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PROGRESS FINANCIAL CORPORATION ANNOUNCES SUCCESSFUL CONSUMMATION OF STOCK OFFERING AND REGULATORY APPROVAL OF BRANCH ACQUISITION

 PLYMOUTH MEETING, Pa., June 1 /PRNewswire/ -- Progress Financial Corporation (NASDAQ: PFNC), whose primary subsidiary is Progress Federal Savings Bank, today announced the successful consummation of the company's Rights Offering, which has been fully subscribed at 2,270,224 shares and results in the bank being in full capital compliance.
 The final closing of the Rights Offering is anticipated to occur in June 1993. In addition, the company announced today that the bank has received Office of Thrift Supervision (OTS) approval for the acquisition of the Rosemont Branch of Crusader Savings Bank PaSa.
 W. Kirk Wycoff, president and chief executive officer, stated, "We are delighted to announce the successful completion of our stock offering, and are encouraged by the enthusiastic response we have received from our shareholders and customers. The employees of Progress remain dedicated to increasing the value of the Progress franchise and our shareholders' investment. We also appreciate the confidence shown in Progress by the OTS through their support of our offering and the approval of the Rosemont branch office purchase."
 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 on the NASDAQ Stock Market under the symbol "PFNC."
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 /CONTACT: W. Kirk Wycoff, president and CEO (ext. 200), Gerald P. Plush, senior vice president and CFO (ext. 203), or Renee M. Ebersole, director of investor relations (ext. 312), of Progress Financial Corporation, 215-825-8800/
 (PFNC)


CO: Progress Financial Corporation; Progress Federal Savings Bank ST: Pennsylvania IN: FIN SU: OFR TNM

MK-MP -- PH008 -- 3814 06/01/93 09:21 EDT
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Publication:PR Newswire
Date:Jun 1, 1993
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