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Available by e-mail
in a text format, sent out at 3:00am, free:
http://www.leasingnews.org/addme-mailing-list.htm
Headlines---
Classified
Ads---Asset Management
Expanded
Leasing News Advisory Board
Geneva
Capital Joins Group New Agreement Form
Resource
America Cash Dividend
Beth
Mooney named CFO AmSouth Bancorporation
Fitch:
Regulatory Restrictions On Securitisation
Trilogy
Leasing Posts 9-Month Financials-10% Up
ORIX
Announces Third Quarter Results
Classified
Ads---Asset Management
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:
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
All job wanted ads
at: http://64.125.68.90/LeasingNews/JobPostings.htm
Post a free “job
wanted” ad at: http://64.125.68.90/LeasingNews/PostingFormWanted.asp
Our web site gets over 15,000 visits a day, according to Web Trend.
Our newsletter reaches over 5,000 readers who subscribe (for free.)
Cartoon---The
Woofs Have it
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-------------------------------------------------------------------------------
Expanded
Leasing News Advisory Board
Yesterday we printed
the names and biographies of our current
Leasing News Advisory
Board: http://www.leasingnews.org/#leasing
Today we announce
the new members which not only expands the advisory board
in number, but geographic area, and perhaps more importantly, expertise.
Our policy is printed
on the web site and printed in each daily edition:
http://www.leasingnews.org/policy.htm
Our mission is basically
to produce “independent, unbiased and fair
news about the Leasing
Industry.” Our full mission
statement is
also on the web site:
http://www.leasingnews.org/Mission_Statement.htm
For the record: The
Leasing News Advisory Board is chosen by the publisher. They are not
financially compensated. They participate in the overall direction of
our electronic newspaper. As per
a “printed” newspaper procedure, it is the editor's sole discretion
as to what is printed and not printed; not the board of directors or
any advisory board
The purpose is to
give more business advice, procedural viewpoint, help promote the growth
of Leasing News, contribute their experience and knowledge toward the
policy and mission; to help this electronic newspaper grow.
Perhaps we can all
get together for a Chaine des Rotisseurs style dinner October 22, 2004
during the United Association of Equipment Leasing October 21–24,2004
Annual Conference & Exposition in Monterey, California. Our
advisory board member Steve Crane is the conference chairman, so this
might be a good opportunity to have
a Monterey-Carmel
Valley weekend. It might rival
our Emeril’s private room dinner we had in New Orleans, Louisiana. It
might rival our Emeril’s private room dinner we had in New Orleans,
Louisiana.
Welcome aboard:
Edward Castagna, Nassau
Asset Management
Dan Janal,
Great Teleseminars
Theresa M. Kabot, CLP, Kabot
Commercial Leasing
Robert S. Kieve, Empire Broadcasting
Andrew Lea, M.A., McCue Systems,Inc.
Armon L. Mills, CPA, Silicon Valley Business Ink
Steve Reid, CLP, Santa Barbara
Bank & Trust;
Paul B. Weiss, ICON Capital
Here are their individual biographies:
Edward Castagna
Nassau
Asset Management
Roslyn
Heights, NY
Ed Castagna
is Nassau Asset Management’s executive vice president of operations,
responsible for managing internal operations and a growing staff while
working on behalf of clients. His accomplishments include transforming
the brick-and-mortar business into an e-commerce-enabled company.
Castagna was instrumental in the conception, design, production and
marketing of www.nasset.com, a
global Web site for remarketing assets. He also was involved in the
development and enhancement of NASTRAC, an online system that keeps
Nassau customers informed, in real time, about the repossession and sale of used equipment.
He has
extensive experience in all areas of asset management but is best known
for his expertise in remarketing strategies and liquidations. Castagna
has helped liquidate the assets of thousands of distressed companies
since joining the firm in 1991. He is particularly knowledgeable about
using an alternative to auctions, known as orderly liquidations, to
maximize return on liquidated assets. He is a principal in Nassau
Asset
Management, which provides asset recovery, collections, remarketing
and appraisal services to the equipment leasing and finance industry
Castagna serves as
the chairman of the Equipment Leasing Association’s
(ELA) Service Providers Business Council. He is an industry speaker,
author and quoted source on asset remarketing strategies.
