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front row all New England Revolution games , including transportation by a limousine or chauffeured RV, his choice, for he and his guests, as well as an annual two week trip to Sicily and Florence, Italy, with host-chef Tyler Florence, all at a tax free exchange, as well as an annual salary of $400,000 with a non-discretionary expense account of $150,000, plus a signed baseball by Ted Williams.

Staff of LPI taken at Christmas party; Charlie Lester to the far right

Lester says other changes will be made, including obtaining better cartoons.

“You will also find me much nicer than Menkin, too” he said. “ And more accurat.”

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Balboa Capital Sold

Both founders Patrick Byrne(right) and Shawn Giffin(left) have admitted they have

not gotten along for years, selling their company for an undisclosed amount

to Jim Raeder and Mark McQuitty, who have remained best friends an equal time.

“It’s the New Zealand wine, “ McQuitty declares. “I have it shipped both

to my house and to Jim’s, plus in a special plastic bottle for when Raeder

goes river rafting. Our secret to our success is simple: He writes the

checks, and I sign them. That’s our deal.”

1993 Mark and CarolAnn McQuitty

Jim Raeder

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Merrilees Leaves Santa Barbara Bank and Trust Leasing

Jim Merrilees has left Santa Barbara Bank and Trust Leasing

to open a golf and hunting club in Beaverton, Oregon with long time

friend Dennis Doyon.

“When the weather is right, it will be golf, “Merrilees said.

“When it is hunting season, it will be duck and deer, “ Doyon said.

They reportedly plan to open a winery adjacent to the Beaverton Golf

and Hunting Club called “Beaver Winery.” They are also contemplating

a new restaurant to compete with Hooters.

Please send to a colleague and ask them to subscribe. We are free.

[Headlines]

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GE Commercial Finance, Bannockburn, IL

“I received a call yesterday from a former colleague of mine at GE Commercial Finance in Bannockburn, IL that their group/division is being eliminated & just received their 60 day notice. The GELS (GE Leasing Solutions) group, formerly located in Portland, OR under the GE Colonial Pacific umbrella, is dissolving their vendor business. You may want to call this dept (GELS) directly to get the scoop 800-323-6217. “

Name With Held

(This is not an April Fool’s joke. No one at the number wanted to make a comment, including confirm or deny, and did not want to talk to us, referring all inquiries to the GE public relations department. This may or may not affect the broker division that they inherited

from the Colonial Pacific Leasing operation. If anyone has information to confirm or deny this, please let us know. It is quite common for GE Capital to purchase a company, but really to fold

the portfolio into their operation, along with employees who are willing to

move or change positions, often including salary and benefits. Editor)

[Headlines]

Streamlined Sales Tax Report

by Dennis Brown, Equipment Leasing Association

The Council On State Taxation (COST) hosted a meeting dealing with Streamlined Sales Tax (SST) issues on Monday, March 22 and Tuesday, March 23 in New Orleans. Numerous state officials from the Streamlined Sales Tax Project (SSTP) periodically joined discussions as the public and private sector cooperatively reviewed compliance checklists. It was a meaningful opportunity to determine current levels of compliance while establishing future priorities. It also brought news of a second organization being formed to represent local governments.

This report will include:

· Business Priorities

· Sales Price

· Buy Downs

· Compliance Checklists

· Compliance Study

· Streamline Technology Web-Seminar

· Federal Legislation

· Conforming States Committee

· Local Governments Sales Tax Coalition

Business Priorities

Determining a list of priorities was one goal of the meeting but does not imply other areas of nonconformity will not deem a state out of compliance. This listing of major concerns points to the most persistent issues that are arising as barriers to simplification. Those issues are telecom definitions; taxation of digital products including digital products without a tangible property equivalent; bundling; and the sales price definition.

Sales Price

Administrative determinations being made by states concerning services necessary to complete a sale are raising the specter of tax base expansion into services not previously taxed. Resolution of such disputes will in time rest with a Governing Board that is not yet formed. This time gap between adoption of SST legislation by states and centralizing dispute resolution procedures should not be a void filled with preemptive administrative actions by individual states that forestalls a uniform decision impacting all Streamline states.

Buy Downs

Growth of the marketplace creates moving targets over which states might never throw a definitive net. Buy downs are one case in point of a practice that will not stand still long enough to write a definition or rule. State officials seek representative examples of each buy down but are impeded by the constant expansion of alternative buy down strategies. Business sees the answer as what the customer pays the retailer and not the amount exchanged between manufacturer and retailer. Some states are concerned about changing the definition because they want to insure that coupons remain taxable in states that currently tax them. Business responded that states will still have the opportunity to tax buy downs. However, if they want to do this they should do it in a specified manner - not by including it as consideration within the sales price definition.

