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
June 16, 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, f changed since last report)
Exhibit Index appears on page 4
<PAGE>
Item 5. Other Events
On June 16, 2000, Progress Financial Corporation announced that
Stephen T. Zarrilli has joined the Board of Directors. 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 appointment of Stephen T. Zarrilli
to Board of Directors issued on June 16, 2000
<PAGE>
Exhibit 99(a)
Press Release on appointment of
Stephen T. Zarrilli to Board of Directors
issued on June 16, 2000
<PAGE>
Exhibit 99(a)
NEWS RELEASE
For Immediate Release For Information Contact:
Joye Lesser
215-830-0304, ext.15
STEPHEN ZARRILLI JOINS PROGRESS FINANCIAL CORPORATION BOARD OF DIRECTORS
Blue Bell, PA - June 16, 2000 - Progress Financial Corporation (the
"Company" - Nasdaq: PNFC) today announced that Stephen Zarrilli has joined the
Board of Directors. Mr. Zarrilli is Chief Executive Officer of U.S. Interactive,
Inc. (Nasdaq: USIT), a leading e-business solutions firm located in King of
Prussia, Pennsylvania. Commenting on this appointment, W. Kirk Wycoff, President
and CEO, stated, "We are pleased that Steve Zarrilli has agreed to join our
Board. Steve has been a key player in the success and recent evolution to a
publicly held company of US Interactive. He will be a great addition to our
Board as we continue to diversify and grow our Company
"The entrepreneurial spirit exhibited by Progress Financial Corporation
and their emphasis on high tech businesses makes me a natural fit to work with
the other Directors at PFC." stated Zarrilli. "Progress is a regional leader in
both specialized lending to emerging growth companies and venture capital
investing. I look forward to serving on the Board and helping to make a
contribution at Progress.
Mr. Zarrilli was one of US Interactive's first employees joining that
firm in 1995 after 11 years with Deloitte & Touche where he was directly
responsible for the creation of the firm's Emerging Business practice. He
officially joined the Progress Financial Corporation's Board of Directors this
month.
ABOUT 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; financial planning, insurance and investments through Progress
Financial Resources, Inc., headquartered in Philadelphia, Pennsylvania; and
asset based lending through Progress Business Credit, Blue Bell, Pennsylvania.
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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