Castagna graduated
from Syracuse University in 1991 with a bachelor of arts degree in psychology.
Active in community affairs, he is a founding member of TLC, a civic
organization that raises funds to enhance neo-natal care for North Shore’s
Long Island Jewish Health System.
---
Dan
Janal
Great
Teleseminars
Shorewood,
Minnesota
Dan Janal helps companies
and exerts produce their own training sessions via conference call phone
lines (teleseminars) through his company, Great Teleseminars.com
He has conducted
more than 100 training sessions via telephone and has produced nearly
500 training sessions via phone lines for authors, speakers and trainers
in the fields of sales, management, leadership, wellness, real estate,
finance and many other fields.
Great Teleseminars
is a one-stop service center for anyone wanting to make money from teleseminars
and teleclasses. Great Teleseminars can handle everything from registration
and shipping to recording and disk duplication. Of course, they can
rent “bridge lines” which are the conference lines you need to conduct
teleseminars.
Dan is also a professional
speaker who has spoken everywhere from Beijing to Budapest and has taught
at Berkeley and Stanford. He has written six books that have been translated
into 6 languages. He’s also written two e-books on how to market and
host teleseminars. You can read more about these books and services
at http://www.greatteleseminars.com
Dan holds bachelor’s
and master’s degrees from Northwestern University. He has worked as
an award winning daily newspaper reporter and editor, and has more than
20 years of experience in publicity and public relations. He is a member
of the National Speakers Association.
--
Theresa
M. Kabot, CLP
Kabot
Commercial Leasing
Seattle,
Washington
Theresa M. Kabot,
CLP, manages Kabot Commercial Leasing, LLC., a commercial equipment
finance company headquartered in Seattle, Washington with an office
in Morrison, Colorado and with plans to expand to the east coast this
year.
After graduating
with a BA from Colorado State University in 1990, she joined Colonial
Pacific Leasing, Portland, Oregon, specializing in the
under $100,000 lease
market, where she learned credit and documentation then sales and marketing.
She moved to Seattle
in 1995, starting Kabot Commercial Leasing. During her last nine years
in business, she has been an active supporter of the leasing and equipment
finance industry, first by earning the CLP (Certified Lease Professional)
designation in October of 1996. She has also served on various committees,
including being chairman of the membership committee of the United Association
of Equipment Leasing, plus serving on the board of directors.
Her hobbies include
spending time with her Golden Retriever “Crosby,” reading, painting,
traveling, and hiking with “Crosby.”
---
Robert
S. Kieve
Empire
Broadcasting
San
Jose, California
Bob is “Mr. San Jose,”
having won every award there is in the area
Born Jersey City,
NJ, 82 years ago
BS Harvard College 1943
Information Officer American Embassy, Madrid, 1943-47
Author: El Arte Radiofonico, Spain's first book on radio
broadcasting
Program Manager WGVA, Geneva, NY
Promotion Writer, CBS, New York
Special Assistant in White House Office under Eisenhower, 1953-56
General Manager WBBF-AM_FM, Rochester, NY 1967-67
President, Empire Broadcasting Corporation, San Jose,
CA 1968-present
--
Andrew
Lea, M.A.
McCue
Systems, Inc.
Burlingame,
California
Andrew Lea is a marketing
strategist specializing in brand
development, competitive analysis, and business development. He has
over 18
years' experience as a strategic branding and marketing communications
professional and has worked with leading Bay Area companies.
Andrew heads up Marketing and Corporate Communications for
McCue Systems in Burlingame, California. His work there includes identifying
market opportunities for the company, communicating the business and
technical benefits of McCue Systems' leasing solutions to the financial
services marketplace, and developing the company's strategic positioning
and
key market messages.
