American Business Financial Services Renews Pledge to Consumer Credit Counseling Service of Delaware Valley, Inc.Business Editors BALA CYNWYD, Pa.--(BUSINESS WIRE)--Feb. 12, 2003 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), announced today that it has renewed its pledge to Consumer Credit Counseling Credit counseling (known in the United Kingdom as debt counselling) is a process offering education to consumers about how to avoid incurring debts that cannot be repaid. This process is actually more debt counseling than a function of credit education. Service of Delaware Valley The Delaware Valley is the name of the metropolitan area centered on the city of Philadelphia in the United States. The region is named for the Delaware River which flows through it. , Inc. (CCCS CCCS Consumer Credit Counseling Service CCCS Colorado Community College System CCCS Core Curriculum Content Standards CCCS Calvary Chapel Christian School CCCS Current Controlled Current Source CCCS Corpus Christi Catholic School CCCS Call Centre Council of Singapore ), the largest non-profit credit counseling service located in the Philadelphia area. The pledge, first announced last February 14th, the 5th anniversary of ABFI's listing on NASDAQ, was a commitment to donate $5 to CCCS for every loan originated by ABFI's lending subsidiaries during the past 12 months. To date, ABFI has contributed more than $80,000 to help fund CCCS' credit counseling and education initiatives. "We are delighted to renew our pledge to CCCS," said ABFI Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Anthony J. Santilli. "Over this past year, we have built a wonderful relationship with CCCS, and we look forward to supporting their endeavors in the year ahead. As a responsible lender, we are committed to borrower education, and this pledge reinforces that commitment." In addition to the financial contribution, ABFI has worked with CCCS to develop a program that offers free credit counseling and debt management programs to eligible home equity loan customers of the Company's operating subsidiaries. In addition, Stephen M. Giroux, Senior Vice President and General Counsel at American Business Financial Services, was appointed to the CCCS Board of Directors during the year. "We believe our commitment to CCCS through contributions of time, talent and funding is in the best interests of our borrowers, our Company, and all the communities we serve," said Santilli. "We are proud to be part of CCCS' mission of helping people through their financial difficulties." Patricia Hasson, President of Consumer Credit Counseling Service of Delaware Valley, Inc. said, "This generous pledge recommitment re·com·mit tr.v. re·com·mit·ted, re·com·mit·ting, re·com·mits 1. To commit again. 2. To refer (proposed legislation, for example) to a committee again. by ABFI is very important to CCCS as we move forward with many new financial educational initiatives this year. We are seeing many people, through no fault of their own, who are having problems in their financial lives. These funds will support our programs and help these individuals gain control of their financial future." Consumer Credit Counseling Service of Delaware Valley, Inc., based in Center City Philadelphia, is a non-profit organization that provides budget and credit counseling, debt management programs and credit education to consumers overburdened with unsecured debt Unsecured debt Debt that does not identify specific assets that the debtholder is entitled to in case of default. . American Business Financial Services, Inc. is a financial services company operating predominantly in the eastern and central portions of the United States. 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 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. , a regional processing center in Roseland, New Jersey, and several retail branch offices. For further information, contact Keith Bratz, VP--Corporate Communications, 610-617-7475, or Maureen Keown, Marketing Director, Consumer Credit Counseling Service of Delaware Valley, Inc., 215-563-5665, ext. 3338. |
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