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PROGRESS FINANCIAL ANNOUNCES ADDITIONAL CORRESPONDENT RELATIONSHIPS FOR NEW SUBSIDIARY AND APPOINTMENT OF SENIOR VICE PRESIDENT

 PLYMOUTH MEETING, Pa., Nov. 4 /PRNewswire/ -- Progress Financial Corporation (NASDAQ: PFNC) announced today that its new subsidiary, Progress Realty Advisors, Inc. (PRA) has been named the Delaware Valley correspondent for two additional commercial real estate lenders.
 The lenders include: Principal Commercial Advisors, a subsidiary of The Principal Financial Group, of Des Moines, Iowa; and CapSource Funding Corporation based in Boulder, Colo., a commercial real estate loan conduit affiliated with the investment banking firm of Donaldson, Lufkin & Jenrette. PRA has already established a correspondent relationship with the Vienna, Va.-based firm of Washington Mortgage Financial Group, a Fannie Mae DUS and multifamily conduit lender.
 PRA also announced that Frank W. Ashmore, formerly with Progress Federal Savings Bank, has joined the firm as senior vice president effective Nov. 1.
 Progress Realty Advisors is a commercial mortgage banking/mortgage brokerage firm located in Plymouth Meeting. Through its correspondents, the firm offers financing on all types of commercial real estate and multifamily properties.
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 /CONTACT: Robert A. Jacoby, senior vice president, of Progress Realty Advisors, 215-828-3700, or Renee Ebersole, director of investor relations, of Progress Financial, 215-825-8800, ext. 312/
 (PFNC)


CO: Progress Financial Corporation; Progress Realty Advisors ST: Pennsylvania IN: FIN SU: PER

JM-LJ -- PH020 -- 0717 11/04/93 12:18 EST
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Publication:PR Newswire
Date:Nov 4, 1993
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