Andrew's articles on trends and issues in equipment lease management
technology have appeared regularly in The World Leasing Yearbook since
2000, as well as in the Equipment Finance Journal, Equipment Leasing
Today, and, most recently, in The Monitor. He served as a presenter
at the 2002 ELA Annual Convention in San Francisco and currently serves
on the Membership Marketing Committee of the ELA.
In addition to his work in the equipment leasing world, Andrew is also
a voice-over professional with an extensive resume of voice roles in
broadcast advertising, corporate productions, and electronic games.
Mr. Lea holds a Bachelor's Degree in Social Science from the University
of California at Berkeley and the Masters of Arts degree in Sociology
from the New School
for Social Research in New York City. He resides in Sausalito, California,
across the Golden Gate from San Francisco.
--
Armon
L. Mills, CPA
Silicon
Valley Business Ink
San
Jose, California
Education:
Armon
earned a Bachelor of Arts degree in Business Administration from Southwestern
Professional
and Business History:
Armon
is one of the founders and is the Publisher and CEO of a new business
He
was Publisher of the Business Journal in Phoenix, Arizona from 1987
to 1991
Professional
Affiliations and Community Involvement:
Armon
is a member of the AICPA, a national CPA association, and is very active
throughout the community with various business and civic organizations. He is a current board member and a past board
chair of the San Jose/Silicon Valley Chamber of Commerce, a member of
the1991-92 class of Community Leadership/San Jose and is a past board
member and finance chair of the San Jose Convention and Visitors Bureau. He is also on the board of The Valley Foundation,
Santa Clara County Council Boy Scouts of America, Empire Broadcasting
and the San Jose Sports Authority. He is a past board chair of the YMCA of Santa Clara Valley and the
board of the Salvation Army of Santa Clara County. He is the current chair of the Commonwealth
Club of Silicon Valley advisory Council.
In addition,
he is an active member of the downtown Rotary Club, and is a Senior
Fellow and participated as a member of Class IX of the Silicon Valley
Chapter of the American Leadership Forum.
Armon
is a past chair of the board of the Silicon Valley Capital Club and
Recent Awards Include:
Media Advocate of the Year -1997
U.S. Small Business Administration San
Francisco District
Silver Hope Award - 1997
National Multiple Sclerosis Society
Distinguished Citizen Award - 1998
Santa Clara County Council of Boy Scouts
of America
Leadership Excellent Award – 1998
San Jose/Silicon Valley Chamber of Commerce
Silver Beaver Award - 2001
Santa Clara County Council of Boy Scouts
of American
Southwestern College – Winfield, Kansas
Business Hall of Fame - 2002
---
Steve
Reid, CLP
Santa
Barbara Bank & Trust
Santa
Barbara, California
Steve Reid, CLP,
has been with Santa Barbara Bank & Trust since 1989 (fka California
Thrift & Loan 89-95). He is vice-president of marketing. He
started in leasing with Ron Wagner at the original Heritage Leasing
Corporation in 1982; here, he says, “I sold leasing on the street. “
Prior to his leasing career, he sold computer systems for nine years
with Burroughs, Wang and Basic IV. Steve graduated from Cal State Northridge with
a business degree in 1973. He has been married to Janell for 29 years
. They have two children, Andrea, a grade school teacher, and Danny
,a junior at UCLA.
---
Paul
B. Weiss
ICON
Capital
New
York/San Francisco
Paul
B. Weiss, President and
Director, is also Vice Chairman of the Board of Directors of ICON Holdings,
ICON's parent company, of which Mr. Weiss is
a substantial shareholder. He joined ICON on a full time basis in November,
1996 and is responsible for the acquisition of large ticket leases and
other transactions for the ICON Partnerships. According to the Monitor
monthly newspaper, ICON is among
the largest independently owned leasing companies in the United States.