Bundling

Another area where tax agencies swim upstream against marketplace reality and precedent is bundling. States covet an imposition standard that could deem everything bundled as taxable, especially in the IT equipment market where inclusion of services is common. Requiring an unbundling of distinct and identifiable products offered for one non-itemized price adds complexities and administrative costs where none presently exist. This contradicts SST objectives and at times current mandated practices. Business representatives will stand firm in opposition to this addition of expensive complexities to longstanding simplification.

Compliance Checklists

Considerable time was spent with state officials reviewing compliance checklists which COST will ultimately post in a publicly accessible website. This assessment of compliance highlighted many issues to be resolved before state conformity with the Streamlined Sales and Use Tax Act is achieved.

Compliance Study

All participants received a copy of a study by Ernst & Young analyzing state compliance with leasing provisions of the Streamlined Sales and Use Tax Act (SSUTA). The analysis commissioned by the Equipment Leasing Association (ELA) classifies degree of compliance for the 20 states that adopted a version of the SSUTA by March 12, 2004 therein establishing a benchmark for all states to gain conformity. A copy of the study results can be accessed clicking on Streamlined Sales Tax Compliance Study at: http://www.elaonline.com/GovtRelations/State/

Streamline Technology Web-Seminar

The Equipment Leasing Association has scheduled an informative web-based seminar examining technology that will implement Streamlined Sales Tax (SST). Scheduled from 1:30 – 3:00 pm Eastern Time on Thursday, April 8, the web seminar is designed for commercial equipment lessors but will have some applicability to other industries since the basic technology platform concerns all parties implementing the software-driven SST. Taxware will guide participants through a review of lease origination, accounting and tax software integration with certified automated systems and certified service provider systems considered critical for compliance with SST. To learn more about the agenda and to register, go here: http://www.elaonline.com/events/2004/SST/

Federal Legislation

It remains troubling that the National Governors’ Association (NGA), Federation of Tax Administrators (FTA) and Multistate Tax Commission (MTC) have backed away from the congressional legislation endorsement letter signed on September 26, 2003. Negotiations are ongoing to resolve differences.

Conforming States Committee

The Streamlined Sales Tax Project (SSTP) will meet in Tampa, Florida on Monday and Tuesday, May 24-25. The meeting begins on Monday for government personnel at 8:30 am followed by business representatives at 10:00 am and concludes with lunch on Tuesday. The Conforming States Committee of the Implementing States convenes on Tuesday afternoon to initiate preliminary work on activities necessary to make the Agreement fully operative. The COST meeting in New Orleans was a chance for business and state representatives to discuss the Conforming States inaugural meeting in Tampa.

Conforming States was formed by amendment to the Agreement during the Phoenix meeting. It was established to address operational issues connected with formation of a Governing Board. Development of centralized registration procedures, databases and issuance of the RFP to potential Certified Service Providers are examples of issues expected on the agenda.

You can make hotel reservations at the Grand Hyatt Tampa Bay, 6200 Courtney Campbell Causeway in the Federation of Tax Administrators Streamlined Sales Tax room block by calling 813/874-1234 or 800/233-1234. The hotel provides complimentary transportation to and from the airport, which is about 2 miles away. You can register for the meetings and/or pay online at http://www.taxexchange.org/meet/0504sales.taf

Local Governments Sales Tax Coalition

Municipal and county governments have formed a second organization, the Local Governments Sales Tax Coalition based in Austin, Texas. The Coalition seeks to preserve taxing and administration authority that protects local governments’ revenue base and operational autonomy while simplifying compliance for the business community.

A separate organization, the Local Collection States, represented municipal and county governments until SSTP finalized issues such as tax base, rate, returns, sourcing and centralized administration. The Local Governments Sales Tax Coalition enters the process as states now endeavor to ease transition to this simplified system. There does not appear to be an affiliation between the two organizations. There is a direct link to Coalition for Appropriate Sales Tax Law Enactment (CASTLE), a non-profit organization who represents local governments in Texas on Streamlined Sales Tax issues

Perhaps the Local Governments Sales Tax Coalition can function as a useful coordinating vehicle as state legislatures craft a variety of systems offering assistance to local governments during the transition to simplifications finalized in the Agreement of November 12, 2002. You can learn more about the Local Governments Sales Tax Coalition at http://www.salestaxcoalition.org

Dennis Brown

Equipment Leasing Association

http://www.elaonline.com/GovtRelations/State/Streamometer/

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GE Commercial Finance Completes Acquisition of IKON's Leasing Operations in the U.S.

