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
October 23, 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)
Exhibit Index appears on page 4
Item 5. Other Events
On October 23, 2002, Progress Financial Corporation announced that the
Board of Directors has authorized reinstatement of the repurchase program of
common stock. For further information, see the press release 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: October 23, 2002 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 announcing repurchase of shares
of common stock October 23, 2002.
Exhibit 99(a)
Press Release announcing repurchase of shares of common stock
issued on October 23, 2002
Exhibit 99(a)
Contact: Michael B. High, Chief Operating Officer/CFO
(610) 941-4804
Dorothy Jaworski, Director of Investor Relations
(484) 322-4822
For immediate release:
Progress Financial Corporation to
Repurchase Up To 200,000 Shares of Common Stock
Blue Bell, PA, October 23, 2002 -- Progress Financial Corporation (the
"Company") announced today that the Company's Board of Directors has authorized
reinstatement of the repurchase program for the repurchase of up to 200,000
shares, or three percent, of the Company's outstanding common stock. The Company
had previously suspended its repurchase program in July 2001 as a result of
receiving a Supervisory Directive from the Office of Thrift Supervision.
Repurchases are authorized to be made by the Company from time to time in
open-market transactions as, in the opinion of management, market conditions
warrant. The repurchased shares will be held as treasury stock and may be
reserved for issuance pursuant to the Company's stock benefit plans.
W. Kirk Wycoff, President and Chief Executive Officer of the Company,
stated, "The repurchase program reflects management's belief that the current
price of the Company's common stock does not adequately reflect the Company's
long-term business and earnings prospects. The use of our capital must continue
to be balanced with other internal and external investment opportunities while
maximizing the use of existing assets and resources to generate shareholder
value. The Company is fortunate to have the financial flexibility that allows it
to demonstrate its commitment to and confidence in its future prospects."
Progress Financial Corporation is a unitary thrift holding company
headquartered in Blue Bell, Pennsylvania. The business of the Company consists
primarily of the operation of Progress Bank, which serves businesses and
consumers through twenty full service offices. The Company also offers financial
planning services, life insurance, and investments through Progress Financial
Resources, Inc., headquartered in Philadelphia, Pa. In addition, the Company
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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