American Business Financial Services' Board Authorizes 10% Share Buyback; Company Completes Prior Repurchase Program.Business Editors BALA CYNWYD, Pa.--(BUSINESS WIRE)--Nov. 7, 2001 American Business Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ABFI), a diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services company operating nationwide, today announced that its Board of Directors has authorized the Company to buy back up to an additional 10% of outstanding shares over the next 12 months. In addition, the Company announced that it has completed its share buyback program authorized by the Board of Directors in July 2001. The completion of the program resulted in the repurchase of 266,141 shares. "The Board of Directors continues to believe that one of the best investments ABFI can make today is in the repurchase of our own stock," said Anthony J. Santilli, ABFI's Chairman and Chief Executive Officer. "The market price of our stock continues to trade below book value, and this we believe, does not reflect the true value that we have built in this Company during our more than 13 years in business. We are determined that investors share in that value." About American Business Financial Services, Inc. American Business Financial Services, Inc. is a diversified financial services operating throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The Company originates business purpose loans and first and second mortgage loans through a combination of channels, including a national processing center located at its centralized cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. operating office in Bala Cynwyd, Pennsylvania Bala Cynwyd is a village in Lower Merion Township which is located in the Main Line in southeastern Pennsylvania, bordering the western edge of Philadelphia. It was originally two separate towns, Bala and Cynwyd, but is commonly treated as a single community. , and a retail branch network of offices. For further information, contact Jeffrey M. Ruben, Executive Vice President, 610-617-5562, or Keith Bratz, VP--Corporate Communications, 610-617-7475. Certain statements contained in this press release, which are not historical fact, may be deemed to be forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. under federal securities laws. There are many important factors that could cause American Business Financial Services, Inc. and its subsidiaries' actual results to differ materially from those indicated in the forward-looking statements. Such factors include, but are not limited to, general economic conditions, including interest rate risk, future residential real estate values, regulatory changes (legislative or otherwise) affecting the real estate market and mortgage lending activities, competition, demand for American Business Financial Services, Inc. and its subsidiaries' services, availability of funding, loan payment rates, delinquency and default rates, changes in factors influencing the loan securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. market and other risks identified in American Business Financial Services, Inc.'s Securities and Exchange Commission filings. |
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