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
July 26, 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)
Not Applicable
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(Former name,former address and former fiscal year,if changed since last report)
<PAGE>
Exhibit Index appears on page 4
Item 5. Other Events
On July 26, 2000, Progress Financial Corporation declared quarterly
cash dividend of $.06 from $.05 per share to shareholders of record on July 31,
2000, which was paid on August 11, 2000. 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: August 28, 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 dividend declaration issued on
July 26, 2000
<PAGE>
Exhibit 99(a)
Press Release on dividend declaration
issued on July 26, 2000
<PAGE>
Exhibit 99(a)
NEWS RELEASE
Contact: Michael B. High--(610) 941-4804
CFO/Executive Vice President
Progress Financial Corporation
4 Sentry Parkway - Suite 200
Blue Bell, PA 19422
For immediate release:
Progress Financial Corporation Declares Increased Cash Dividend
from $.05 to $.06 and a 5% Stock Dividend
Blue Bell, PA, July 26, 2000 - The Board of Directors of Progress
Financial Corporation (the "Company" - Nasdaq: PFNC) increased the regular
quarterly cash dividend to $.06 per share from $.05 per share in the prior
quarter. The cash dividend will be paid on August 11, 2000 to shareholders of
record on July 31, 2000.
In addition, the Board of Directors, citing the company's continued
strong financial performance, declared a 5% stock dividend to shareholders. One
additional new share of common stock will be distributed for every 20 shares
owned and a check will be issued for any fractional shares created by the
dividend. The stock dividend will be distributed August 11, 2000 to shareholders
of record on July 31, 2000.
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 sixteen 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; and
asset based lending through Progress Business Credit. In addition, the Company
also 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; and Raleigh, North
Carolina. The Company also conducts construction and development of assisted
living communities through Progress Development Corporation; venture capital
activities managed by Progress Capital Management, Inc.; and financial and
operational management consulting services for commercial clients through KMR
Management, Inc. located in Willow Grove, Pennsylvania. The Company's common
stock is traded on the Nasdaq Stock Market, National Market under the Symbol
"PFNC".
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