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Headlines---
Classified
Ads---Senior Management/Sales Managers
It'sssssssssssssss:-)SilverMark
Capital ! ! !
Kruse-Brady-Monlux
Go MainStreet Finance
Pictures from the Past---2002---Rick
Wilbur/Jim Buckles
Housing Starts Highest
Level 17 Years/ Economic Forecast
Sunrise Int. Net Income
Up 39 Percent Year-to-Date
Sobig virus spreads quickly
by e-mail, clogging inboxes
FleetBoston Financial
Declares Regular Dividends
Amex Cheers a
Strong First Half of Year
News Briefs---
This Border ##### Denotes Press Release (Not Written By Leasing
News)
------------------------------------------------------------------------------------------
Classified
Ads---Senior Management/Sales Managers
Senior Management: Baltimore, MD
25 year veteran of commercial and equipment leasing seeking
a senior management position with leasing or asset based financing company
in the southeast (Florida preferred)
email: kellogg_md@yahoo.com
Senior Management: Denver, CO. Fortune 500 GM/SVP wants to
team up with aggressive lender looking for Western expansion mid-market
equip. finance/ leasing.20+ years experience within Rocky Mountain/Southwest
and Ca markets. email: legal@csotn.com
Senior Management: Long Island, NY
Degree Banking/Finance. 13 years leasing exp. Now prez young
leasing company where promises were not met. Interested in joining established
firm with future. Email:bob33483@yahoo.com
Senior Management: San Francisco, CA., 25 years experience
w/global leasing company, sales, marketing, business dev., P&L responsibility,
asset mgmt, brokering and remarketing. Interested in joining an est. firm
with a future. email:rcsteyer@yahoo.com
Senior Management: Portfolio Management Consultant; 25+years
experience in Collections, Customer Satisfaction, Asset Management, Recoveries,
Continuous Process Improvement, Backend Revenue Generation, Cost per Collection
Analysis. $5+Billion Portfolio expertise. email: efgefg@rogers.com
Sales Manager: Atlanta, GA
30 years in transportation Finance with strong management/
sales background. Represented company on national & region markets.
Started two successful operations- produce profits and growth. Email:pml@mindspring.com
Sales Manager: New York, NY
I have over 25 years owning an independent leasing company
that specialized in truck leasing. Tow trucks, Limos, ambulances, tractors,
etc.. Email:rfleisher@rsrcapital.com
Sales Manager: Portland, OR. 18+ yrs w/bank leasing company.
Supervised 14- 20 sales people. Willing to relocate for the proper position.
Or, seeking sales position in current location (13+yrs direct sales).
email:pthygeson@netscape.net
Sales Manager: Seattle, WA
Senior level sales professional w/ (20) plus experience in
mid market financing & leasing. The last (8) plus years being self
employed in middle market brokerage. Email:markhenley@qwest.net
Job Wanted Ads here:
http://65.209.205.32/LeasingNews/JobPostings.htm
Look for advancement
or a job in the leasing industry, free ad:
http://65.209.205.32/LeasingNews/PostingForm.asp
(We help people
find work, start networking, keeping your “name” active)
--------------------------------------------------------------------------------------
It’s Official---It is Not “Van Etten Leasing”
It’sssssssssssssss
: -) SilverMark Capital ! ! !
Otherwise Leasing News named it right a month in advance,
including
Sterling Bank and the major players. Here is the official press release:
### Press Release ###########################################
Sterling Bank Recruits Executives
to Launch
New Equipment Leasing Division
HOUSTON—Sterling Bank, a subsidiary of Sterling Bancshares,
Inc. (NASDAQ: SBIB), announced
today the hiring of four leading professionals in the field of business
equipment leasing. These experienced
professionals represent the bank’s initial staff in the leasing and equipment-financing
division it is developing.
This new division of the bank will be called SilverMark Capital™
and will provide equipment-leasing services to bank customers and to select
national vendor relationships.
“Offering an in-house business equipment leasing program
is a logical step in providing full-service banking to our customers,”
commented Sterling Bank President and Chief Executive Officer J. Downey
Bridgwater. “Our philosophy is
that to be the best, you get the best people.
That’s why we’re proud to bring aboard these four professionals. In our opinion they represent the industry’s
best in the field of commercial leasing services.”
