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PROGRESS FINANCIAL ANNOUNCES SETTLEMENT AGREEMENT WITH FORMER PRESIDENT

PROGRESS FINANCIAL ANNOUNCES SETTLEMENT AGREEMENT WITH FORMER PRESIDENT
    PLYMOUTH MEETING, Pa., May 6 /PRNewswire/ -- Progress Financial Corporation (NASDAQ-NMS: PFNC), whose primary subsidiary is Progress Federal Savings Bank, announced today that a settlement has been reached between the bank and former President and Chief Executive Officer V.P. Moir III.
    The lawsuit filed in September 1991 by Moir alleged breach of contract, defamation, age discrimination and violation of the Employee Retirement Income Security Act following the ending of his employment in June 1991.  The bank's legal counsel stated that according to the settlement, the bank and Moir agreed to a mutual general release resolving all existing and potential claims between the two parties which was the extent of the consideration exchanged.
    W. Kirk Wycoff, president and chief executive officer, stated, "We are pleased to have reached this settlement with Mr. Moir.  We believe the time and effort that would have been spent continuing this suit would have been counterproductive to the bank.  This settlement will enable us to move forward and concentrate our attention on returning the bank to operating profitability."
    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 Bridgeport, Plymouth Meeting, Conshohocken, Sandy Hill, 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."
    /delval/
    -0-                     5/6/92
    /CONTACT:  W. Kirk Wycoff, president and CEO, ext. 200, or Gerald P. Plush, senior vp and CFO, ext. 203, 215-825-8800, both of Progress Financial/37 -- 7211 05/06/92 15:12 EDT
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Publication:PR Newswire
Date:May 6, 1992
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