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 24, 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,if changed since last report)
Exhibit Index appears on page 4
Item 5. Other Events
On February 24, 2003 Progress Financial Corporation announced that Frank A.
Farnesi, CPA was named Director of Progress Financial Corporation. 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 24, 2003
naming Frank A. Farnesi, CPA as Director of
Progress Financial Corporation.
Exhibit 99(a)
Press Release Naming Frank A. Farnesi, CPA, Director
of Progress Financial Corporation
FOR IMMEDIATE RELEASE Contacts:
February 24, 2003 Michael B. High, COO/CFO
610-941-4804
mhigh@progressbank.com
Dorothy Jaworski, Director of Investor Relations
484-322-4822
djaworski@progressbank.com
Frank A. Farnesi, CPA Named Director of Progress Financial Corporation
Blue Bell, Pa.--Progress Financial Corporation (the "Company" - Nasdaq:
PFNC), announced that Frank A. Farnesi has joined the Board of Directors.
Farnesi is managing director of Augustine Associates LLC, a private holding
company.
"We are very fortunate to have recruited Frank Farnesi to our board," said
W. Kirk Wycoff, President and CEO of Progress Financial Corporation. "Frank
brings to us tremendous knowledge of the critical issues facing businesses
today, particularly in the sectors where our activities are focused. As an
advisor to start-ups, he is sensitive to the issues facing young companies.
Given his extensive professional experience, Frank will be a director who helps
us maintain the confidence of shareholders and customers."
Farnesi is a retired partner of the international accounting firm KPMG LLP,
where he was Partner in Charge of the Pennsylvania Tax Practice. He worked with
a wide variety of clients in the banking, real estate and technology fields, and
also spent time as National Partner in Charge, Tax Compliance.
While with KPMG, Farnesi was active with numerous professional, trade and
civic organizations, having leadership roles in many. He currently serves on the
advisory boards for several start-up companies in the Philadelphia region.
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
twenty full service offices. The Company also offers financial planning
services, life insurance, group employee benefits and investments through
Progress Financial Resources Inc., headquartered in Philadelphia. 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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