American Financial Holdings Appoints New Directors.

Business Editors

NEW BRITAIN, Conn.--(BUSINESS WIRE)--Oct. 2, 2000

The board of directors of American Financial Holdings, Inc. (NASDAQ:AMFH) and the board of directors of American Savings Bank announced the appointment of two new directors, Gregory B. Howey and Laurence A.Tanner, to both boards. Their appointments are effective October 2, 2000.

"These community leaders bring exceptional leadership and professional expertise to our boards, and will be valuable assets to our bank. I look forward to their contributions to our future success," said Robert T. Kenney, chairman, president and CEO of American Financial Holdings and American Savings.

Gregory B. Howey

Howey is president, director, and owner of Okay Industries, Inc. of New Britain, a precision metal stamping company that was established in 1911 as The B. Jahn Manufacturing Company. Prior to purchasing Okay Industries in 1990, Howey held executive positions with Insilco Corporation and the Ingersoll Rand Company.

Howey holds a Bachelor of Science degree in Mechanical Engineering from the University of Wisconsin and a Master of Business Administration degree from Harvard Business School. He is involved with numerous community organizations including the New Britain Chamber of Commerce, the YWCA of New Britain, and the United Way of New Britain & Berlin. He serves as a director of the Rogers Corporation and the Spencer Turbine Company. Howey has served as a corporator of American Savings Bank since 1995 and is currently a member of the bank's Advisory Board. He is a resident of New Britain.

Laurence A. Tanner

Tanner is president and chief executive officer of Central Connecticut Health Alliance, an integrated health system consisting of acute care, long-term care, home care, behavioral health services, and a for-profit division. He is also president and chief executive officer of New Britain General Hospital.

Tanner holds a bachelor's degree from the University of Rhode Island and a Master of Public Health degree from Yale University. His academic appointments include serving as a preceptor at the Yale University Department of Epidemiology and Public Health and a lecturer in hospital administration at the Yale University School of Medicine. He is involved in numerous community and professional organizations, including the American Hospital Association, Community Mental Health Affiliates, the Connecticut Children's Medical Center, the Connecticut Hospital Association, the New Britain/Berlin YMCA, and the New Britain Chamber of Commerce. He has served as a corporator of American Savings Bank since 1997 and is currently a member of the bank's Advisory Board. He is resident of Burlington.

American Financial Holdings, Inc. is the holding company for American Savings Bank. Established in 1862, American Savings is one of Connecticut's oldest and largest independent banks - the third-largest public banking institution based in Connecticut. Headquartered in New Britain, American Savings has 17 branches in 12 communities throughout central Connecticut. The bank's mission is to continue to operate as an independent bank, delivering quality customer service and offering a wide spectrum of competitively priced financial services to customers. As a community-based bank, American Savings is committed to the betterment of the communities it serves. For more information, visit www.americansavingsbank.com.