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
May 23, 2000
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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 25-2413363
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(State of other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identified No.)
4 Sentry Parkway, Suite 230, 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)
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Not Applicable
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Former name,former address and former fiscal year,if changed since last report)
Exhibit Index appears on page 4
<PAGE>
Item 5. Other Events
On May 23, 2000, Progress Financial Corporation announced the sale of
ProCall Teleservices, Inc. to Product Development Corporation. For further
information, see the press release attached as Exhibit 99(a) and incorporated
herein by reference.
<PAGE>
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: June 20, 2000 By: /s/ Michael B. High
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Michael B. High
Executive Vice President and
Chief Financial Officer
<PAGE>
EXHIBIT INDEX
Exhibit Number Description
99(a) Press Release on sale of ProCall Teleservices,Inc.
issued on May 23, 2000
<PAGE>
Exhibit 99(a)
Press Release on sale of ProCall Teleservices, Inc.
issued on May 23, 2000
<PAGE>
Exhibit 99(a)
NEWS RELEASE
Contact: Michael B. High--(610) 941-4804
Executive Vice President and CFO
Progress Financial Corporation
4 Sentry Parkway - Suite 200
Blue Bell, PA 19422
For Immediate Release For Information Contact:
Jeane Coyle
610-940-3976
PROGRESS FINANCIAL CORPORATION ANNOUNCES SALE OF
PROCALL TELESERVICES, INC. TO PRODUCT DEVELOPMENT CORPORATION
Blue Bell, PA - May 23, 2000 --- Progress Financial Corporation (PFC),
headquartered in Blue Bell, Pennsylvania, announced the sale of Procall
Teleservices, Inc. (Procall), its business-to-business teleservices subsidiary
company, to Product Development Corporation (PDC) of Monterey, California. PFC
will recognize a profit on the sale of ProCall during the second quarter
amounting to approximately $2.5 million ($1.5 million after tax) or $ .26 per
share. The announcement was made today by W. Kirk Wycoff, president and CEO of
PFC. According to Wycoff, the sale of Procall is part of Progress's strategy to
concentrate resources on the rapidly growing community banking business. PFC's
core competencies within the financial services industry also include mezzanine
lending, venture capital, leasing, insurance and asset based lending.
Headquartered in Blue Bell, Pennsylvania, Procall Teleservices is an interactive
teleservices and Internet communications and marketing firm serving businesses
ranging from start-ups to Fortune 500 companies. The company was started by
Progress in 1997 to service its increasing teleservices needs. "Progress
established Procall as a new business to help make us more competitive," notes
Wycoff. "It has diversified and grown into a strong and profitable enterprise,
due to the leadership of its president, Claudia Timbo. Revenues for 1999 were
$3.4 million and they have continued to grow. While Procall has been successful
as a subsidiary of Progress Financial Corporation, the time is right to let the
company proceed to an environment where new resources, investment and strategy
can take it through the next level of growth." Judy Kent, vice president of
teleservices for Product Development Corporation, is impressed with the level of
professionalism and experience ProCall brings to the PDC Teleservices team. "It
is an exciting time in the industry and our combined strengths bring a new level
of service to our current and future clients. There is an increasing trend in
companies outsourcing their call center activities and we have never been better
positioned to be the best possible partner."
Procall will continue to operate in its present Blue Bell location, serving
current clients, including Progress Bank's call center functions, and taking on
new accounts and activities from Product Development Corporation. Claudia Timbo,
who has served as president of Procall since its inception, will continue in
this capacity.
About Progress Financial Corporation (PFC)
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 fifteen full service offices. The Company also offers a
diversified array of financial services including equipment leasing through
Progress Leasing Company, 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
construction and development of assisted living communities through Progress
Development Corporation, 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".
About Product Development Corporation (PDC)
PDC is a 60 year old company with revenues in excess of $130 million,
headquartered in Monterey, California. A leader in their industry, PDC provides
value-added distribution, fulfillment, and information management services
through over 40 locations across the US, Canada, and UK. Over 400 million pieces
of product are distributed annually to businesses and consumers. PDC's customers
include a broad range of Fortune 500 companies.
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