The four leasing professionals are Frederick M. Van Etten,
Richard S. Andersen, Daniel L. Fritz, and Hernan R. Traversone.
·Fred Van Etten, named
CEO of the leasing division, has over 25 years’ experience in the commercial
leasing and asset-financing marketplace. Most notably he was co-founder,
executive vice president and chief marketing officer for First Sierra
Financial, a successful company which was sold to American Express in
2001. He holds a business administration
degree from Arizona State University and an MBA from Pepperdine University.
Ric Andersen, senior vice president and chief
operating officer of the leasing division, was director of vendor services
and capital markets for American Express Business Finance, Inc., and directed
portfolio acquisition and syndication there.
He began his banking career while completing a BA in economics
and finance at the University of Colorado at Boulder, where he became
president and CEO of the student credit union.
He has over 15 years’ experience in finance and commercial leasing.
·Danny Fritz, senior
vice president and chief marketing officer for the leasing division, previously
served as global business development manager for Hewlett Packard Financial
Services, Inc., where he was responsible for portfolio management, business
strategies, pricing, policies and procedures, as well as global marketing
of lifecycle management programs. He
has 15 years of experience in the leasing industry and holds a BA in finance
from the University of Texas.
·Hernan Traversone, senior
vice president and chief credit officer for the division, previously served
as director of originations for the Houston credit operation of American
Express Business Finance, Inc. Prior
to that he was vice president of wholesale operations for First Sierra
Financial, Inc., where he also oversaw credit, documentation, and funding
procedures. He has over 11 years of experience in consumer and commercial
underwriting.
Earlier this year, Sterling Bank was named to FORTUNE Magazine’s
2003 List of the 100 Best Places to Work in America. With assets of $3.4 billion, it operates 35
banking offices in the greater metro areas of Dallas, Houston and San
Antonio. Sterling Bank is a subsidiary
of Sterling Bancshares, Inc., whose common stock is traded through the
Nasdaq National Market System under the symbol SBIB. For more information,
please visit the company's web site at www.banksterling.com.
#### Press Release ################################################
He’s not with SilverMark.
Is he in Houston or Costa Rico?
-----------------------------------------------------------------------------------------------
Pictures from the Past---1995---
McCommon, Malone,
Monlux, Lowe, Wehner, Dislip, Kruse
“Left to right—Jim McCommon, LaVergne Malone, Cliff Monlux,
Loretta Lowe, Skip Wehner, Alan Dishlip, and John Kruse packing heat at
Wings Over the Rockies (Denver, Colorado United Association of Equipment
Leasing Conference)
June,1995, Regional Report, United Association of Equipment
Leasing
-----------------------------------------------------------------------------------------------
Kruse-Brady-Monlux Go MainStreet Finance
“Thanks so much for your recent posting of the MainStreet
Finance Press
Release,” John Kruse said in his e-mail.” We have been buried
with calls and interest pertaining to the different products that we are
starting to offer to the leasing market.
John Kruse
Kruse is Vice President of Business Finance and Managing
Partner with MainStreet. He is very well-known in the leasing industry,
contributing
both time and support to several leasing associations. He
presently
serves on the board of directors of the United Association
of Equipment
Leasing
“There is definitely a strong interest in other forms of
finance products
that these companies can market back to their existing customers
and
prospects, “ he explains about his new company. ” There is
also an even stronger, obvious, interest in adding more profit to the
bottom line without adding any additional overhead.
“The Company will be delivering their services through marketing
and service relationships with independent CPA firms, small banks, equipment
finance companies and manufacturers who focus on service to small business
owners.
MainStreet is the brainchild of Jim Brady, Cliff Monlux and
Kruse, who together represent over 40 years of experience working in the
specialty finance market. MainStreet is exceptional in offering access
to several forms of financing from a number of different lenders across
the US through one highly efficient central service point.
The idea is to help equipment leasing finance companies leverage
their marketing investment for more revenue and stronger client relationships,
introducing other
products and acting as intermediaries for additional fee
benefit plus service
to their customers.
"Companies that
currently offer only equipment leasing and loans can now offer other forms
of financing to their lessee customers with minimum additional cost and
significant upside revenue potential,"
Kruse explains. With their
contacts, information, experience, MainStreet can increase yields, fees,
and help maintain
their customer base by offering more financial services..
