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
February 26, 2003
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(Date of earliest event reported)
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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, f changed since last report)
Exhibit Index appears on page 4
Item 5. Other Events
On February 26, 2003 Progress Financial Corporation announced completion of
its repurchase of 200,000 shares of common stock and authorized additional
repurchase. 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: February 28, 2003 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 distributed February 26, 2003
announcing completion of repurchase of common stock and
authorizing additional repurchase.
Exhibit 99(a)
Press Release Announcing Completion of Repurchase of Common Stock
And Authorizing Additional Repurchase
FOR IMMEDIATE RELEASE Contacts:
February 26, 2003 Michael B. High, COO/CFO
610-941-4804
mhigh@progressbank.com
Dorothy Jaworski, Director of Investor Relations
484-322-4822
djaworski@progressbank.com
Progress Financial Corporation Completes its Repurchase of 200,000 Shares
of Common Stock and Authorizes an Additional Repurchase up to 335,000 Shares
Blue Bell, PA, February 26, 2003 - Progress Financial Corporation (the
"Company"- Nasdaq: PFNC) announced today that the Company's Board of Directors
has authorized a repurchase program for the repurchase of up to 335,000 shares,
or five percent, of the Company's outstanding common stock. The Company
completed its previously announced repurchase program in the amount of 200,000
shares.
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 ongoing 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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