Progressive Management Services Inc., 645 E. 45th South, a company building and marketing computer systems for local government, is proposing a merger with Beacon Financial, headquartered in Pleasant Grove.
Art Partridge, president and chief executive officer of Progressive, a privately held company, said Beacon has a large number of stockholders although the company no longer makes loans and has no depositors.This week, Progressive officials held an open house for Beacon stockholders to get acquainted and talk about the proposed merger.
Richard Jensen, a shareholder in both companies, said Beacon is the successor of Grove Finance, a company that went bankrupt several years ago. He said Beacon's current shareholders were Grove Finance depositors.
Currently required to report to the Securities and Exchange Commission, Beacon has $2 million in assets although it isn't operating at the pres-ent time. Jensen said the proposed merger will be an advantage for Beacon shareholders because Progressive can provide management and a potential for growth in sales and assets.
Several people attending the open house favored the merger, Jensen said.