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
January 15, 1998
(Date of earliest event reported)
Progress Financial Corporation
(Exact name of registrant as specified in its charter)
Delaware 0-14815 25-2413363
(State of other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identified No.)
4 Sentry Parkway, Suite 230, Blue Bell, Pennsylvania 19422-0764
(Address of principal executive offices) (Zip Code)
(610)-825-8800
(Registrants 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.
Item 5. Other Events
On January 15, 1998, Progress Financial Corporation announced that it
had completed its acquisition of PAM Holding Corp. based in Bethlehem,
Pennsylvania. PAM Holding Corp., through its subsidiary PAM Financial Corp.
specializes in leasing data processing, dry cleaning, and restaurant equipment
in the eastern United States. The company has a portfolio in excess of $15
million in small business leases. After this acquisition, Progress Banks
equipment leasing division will exceed $50 million in
leases outstanding.
Under the terms of the stock purchase agreement, PAM Holding Corp. becomes a
wholly owned subsidiary of Progress Bank, a Federally Chartered Stock Saving
Bank and a wholly owned subsidiary of PFC.
The press release is attached as an exhibit to this report 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: January 26, 1998 By: /s/ Frederick E. Schea _
Frederick E. Schea
Senior Vice President and
Chief Financial Officer
EXHIBIT INDEX
Exhibit Number Description
99(a) Press Release issued on
January 15, 1998
Exhibit 99(a)
Press Release issued
On January 15, 1998
NEWS RELEASE
Contact: W. Kirk Wycoff (610) 825-8800
Progress Financial Corporation
4 Sentry Parkway Suite 200
Blue Bell, PA 19422
Frederick E. Schea (610) 941-4804
Progress Financial Corporation
4 Sentry Parkway Suite 200
Blue Bell, PA 19422
For immediate release:
Progress Acquires PAM Holding Corp.
Blue Bell, PA, January 15, 1998 Progress Financial Corporation announced today
that it has completed its acquisition of PAM Holding Corp. based in Bethlehem,
Pennsylvania. PAM Holding Corp. through its subsidiary PAM Financial Corp.
specializes in leasing data processing, dry cleaning, and restaurant equipment
in the eastern United States. The company has a portfolio in excess of $15
million in small business leases. After this acquisition, Progress Banks
equipment leasing division will exceed $50 million in leases outstanding.
PAM Holding Corp. has specialized in serving the small business market through
direct sales contact and telemarketing for over 10 years and had previously been
a subsidiary of a major New Jersey banking company. Patrick A. McGee, President
of PAM Holding Corp. will remain in his current position. "This is an
opportunity to strengthen our equipment leasing business 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, and "The deal will be accretive to Progress
shareholders in the first year following the acquisition." Under the terms of
the purchase agreement, PAM Holding Corp. will become a wholly owned subsidiary
of Progress Bank, Blue Bell, Pennsylvania. This acquisition will enhance
Progress Financial Corporation's equipment leasing business started in 1995 with
the acquisition of Quaker State Financial Corporation in Blue Bell, Pennsylvania
and in 1996 with the acquisition of The Equipment Leasing Company, in Timonium,
Maryland. 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 business and consumers
through 10 full service offices. The Company also offers a diversified array of
other financial services, including equipment leasing through the Bank's other
subsidiaries, Quaker State Leasing Company, Blue Bell, Pennsylvania; and The
Equipment Leasing Company, Timonium, Maryland. In addition, the Company conducts
commercial mortgage banking and brokerage services through Progress Realty
Advisors, Inc.; with locations in Blue Bell, Pennsylvania, Richmond, Virginia
and Woodbridge, New Jersey; and business to business telemarketing through
Procall Teleservices, Inc. The Company's common stock is traded on the NASDAQ
Stock Market under the symbol "PFNC."