STAMFORD, Conn.----GE Commercial Finance, the business-to-business financial services unit of General Electric (NYSE:GE), announced today that it has completed the acquisition of certain assets and liabilities from IKON Office Solutions (NYSE:IKN), including a $1.9B leasing portfolio in the U.S. In addition, GE and IKON have entered into a Program Agreement whereby GE will fund and service future lease originations of IKON in the U.S. GE will also purchase IKON's Canadian lease portfolio and provide funding and servicing of future Canadian lease originations. Closing of the Canadian acquisition and program agreement will be subject to customary closing conditions including any necessary Canadian regulatory approvals. Approximately 400 of IKON's leasing employees have received offers of employment from GE. The business, now known as IKON Financial Services(SM), will continue to operate from the existing facility in Macon, GA.

About GE Commercial Finance

GE Commercial Finance (www.gecommercialfinance.com) offers businesses of all sizes an array of financial services and products worldwide. With approximately $217 billion in assets and an expertise in the mid-market segment, GE Commercial Finance provides loans, operating leases, financing programs and innovative structured capital to help customers grow. A wholly owned subsidiary of the General Electric Company, GE Commercial Finance is headquartered in Stamford, Connecticut, USA. General Electric (NYSE:GE) is a diversified services, technology and manufacturing company with operations worldwide.

About IKON Financial Services

IFS serves more than 100,000 customers, manages over 400,000 assets and originates more than $1.5 billion in new financing on an annualized basis. IFS has approximately 400 employees and is located in Macon, GA.

GE (NYSE:GE) is a diversified technology and services company dedicated to creating products that make life better. From aircraft engines and power generation to financial services, medical imaging, television programming and plastics, GE operates in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at http://www.ge.com.

CONTACT:GE Commercial Finance Vendor Financial Services Anne Witkavitch, 203-749-3573 anne.witkavitch@ge.com www.vendorfinancialservices.com

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## Press Release ##############################

Fitch Comments on Bankruptcy Court Ruling Regarding United Airlines' Special Facility Revenue Bonds

CHICAGO----Fitch Ratings believes that court decisions in the United Airlines' (United) bankruptcy proceedings regarding the treatment of the carrier's special facility bonds sets a troubling precedent which may weaken security provisions behind certain municipal leased-backed bonds, but potentially strengthen bondholder security on other lease structures and provide guidance for structuring future transactions as true leases. The ruling came in response to a motion filed by United in which the airline asked the bankruptcy court to determine if certain special facility bonds issued on the airline's behalf constituted a true lease subject to the provisions of Section 365 of the United States Bankruptcy Code, or instead were 'disguised financings' that should be treated by the court as unsecured debt of the airline.

The case involved five series of bonds issued to construct various facilities for the airline at four airports - Denver International (DEN), Los Angeles International (LAX), San Francisco International (SFO), and New York John F. Kennedy International (JFK) - totaling $510 million. The decision rendered yesterday does not address a second case that remains pending before the bankruptcy court regarding approximately $601.3 million in special facility bonds issued by the City of Chicago for United facilities at O'Hare International Airport.

Yesterday the court ruled that the following four transactions constituted unsecured financing obligations:

-- $34,235,000 New York City Industrial Development Agency Series 1997 (JFK);

-- $154,845,000 California Statewide Community Development Authority, Series 1997A (SFO);

-- $25,000,000 Regional Airports Improvement Corporation, Issue of 1984 (LAX);

-- $34,390,000 Regional Airports Improvement Corporation, Issue of 1992 (LAX).

As a result of this decision, bondholders in these four transactions may rank as unsecured creditors in the bankruptcy proceedings. Recoveries on unsecured claims, which rank near the bottom of the priority list under bankruptcy rules, are determined through the plan of reorganization approved by the bankruptcy court. Historically, recovery for unsecured creditors in airline bankruptcies is well below the value of their claims against the bankrupt's estate. For example, US Airways estimated unsecured creditors would receive stock and warrants in the reorganized company valued between 1.2% and 1.8% of their allowed claims when that airline emerged from bankruptcy in March 2003. However, United will maintain access to the facilities financed by these four transactions, provided it assumes the underlying leases with the airport sponsor.

In contrast to these four transactions, the court found that the structure supporting the payments on the City and County of Denver's $261,415,000 series 1992A bonds constituted a true lease. As such, United must now decide whether to assume or reject the DEN lease as part of its reorganization plan. Should the airline assume the lease, it must cure all defaults and provide assurance of its future performance under the agreement. If the airline decides to reject the lease, it must vacate the premises. In this event, bondholders would be treated as unsecured creditors with claims equal to the greater of one year's rent or 15% of total remaining rent due, not to exceed three years.

In rendering its decision, the court made a clear distinction regarding the structure of the underlying leases. It held that the DEN lease constituted a true lease because the city, as lessor, owns the property and will receive the return of the property at the end of the lease period with a substantial part of the facilities' economic life remaining. As such, the court determined that the city bears the risk of a decline in the property's value during the term of the lease.