Mr. Weiss was a co-founder with Mr. Beaufort Clarke and Mr. Thomas W
Martin of Griffin Equity Partners, Inc. and served on a full time basis
as its Executive Vice President from October 1993 through November 1996.
Prior to that time, Mr. Weiss was Senior Vice President of Gemini Financial
Holdings, Inc. from 1991 to 1993 and Vice President of Pegasus Capital
Corporation (an equipment leasing company) from 1988 through 1991, where
he was responsible for large ticket seasoned lease portfolio acquisitions.
Prior to entering the equipment Leasing business in 1988, Mr. Weiss
was an investment banker, securities analyst and credit analyst for
investment banks and a major commercial bank.
Geneva
Capital Joins Group to Create New Agreement Form
“Count us (and $200.00)
in on the "new and improved" Lessor/Lessee Proposal Letter.
“
Mark Watkins
Geneva Capital LLC
522 1/2 Broadway Street
Alexandria, MN 56308
Here are others that have joined the effort to date:
Ben Carlile
Allegiant Partners
Incorporated
Warren Hawkins
Bank Partners
Paul Behechti
Bridge Capital Leasing
Gary Saulter
Chase Industries
Gary Trebels, CLP
Vice-President
IFC Credit Corporation
Theresa Kabot
Kabot Commercial
Leasing
Charlie Lester
LPI Financial Services
The people who are donating $200 to this effort, also are presenting
the documents their company uses
today, and their experience. The
form will be generic, and hopefully
While we do not want
to give legal advice, particularly realizing that states differ and
there are also licensing issue, we asked Ken Greene for some "generic"
help.
He has agreed to
perform this service, review the forms, and then devise a "generic
one" to help brokers retain expenses, particularly if an application
is not approved or terms and conditions change.
"I am glad to
help if a pool of leasing companies would like to get together and hire
me to put together a thorough form. It can still be simple, but it should
be internally consistent and not appear
to be punitive in nature."
Ken
Kenneth C. Greene
Law Offices of Kenneth
C. Greene
980 Magnolia Avenue
Suite 6C
Larkspur, CA 94939
Vox: 415 461 3777
Fax: 415 461 3733
E-Mail: keng@kengreenelaw.com
Website: www.kengreenelaw.com
For those who participate,
Ken Greene is willing to do extra work for a minimal fee on the form
for their specific needs. Each company will sign
an agreement regarding this form to cover expenses incurred should a
lease not go forward, plus give other clauses for specific terms and
conditions to be covered in the proposal. Should we not
obtain the $2,000 needed, all money will be returned. As per our policy, we also reserve the right to refuse a sponsorship.
------------------------------------------------------------------------------------------------------------
Leasing
Industry Help Wanted
Current Openings
|
About the Company: Genesis Commercial Capital, LLC; 17910 Skypark Circle, Suite 105; Irvine, CA. 92614 www.gen-cap.com |
|
About
the Company: IFC Credit Corporation is located at 8700 Waukegan
Rd., Morton Grove,
|
[Top]
|
ABOUT
THE COMPANY: First Financial
Corporate Services, Inc. is a four year old high growth technology
leasing company. www.ffcsi.com |
[Top]
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About the
company: Netlease is located
at |
|
|
|
About
the Company: Alliance
Funding Group, Inc. 2099 S. State college
Blvd., Suite 100 Anaheim, CA. 92806 www.alliancefunds.com |
[Top]
### Press Release
############################
Marlin
Business Services Corp. Reports Fourth Quarter And Full Year 2003 Operating
Results
MOUNT LAUREL, N.J.----Marlin
Business Services Corp. (NASDAQ:MRLN) reports net income attributable
to common shareholders of $1.0 million, or $0.14 per diluted share,
for the quarter ended December 31, 2003 and $1.2 million or $0.35 per
diluted share for the year then ended pursuant to U.S. Generally Accepted
Accounting Principles (GAAP).
