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PROGRESS FINANCIAL ANNOUNCES CAPITAL PLAN APPROVAL FOR BANK SUBSIDIARY

PROGRESS FINANCIAL ANNOUNCES CAPITAL PLAN APPROVAL FOR BANK SUBSIDIARY
 PLYMOUTH MEETING, Pa., March 30 /PRNewswire/ -- Progress Financial Corporation (NASDAQ-NMS: PFNC) (the "company"), whose primary subsidiary is Progress Federal Savings Bank (the "bank"), today announced that the bank has received approval of its capital plan from the Office of Thrift Supervision (OTS).
 W. Kirk Wycoff, president and chief executive officer, stated, "We are extremely pleased to have received approval of our capital plan as submitted. The approval of our capital plan is due in part to the confidence the OTS has gained in new management's ability to move the bank in a positive direction. This confidence has been enhanced by the hard work and dedication of our employees. Returning Progress to consistent profitability and providing our customers with quality service are our highest priorities."
 The primary objectives of the bank's capital plan are to achieve compliance with regulatory capital requirements through increased core earnings, diversification of interest-earning assets, collection of non- performing assets, and continued reduction in operating expenses. The capital plan demonstrates how the bank intends to comply with the capital requirements, including the fully phased-in requirement of 8 percent risk-based capital by Dec. 31, 1994. At Dec. 31, 1991, the bank met the tangible capital requirement of 1.5 percent, but did not meet the core capital requirement of 3 percent and the current risk- based capital requirement of 7.2 percent. If the goals of the capital plan are achieved, the bank would meet all three capital requirements by Dec. 31, 1994.
 The board of directors of the bank has accepted a capital directive, signifying approval of the plan which supersedes the supervisory agreement and operating restrictions that were placed on the bank by the OTS in prior periods. Lending activities of the bank were limited in June of 1991 to certain mortgage loans, home equity loans up to $50,000 and consumer loans up to $25,000 following the results of the OTS examination that commenced in May 1991. Under the approved capital plan, the bank will be able to continue residential and consumer lending as well as return to selected lending activities that were previously restricted.
 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 eight full-service offices in Plymouth Meeting, Conshohocken, Sandy Hill, Jeffersonville, King of Prussia, Norristown, and one in the Andorra section of Philadelphia. The company's common stock is traded Over-the-Counter on the NASDAQ National Market System under the symbol PFNC.
 /delval/
 -0- 3/30/92
 /CONTACT: Gerald P. Plush, senior vp and CFO, 215-825-8800, ext. 203, or Renee M. Ebersole, director of investor relations, ext. 312, both of Progress Financial/
 (PFNC) CO: Progress Financial Corporation; Progress Federal Savings Bank ST: Pennsylvania IN: FIN SU:


MP-LJ -- PH007 -- 2738 03/30/92 09:26 EST
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Publication:PR Newswire
Date:Mar 30, 1992
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