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 27, 1999
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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) Identification 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)
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Item 5. Other Events
On October 27, 1999, Progress Financial Corporation issued a press release
announcing its repurchase program to repurchase up to 280,000 shares of common
stock. For additional information, reference is made to the press Release, dated
October 27, 1999, which is attached hereto as Exhibit 99(a) and is incorporated
herein by reference.
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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
Dated: October 27, 1999 By: /s/ Michael B. High
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Michael B. High
Senior Vice President and
Chief Financial Officer
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EXHIBIT INDEX
Exhibit Number Description
99(a) Press Release issued on October 27, 1999
<PAGE>
Exhibit 99(a)
Press Released issued on October 27, 1999
<PAGE>
NEWS RELEASE
Contact: Michael B. High, CFO/Senior Vice President
(610) 941-4804
Dorothy Jaworski, Director of Investor Relations
(610) 941-4822
For immediate release:
Progress Financial Corporation to Repurchase Up To
280,000 Shares of Common Stock
Blue Bell, PA, October 27, 1999-- Progress Financial Corporation (the
"Company") announced today that it has completed the repurchase of 257,000
shares of common stock under its previously announced stock repurchase program
and that the Company's Board of Directors has authorized a new repurchase
program for the repurchase of up to 280,000 shares, or five percent, of the
Company's outstanding common stock.
Repurchases are authorized to be made by the Company from time to time
in open-market transactions as, in the opinion of management, market conditions
warrant. The repurchased shares will be held as treasury stock and may be
reserved for issuance pursuant to the Company's stock benefit plans.
W. Kirk Wycoff, President and Chief Executive Officer of the Company,
stated, "The repurchase program reflects management's belief that the current
price of the Company's common stock does not adequately reflect the Company's
long-term business and earnings prospects. The use of our capital must continue
to be balanced with other internal and external investment opportunities while
maximizing the use of existing assets and resources to generate shareholder
value. The Company is fortunate to have the financial flexibility that allows it
to demonstrate its commitment to and confidence in its future prospects."
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 thirteen full service offices. The Company also offers a
diversified array of financial services including equipment leasing through
Progress Leasing Corporation, with offices in Blue Bell, Pennsylvania and
Timonium, Maryland, and financial planning services and investments through
Progress Financial Resources, Inc., headquartered in Philadelphia, Pennsylvania.
In addition, the Company conducts commercial mortgage banking and brokerage
services through Progress Realty Advisors, Inc. with locations in Blue Bell,
Pennsylvania; Richmond and Chesapeake, Virginia; Woodbridge, New Jersey;
Wilmington, Delaware; and Raleigh, North Carolina. The Company also conducts
business-to-business telemarketing through Procall Teleservices, Inc.;
construction and development of assisted living communities through Progress
Development Corp., and venture capital activities managed by Progress Capital
Management, Inc. The Company's common stock is traded on the Nasdaq Stock
Market, National Market under the Symbol "PFNC".
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