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 28, 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 28, 2002, Progress Financial Corporation announced that Progress
Bank has achieved Compliance and has been released from the OTS Directive. 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 28, 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 Compliance and
release from the OTS Directive
Exhibit 99(a)
Press Release announcing Compliance
And release from OTS Directive issued October 28, 2002
Exhibit 99(a)
FOR IMMEDIATE RELEASE Contacts:
October 28, 2002 Michael B. High, COO/CFO
610-941-4804
mhigh@progressbank.com
Dorothy Jaworski, Director of Investor Relations
484-322-4822
djaworski@progressbank.com
Progress Achieves Compliance
Blue Bell, PA, October 28, 2002 - Progress Financial Corporation (the
"Company" - Nasdaq: PFNC), announced today that the Office of Thrift Supervision
("OTS") has released the Company and Progress Bank from the Supervisory
Directive, dated July 3, 2001, and the Individual Minimum Capital Directive,
dated September 20, 2001.
W. Kirk Wycoff, President and Chief Executive Officer of the Company,
stated, "This action by the OTS reflects the significant improvement in our risk
profile and asset quality over the past fifteen months as well as our
improvement in management processes and controls. We are especially gratified
that the Company was able to remain profitable in every quarter during the
process of restructuring and strengthening our balance sheet." Mr. Wycoff went
on to state that "We look forward to the expansion of our core banking business
in the year ahead and thank our stockholders and clients for their continued
support. I also want to recognize the OTS for their proactive approach and
timely responses to our efforts in the last 15 months."
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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