“l am very fortunate to be working with Jim Brady
and Cliff Monlux again,” Kruse
says.” It's refreshing to work alongside partners who
you can trust and who's interest lies in creating quality
products that
offer true value to the customer. Much like the early days of System 1.”
System 1 was the software product and company name which
started in 1995, which took both the broker and small to medium lessor/discount
marketplace by storm. It was first
introduced for a nominal dollar amount at leasing conferences, then part
of a package for joining leasing associations, with the two fold process
of getting the first version out and working, and tying companies into
a yearly
contract for maintenance plus upgrades. As the company developed
more “sophisticated programs, the company name changed in 1999 to CapitalStream.
The System 1 Software name changed to 'Advantage', as it is today.
The company was spun off to Jim Buckles, who manages it today.
Cliff Monlux and John Kruse started System 1 with Jim McCommon’s
company
Beta number one (see the 1995 Picture from past above this
story). Kruse met Jim Brady when
he was at MetLife Capital where he purchased our System 1 product. After GE purchased and subsequently closed
MetLife Capital. Brady became vice-president of Marketing at CapitalStream.
Jim was at CapitalStream for approximately 2.5 years.
Jim Brady
"MainStreet is all about finding credit for small business,"
said Jim Brady, Senior Managing Partner of MainStreet Finance. "We
work with our service partners, namely CPAs, banks and other channels
to define the credit needs of their clients and help them quickly find
and qualify for appropriate financing at competitive rates" added
Brady.
MainStreet offers their channel partners the benefit of personal
advice and assistance in serving their clients as well as convenient online
access to information, qualification tools and application forms.
"MainStreet represents an innovative approach to the
challenge of small business credit in a number of ways" said Cliff
Monlux, co-Senior Managing Partner of MainStreet. "Foremost is the
idea of using professional channels for more efficient access to the small
business client" added Monlux.
Cliff
Monlus
More about the management of this company, with telephone
numbers and
other information is available at:
http://www.mainstreetfinance.com/managementteam.php
Jim Brady, Senior Managing Partner, can be reached at
(866)889-6886 Ext. 230
John Kruse
jfk@mainstreetfinance.com
(425) 889-6886, ext. 224
Pictures
from the Past---2002---Rick Wilbur/Jim Buckles
The famous Rick Wilbur of MediCap-lessor/discounter/superbroker/broker/
bon vivant with System 1/Software Expert Jim Buckles.
“The handsome young man in the middle is my son Carey who
is also my partner. I have no idea what we were doing there because I'm
old forgetful. Carey on the other hand was probably trying to learn more
about the capabilities of Capital Stream.
“I think the industry is beginning to catch it's collective
breath and
business is getting much stronger. Our volume is increasing
and the quality
of credit appears to be getting better.
Rick
--
From Jim Buckles--
“The picture was taken at the NAELB Regional Conference in
Marina Del Rey
last November. I was discussing the latest features of Advantage
version
2.0 (the successor to the System 1 software program) with
Rick & Carey
Wilbur. This version will be available Q2 of this year and
I will be
showing a "sneak peak" in Chicago for the NAELB
National Convention 3/19 -
23. A free training session on 2.0 and a general discussion
of Advantage
and alaQuote will be available to convention attendees on
Thursday 3/19 from
1pm - 5pm.
“Since leaving CapitalStream 2 years ago and forming Preferred
Broker
Solutions, I have been very fortunate to bring aboard two
previous System 1
people. "Technical Guru", Trevor Thompson and "Developer
Extraordinaire"
Tom Wynne. Both people have been a terrific asset to our
company and have
allowed us to grow rather rapidly, keeping up with the constant
demand of
offering superior software and the best possible customer
support available
to the Leasing Community.
“We are experiencing a very steady growth with our Advantage
customer base as
well as subscribers to our alaQuote program. alaQuote is
our web based
quoting tool that furnishes a private label Lease Calculator,
Custom Quote
Letter, Credit Application and Credit Release form which
feeds application
data into Advantage. This program is extremely easy to use
and furnishes a
professional web presence to any Leasing Professional's web
site as well as
a private label offering to their vendors.
