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
OCTOBER 1, 1996
(Date of earliest event reported)
Progress Financial Corporation
(Exact name of registrant as specified in its charter)
DELAWARE 0-14815 25-2413363
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
4 SENTRY PARKWAY, SUITE 230, BLUE BELL, PENNSYLVANIA 19422-0764
(Address of principal executive offices) (Zip Code)
(610) 825-8800
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name, former address and former fiscal year,
if changed since last report)
Exhibit Index appears on page 4.
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ITEM 5. OTHER EVENTS
On October 1, 1996, Progress Financial Corporation ("PFC"), a unitary
thrift holding company headquartered in Blue Bell, Pennsylvania, announced
that it had reached an agreement to purchase The Equipment Leasing Company,
Timonium, Maryland. Under the terms of the purchase agreement, The
Equipment Leasing Company will become a wholly-owned subsidiary of Progress
Bank, a Federally chartered stock savings bank and wholly-owned subsidiary
of PFC.
The press release is attached as an exhibit to this report and is
incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS
The following exhibit is filed with this report:
EXHIBIT NUMBER DESCRIPTION
99(a) Press Release issued on
October 1, 1996
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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
Date: October 15, 1996 By: /s/ Frederick E. Schea
----------------------
Frederick E. Schea
Senior Vice President and
Chief Financial Officer
<PAGE>
EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION
99(a) Press Release issued on
October 1, 1996
<PAGE>
Exhibit 99(a)
Press Release issued
on October 1, 1996
PROGRESS FINANCIAL CORPORATION
NEWS RELEASE
Contact: W. Kirk Wycoff -- (610) 825-8800
Progress Financial Corporation
4 Sentry Parkway - Suite 200
Blue Bell, PA 19422
FOR IMMEDIATE RELEASE:
PROGRESS ACQUIRES THE EQUIPMENT LEASING COMPANY
Blue Bell, PA, October 1, 1996 -- Progress Financial Corporation
announced today that it has reached an agreement to purchase The Equipment
Leasing Company, a subsidiary of a privately held company. Based in Timonium,
Maryland, The Equipment Leasing Company specializes in leasing computer and
telecommunications equipment in the eastern United States.
"This is an opportunity to enhance our income by acquiring a proven and
profitable financial services company, " said W. Kirk Wycoff, President and
Chief Executive Officer of Progress Financial Corporation. "We are committed
to the strategy of investing in non-banking financial companies that serve the
business community." Wycoff said the deal would be accretive to Progress
shareholders in the first year following the acquisition.
Leasing technology based equipment is considered to be an attractive
growth market for the equipment leasing business. The Equipment Leasing
Company has specialized in serving the small business market through direct
sales contact and telemarketing for over 25 years. Management of The Equipment
Leasing Company will remain in their current positions.
<PAGE>
Progress Financial Corporation
Progress Acquisition
Page Two
Under the terms of the purchase agreement, The Equipment Leasing Company
will become a wholly owned subsidiary of Progress Bank, Blue Bell, PA. This
acquisition will enhance Progress Financial Corporations' equipment leasing
business started in 1995 with the acquisition of Quaker State Financial
Corporation.
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, a Federally chartered stock
savings bank that conducts community banking business through ten full service
offices. The Company also provides commercial mortgage banking and brokerage
services, property management services, and equipment leasing through its
other subsidiaries, Progress Realty Advisors, L.P., Alliance Realty Services,
L.L.C. and Quaker State Financial Corporation, respectively. The Company's
common stock is traded on the NASDAQ Stock Market under the Symbol "PFNC".
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