Furthermore, the court denied United's request to split the DEN lease into two agreements, a lease governing the use of airport real estate and a financing agreement providing for the payment of the city's bonds, based on Colorado law. Citing a state Supreme Court decision which held that a contract may only be separated if the language of the contract demonstrates the parties' intent to treat the contract as divisible, the bankruptcy court found nothing in DEN lease to suggest that the city or United intended the provisions could be divided into separate agreements. Instead the court pointed to several provisions of the lease that indicated that both parties intended the lease to be a single agreement. These provisions included that United made payments to the paying agent on account of the city; that the failure to make a facility rental payment constituted a default equivalent to the failure to make any other payment due under the lease; and that the city held similar remedies in all instances of an occurrence of default.

In contrast to the DEN lease, the court found the transactions at LAX, SFO and JFK constituted a sub-lease/leaseback arrangement where the lessor held little reversionary interest in the facilities at the end of the leaseback period. In these transactions, United leased the airport property from an airport sponsor (i.e., Los Angeles World Airports, the City and County of San Francisco, and the Port Authority of New York and New Jersey, respectively), with United then sub-leasing the facilities to an independent bond-issuing agency (i.e. Regional Airports Improvement Corp., California Statewide Communities Development Authority, and the New York City Industrial Development Agency, respectively) for a nominal amount and subsequently leasing back the facilities in return for rent equaling the debt service on the related bonds.

The court ruled the sub-lease/leaseback arrangement did not constitute a true lease based on several factors. First, the court found that the sub-lessor did not retain an ownership interest in the property at the end of the lease term. Instead, the sub-lessor held a leasehold interest, granted by United, that expired at the end of the leaseback period while the ownership of the facility reverted to the airport sponsor as lessor. As such, the sub-lessor's economic value in the transaction amortized during the leaseback period while the lessor retained the economic risk associated with a change in property value during the term of the lease and received the residual value of the property upon the lease's expiration.

The court also cited precedent from a similar case that established criteria to determine if a transaction represents a true lease or a financing agreement. Applying these criteria to the leases in the United case, the court found the structures constituted a financing arrangement rather than a true lease because: the rental payments under the leaseback agreements were calculated to equal the amounts needed to pay debt service rather than compensate the sub-lessors for the market value of the use of the transferred leaseholds; that the sub-lessors did not acquire the leaseholds from United based on market value, but rather a nominal consideration while United received the promise of the sub-lessors to issue debt on its behalf; the property interest of the sub-lessors was acquired solely for United's use; the leasebacks were structured to gain tax advantages; and the lessee (United) retained the ordinary obligations of ownership such as the need for insurance and the payment of property taxes. Finally, the court determined that the leasebacks represented the economic equivalent of a leasehold mortgage, which it indicated are recognized legally as real estate financing mechanisms.

Fitch believes that investors should review the structures behind all types of municipal lease transactions in light of this decision, particularly those that utilize a sub-lease/leaseback arrangement through a third-party conduit bond issuer, as they may face similar scrutiny should the obligor enter bankruptcy proceedings. However, as Fitch's ratings are based on an issuer's ability and willingness to make full and timely payments on its obligations, Fitch believes the implications of the decision regarding the bonds at LAX, SFO and JFK on outstanding ratings are muted for several reasons.

First, the potential for such reclassification of a lease as a financing agreement only arises in the context of a bankruptcy, thus similar transactions are not immediately affected by this decision and remain legally binding contracts. Second, bankruptcy remains an atypical event for municipal organizations, primarily occurring in relation to health care entities and private corporations which accessed the market through industrial development revenue bonds, airport special facility financings, or similar public finance instruments. Therefore, Fitch believes the applicability of the decision to similarly structured general-governmental lease-transactions, which constitutes the majority of the lease-backed market, remains remote.

Third, this decision only establishes precedent in the bankruptcy court for the Northern District of Illinois. While other bankruptcy courts deciding similar disputes arising in subsequent bankruptcy proceedings may look to this decision for guidance, they are not bound by it and may come to differing conclusions. However, the decision sets a precedent for other jurisdictions if it is upheld by appellate courts.

Finally, Fitch regards most lease transactions as unsecured obligations of the obligor and incorporates a distinction as such in our rating methodology thus minimizing the necessity of rating changes stemming from this decision alone.

However, the potential for reclassification of leases in bankruptcy does pose credit concerns as Fitch had understood the lease structure to provide an incentive for entities to continue making payments in order to retain the use of equipment or facilities. This decision erodes this comfort somewhat, particularly if lessees believe they may be able to use the bankruptcy courts to significantly reduce their debt service obligations while retaining the use of financed property at the expense of bondholders.