“The industry is definitely in a regroup and reorganize phase
at the moment.
This is nothing new, we just haven't experienced this, at
this depth, in a
long time. The upswing is inevitable. This is a great time
to review how
we are all doing business, trim the fat, increase efficiencies,
target new
markets and get moving. There is no doubt that some companies
are still
doing deals, while others are just waiting for something
to happen. These
times, you have to make it happen!
Jim Buckles
jimb@pbs4u.com
--------------------------------------------------------------------------------------------
Housing
Starts Highest Level 17 Years/ Economic Forecast
“We need a significant increase
in business investment to support stronger job creation before the economy
can sustain trend growth. That
will be a challenge with the current trends in job outsourcing (globalization
impact) now spreading to white collar and professional jobs. Additionally, productivity increases , made possible by the significant
business investments made in the latter part of the 1990’s, are still
paying off, thus allowing businesses to produce more with fewer employees.
“
Here is the full report:
July starts were expected to pull back some as interest
rates (30 year fixed as reported by Freddie Mac) reached 6.24 per cent,
up a full percentage point from the 5.21 percent that prevailed in June.
Starts were up 1.5 % to 1.872 million (SAAR) while single family
(SF) was up a strong 1.9% to a very respectable 1.521 million (SAAR).
The more volatile multi family (MF) sector fell a modest 0.6% to
.351 million (SAAR). Permits,
an indicator of future activity, were off 2.4% to 1.78 million (SAAR). Regionally, starts were up in all areas g except the West which
fell almost 14%.
Analysis and outlook: Housing starts reached their highest level
in 17 years as residential construction activity was not affected by the
recent rise in mortgage rates. Mortgage
rates have been moving up in recent weeks, driven by significant gains
in 10 year Treasury yields, which are rising because the bond market believes
the U.S. economic recovery is gaining strength.
As pointed out to me by a friend
and fellow Forest Service colleague (Dr.Henry Spelter), housing is “the Arnold Schwarzenegger
of the economy”. It remains one of the few bright spots in an
otherwise lethargic economy. The
main concern going forward is whether housing will remain healthy enough
to provide the rest of the economy needed support in its quest to return
to trend growth (non inflationary rate of growth) of about 3% or more. We need a significant increase in business
investment to support stronger job creation before the economy can sustain
trend growth. That will be a
challenge with the current trends in job outsourcing (globalization impact)
now spreading to white collar and professional jobs.
Additionally, productivity increases , made possible by the significant
business investments made in the latter part of the 1990’s, are still
paying off, thus allowing businesses to produce more with fewer employees.
As we mentioned in last months’
housing report, current construction activity is running about 100,000
units per year above demographically supported “sustainable demand”. The
bottom line is that housing can’t continue at the current pace, and eventually
starts will trend down toward more sustainable levels.
That may not happen for awhile longer, but sooner or later, it
will. As the economy improves,
interest rates will continue to trend upward, and this will negatively
impact affordability, and nudge housing closer to trend levels.
sent by:
Carl Villella, CLP
Acceptance Leasing and Financing Service, Inc.
1004 Sanlin Dr.
Moon Township, Pa. 15108
412-262-3225 Phone
800-586-0048 Fax
CVillella@msn.com
---------------------------------------------------------------------------------------------
#### Press Release ###############################################
Sunrise Int. Net Income Up 39 Percent Year-to-Date
GOLDEN VALLEY, Minn., --
Sunrise International Leasing Corporation (SILC), a wholly owned subsidiary
of privately held King Capital Corp., today announced financial results
for the second quarter ended June 30, 2003.
For the quarter, SILC reported revenues of $13.9 million,
compared to $31.7 million for the comparable 2002 period. Second-quarter net income increased 9 percent
to $3.7 million from $3.4 million for the prior-year period.
For the six months ended June 30, 2003, SILC reported revenues
of $34.4 million, compared to $67.6 for the comparable 2002 period.
Net income increased to $8.5 million for the six-month period,
up 39 percent from $6.1 million in 2002.
Although revenues are down significantly in the current year
due to adverse economic conditions and a worldwide decrease in capital
spending, SILC continues to record strong net income primarily as a result
of a high level of lease renewals, improved margins on the sale of used
equipment and reduced expenses. Also,
SILC's credit loss experience has consistently improved over the last
several quarters, having a positive impact on provisions for losses.
