CRW FINANCIAL INC /DE
3, 1996-08-28
CONSUMER CREDIT REPORTING, COLLECTION AGENCIES
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                    U.S. SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                    FORM 3

            INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

    Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
        Section 17(a) of the Public Utility Holding Company Act of 1935
            or Section 30(f) of the Investment Company Act of 1940

1. Name and Address of Reporting Person

Mita,       Eustace           W.
- --------------------------------------------------------------------------------
(Last)      (First)        (Middle)

308 East Lancaster Avenue
- --------------------------------------------------------------------------------
   (Street)

Wynnewood, PA  19096
- --------------------------------------------------------------------------------
   (City)  (State)  (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)

   8/12/96
- --------------------------------------------------------------------------------

3. IRS or Social Security Number of Reporting Person (Voluntary)

     
- --------------------------------------------------------------------------------

4. Issuer Name and Ticker or Trading Symbol

   CRW Financial, Inc. (CRWF)
- --------------------------------------------------------------------------------

5. Relationship of Reporting Person to Issuer (Check all applicable)

   /X/ Director                            / / 10% Owner
   / / Officer (give title below)          / / Other (specify below)



6. If Amendment, Date of Original (Month/Day/Year)

<PAGE>
<TABLE>
<CAPTION>
            Table I -- Non-Derivative Securities Beneficially Owned

                                  2. Amount      3. Ownership
                                     of Secu-       Form:
                                     rities         Direct      4. Nature of
                                     Bene-          (D) or         Indirect
                                     ficially       Indirect       Beneficial
                                     Owned          (I)            Ownership
1. Title of Security (Instr. 4)      (Instr. 4)     (Instr. 5)     (Instr. 5)
- --------------------------------  -------------  -------------  ----------------
<S>                               <C>           <C>            <C>
Common Stock                       19,100         D
Common Stock                        5,000         I             Co-Trustee for
                                                                trusts for 
                                                                minor children
                                                                which hold the 
                                                                shares.










</TABLE>

Reminder: Report on a separate line for each class of securities beneficially
          owned directly or indirectly.
<PAGE>
<TABLE>
<CAPTION>
         Table II--Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

                                                2. Date Exercisable
                                                   and Expiration Date  3. Title and Amount of Securities Underlying Derivative
                                                   (Month/Day/Year)        Security (Instr. 4)
                                                ----------------------  -----------------------------------------------------------
                                                Date                                                                     Amount or
1. Title of Derivative                          Exercis-    Expiration                      Title                        Number of
   Security (Instr. 4)                          able        Date                                                          Shares
- ----------------------------------------------  ----------  ----------  ----------------------------------------------  -----------
<S>                                             <C>         <C>         <C>                                             <C>






<CAPTION>
                                                               5. Ownership
                                                                  Form of
                                                                  Derivative
                                                4. Conver-        Security:
                                                   sion or        Direct      6. Nature of
                                                   Exercise       (D) or          Indirect                   
                                                   Price of       Indirect        Beneficial
1. Title of Derivative                             Derivative     (I)             Ownership
   Security (Instr. 4)                             Security       (Instr. 5)      (Instr. 5)
- ----------------------------------------------  -------------  -------------  --------------
<S>                                             <C>            <C>            <C>






</TABLE>

Explanation of Responses:


          /s/ EUSTACE W. MITA                        8/26/96
- ---------------------------------------    --------------------------
    **Signature of Reporting Person                   Date

** Intentional misstatements or omissions of facts constitute Federal Criminal
   Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).



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