PROGRESS FINANCIAL ANNOUNCES APPOINTMENT OF CHAIRMAN OF THE BOARD OF DIRECTORS AND THE FORMATION OF NEW SUBSIDIARY
> PLYMOUTH MEETING, Pa., Oct. 13 /PRNewswire/ -- Progress Financial
Corporation (NASDAQ: PFNC), whose primary subsidiary is Progress Federal
Savings Bank, announced today that the board of directors has unanimously voted to elect W. Kirk Wycoff to serve as chairman of the board.
Wycoff, currently the president and CEO of the company and the bank, has been serving in this capacity since July 1991. The company also announced the formation of a new subsidiary to be known as Progress Realty Advisors, Inc. (PRA). PRA is a commercial mortgage banking and brokerage firm which will be active in originating, underwriting, structuring and placing commercial mortgage loans on income-producing properties and owner-occupied real estate throughout the Greater Delaware Valley. Wycoff will serve as president and a director of PRA. He will be joined by Robert A. Jacoby, formerly of Coopers & Lybrand, who will serve as senior vice president. Wayne Griest of The Lee Financing Group, Inc. in Berwyn, Pa., and Gerald P. Plush, senior vice president and CFO of the company and the bank, will also serve on the board of directors. To date, PRA has established a correspondent relationship with Washington Mortgage Financial Group (WMFG) of Vienna, Va. WMFG is a
FNMA DUS lender and a multifamily mortgage conduit for Daiwa Securities. As part of its business plan, PRA is planning to establish additional correspondent relationships for originating multifamily and commercial mortgage loans. PRA is also committed to locating and acquiring single commercial mortgage loans and portfolios of performing and non- performing commercial mortgage loans for a variety of investors. In this capacity, PRA has the ability to act as an advisor by providing due diligence and in valuing the asset(s) as well as in negotiating acquisitions. Additionally, PRA may act as a principal and invest directly in single or multiple asset acquisitions and is capable of performing any follow-on loan servicing and asset management work that may be required.
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 common stock trades on the NASDAQ stock market under the symbol "PFNC." /delval/ -0- 10/13/93 /CONTACT: Renee Ebersole, director of investor relations, of Progress Financial, 215-825-8800, ext. 312/ (PFNC)
CO: Progress Financial Corporation; Progress Federal Savings Bank;
Progress Realty Advisors, Inc. ST: Pennsylvania
IN: FIN SU: PER
MK-LJ -- PH006 -- 1529 10/13/93 09:30 EDT
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|Date:||Oct 13, 1993|
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