American Business Financial Services Renews Pledge to Consumer Credit Counseling Service of Delaware Valley, Inc

Business Wire, Feb 12, 2003

Business Editors

BALA CYNWYD, Pa.--(BUSINESS WIRE)--Feb. 12, 2003

American Business Financial Services, Inc. (NASDAQ: ABFI), announced today that it has renewed its pledge to Consumer Credit Counseling Service of Delaware Valley, Inc. (CCCS), 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 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 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.

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, 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.