The favorable decision regarding the lease structure in the DEN transaction suggests that similar transactions may benefit from a greater level of security than previously considered. Furthermore, the court decision may serve to clarify the structural requirements of a true lease transaction, providing a greater degree of comfort to bondholders.

Yesterday's decision regarded the following cases: United Airlines Inc v. HSC Bank USA, et. al (SFO); United Airlines Inc. v. The Bank of New York, et. al. (JFK); United Airlines Inc. v. U.S. Bank N.A., et. al. (LAX); and United Airlines Inc. v. HSC Bank USA et. al. (DEN).

CONTACT:Fitch Ratings Peter Stettler, 312-368-3176, Chicago or Media Relations: James Jockle, 212-908-0547, New York

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## Press Release ############################

Interchange Financial Services Corporation Anticipates Double Digit Growth in Q1; Decline Expected in EPS

SADDLE BROOK, N.J.----Interchange Financial Services Corporation (the "Company") (Nasdaq:IFCJ), holding company of Bergen County's fast growing community bank, Interchange Bank (the "Bank"), today provided preliminary information for its first fiscal quarter ending March 31, 2004.

Anthony Abbate, president and CEO indicated that "the company expects double digit growth in earnings this quarter. However, as a result of net interest margin compression due to the historical low interest rate environment, along with additional shares issued in connection with the acquisition of Bridge View Bank in 2003, diluted earnings per share will be below the prior year's first quarter. Interchange's net interest margin is expected to remain above the peer group."

Interchange will announce its final financial results for the quarter ended March 31, 2004 on April 21, 2004, at which time more complete commentary on the fiscal quarter will be provided.

About Interchange Bank

Headquartered in Saddle Brook, NJ, Interchange Bank is one of Bergen County's largest independent commercial banks and a wholly owned subsidiary of Interchange Financial Services Corporation (Nasdaq:IFCJ). A thought leader in the industry, the Bank was among the first to implement a broad range of innovative services, including 24-hour, 7-day-a-week online banking and bill paying services, online stock trading, and the ability to apply for a loan online with an instant credit decision. Mutual funds and annuities are offered through the Bank's investment services. With $1.3 billion in assets and 29 branches, the Bank focuses its efforts on the local communities from which it derives deposits and generates loans. Through Interchange Bank's subsidiary, Interchange Capital Company, L.L.C., cost effective equipment leasing solutions are available to small- and middle market companies. For additional information, please visit the company's Web site at www.interchangebank.com.

In addition to discussing historical information, certain statements included in or incorporated into this report relate to the financial condition, results of operations and business of the Company which are not historical facts, but which are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used herein, the words "anticipate," "believe," "estimate," "expect," "will" and other similar expressions are generally intended to identify such forward-looking statements. Such statements are intended to be covered by the safe harbor provisions for forward-looking statements contained in such Act, and we are including this statement for purposes of invoking these safe harbor provisions. These forward-looking statements include, but are not limited to, statements about the operations of the Company, the adequacy of the Company's allowance for losses associated with the loan portfolio, the prospects of continued loan and deposit growth, and improved credit quality. The forward-looking statements in this report involve certain estimates or assumptions, known and unknown risks and uncertainties, many of which are beyond the control of the Company, and reflect what we currently anticipate will happen in each case. What actually happens could differ materially from what we currently anticipate will happen due to a variety of factors, including, among others, (i) increased competitive pressures among financial services companies; (ii) changes in the interest rate environment, reducing interest margins or increasing interest rate risk; (iii) deterioration in general economic conditions, internationally, nationally, or in the State of New Jersey; (iv) the occurrence of acts of terrorism, such as the events of September 11, 2001, or acts of war; (v) legislation or regulatory requirements or changes adversely affecting the business of the Company, and (vi) losses in the Company's leasing subsidiary exceeding management's expectations, (vii) expected revenue synergies from the Company's acquisition of Bridge View may not be fully realized or realized within the expected time frame; (viii) revenues following the Company's acquisition of Bridge View may be lower than expected; (ix) deposit attrition, operating costs, customer loss and business disruption following the Company's acquisition of Bridge View, including, without limitation, difficulties in maintaining relationships with employees, may be greater than expected and (x) other risks detailed in reports filed by the Company with the Securities and Exchange Commission. Readers should not place undue expectations on any forward-looking statements. We are not promising to make any public announcement when we consider forward-looking statements in this document to be no longer accurate, whether as a result of new information, what actually happens in the future or for any other reason.

