America's Community Bankers has put its stamp of approval on a
The Bank Alliance Program from American Business Financial Services Inc.
Processing Service Center Inc., an American Business unit, will
Processing Service Center will then help the thrift find a buyer for the
The partnership will let thrifts gain Community Reinvestment Act credits
"Community banks are carefully watched" by regulators, said Anthony J.
He said American Business will provide a full range of services, which
American Business hopes to originate $50 million in subprime loans
Michael Potter, chief operating officer of the trade group, said it
Participating thrifts need not worry that the company will try to steal
American Business has no other consumer loan programs and has agreed not
The company "manages and processes more intelligently than other
Community banks have been searching for a way to make subprime loans,
Processing Service Center offers a 24-hour turnaround on credit
Several finance companies have tried to form bank partnership programs,
Money Store Inc. was about to introduce such a program before it was
United Cos. of Baton Rouge, La., also has a bank alliance program.