Exhibit 99(a)
Press Release on dividend declaration
issued on October 25, 2000
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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:
Progress Financial Corporation Declares Cash Dividend
Blue Bell, PA, October 25, 2000 - The Board of Directors of Progress
Financial Corporation (the "Company" - Nasdaq: PFNC) has declared its regular
quarterly cash dividend on its common stock, according to W. Kirk Wycoff,
Chairman, President and Chief Executive Officer. The cash dividend of $.06 per
share will be paid on November 10, 2000 to shareholders of record on October 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 receives fees for the 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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