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 MARKETING INDIRECT ORIGINATION: New York. One of the largest ind. equip.lessors needs motivated, self-starter to purchase single investor leases from institutional investors; min.transaction $1 million; portfolio of primarily investment grade lessees/good "story credits". Min 3 yrs exp. sourcing/ originating leasing transactions, knowledge credit and pricing. E-mail: jobposting1@leasingnews.org |
Headlines---
Classified
ads---Asset Management/Collectors
North
Carolina Sues Cambridge Credit Counseling
Alexa
Report on Leasing Industry Web Sites
Examiner
details demise of DVI
ELA:
New Tax Proposal a “Crisis” for Investors
The
Leveraged Lease Accounting Issues
Cindy
Fleck New Sales Dir. West Region U.S.
Bancorp Manifest
CIT
Quarterly Dividend for First Quarter 2004
Greater
Community Bancorp Reports First Quarter 2004
Hansabank
to Expand Leasing Operations in Russia
National
Commerce Bank Services Announces New Division
Mediation
Gains Ground as Cost-saving Option
CFNB
Reports 21% Increase in Third Quarter Earnings
Greater
Bay Bank 1st Quarter 2004 Results
Regions
Leasing of Montgomery, Ala. Goes IDS Rapport
“This
Day in American History”
######## surrounding the article denotes it is a “press
release”
-------------------------------------------------------------------------------
Aloha—While I have
had the best of intentions to write Leasing News from Kaua’i, this is
the first one. I was able to
produce a “Sunday Sermon” as it was appropriate from Keoneloa Bay. It is also sent to
Carl Moberg is again
up-dating all the classified ads, contacting
One of the major
complaints I have received is having classified ads
ads are revealing
in the number category, region, and the
We have helped many
find work, including senior positions as
want to help those
looking.
Kit Menkin, editor
------------------------------------------------------------
Classified
ads---Asset Management/Collectors
Asset Management:
Austin, TX. 20+ years exper. lease/finance. P & L responsibility,
strong credit & collection management, re-marketing& accounting. Computers, construction, auto & transportation.
Both commercial/consumer portfolios. Email: kmalone@austin.rr.com
Asset Management:
Bloomfield Township, MI.
Asset Management:
Chicago, IL. MBA, 15+ years exp. Long history of success in maximizing
residual position through outstanding negotiation skills & lease
contract management. Third party re-marketing, forecasting etc... email:jgambla@aol.com
Asset Management:
Oxnard-Hollywood Beach, CA.
19 Years w/Equity
Analysis/Placement and Residual Forecasting of Computer Assets. Portfolio
Manager for Two Major Lessors and Strong Analyst Background w/Leading
Information Services Firm.
email: GregoryMLorenz@aol.com
Collector
Collector:
Boston, MA. Challenging position where my skills, professional experience,
organization, leadership, strategic thinking, creativity,
energy, passion, competitive nature will enable me to define
opportunities and personal development.Email:
bernd.janet@verizon.net
Collector:
Jacksonville, East Brunswick, FL. 13 years experience with collection,
recovery,re-marketing and legal
on commercial loans and leases. Expertise with distressed portfolios,
Six Sigma trained. Willing to relocate. Email:RichardB12364@aol.com
Collector:
Joplin, Mo. Will do car repossessions, willing to go about
Collector:
West Hartford, CT. Credit/Collections /Rental Management in leasing
& construction fields. Looking for stable company that
North
Carolina Sues Cambridge Credit Counseling
(Richard and John
Puccio are the president and CEO of Southfork Recovery & Remarketing
http://www.southforkasset.com/contact_us.asp)
The state of North Carolina filed
a civil suit against Cambridge Credit Counseling Corp. and Debt Management
Foundation Services Inc. charging the companies with unfair and deceptive
practices.
Last week, Massachusetts sued Cambridge, charging its executives
with breaches of fiduciary obligations and unfair and deceptive practices
(CardLine 4/9). Cambridge and Debt Management are
registered as not-for-profits that provide debt counseling.
The North Carolina
suit, filed in Wake County Superior Court in Raleigh, asks that both
Cambridge and Debt Management be banned from advertising, soliciting
and engaging in debt management in the state. Further, the suit seeks
to cancel all contracts the firms have with North Carolina customers.
