Progress Financial Corp. of Blue Bell, Pa., has hired Michael B. High, a First Union Corp. senior vice president of accounting and reporting, as chief financial officer.
In announcing the hire Progress Financial's chief executive emphasized its need for people experienced in analysis of potential acquisitions, which is among the functions in which Mr. High has taken a hand at First Union.
He will start work Sept. 8 as CFO of $600 million-asset Progress Financial and its Progress Bank, succeeding Frederick E. Schea, who the company said would be leaving to pursue other interests.
Mr. High had come to First Union in April, when it bought his previous employer, Philadelphia-based CoreStates Financial Corp. He had joined CoreStates in 1996, when it bought Reading, Pa.-based Meridian Bancorp, whose senior vice president of finance he had been.