CONTACT:Interchange Financial Services Charles T. Field, 201-703-2265 or Keating & Co. Vicki Banner, 973-966-1100

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### Press Release################################

CapitalStream Announces Industry Research Program Examining Top Challenges and Best Practices in Commercial Lending

Small Business Lending Survey Report Just Released and Mid Market Lending Survey In Process Now

SEATTLE, WA-

CapitalStream, a leader in front office automation and risk management solutions for commercial banks and finance companies, today announced details of its ongoing research program for the commercial finance industry including the latest research report focusing on small business lending and the launch of a new research survey focused on mid market lending. Designed to provide insight into competitive challenges and technology issues facing commercial lenders, CapitalStream’s research program is based on surveys of industry executives and delivers a strategic look at the overall commercial finance industry as well as in depth research into specific market segments such as mid-market lending, small business lending, equipment finance and commercial real estate.

“CapitalStream is committed to sponsoring industry research that not only helps us develop the most powerful and relevant solutions for our customers - but also provides executives with a roadmap to improved effectiveness, productivity and responsiveness,” said Kevin Riegelsberger, president and CEO of CapitalStream. “We’re examining the multiple facets of the commercial finance market individually, working to identify each segment’s challenges and opportunities to provide an in-depth, relevant and comprehensive view of the trends across the industry.”

Based on interviews with more than 100 banking executives, CapitalStream’s latest research report reviews the systems and processes used by leading small business lending organizations, identifies the top challenges facing the industry and the best practices used to address these challenges. Fair Isaac Corporation, the leader in customer analytics and decision technology, co-sponsored the Small Business Lending Survey Report which presents a detailed look at how banks are managing their small business relationships and improving operational effectiveness to grow their credit portfolios.

The American Bankers Association (ABA) and CapitalStream are currently co-sponsoring the Mid Market Lending Survey which is investigating the challenges and best practices used by leading banks to source and manage commercial relationships with mid size businesses. The ABA and CapitalStream are actively seeking senior- or mid-level executives in mid market lending or commercial risk management to participate in the survey. The latest small business lending and mid market lending research surveys continue to expand on CapitalStream’s prior research surveys covering the overall commercial finance and equipment finance markets.

“CapitalStream’s industry research provides valuable information to help understand the trends in the industry and the types of systems and processes being used to better serve our customers.” said Peter Berbee, senior vice president, Small Business e-Commerce Marketing, Bank of America. “The latest report on small business lending highlights the need to apply more automated approaches and reinforces Bank of America’s investment in technology to respond quickly and efficiently to our small business customers, offer the right products to the right customers and support growth without increasing overhead."

The top challenges uncovered by the Small Business Lending Survey Report reflect an ongoing need to drive business growth through more efficient, consistent and integrated front office operations. The best practices being implemented by industry leaders focus on improving the speed and efficiency of the origination process; maximizing the value of each relationship; integrating information for straight-through processing; and automating to ensure rapid and consistent credit decisioning.

The survey offers a detailed and fact-filled analysis of issues facing the industry. For example, the survey uncovers significant disparity in the level of success achieved by different organizations in responding to customers. Credit approvals for micro transactions (less than $100,000) range from instantaneous to more than two weeks, and documentation delivery times range from instantaneous to almost three weeks. The survey also uncovers that even though 82 percent of small business credit applications are systematically scored, the final credit review and decision requires a manual review more than 85 percent of the time. Certain banks can approve credit and deliver documents instantly – before the customer leaves the branch or the Web site - and they are in a better competitive position and poised to gain market share.

Research was conducted from April to August 2003. Send an email to survey@capitalstream.com to request the final Small Business Lending Survey Report. Executives interested in participating in the mid-market lending survey currently in progress can also send an email to survey@capitalstream.com or call 866-779-4733 and ask for a Market Research Specialist.

About CapitalStream

CapitalStream provides software and consulting services that enable commercial banks and finance companies to collaborate, integrate and operate more effectively across their front office operations. CapitalStream solutions streamline data gathering, deal structuring, credit analysis, document generation, booking, account monitoring and ongoing risk management to more effectively originate transactions and manage commercial relationships. CapitalStream transforms the paper-based operations of mid market, small business, equipment leasing and commercial real estate groups by reducing costs, risk and processing times to grow their portfolios without increasing headcount. For more information, visit CapitalStream’s Web site at www.capitalstream.com.

Contact:

Sandra Sick

CapitalStream, Inc.

206-548-1703

sandras@capitalstream.com

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### Press Release ####################################

Leasing Industry Help Wanted

Current Openings

Accounting
Credit and Documentation Administrator
Middle Market Sales Representative
Sales

Senior Sales Executives
Syndicator
Title Clerk

Accounting

Accounting: PricewaterhouseCoopers seeks individuals with experience in commercial equipment leasing to help clients improve their leasing businesses by designing, developing, and implementing solutions to accounting & operational issues. Email: anthony.g.anderson@us.pwc.com

About the Company: PricewaterhouseCoopers, New York, NY.