Marlin completed its initial public offering of common stock (IPO)
on November 12, 2003. Certain non-recurring expenses and preferred dividends
were recorded in 2003 and in prior periods which reduced net income
attributable to common shareholders. A reconciliation between net income
attributable to common shareholders on a GAAP basis and pro forma net
income is provided in a table immediately following the Consolidated
Statements of Operations. These charges ended in conjunction with the
November IPO and associated corporate reorganization and therefore will
not affect future reporting periods. As a result, we believe the pro
forma numbers present a clearer and more comparable basis to review
the company's fundamental financial performance. Highlights for the
quarter and year ended December 31, 2003 include:
-- For the quarter ended
December 31, 2003, pro forma net income was $2.6 million, a 73% increase
over the pro forma net income of $1.5 million for the quarter ended
December 31, 2002.
-- Pro forma diluted earnings
per share were $0.26 per diluted share in the fourth quarter of 2003,
compared to $0.20 per diluted share in the quarter ended December 31,
2002.
-- For the year ended December
31, 2003, pro forma net income was $9.2 million, a 70% increase over
the pro forma net income of $5.4 million for the year ended December
31, 2002.
-- Pro forma diluted earnings
per share was $1.09 per diluted share for the year ended December 31,
2003, an increase of 53% compared to $0.71 per diluted share for the
year ended December 31,
2002.
-- Net investment in leases
grew to $421.7 million at year-end
2003, a $84.3 million or 25% increase over year-end 2002. based
on initial equipment cost, lease production grew 19% to $242 million in 2003 from $203 million in 2002.
"2003 was a milestone year at Marlin," said Dan Dyer,
Chairman and CEO of the company. "The completion of our IPO capped
another very successful year of operations. We delivered strong asset
growth while maintaining solid asset quality results. Portfolio growth,
controlled spending, combined with a wider net interest margin led to
strong growth in our core earnings this past year. Our market presence
as a leading national provider of small-ticket lease financing solutions
to businesses continues to grow."
Asset Origination
-- Based on initial equipment
cost, lease production was $66.6 million in the fourth quarter of 2003
compared to $65.4 million in the third quarter of 2003 and $53.0 million
in the fourth quarter
of 2002.
-- Our end user customer
base grew to more than 66,000 as of year-end 2003 compared to 53,500
at year-end 2002.
Credit Quality
-- Net charge-offs totaled
$1.8 million for the quarters ended December 31, 2003 and September
30, 2003. The provision for credit losses was $2.1 million for the quarters
ended December 31, 2003
and September 30, 2003.
-- On an annualized basis,
net charge-offs were 1.82% of net investment in leases during the fourth
quarter of 2003 compared to 1.93% for the third quarter of 2003. The
provision represented an annualized 2.14% of average
net investment in leases in the fourth quarter compared to 2.20% for
the third quarter of 2003.
-- As of December 31, 2003,
0.74% of our total lease portfolio was 60 or more days delinquent and 0.64% as of September
30, 2003, an improvement from the 0.86% reported as of December 31,
2002.
-- Allowance for credit
losses was $5.0 million as of December 31, 2003, a $300,000 increase
from $4.7 million as of September 30, 2003. Allowance for credit losses
as a percentage of net investment in leases was 1.22% at December 31,
2003 and September 30, 2003.
-- In conjunction with
this release, static pool loss statistics
have been added as supplemental information on the investor relations
section of our website at www.marlincorp.com.
Net Interest and Fee Margin and Cost of Funds
-- The net interest and
fee margin was 10.71% for the quarter ended December 31, 2003, an improvement
of 25 basis points compared to 10.46% for the quarter ended September
30, 2003.
-- The implicit yield on
new business was 13.68% for the quarter ended December 31, 2003 compared
to 13.80% for the quarter ended
September 30, 2003.
