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
November 13, 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 November 13, 2002, Progress Financial Corporation announced the issuance
of 10,000 shares of floating rate Trust Preferred Securities. 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: November 13, 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
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99(a) Press Release announcing issuance of 10,000 shares
of floating rate Trust Preferred Securities.
Exhibit 99(a)
Press Release announcing 10,000 shares of floating rate
Trust Preferred Securities issued November 13, 2002
Exhibit 99(a)
FOR IMMEDIATE RELEASE Contact:
November 13, 2002 Michael B. High, COO/CFO
610-941-4804
mhigh@progressbank.com
Progress Financial Corporation Announces Offering
of $10 Million of Floating Rate Trust Preferred Securities
Blue Bell, PA, November 13, 2002 - Progress Financial Corporation (the
"Company" - Nasdaq: PFNC), announced today the issuance of 10,000 shares of
floating rate Trust Preferred Securities, $1,000 liquidation amount per
security. The initial rate was 4.96% which will be adjusted quarterly to 3.35%
over three month LIBOR.
The Trust Preferred Securities represent undivided beneficial interests in
Progress Capital Trust III, which was established by the Company for the purpose
of issuing the Trust Preferred Securities. The Trust Preferred Securities are
fully and unconditionally guaranteed by the Company. Net proceeds from the sale
of the securities will be used for general corporate purposes, including but not
limited to, capital to fund its growth, working capital and for repurchases of
the Company's common stock under its existing stock repurchase program. All the
securities have been sold and this release is for informational purposes only.
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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