Wake County, NC, joined the suit against Agawam, MA-based Cambridge
and Largo, FL-based Debt Management. North Carolina Attorney General
Roy Cooper charged that consumers paid extra interest and late charges
on their debts because Cambridge didn't pay the consumers bills as promised.
Debt Management charged
consumers enrollment fees up to $1,000 and a monthly charge of $39 a
month for 40 months, according to Cooper.
In a statement, Cambridge declined to comment on specifics of the
North Carolina suit but said it planned to defend itself. Debt Management
did not respond to CardLine's calls. Last month, the U.S.
Senate Permanent Subcommittee on Investigations reported that Cambridge
owned and operated an interlocking group of not-for-profit counseling
entities and for-profit processing firms (CardLine 3/24).
The Senate found
that the not-for-profits funneled revenues into the processors to the
benefit of Cambridge's executives.
Alexa Ranks Leasing Association Web Sites
|
Rank
|
04/19/2004
|
03/15/2004
|
WEBSITE NAME
|
|
|
1.
|
85,031
|
81,929
|
www.aba.com American Bankers Association | |
|
2.
|
105,910
|
105,146
|
www.leasingnews.org Kit Menkin's Leasing News | |
|
3.
|
126,273
|
143,187
|
www.elaonline.com Equipment Leasing Association | |
|
4.
|
154,521
|
136,081
|
www.monitordaily.com Monitor Daily | |
|
5.
|
180,252
|
181,374
|
www.nacha.org The Electronic Payments Association | |
|
6.
|
258,732
|
223,562
|
www.Leasingpress.com Leasing Press | |
| 7. |
527,979
|
734,204
|
www.leasefoundation.org Equip. Leasing & Fin Fndn | |
|
8.
|
531,728
|
576,629
|
www.ibaa.org Ind Community Bankers of America | |
|
9.
|
553,392
|
728,852
|
www.uael.org United Association of Equipment Leasing | |
|
10.
|
631,151
|
596,168
|
www.us-banker.com U.S.Banker | |
|
11.
|
640,955
|
562,457
|
www.cfa.com Commercial Finance Association | |
|
12.
|
728,183
|
1,001,086
|
www.naelb.org National Assoc. of Equip Leasing Brokers | |
|
13.
|
765,425
|
700,830
|
www.pblaw.com/newsletters/bln/ Bus. Leasing News | |
|
14.
|
877,960
|
1,328,427
|
www.nvla.org National Vehicle Leasing Association | |
|
15.
|
1,072,935
|
864,194
|
www.lessors.com eLessors Networking Association | |
|
16.
|
1,196,410
|
1,014,141
|
www.iicl.org Institute of International Container Lessors | |
|
17.
|
1,336,504
|
1,744,449
|
www.executivecaliber.ws Exec Caliber-Jeffrey Taylor | |
|
18.
|
1,383,218
|
1,384,204
|
www.clpfoundation.org CLP Foundation | |
|
19.
|
1,456,752
|
1,458,680
|
www.nationalfunding.org The National Funding Assoc | |
| 20. |
2,358,687
|
3,813,381
|
www.mael.org Mid-America Association of Equip Lessors | |
|
21.
|
2,552,945
|
1,156,151
|
www.efj.com Equipment Financial Journal | |
|
22.
|
5,474,265
|
5,171,253
|
www.1stBusinessDay.com BizWiz Daily | |
|
23.
|
No
Data
|
2,511,070
|
www.eael.org Eastern Association of Equipment Leasing | |
| 24. |
No
Data
|
No
Data
|
www.leasingtoday.com Leasing Today | |
|
25.
|
No
Data
|
No
Data
|
www.leasecollect.org Lean -Lease Enforcement Att Net | |
|
26.
|
No
Data
|
2,414,281
|
www.aglf.org Assoc of Government Leasing Financing |
Note: The Business Leasing
News website is the specific web address, and not the address of the
law offices, which would result in a rating of the entire site, in addition
to the newsletter itself.
It should also be noted
that several of the web sites have their "list serve" posted
via their site, meaning their e-mails are counted as a visit to the
site, whereas they are "list serve" communication.
These comparison are
compiled by Leasing News using Alexa and should be viewed as a "sampling,"
rather than actual count from the website itself.
The Alexa tool bar works
on most browsers. They are partnered with Google.
