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PROGRESS FINANCIAL CORPORATION COMMENCES RIGHTS OFFERING AND COMMUNITY OFFERING

 PLYMOUTH MEETING, Pa., April 26 /PRNewswire/ -- Progress Financial Corporation (NASDAQ: PFNC), whose primary subsidiary is Progress Federal Savings Bank, announced today the company's registration statement relating to the offering of up to 2,020,224 shares of its common stock (subject to increase under certain circumstances) has been declared effective by the Securities and Exchange Commission.
 Under the terms of the Rights Offering, each stockholder of record as of April 22, 1993, has a basic subscription right to purchase two shares of common stock for each whole share owned on that date. Each stockholder who subscribes for all the shares to which he or she is entitled as a result of the basic subscription right will have an oversubscription privilege to purchase additional shares in the Rights Offering, to the extent available. The rights are non-transferable and will not trade separately. The company said it intends to enter into standby purchase agreements with certain institutional and high net worth individuals, pursuant to which such standby purchasers have agreed to acquire shares of common stock of the company. Shares not subscribed for in the Rights Offering are being offered to the general public in a concurrent Community Offering.
 The purchase price per share is $3.50. The Rights Offering and Community Offering are expected to terminate on May 26, 1993, unless extended by the company. Net proceeds from the Rights Offering and Community Offering will be used to strengthen the bank's capital level and to support its banking services.
 The bank is a federally chartered thrift institution headquartered in Plymouth Meeting with six full service offices located in Montgomery County and one in the Andorra section of Philadelphia. As of Dec. 31, 1992, the company had total consolidated assets of $291.5 million, consolidated deposits of $245 million and consolidated stockholders' equity of $6.9 million.
 The company's common stock trades on the NASDAQ Stock Market under the symbol "PFNC."
 /delval/
 -0- 4/26/93
 /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

JM-CC -- PH014 -- 0634 04/26/93 11:23 EDT
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Publication:PR Newswire
Date:Apr 26, 1993
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