The company remains debt free on its portfolio of nearly
$100 million in gross earning equipment.
SILC has experienced substantial levels of free cash flow, allowing
the company to aggregate a portfolio of over $60 million in cash and investments.
SILC is strategically managing this portfolio to ensure that it
provides adequate yields and remains liquid enough for the company to
capitalize on its new business ventures, which include a newly formed
second placement division that actively solicits established, third-party
lessors and captive leasing companies to refer lease transactions and
lease lines of credit with companies that have limited credit options.
Outlook
Consistent with the prior quarter, SILC experienced a modest
increase in lease originations and expects this trend to further accelerate
into the next quarter and to improve substantially in 2004 due to the
implementation of major vendor programs that are currently being negotiated.
However, the company reiterated that it expects 2003 full-year
revenues to be substantially lower than the $117.4 million recognized
in the previous year.
SILC is actively searching for business partners that can
benefit from the company's unique, highly successful vendor program business
model, its customized information systems and unmatched servicing capabilities.
About Sunrise International Leasing Corporation
SILC's business consists primarily of developing and implementing
customized lease and rental programs for vendors of high technology and
related equipment and is becoming a major financing source for second
placements. SILC also is a national
major reseller of high-quality, off-lease used Sun and Cisco equipment
through Redirect Tech, its remarketing subsidiary.
About King Capital Corp.
King Capital Corp., established in 1975 and based in Golden
Valley, Minn., offers a wide range of leasing options to manufacturers,
distributors and resellers through its primary subsidiary, SILC, as well
as high-availability software through H.A. Technical Solutions, LLC.
#### Press Release ####################################################
------------------------------------------------------------------------------------------
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send to a colleague as we are trying to build our readership.
Two
Version: Free ( text format) $59.95
yr ( html/website) Free 30 Day Trial
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format, html, where you may
click on the headlines to go to the story, plus is also in
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posted daily on our website--- http://www.leasingnews.org/contact_us_news.htm
------------------------------------------------------------------------------------------------
Sobig virus spreads quickly by e-mail, clogging inboxes
We have received at Leasing News over a dozen “Sobig” on Tuesday. Our PC-cillin blocked it, but for one day,
would rate it high, and spreading. We
rate worm Klenz the most active, as we get a half dozen a day. Here is how PC-Cillin ranks them:
http://www.leasingnews.org/virus.htm
About Sobig---
http://www.stltoday.com/stltoday/business/stories.nsf/Business/DDF432AB325DA8F186256D880012F
732?OpenDocument&Headline=Sobig+virus+spreads+quickly+by+e-mail,+clogging+inboxes+
#### Press Release###############################################
Mark Lane New CEO at Synovus
ALBANY, Ga.----Synovus (NYSE:SNV), the parent company of
Security Bank and Trust Company, has announced the naming of Mark James
Lane as the bank's new Chief Executive Officer.
"This is a great day for Security Bank and Trust and
the entire Synovus family," said Walter M. "Sonny" Deriso,
Jr., Synovus Vice Chairman. "Mark is committed to the success of
our company through team member development, shareholder value and customer
loyalty. His passion to this company is contagious, and we will benefit
from his guidance as Security Bank and Trust's Chief Executive Officer."
Mark is a graduate of Florida State University with a degree
in Finance. During his career with Columbus Bank and Trust Company from
1989 - 1999, he held various positions in branch management, credit analysis
and commercial lending. In 1999, Mark was named President and CEO of Quincy
State Bank, also a Synovus affiliate bank located in Quincy, Florida.
Mark has been active in the Quincy, Florida community as
President of the Chamber Foundation and Director of the local Chamber
of Commerce. He is a member of the Quincy Chapter Rotary Club and the
Florida Banker's Association.
Synovus (NYSE:SNV) is a diversified financial services holding
company with more than $21 billion in assets based in Columbus, Ga. Synovus
provides integrated financial services including banking, financial management,
insurance, mortgage and leasing services through 40 affiliate banks and
other Synovus offices in Georgia, Alabama, South Carolina, Florida and
Tennessee; and electronic payment processing through an 81-percent stake
in TSYS (NYSE:TSS), the world's largest third-party processor of international
payments. Synovus is No. 9 on FORTUNE magazine's list of "The 100
Best Companies To Work For" in 2003. See Synovus on the Web at www.synovus.com.