You may download their
free tool bar
A graph and analysis of the last three months are available
[Headlines]
-------------------------------------------------------------------------
Behind
DVI Demise
By JOHN WILEN
The Intelligencer
"What caused
(DVI,) a company with an established
amidst allegations
of fraud and accounting
Court-appointed examiner
R. Todd Neilson poses the
answer it in a report
filed in U.S. Bankruptcy Court
As The Intelligencer
reported last week, that report
DVI was a finance
company with a specialty in health
DVI got itself into
trouble in the first place by
The $110 million
outlay required for that move - made
Neilson spreads criticism
widely in his report but
executive who was
raised in a tough area of
"There is a
business axiom that states 'success has
Calls for comment
to O'Hanlon's homes in West Palm
Neilson blames O'Hanlon
for the company's overseas
DVI's investment
in the Corpus Christi Community
DVI loaned $1 million
to the Corpus Christi center in
Instead of writing
off that loss, a move that would
The center's contracts
were in "a nearly continual
Other than a single
write-down of about $60,800 in
In 1999, DVI, at
O'Hanlon's direction, loaned at least
"O'Hanlon made
the decision to fund this acquisition
The loan was to help
the Hit Factory expand into
But the Hit Factory
continued to struggle, and rarely
"It was clear
to DVI, as early as December 2000, that
In the cases of the
Corpus Christi center and the Hit
DVI would take a
bad loan - one whose borrowers were
Rewriting, Neilson
found, let the company continue to
As he puts it in
his examination of DVI's treatment of
"It is difficult
to conceive an explanation that would
Rewriting bad loans
could make DVI look better on
In August 1999, a
DVI lender pulled a short-term line
Garfinkel told Neilson
that O'Hanlon told him to find
Garfinkel's attorney
declined comment.
That decision began
a process of pledging ineligible
Neilson clearly feels
there's plenty more to be found
Neilson writes that
he cooperated with many other
While the examiner
did not accuse the people in his
DVI continues to
operate under bankruptcy court
Toney declined extensive
comment on Neilson's report,
Neilson credits help
from Toney and many DVI employees
"Personally,
I thank the employees who have cooperated
John Wilen can be
contacted via e-mail at
(sent to us by a
reader )
-------------------------------------------------------------------------------
Equipment
Leasing Association Calls New Tax Proposal a “Crisis” for Investors
ELT News
Tax Law Change Precedent
Being Set, Causing Uncertain Investment Environment
Arlington, VA—The
Equipment Leasing Association (ELA) strongly opposes the pending substitute
amendment to S. 1637 as a component of the international tax reform
bill, which was approved by the Senate on Thursday, April 8. In a letter
sent to Senate Finance Committee Chairman, Charles E. Grassley, ELA
President Michael Fleming said that the amendment, containing a new
proposal for retroactive action on leasing transactions, should “concern
every individual and corporate taxpayer in America. Tax policy is being
developed ‘on the fly,’ with no analysis, no inquiry, and retroactivity,
all of which will further the investment crisis in America."
Fleming specifically
pointed out the new Section 470 concerning limitations on losses from
tax-exempt use property as particularly disturbing to the equipment
leasing and finance industry, but noted that this provision being proposed
should be a warning to all financial institutions.
"A bigger issue
is emerging with this proposal,” warned Fleming. “If American companies
provide investment in an unstable environment where you have constant
tax changes and long-standing, time-honored principles are ignored,
how can these companies continue to invest? Some certainty must be provided
so investors know what they are getting in to.”
Most alarming to
ELA and its members is the retroactive action. Even though current law
permits sale – leaseback transactions to tax-exempt entities under provisions
adopted by Congress twenty years ago, the amendments made in Section
470 will apply to any transaction entered into prior to November 18,
2003 done with a foreign entity for tax years beginning after December
31, 2004.
Practically speaking, leasing transactions entered into in 1999 or
2001 or anytime prior to November 18, 2003 under current law and longtime
practice will become subject to a changed tax law due to the amendment.
“A new effective
date provision has been proposed, which appears to violate every historic
principle of tax policy,” stated Fleming in the letter.
“At no time has the
Senate Finance Committee held a balanced and open hearing addressing
the legal principles and technicalities underlying real sale-leaseback
transactions to tax-exempt entities,” added Fleming. “Any reasonable
taxpayer should be able to assume that current law will prevail when
making decisions with tax implications. But they should be alarmed and
put on notice that the Senate has come to the new principle reflected
in this action.”
