SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
January 7, 2002
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(Date of earliest event reported)
Progress Financial Corporation
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(Exact name of registrant as specified in its charter)
Delaware 0-14815 25-2413363
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(State of other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identified No.)
4 Sentry Parkway, Suite 200, Blue Bell, Pennsylvania 19422-0764
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(Address of principal executive offices) (Zip Code)
(610)-825-8800
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name,former address and former fiscal year,if changed since last report)
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Exhibit Index appears on page 4
Item 5. Other Events
Progress Financial Corporation ("Progress" or the "Company") announced
that it has sold its interest in a non-bank subsidiary. For further information,
see the press release dated January 7, 2002 attached as Exhibit 99(a) and
incorporated herein by reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PROGRESS FINANCIAL CORPORATION
Dated: January 7, 2001 By: /s/ Michael B. High
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Michael B. High
Chief Operating Officer and
Chief Financial Officer
EXHIBIT INDEX
Exhibit Number Description
99(a) Press Release on Sale of Assets of Progress
Development distributed on January 7, 2002
Exhibit 99(a)
Press Release Sale of Assets of Progress Development Corporation
FOR IMMEDIATE RELEASE Contact: Michael B. High
January 7, 2002 Progress Financial Corporation
610-941-4804
mike_high@progressbank.com
Progress Financial Corporation Sells Progress Development Assets
Blue Bell, PA--Progress Financial Corporation (Nasdaq:PFNC) announced today that
it has sold its interest in a non-bank subsidiary as the Company continues to
redirect its focus to core banking business.
Progress Development Corporation, a subsidiary of Progress Financial
Corporation, has sold its interest in Progress Development I, L.P., an
organization providing fee-based development and construction management to
Dewey Commercial Investors, L.P., a Pennsylvania Limited Partnership. The sale
will result in a pre-tax loss of approximately $170,000 for the Company.
"This sale is in keeping with our goal of focusing our resources on our
core banking business," explains W. Kirk Wycoff, CEO and Chairman of the Board
of Progress Financial Corporation. "This divestiture will enable us to pursue
this goal and reinforces our commitment to being the best full service community
bank in the area for the benefit of our customers and the communities we serve."
Progress Financial Corporation is a unitary thrift holding company
headquartered in Blue Bell, PA. The business of the Company consists primarily
of the operation of Progress Bank, which serves businesses and consumers through
20 full-service offices. The Company also offers a diversified array of
financial services including equipment leasing through Progress Leasing Company,
with offices in Blue Bell, PA, and financial planning services and investments
through Progress Financial Resources, Inc., headquartered in Philadelphia. In
addition, the Company also conducts commercial mortgage banking and brokerage
services through Progress Realty Advisors, Inc. with locations in Blue Bell, PA,
and Shrewsbury, NJ. The Company also receives fees for financial and operational
management consulting services for commercial clients through KMR Management,
Inc. located in Willow Grove, PA. The Company's common stock is traded on The
Nasdaq Stock Market under the Symbol "PFNC."
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