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 28, 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, ormer address and former fiscal year if changed since last report)
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Exhibit Index appears on page 4
<PAGE>
Item 5. Other Events
On July 28, 2000, Progress Financial Corporation announced the issuance of
6,000 shares of Trust Preferred Securities. 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 issuance of Trust Preferred
Securities issued July 26, 2000.
<PAGE>
Exhibit 99(a)
Press Release issuance of Trust Preferred Securities
issued on July 28, 2000
<PAGE>
Exhibit 99(a)
Contact: Michael B. High
Executive Vice President/CFO
(610) 825-8800
FOR IMMEDIATE RELEASE
Progress Financial Corporation Announces Offering Of $6 Million Of
11.445% Trust Preferred Securities
Blue Bell, Pennsylvania (July 28, 2000): Progress Financial Corporation
(the "Company") (Nasdaq - PFNC), the holding company for Progress Bank (the
"Bank"), announced today the issuance of 6,000 shares, or $6.0 million, of
11.445% Trust Preferred Securities, $1,000 liquidation amount per security, in a
private offering managed by First Union Securities, Inc. The Trust Preferred
Securities represent undivided beneficial interests in Progress Capital Trust
II, which was established by the Company for the purpose of issuing the Trust
Preferred Securities. The Trust Preferred Securities are fully and
unconditionally guaranteed by the Company. Net proceeds from the sale of the
securities will be used for general corporate purposes, including but not
limited to, capital contributions to the Bank to fund its growth and for
repurchases of the Company's common stock under its existing stock repurchase
program. 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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