CONTACT:
Synovus, Columbus
Media Relations
Aimee Davis, 706-644-0528
### Press Release ########################################################
FleetBoston Financial Declares Regular Dividends on Common
Stock and Series VI and Series VII Preferred Stock
BOSTON---The Board of Directors of FleetBoston Financial
today declared a regular quarterly dividend of
$.35 per share on its common stock. The dividend will be
payable on October 1, 2003 to shareholders of record on September 3, 2003.
The Board of Directors also declared a regular quarterly
dividend of $.84375 per depositary share on the corporation's Series VI
6.75% Perpetual Preferred Stock (FBF PrG). The preferred stock dividend
for this issue will be payable on October 15, 2003 to shareholders of
record on October 1, 2003.
In addition, the Board of Directors declared a regular quarterly
dividend of $.825 per depository share on the corporation's Series VII
Fixed/Adjustable Rate Noncumulative Preferred Stock. The preferred stock
dividend for this issue will be payable on October 1, 2003 to shareholders
of record on September 15, 2003.
FleetBoston Financial is the seventh-largest financial holding
company in the United States, with assets of $197 billion. The company's
principal businesses, Personal Financial Services and Commercial Financial
Services, offer a comprehensive array of innovative financial solutions
to 20 million customers. Through its Personal Financial Services franchise,
Fleet offers retail banking, wealth management and investment services,
nationwide brokerage, credit card and consumer lending services. These
services are available through approximately 1,500 branches and more than
3,400 ATMs in the Northeast; through Fleet HomeLink(SM) online banking,
one of the nation's leading online banking platforms; and through telephone
banking. Fleet is the leading small business services and commercial banking
provider in the Northeast. Fleet's Commercial Financial Services Division
provides commercial lending, syndications, capital raising and advisory,
leasing, cash management, asset-based finance, foreign exchange and interest
rate derivatives to clients. FleetBoston Financial is headquartered in
Boston and listed on the New York Stock Exchange (NYSE:FBF) and the Boston
Stock Exchange (BSE: FBF).
CONTACT:
Media Contact :
FleetBoston Financial
James E. Mahoney, 617/434-9552
or
Investor Contact :
FleetBoston Financial
John A. Kahwaty, 617/434-3650
#### Press Release #######################################################
|
Escondido, CA: Lease broker office looking for Lease Coordinator/Office Manger: process credit, submit to banks,documentation/follow-up; answer phones/manage files.Leasing experience important. please send resume to:stantonleasing@sbcglobal.net or fax to (760) 738-1910 |
|
About the Company: www.odysseyequipfinance.com |
|
About the Company: www.leasingpartnerscapital.com |
------------------------------------------------------------------------------------------
Amex Cheers a Strong First Half of
Year
U-S Banker Weekly Bulletin
The American Stock Exchange had a busy and productive first
half of the year, when the Amex Composite Index rose 18 percent during
this period, outperforming
nearly every exchange index composite. During the first half,
the firm also launched eight closed-end funds, valued at more than $4
billion, and 31 new companies.
Daily volume of Amex-listed stocks rose 16 percent over the
same period in 2002. Officials underscored that a previously announced
deal is on track with GTCR
Golder Rauner, a private equity firm, to acquire Amex from
the NASD. The $110 million deal is expected to close by the end of the
year.
HP's 3Q Earnings Miss Expectations
http://www.washingtonpost.com/wp-dyn/articles/A17308-2003Aug19.html
http://www.nytimes.com/2003/08/20/technology/20HEWL.html
http://www.bayarea.com/mld/mercurynews/business/6570652.htm
Apple rolls out 64-bit Power Mac
G5 computers
Faster microprocessors mark breakthrough
for desktop users
Budget deficit hits $54.2 billion
in July
http://www.signonsandiego.com/news/business/20030819-1453-federaldeficit.html
AirTran is going to San Francisco
http://ads.specificpop.com/code?pid=303&gid=17&rid=145481734&dom=20&dow=3&hod=0
Job on the Line, Davis Promises to Fight Rec