American Business Financial Services Applies For Utah Industrial Loan Corporation Charter.Business Editors BALA CYNWYD, Pa.--(BUSINESS WIRE)--April 10, 2000 American Business Financial Services, Inc. (Nasdaq:ABFI) today announced that Upland Bank, its newly formed subsidiary, has filed an application with the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. (FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). ), and the Utah Department of Financial Institutions, for a Utah Industrial Loan Corporation charter. If regulatory approval is obtained, the bank charter would allow Upland Bank to originate its residential mortgage loan products under one centralized jurisdiction. The ILC ILC International Law Commission (United Nations) ILC International Linear Collider ILC Independent Living Centre ILC Independent Living Center ILC Industrial Loan Company ILC International Land Coalition would also give Upland Bank the ability to offer home equity lines of credit with card access, Small Business Administration (SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government ) guaranteed business loans, and FDIC-insured certificates of deposit. American Business Financial Services, Inc. is a diversified financial services holding company which provides credit services and investment products to consumers and businesses, including business loans, first and second home equity mortgage loans, and subordinated investment notes. The Company offers its products and services to consumers and businesses nationwide. For further information, contact Albert M. Mandia, Executive Vice President and CFO See Chief Financial Officer. , American Business Financial Services, Inc., 610/617-4939; Keith Bratz, VP Corporate Communications, American Business Financial Services, Inc., 610/617-7475; or Lisa S. Arnold, Wall Street Investor Relations Investor relations The process by which the corporation communicates with its investors. Corp., 301/907-4092. Certain statements contained in this press release, which are not historical fact, may be deemed to be forward-looking statements 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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