According to ELA,
for leasing businesses and particularly public companies, this most
recent effective date action by the Senate has grave financial reporting
consequences.
“Essentially, the
economics of the transactions will be materially changed,” noted Fleming. Companies are now reporting their 1st quarter
financial results. Because the leasing transactions affected by this
effective date provision are 20 to 30 years in term, “the earnings impact
will be significant and must be reported with negative results,” he
said.
The second concern
identified by ELA relates to treating sale-leaseback transactions to
foreign persons or entities different from transactions to U.S. tax-exempt
entities. The association asks why the transactions should be treated
differently if a U.S. taxpayer entered into two similar sale-leaseback
transactions in 2000, each for subway cars or environmental equipment,
but one transaction was to a U.S. transit authority and the other transaction
to a transit authority in a foreign country.
“The legal foundation
is the same and the transaction structure is the same and each was done
under law established by Congress,” stated Fleming. “U.S. businesses
growing internationally will be put on notice by this new principle
from the Senate.”
Fleming notes that,
as always, ELA is prepared to discuss the provisions and their economic
consequences with Grassley and his staff.
About The Equipment
Leasing Association
Organized in 1961,
the Equipment Leasing Association (ELA) is the premier non-profit association
representing companies involved in the dynamic equipment leasing and
finance industry to the business community, government and media. As
the voice of the leasing industry, ELA promotes the estimated $218 billion
industry as a major source of funds for capital investment in the United
States and abroad. ELA provides its members with comprehensive services,
assists in the resolution of industry issues, educates financial decision-makers
on the benefits of leasing and promotes high standards of business practices
within the industry. ELA maintains an informational portal for financial
decision-makers to learn more about leasing and find a leasing company
at http://www.LeaseAssistant.org. Headquartered in Arlington, Va., ELA
has more than 800 member companies and a staff of 25 professionals.
For more information on ELA, please visit ELA Online at http://www.ELAOnline.com.
-------------------------------------------------------------------------------
The
Leveraged Lease Accounting Issues
by Phil Tirino, CPA
Thinking Outside
the Box. Leveraged Leasing
should never be the same! Perhaps some new ideas and a revitalized
interest are called for?
The last 30 years
has seen many changes in the leasing industry, but not in all areas.
Take "Leveraged Leasing" as an example. For 30 years no one
has asked the simple question "What is the Multiple Investment
Sinking Method of accounting and yield analysis really doing?"
For thirty years people have complained about their dissatisfaction
with leveraged lease accounting, and the difficulty of explaining it
to prospective investors. Regardless of the complaints, little was done.
This is probably
because the market is small and specialized and only a very few care.
Of those few that care, an even smaller number have the tools to
look closely. For those few that do look closely, a surprise will
be in store. Please read the featured article “Yield Revisited”.
It is not about the proper use of the Kings' English, good spelling
or current events. It is all about leveraged leasing, and readers
are assumed to have a good background in leasing in
general, as a minimum requirement for delving in. Just click on
the link below.
I promise, it will be a hard ride, the horses will come back
wet, and you will have a headache and a sore back if you make it through.
You will also have a great deal to think about.
Phil Tirino, CPA
http://www.nefinsys.com/YieldRevisited.asp
----------------------------------------------------------------------------------------------
Classified
Ads----Help Wanted
Accounting
 Accounting: PricewaterhouseCoopers seeks executives with experience in equipment leasing to help clients improve their leasing businesses by assessing "as is" conditions and designing and implementing solutions to operational issues. PwC also seeks CPA's with a broad based knowledge of FAS13 and familiarity with accounting for leases with simple and complex transaction structures. Email: anthony.g.anderson@us.pwc.com About the Company: PricewaterhouseCoopers, New York, NY. |
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 |
Marketing Indirect Originator
|
MARKETING INDIRECT ORIGINATION: New York. One of the largest ind. equip.lessors needs motivated, self-starter to purchase single investor leases from institutional investors; min.transaction $1 million; portfolio of primarily investment grade lessees/good "story credits". Min 3 yrs exp. sourcing/ originating leasing transactions, knowledge credit and pricing. E-mail: jobposting1@leasingnews.org |
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 |
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 |
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 |
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 |
#### Press Release ###########################
Cindy
Fleck New Director West Region Sales
for U.S. Bancorp Manifest
Marshall, MN –
U. S. Bancorp Manifest
Funding Services has named Cindy Fleck as Director of Sales for the
West. Brad Peterson, Senior Vice President and General
Manager of Manifest Funding Services made the following announcement
to employees on Monday, April 5th.
