SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
September 15, 2003
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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 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 5. Other Events
On September 15, 2003 Progress Financial Corporation reported the sale
of its Corporate Headquarters building in Blue Bell, PA. A copy of the press
release is included as Exhibit 99.1 and is 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: September 15, 2003 By: /s/ Michael B. High
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Michael B. High
Chief Operating Officer and
Chief Financial Officer
Exhibit Index
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Exhibit No. Description
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99.1 Press Release, dated September 15, 2003
Exhibit 99.1
Press Release on Sale of Corporate Headquarters Building
FOR IMMEDIATE RELEASE Contacts:
September 15, 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 Sells Its Corporate Headquarters Building for $10.2 Million
Blue Bell, PA, September 15, 2003 - Progress Financial Corporation (the
"Company" - Nasdaq: PFNC) of Blue Bell today announced the sale of it's
Corporate Headquarters location, at 4 Sentry Parkway in Blue Bell to Mack-Cali
Realty Corporation (NYSE: CLI), a public real estate investment trust. The
Company will continue to occupy the second floor under a long-term lease. The
sale price was $10.2 million which will result in a pre-tax gain of
approximately $1.2 million. The Company was represented by Smith Mack & Co.,
Inc. The Agreement of Sale was entered into by the Company prior to the
announcement of the merger with FleetBoston Financial Corporation (NYSE: FBF)
and proceeded to closing irrespective of merger.
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. The
Company's common stock is traded on The Nasdaq Stock Market under the Symbol
"PFNC".
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This release contains forward-looking statements that involve risks and
uncertainties that could cause actual results to differ materially from
estimates. When used in filings by the Company with the Securities and Exchange
Commission, in the Company's press releases or other public or shareholder
communications, or in oral statements made with the approval of an authorized
executive officer, the words or phrases "will likely result", "are expected to",
"will continue", "is anticipated", "estimate", "project", or similar expressions
are intended to identify "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements are subject to
certain risks and uncertainties including changes in economic conditions in the
Company's market area, changes in policies by regulatory agencies, fluctuations
in interest rates, demand for loans in the Company's market area and competition
that could cause actual results to differ materially from historical earnings
and those presently anticipated or projected. The Company wishes to caution
readers not to place undue reliance on any such forward-looking statements,
which speak only as of the date made. The Company wishes to advise readers that
the factors listed above could affect the Company's financial performance and
could cause the Company's actual results for future periods to differ materially
from any opinions or statements expressed with respect to future periods in any
current statements.