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
July 25, 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 23-2413363
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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)
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(a) Not applicable.
(b) Not applicable.
(c) The following exhibits are included with this Report:
Exhibit No. Description
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99.1 Press Release, dated July 25, 2003
Item 9. Regulation FD Disclosure (Results of Operations and Financial Condition)
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On July 25, 2003 Progress Financial Corporation reported increase in
cash dividend. A copy of the press release is included as Exhibit 99.1 and is
incorporated herein by reference. This information, which is required by Item 12
of Form 8-K, is being provided under Item 9 pursuant to Commission Release
34-47583.
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: July 25, 2003 By: /s/ Michael B. High
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Michael B. High
Chief Operating Officer and
Chief Financial Officer
Exhibit 99.1
Press Release on Second Quarter Cash Dividend
FOR IMMEDIATE RELEASE Contacts:
July 25, 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 Announces 33% Increase in Cash Dividend
Blue Bell, PA, July 25, 2003 - The Board of Directors of Progress Financial
Corporation (the "Company" - Nasdaq: PFNC) declared its quarterly cash dividend
on its common stock, according to W. Kirk Wycoff, Chairman, President and Chief
Executive Officer. The quarterly cash dividend of $.08 represents a 33% increase
and will be paid on August 15, 2003 to shareholders of record on July 30, 2003.
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-one offices. The Company also offers financial planning
services, life insurance, group employee benefits 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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