“I am very pleased
to announce that Cindy Fleck has accepted the position of Director of
Sales - West for Manifest Funding Services.
Cindy has been with Manifest for over 13 years and brings incredible
knowledge and leadership to her new role.
Cindy has had a tremendous track record of success at Manifest,
beginning in Credit continuing into Sales and most recently as Director
of Marketing. Her commitment and dedication to servicing
our customers will be valuable in her new role.”
Cindy graduated from
Southwest State University in 1992 with a degree in Accounting and a
minor in Business. In 1990,
she began her career with Manifest in our Credit department advancing
to Account Executive and was promoted to Credit Manager in 1995.
In 1998, Cindy joined
the Manifest Sales team as the South Central Regional Sales Manager. In her two years as RSM, Cindy was instrumental
in growing existing relationships and building new ones that allowed
Manifest to double our volume from that Region.
In early 2000, Cindy
and her husband, Steve, had their first of two boys. To allow her more time with her young family, she moved into the
Southwest Region as a Broker Services Representative. Over the next two years she was a key player that led the Southwest
Region to unprecedented growth for Manifest.
For the past two
years, Cindy has served as the Director of Marketing for Manifest. She has been involved in almost every aspect
of our business, including the development of products and services
that are focused on the success of our customers.
She has many unique qualities that have made her successful in
this position, most important of which is an incredible focus on our
customers.
“I am excited to
have her experience and strong leadership skills devoted to the West
Sales team and to our customers,” Peterson said.
“Please join me in
congratulating Cindy as she accepts the position of Director of Sales
for the West. I have an enormous
amount of confidence in her abilities and look forward to Cindy and
her team continuing to grow our successful relationships in the West.”
Brad Peterson
General Manager
About Manifest Funding
Services
Established in 1987,
U.S. Bancorp Manifest Funding Services specializes in financing equipment
through a network of independent finance brokers and lessors. It strives
to be the premier funding source in the business equipment finance industry
by emphasizing long-term relationships and innovative products that
are focused on the success of the independent broker and lessor.
Corporate Contact:
Brad Peterson, Senior Vice President and General Manager,
Manifest Funding Services
507-532-7194 - jb.peterson@manifestfunding.com
#### Press Release ################################
CIT
Announces Quarterly Dividend for First Quarter 2004
LIVINGSTON, N.J., -- CIT
Group Inc.(NYSE: CIT) announced that its Board of Directors has declared
a regular uarterly cash dividend of $.13 per share, payable on May 28,
2004, to shareholders of record on May 14, 2004.
About CIT:
CIT Group Inc. (NYSE: CIT), a leading commercial and consumer
finance
company, provides
clients with financing and leasing products and advisory
services. Founded in 1908, CIT has nearly $50 billion
in assets under
management and possesses
the financial resources, industry expertise and
product knowledge
to serve the needs of clients across approximately 30
industries. CIT, a Fortune 500 company, holds leading positions
in vendor
financing, U.S. factoring,
equipment and transportation financing, Small
Business Administration
loans, and asset-based and credit-secured lending.
CIT, with its principal
offices in Livingston, New Jersey and New York City,
has approximately
6,000 employees in locations throughout North America,
Europe, Latin and
South America, and the Pacific Rim.
For more information,
visit http://www.cit.com.
SOURCE CIT Group Inc.
### Press Release
####################################
Greater
Community Bancorp Reports First Quarter 2004 EPS of $0.25, up 19.1%
TOTOWA, N.J.----Greater
Community Bancorp (NASDAQ:GFLS)reported net income for the first quarter
of 2004 of $1.8 million, an increase of 11.0% over the $1.6 million
reported for the first quarter of 2003. Diluted earnings per share were
$0.25, an increase of 19.1% over the $0.21 reported for the prior-year
first quarter.
