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PROGRESS FEDERAL SAVINGS BANK IN FULL CAPITAL COMPLIANCE, CAPITAL DIRECTIVE RESCINDED; ROSEMONT BRANCH ACQUISITION COMPLETED

 PLYMOUTH MEETING, Pa., July 6 /PRNewswire/ -- Progress Financial Corporation (NASDAQ: PFNC), whose primary subsidiary is Progress Federal Savings Bank, announced today that it has received notification from the Office of Thrift Supervision (OTS) that the OTS has terminated the conditional approval of the capital plan dated April 2, 1992, and all the related operating restrictions due to the successful sale of common stock which resulted in the bank being in full compliance with all federal regulatory capital standards.
 The bank's capital ratios at March 31, 1993, adjusted to reflect the $7.3 million raised in the offering, are 4.82 percent, 4.82 percent and 9.89 percent on a tangible, core and risk-based capital basis, respectively.
 W. Kirk Wycoff, president and chief executive officer, noted, "Since my arrival two years ago, we have worked hard to restore the bank to capital compliance. It is gratifying to have achieved this goal. We appreciate the support we have received over the past two years from the OTS, and we will work diligently to maintain our good working relationship with the regulators while accomplishing the goals of our shareholders. With all restrictions lifted, we can now focus on being a full-service community bank."
 Additionally, the bank announced that it had completed the purchase of the Rosemont branch from Crusader Savings Bank on July 1, 1993. The bank has scheduled a grand opening for Sept. 21, to celebrate the addition of this office to its other seven branch offices. Wycoff stated, "Our new office in Rosemont offers the full array of loan and deposit products currently available to Progress customers."
 Progress Financial Corporation is a unitary thrift holding company headquartered in Plymouth Meeting. The business of the company consists primarily of the operation of Progress Federal Savings Bank, a federally chartered stock savings bank which conducts community banking business through full-service offices in Bridgeport, Conshohocken, Jeffersonville, King of Prussia, Norristown, Plymouth Meeting, Rosemont and one in the Andorra section of Philadelphia. The company's stock is traded on the NASDAQ stock market under the symbol "PFNC."
 /delval/
 -0- 7/6/93
 /CONTACT: W. Kirk Wycoff, president and CEO, 215-825-8800, ext. 200, or Gerald P. Plush, senior vp and CFO, ext. 203, or Renee M. Ebersole, director of investor relations, ext. 312, all of Progress Financial/
 (PFNC)


CO: Progress Financial Corporation ST: Pennsylvania IN: FIN SU:

MJ-MK -- PH022 -- 8747 07/06/93 15:55 EDT
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Publication:PR Newswire
Date:Jul 6, 1993
Words:400
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