any   outstanding   Option  held  by  such  Grantee  shall,
notwithstanding  the  extent  to which  such  Option  was  exercisable  prior to
termination of employment, immediately become exercisable as to the total number
of Shares  purchasable  there under. Any such Option shall remain so exercisable
at any time prior to its expiration date or, if earlier,  the first  anniversary
of termination of the Grantee's employment or status as a director.  Grantees of
Incentive  Stock  Options  shall be notified  that  certain  Federal  income tax
provisions  granting  favorable  treatment to Incentive  Stock  Options will not
apply if such  Options are not  exercised  within three months after the date of
termination of employment (twelve months if employment terminates as a result of
total and permanent  disability  as defined in Section  22(e)(3) of the Internal
Revenue Code).

                  B. In the event of  termination  of a Grantee's  employment or
status as a director for any reason other than death, disability,  or retirement
with the consent of the Board or in  accordance  with an  applicable  retirement
plan, all rights of any kind under any  outstanding  Incentive Stock Option held
by such Grantee shall  immediately  lapse and  terminate,  except that the Board
may, in its  discretion,  elect to permit  exercise  for a period  ending on the
earlier of the expiration  date of the Incentive  Stock Option and a date thirty
days after the  termination  of employment or status as director as to the total
number of Shares  purchasable under the Incentive Stock Option as of the date of
the termination.

                  C.  Whether  an  authorized  leave of  absence  or  absence in
military or government  service shall  constitute  termination  of employment or
status as a director  shall be determined  by the Board.  Transfer of employment
between the  Company  and a  Subsidiary  corporation  or between one  Subsidiary
corporation and another shall not constitute termination of employment.


         11.      No Special Employment Rights


                  Nothing  contained  in the Plan or in any Option  shall confer
upon any  Grantee  any right with  respect to his or her status as a director or
the  continuation  of his or her  employment  by the Company or a Subsidiary  or
interfere in any way with the right of the Company or a


                                       -7-
<PAGE>
Subsidiary,  subject to the terms of any  separate  employment  agreement to the
contrary,  at any time to terminate  such  employment or to increase or decrease
the  compensation  of the Grantee  from the rate in existence at the time of the
grant of an Option.


         12.      Rights as a Shareholder


                  The Grantee of an Option shall have no rights as a shareholder
with respect to any Shares  covered by an Option until the date of issuance of a
certificate to him for such Shares.  Except as otherwise  expressly  provided in
the Plan,  no  adjustment  shall be made for dividends or other rights for which
the record date occurs prior to the date of issuance of such certificate.


         13.      Anti-dilution Provision


                  A. In case  the  Company  shall  (i)  declare  a  dividend  or
dividends on its Shares payable in shares of its capital  stock,  (ii) subdivide
its  outstanding  Shares,  (iii) combine its  outstanding  Shares into a smaller
number of Shares, or (iv) issue any shares of capital stock by  reclassification
of  its  Shares  (including  any  such  reclassification  in  connection  with a
consolidation or merger in which the Company is the continuing corporation), the
number of Shares  authorized  under the Plan will be  adjusted  proportionately.
Similarly,  in any such event,  there will be a proportionate  adjustment in the
number and to the  purchase  price per Share of Shares  subject  to  unexercised
Options (but without adjustment to the aggregate option price).

                  B. In the  event  that  the  outstanding  common  stock of the
Company is changed or converted  into, or exchanged  for, a different  number or
kind of shares or other securities of the Company or of another corporation,  by
reason of  reorganization,  merger,  consolidation  or combination,  appropriate
adjustment  may in the absolute  discretion of the Board,  be made in the number
and kind of Shares  for which  Options  may or may have been  awarded  under the
Plan,  to the  end  that  the  proportionate  interests  of  Grantees  shall  be
maintained as before the occurrence of such event.

                  C.  In  the  event  of  any  kind  of  transaction  which  may
constitute a change in control of the Company,  the Board may modify any and all
outstanding  Options so as to  accelerate,  as a consequence of or in connection
with such transaction, a Grantee's right to exercise any such Option.


         14.      Withholding Taxes


                  Whenever  an Option  is to be  exercised  under the Plan,  the
Company shall have the right to require the Grantee,  as a condition of exercise
of the Option, to remit to the Company


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<PAGE>
an amount sufficient to satisfy the Company's (or a Subsidiary's) Federal, state
and local withholding tax obligation,  if any, that will, in the sole opinion of
the  Board,  result  from the  exercise.  In  addition,  the Board may  permit a
Grantee, to satisfy any such withholding tax obligation by making an irrevocable
election  at least six (6)  months  prior to  exercise  of an option to have the
Company retain Shares  issuable upon such exercise having a Fair Market Value on
the date of exercise equal to the amount to be withheld.