Anthony M. Bruno, Jr., Chairman and CEO of Greater Community Bancorp,
commented, "Our improved earnings this quarter reflect the measures
we implemented in 2003 to grow our loan portfolio, reposition our leasing
business and expand our deposit base. Although our environment remains
highly competitive, loan growth was 20.2% ahead of last year's first
quarter, led by commercial real-estate, construction loans and our growing
portfolio of lease receivables. Our net interest margin continues to
expand. We are more effectively leveraging our lending relationships
and we are pleased to achieve strong growth in income from commissions,
fees and service charges on deposits. Importantly, we are growing the
balance sheet and building long-term revenue momentum while maintaining
control over our expense levels."
Total revenue, consisting of net interest income and non-interest
income, was $8.5 million for the first quarter of 2004, an increase
of 4.7% over the prior-year first quarter. Net interest income increased
6.4% to $7.0 million, reflecting growth in average earning assets of
6.5% for the same period. The net interest margin was up 11 basis points
from the prior quarter. Mr. Bruno added that margin improvement was
derived from a decline in premium amortization and a shift in earning
asset mix, as well as a one-time $200,000 prepayment penalty.
Non-interest income for the first quarter of 2004 was $1.6 million,
a 2.5% decline from the first quarter of 2003. Excluding securities
gains and gains from the sale of assets, non-interest income was $1.27
million compared to $1.31 million in the prior-year quarter. Strong
growth in commissions and fees from brokerage services and service charges
on deposits was offset by declines in mortgage banking income, bank-owned
life insurance income and other income.
Non-interest expense totaled $5.6 million for the first quarter
of 2004, an increase of 1.5% over the first quarter of 2003. Salaries
and benefits rose 6.5%, reflecting annual compensation adjustments and
rising health care costs, partially offset by a 13 person decline in
the number of full-time equivalent staff. Excluding personnel costs,
the remaining categories declined 4.4% as the Company effectively controlled
its expense structure. The efficiency ratio improved to 67.6% from 69.9%
in last year's first quarter.
At March 31, 2004, assets were $792.0 million, an increase of 7.6%
over March 31, 2003. Loan and lease balances grew $88.7 million year-over-year,
or 20.2%, and consisted primarily of commercial real estate loans, up
$57.5 million or 28.3%; construction loans, up $9.4 million, or 32.4%;
and lease receivables, up $8.4 million or 30.1%. Loan growth was funded
through a combination of deposit growth and the sale of investment securities.
Deposits increased 9.3%, and included 8.0% growth in non-interest bearing
deposits. Core deposits now constitute 67.9% of total deposits.
Mr. Bruno noted, "Asset quality remains sound, with a net
recovery recorded for the quarter. Although non-performing assets are
trending upward moderately over the last two quarters, they are keeping
pace with overall growth in our loan and lease portfolio. We are comfortably
reserved against our current non-performing levels." The Company
experienced a net recovery of $72,000 this quarter compared to net charge-offs
of $43,000 in the prior quarter. Non-performing assets were 0.38% of
total assets at March 31, 2004, down from 0.45% twelve months ago and
0.34% for the prior quarter. Loan and lease loss reserves were 1.63%
of period-end loans, representing 2.82 times the level of non-performing
assets plus 90-day delinquencies.
Shareholders' equity totaled $53.8 million at March 31, 2004, up
4.5% from twelve months ago. Shares outstanding at quarter-end were
7,153,000. Cash dividends per share paid during the quarter were $0.11.
About the Company
Greater Community Bancorp is a $792 million financial holding company
headquartered in Totowa, New Jersey. The Company operates fifteen branches
in the northern New Jersey counties of Bergen, Passaic and Morris through
its three state-chartered commercial bank subsidiaries: Greater Community
Bank, Bergen Commercial Bank and Rock Community Bank. They provide traditional
commercial and retail banking services to small businesses and consumers
in New Jersey. The Company also owns two non-bank subsidiaries: Greater
Community Financial and Highland Capital Corp., an equipment leasing
and financing subsidiary.
CONTACT:Greater Community
Bancorp, Totowa Anthony M. Bruno, Jr., 973-942-1111 x 1001 anthony.bruno@greatercommunity.com
or Margolin & Associates, Inc. Linda Margolin, 216-765-0953
lmm@margolinIR.com
#### Press Release
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Hansabank
to Expand Leasing Operations in Russia