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PROGRESS FINANCIAL CORPORATION ANNOUNCES SETTLEMENT AGREEMENT WITH FORMER OFFICER

 PLYMOUTH MEETING, Pa., Jan. 21 /PRNewswire/ -- Progress Financial Corporation (NASDAQ-NMS: PFNC), whose primary subsidiary is Progress Federal Savings Bank, today announced that a settlement has been reached between the bank and former officer Robert Messa arising out of a lawsuit and counterclaims filed following the ending of Messa's employment in June 1991.
 The bank's legal counsel stated that according to the settlement, the bank and Messa agreed to a mutual general release resolving all existing and potential claims between the two parties. The settlement will not have a material effect on the financial condition or results of operations for either the company or the bank.
 W. Kirk Wycoff, president and chief executive officer, stated, "We are pleased to have reached this settlement with Mr. Messa, which will enable us to focus on our core business and enhancing shareholder value."
 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, 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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 -0- 1/21/93
 /CONTACT: W. Kirk Wycoff, president and CEO (ext. 200), Gerald P. Plush, senior vp and CFO (ext. 203), or Renee M. Ebersole, director of Investor Relations (ext. 312), 215-825-8800, all of Progress Financial/
 (PFNC)


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

MK-MJ -- PH036 -- 7538 01/21/93 15:13 EST
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Publication:PR Newswire
Date:Jan 21, 1993
Words:274
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