[Top]

Credit and Documentation Administrator

Credit & Doc. Admin. to assist with credit investigation, doc.prep., coordinate territory mgrs. Wayne, NJ fast growing lessor.
Contact: Duane E. Rouba @ 800-848-7210 X 222..

About the Company: www.leasingpartnerscapital.com

[Top]

Middle Market Sales Representative

Middle Market Sales Rep.: exp. sales reps throughout country for middle market leasing/financing. Must have min.5-years exp. in “hard assets” ranging from 100K -$1.0MM generated from vendor and /or direct sources. Excel. benefits, base salary and commission program. Resumes to amandell@eqcorp.com .

About the Company: A rapidly expanding Middle Market Leasing / Finance Company located in CT. Equilease Financial Services, Inc

[Top]

Sales

Sales: Tired of working on commission and not getting your fair share of the split?
We pay up to 60% of gross margin +residuals !! Contact Michael Wagner @
949-250-0585 x222 or Fax: 949-250-8042.
E-mail: mwagner@dimensionfunding.com

About the Company: Dimension Funding, LLC Formed in 1979. Located on 17748 Sky Park Circle, Irvine, CA. 92614. Website: www.dimensionfunding.com

[Top]

Senior Sales Executive

"Sr.Sales Exec. 5+yrs exp. 10-150K market. Current deal flow and superior closing skills a must. No geo. restrict./satellite office ok. Use our internal line/prefund ability, provides support you need to reach W2 goal. Our 16 years TIB stands alone."
Contact: josephrs@balboacapital.com

About the Company: Balboa Capital. 2010 Main Street 11th Floor Irvine, CA. 92614 www.balboacapital.com

[Top]

Syndicator

Syndicator: exp.credit packager/syndicator. min. 4-yrs evaluating, underwriting and /or syndicating transactions from 100K -$1.0MM. Outstanding opportunity, future growth, excellent benefits, base salary & bonus arrangement.
Resumes: amandell@eqcorp.com .

About the Company: A rapidly expanding Middle Market Leasing / Finance Company located in CT. Equilease Financial Services, Inc

[Top]

Title Clerk

Title Clerk: exp. motor vehicle title clerk. Min. 3-years experience in titling, perfecting security interest commercial vehicles in various states. Comfortable work environment in fast growing company. Excel. salary & benefit package. Resumes: amandell@eqcorp.com

About the Company: A rapidly expanding Middle Market Leasing / Finance Company located in CT. Equilease Financial Services, Inc

[Top]

[Headlines]

News Briefs---

Jobless rates rise in key election states

http://www.mercurynews.com/mld/mercurynews/news/
special_packages/election2004/8322730.htm

Regional report dims hope for job gains

http://www.usatoday.com/money/economy/production/2004-03-31-factory-orders-cpmi_x.htm

India's Economy Soared by 10% in Last Quarter of 2003

http://www.nytimes.com/2004/04/01/business/worldbusiness/01india.html

Analysts Predict Higher Oil Prices
http://www.washingtonpost.com/wp-dyn/articles/A41032-2004Apr1.html

Report: Massachusetts and California poised for biggest economic gains

http://www.boston.com/business/articles/2004/03/31/report_
massachusetts_and_california_poised_for_biggest_economic_gains/

Tyco jurors being listening to review of Swartz's testimony

http://www.boston.com/business/globe/articles/2004/03/31/tyco_
jurors_being_listening_to_review_of_swartzs_testimony/

Jurors Weigh Final Charges In Tyco Trial, Near Verdict

http://www.washingtonpost.com/wp-dyn/articles/A40684-2004Mar31.html

Accounting Board Wants Options to Be Reported as an Expense

http://www.nytimes.com/2004/04/01/business/01options.html

Amy Adams Voted Off American Idol Contest

http://www.americanidol2.com/forum/portal.php

http://www.americanidolmusic.com/

[Headlines]

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“Gimme that Wine”

Boomers' love of wine propels U.S. industry

http://www.magicvalley.com/news/business/index.asp?StoryID=4803

Wine industry has challenges ahead

http://www.sonomanews.com/articles/2004/03/30/news/top_stories/news05.txt

Web Wine Sales Still Bottled Up

http://www.wired.com/news/business/0,1367,62831,00.html?tw=wn_polihead_1

'Sustainability' an uphill climb in Wine Production

http://www.sonomanews.com/articles/2004/03/30/news/top_stories/news04.txt

Upvalley, immigrants struggle for work, place to live

http://www.napanews.com/templates/index.cfm?template=story_full&id=
52B10556-576D-4D88-885B-51C4FFB6AADB

Screwcaps may soon be all the rage

http://www.thestar.com/NASApp/cs/ContentServer?pagename=thestar/Layout
/Article_Type1&c=Article&cid=1080646514071&call_pageid=96886749643
1&col=969048867839

[Headlines]

This Day in American History

Alcohol Awareness Month
To help raise awareness among community prevention leaders and citizens about the problem of underage drinking. Concentrates on community grassroots activities. For more information, please contact: Public Info Dept, National Council on Alcoholism and Drug Dependence, Inc, 20 Exchange Pl, New York, NY 10005. Phone: (212) 269-7797. Fax: (212) 269-7510. Web: www.ncadd.org.