         15.      Amendment of the Plan


                  The Board may at any time and from time to time  terminate  or
modify  or amend  the Plan in any  respect,  except  that,  without  shareholder
approval,  the Board may not (a)  materially  increase the benefits  accruing to
participants  under the Plan,  (b)  increase  the number of Shares  which may be
issued under the Plan,  or (c) modify the  requirements  as to  eligibility  for
participation  under the Plan. The  termination or  modification or amendment of
the Plan shall not, without the consent of a Grantee, affect his rights under an
Option  previously  granted to him or her. With the consent of the Grantee,  the
Board may amend outstanding Options in a manner not inconsistent with the Plan.


         16.      Miscellaneous


                  A. t is expressly  understood  that this Plan grants powers to
the Board but does not require their exercise;  nor shall any person,  by reason
of the  adoption  of this  Plan,  be deemed to be  entitled  to the grant of any
Option;  nor shall any rights  begin to accrue  under the Plan except as Options
may be granted hereunder.

                  B. All expenses of the Plan, including the cost of maintaining
records, shall be borne by Company.


         17.      Governing Law


                  This Plan and all rights  hereunder  shall be  governed by and
interpreted in accordance with the laws of the Commonwealth of Pennsylvania.


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                          CHESTER VALLEY BANCORP INC.

                       INCENTIVE STOCK OPTION CERTIFICATE

                               (Not Transferable)


THIS CERTIFIES THAT __________________________  ("Optionee") has been granted an


                             INCENTIVE STOCK OPTION


to purchase ________ shares of the common stock of CHESTER VALLEY BANCORP, INC.,
a  Pennsylvania  corporation,  at a  price  of  $_____  per  share,  subject  to
adjustment as provided in the CHESTER VALLEY BANCORP INC. 1993 Stock Option Plan
("Plan").  This option is granted  under and pursuant to the Plan and is subject
to the  conditions  and  limitations  set  forth  in the Plan as the same may be
amended  from  time to time.  All of the terms and  provisions  of the Plan,  as
amended from time to time,  are  incorporated  herein by  reference  and nothing
herein  contained  shall be deemed to vary or be given effect as  modifying  the
terms of the Plan.

SUBJECT TO THE FOREGOING, THIS OPTION MAY BE EXERCISED ONLY AS FOLLOWS:











         THIS OPTION SHALL EXPIRE AND BE VOID AND SHALL NOT BE EXERCISABLE AFTER
THE  EXPIRATION  OF__YEARS FROM THE DATE HEREOF AND MAY BE EXERCISED ONLY IN THE
MANNER PROVIDED IN THE PLAN.

         This option is not  transferable  except by will or the laws of descent
and distribution.


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<PAGE>



         IN WITNESS  WHEREOF,  CHESTER VALLEY BANCORP INC. has caused this Stock
Option Certificate to be issued as of______________, 19__ (the date of grant).


ATTEST:   [Corporate Seal]                  CHESTER VALLEY BANCORP INC.


__________________________                  ___________________________



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<PAGE>
                           CHESTER VALLEY BANCORP INC.

                      NONQUALIFIED STOCK OPTION CERTIFICATE

                               (Not Transferable)


THIS CERTIFIES THAT _______________________ ___ ("Optionee") has been granted an


                            NONQUALIFIED STOCK OPTION


to purchase ____ shares of the common stock of CHESTER VALLEY  BANCORP,  INC., a
Pennsylvania  corporation,  at a price of $____ per share, subject to adjustment
as provided in the CHESTER  VALLEY BANCORP INC. 1993 Stock Option Plan ("Plan").
This  option is  granted  under and  pursuant  to the Plan and is subject to the
conditions and limitations set forth in the Plan as the same may be amended from
time to time.  All of the terms and provisions of the Plan, as amended from time
to time, are incorporated herein by reference and nothing herein contained shall
be deemed to vary or be given effect as modifying the terms of the Plan.

SUBJECT TO THE FOREGOING, THIS OPTION MAY BE EXERCISED ONLY AS FOLLOWS:













         THIS OPTION SHALL EXPIRE AND BE VOID AND SHALL NOT BE EXERCISABLE AFTER
THE EXPIRATION OF ___YEARS FROM THE DATE HEREOF AND MAY BE EXERCISED ONLY IN THE
MANNER PROVIDED IN THE PLAN.
<PAGE>


         This option is not  transferable  except by will or the laws of descent
and distribution.

                  IN WITNESS  WHEREOF,  CHESTER  VALLEY  BANCORP INC. has caused
this Stock Option  Certificate to be issued as of _____________ , 19__ (the date
of grant).

ATTEST:   [Corporate Seal]                  CHESTER VALLEY BANCORP INC.


__________________________                  ___________________________



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