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Applied Card Systems and Cross Country Bank to Close in Observance of September 11

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August 30, 2002

In commemoration of the first anniversary of the September 11, 2001 terrorist attacks, all offices of Applied Card Systems and its affiliate, Cross Country Bank will be closed.

Rocco A. Abessinio, Chairman and CEO of the privately held companies said, "It is our way of paying tribute to the heroes of 9/11. Our country was deeply effected by the terrorist attacks and the lingering effects will be felt for years to come, particularly by the families, friends and associates of those who lost their lives." Abessinio added, "We must not forget those who were killed and the fact that our country must remain on guard against its enemies. Therefore, we are supportive of the growing sentiment of making the observance of September 11 a national holiday."

Applied Card Systems and Cross Country Bank, which donated $1 million to the September 11th Fund last year, employ approximately 4,500 Associates. Applied Card has operations centers in Glen Mills, Pennsylvania; Boca Raton, Florida; Huntington and Beckley, West Virginia; and Ashland, Kentucky. Cross Country Bank is headquartered in Wilmington, Delaware and is a leading issuer of credit cards in the nonprime market.

"This day off will provide our Associates time to reflect, in their own way, the significance of this memorial observance," Abessinio said.

COPYRIGHT 2002 Business Wire, Gale Group

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.