American Rose Center Garden Season April 1- October 31
Shreveport, LA. America's largest park devoted to roses! Enjoy nature at its best, bubbling fountains, 60 individually landscaped gardens, more than 22,000 rosebushes and unique gift shop. Peak blooming seasons are mid-April to May and mid to late October. For more information, please contact: American Rose Center, 8877 Jefferson Paige Rd, Shreveport, LA 71119. Phone: (318) 938-5402. Fax: (318) 938-5405. E-mail: ars@ars-hq.org.
April Fool's Day or All’s Fools Day; seems to have begun in France in 1564. April 1 used to be New Year's day but the New Year was changed to Jan 1 that year. People who insisted on celebrating the "old" New Year became known as April fools and it became common to play jokes and tricks on them. The general concept of a feast of fools is, however, an ancient one. The Romans had such a day and medieval monasteries also had days when the abbot or bishop was replaced for a day by a common monk, who would order his superiors to do the most menial or ridiculous tasks. "The joke of the day is to deceive persons by sending them upon frivolous and nonsensical errands; to pretend they are wanted when they are not, or, in fact, any way to betray them into some supposed ludicrous situation, so as to enable you to call them 'An April Fool.'"--Brady's Clavis Calendaria, 1812.

April Fool’s Day in American History http://memory.loc.gov/ammem/today/apr01.html

1621-the first Colonial treaty with the Native Americans was a defensive alliance made on Strawberry Hill, Plymouth, MA, between Massasoit, chief of the Wampanoags and the Plymouth colonists, acting in behalf of King Games I. The promised not to “doe hurt” to one another. If a Wampanoag broke the law, he was sent to Plymouth for punishment; if a colonist was the offender, he was sent to the Wampanaogs. The agreement in all its parts was kept by both parties for more than half a century.

1634-the first bridge built in the US spanned the Neponset River between Milton and Dorchester, MA. The authority to build the bridge and an adjoining mill was issued to Israel Stoughton on this date by the Massachusetts General Court.1826-Captain Samuel Morey of Orford, NH, received a patent on an internal-combustion engine, called “ a gas or vapor engine” by its inventor. His engine had two cylinders, 180 degree cranks, poppet valves, a carburetor, an electric spark, and a water cooling device. He employed the vapor of spirits of turpentine and common air. A small tin dish contained the spirits, and the only heat he used was from a common table lamp. A rotary movement was obtained by means of a crank and flywheel, as in a steam engine.

1786 -a heavy snowstorm hit, bringing 12 inches from New Jersey to New Hampshire and prolonging winter into spring. This strong storm caused gale force winds and high tides. Five piers of the Charles Bridge were destroyed at Boston, Massachusetts.

1807 -the famous "1807 spring storm" buried interior New England in snow and caused a great tide along the coast. Danville, Vermont received 30 inches of new snow, bringing their snow cover amount to 60 inches.

1844- Stuart Perry of New York City received a patent for both air-and water-cooled types and used turpentine gases as fuel. He called it a “gas engine.”

1853-prior to this date, the fire department of cities was composed of volunteers exclusively. The first department to be paid a salary happened today in Cincinati, Ohio, through the efforts of Miles Greenwood. Members of the company received $60 a year, lieutenants $100, captains $150, pipemen and drivers , $365. The chief engineer received $1,000 a year and assistant engineers $300.

1865-After withdrawing to Five Forks, VA, Confederate troops under George Pickett were defeated and cut off by Union troops. This defeat, according to many military historians, sealed the immediate fate of Robert E. Lee's armies at Petersburg and Richmond. Some 5000 Confederates prisoners were taken. On Apr 2, Lee informed Confederate President Jefferson Davis that he would have to evacuate Richmond. Davis and his cabinet fled by train to Danville, VA.

1877-Birthday of Dr. Aurelia Henry Reinhardt, first woman elected moderator (the titular head), Unitarian Association (1940), President Mills College (1916) in Oakland, CA, the third oldest women's college in the U.S.

http://www.harvardsquarelibrary.org/unitarians/reinhardt.html