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PROGRESS FINANCIAL CORPORATION ANNOUNCES SALE OF SUBSIDIARY INTEREST

 PLYMOUTH MEETING, Pa., Jan. 6 /PRNewswire/ -- Progress Financial Corporation (NASDAQ-NMS: PFNC) (the Company), whose primary subsidiary is Progress Federal Savings Bank (the Bank) announced today that on Dec. 30, 1992, the Bank sold its ownership interest in Cardinal Financial Company to the other principals in the partnership. The sale will not have any significant impact on the operating results of the Bank.
 W. Kirk Wycoff, president and CEO, stated, "The sale of our interest in Cardinal Financial Company fits our strategy to focus on residential and consumer lending through the Bank's own mortgage-banking operations in Montgomery and surrounding counties. Progress wishes the partners of Cardinal Financial continued success in 1993 and hopes to maintain an active correspondent relationship with them."
 Progress Financial Corporation is a unitary thrift holding company headquartered in Plymouth Meeting, Pa. 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, Plymouth Meeting, Conshohocken, Jeffersonville, King of Prussia, Norristown, and one in the Andorra section of Philadelphia. The company's stock is traded over the counter on the NASDAQ National Market System under the Symbol "PFNC"
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 /CONTACT: W. Kirk Wycoff, president and CEO (ext. 200); Gerald P. Plush, senior vice president and CFO (ext. 203); or Renee M. Ebersole, director of investor relations (ext. 312), all of Progress Financial, 215-825-8800/
 (PFNC)


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

JS -- PH025 -- 2415 01/06/93 17:49 EST
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Publication:PR Newswire
Date:Jan 6, 1993
Words:258
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