-- The weighted cost of
funds was 4.81% for the quarter ended December 31, 2003, a 31 basis
point improvement from the 5.12% for the quarter ended September 30,
2003. During the fourth quarter,
the company began to borrow again under its lower cost warehouse lines
of credit, following its 2003 asset-backed securitization completed
in the third quarter. Usage of the warehouse lines and the payoff in
November of the 11.0% subordinated debt resulted in lower blended borrowing
costs.
Operating Expenses
-- Salaries and benefits
expense was $2.8 million in the fourth quarter of 2003 compared to $2.6
million in the third quarter of 2003. Employee headcount increased by
10, from 227 at September
30, 2003 to 237 at December 31, 2003. Salaries and benefits expense
was 2.8% as an annualized percentage of average net investment in leases
for both the third and fourth
quarters of 2003.
-- Other general and administrative
expenses were $2.5 million for the fourth quarter 2003, an increase
of $676,000 from $1.8 million for the third quarter of 2003. The increase
was primarily the result
of higher legal fees incurred and certain costs associated with becoming
a public company. Other general and administrative expenses as an annualized
percentage of average
net investment in leases were 2.46% for the fourth quarter of 2003,
an increase of 56 basis points from 1.90% for the third quarter of 2003.
Insurance and other Income
-- Insurance and other
income was $934,000 for the fourth quarter 2003, an increase of 23%
from $757,000 for the same period in 2002.
Funding and Liquidity
-- In November, we closed
on the sale of 5,060,000 shares of our common stock in our IPO. Of these
shares, a total of 3,581,255 shares were sold by the company and 1,478,745
shares were sold by selling
shareholders. The initial public offering price was $14.00 per share
resulting in net proceeds to us, after payment of underwriting discounts
and commissions but before other
offering costs, of approximately $46.6 million. We did not receive any
proceeds from the shares sold by the selling shareholders. We used the
net proceeds from the IPO as follows: (i) approximately $10.1 million
was used to repay all of our outstanding 11% subordinated debt and all
accrued interest thereon; (ii) approximately $6.0 million was used to
pay accrued dividends on preferred stock which converted to common stock
at the time of the IPO; (iii) approximately $2.2
million was used to pay expenses incurred in connection with
the IPO. The remaining $28.3 million will be used for general corporate
and liquidity purposes.
Conference Call and Webcast
We will host a conference call on Thursday, February 5, 2004 at
2:00 p.m. EST to discuss our fourth quarter and full year 2003 results.
If you wish to participate, please call (877) 407-8031 (International
participants please use (201)-689-8031) approximately 10 minutes in
advance of the call time. The meeting number is 741982404. The call
will also be webcast on the Investor Relations page of the Marlin Business
Services Corp. website, www.marlincorp.com. An audio replay will also
be available on the Investor Relations section of Marlin's website for
approximately 90 days.
About Marlin Business Services Corp.
Marlin Business Services Corp. is a nationwide provider of equipment
leasing solutions primarily to small businesses. The company's principal
operating subsidiary, Marlin Leasing Corporation, finances over 60 equipment
categories in a segment of the market generally referred to as "small-ticket
" leasing (i.e. leasing transactions less than $250,000). The company
was founded in 1997 and completed its initial public offering of common
stock on November 12, 2003. Headquartered in Mount Laurel, NJ, Marlin
has regional offices in or near Atlanta, Chicago, Denver and Philadelphia.
For more information, visit www.marlincorp.com or call toll free at
(888) 479-9111.
(Present Stock Call:
$18 http://www.snl.com/Interactive/IR/corp.asp?IID=4089372
(Full press release
with financial statements: http://www.snl.com/Interactive/IR/file.asp?IID=4089372&FID=1387528&OSID=9 )
### Press Release
####################################
Resource
America, Inc. Authorizes Payment of Cash Dividend
PHILADELPHIA----Resource
America Inc.(NASDAQ:REXI) (the "Company") announces that its
Board of Directors has authorized the payment of a cash dividend on
February 27, 2004 in the amount of three and one-third cents per share
of the Company's common stock to all holders of record at the close
of business on February 13, 2004.
This dividend payment will make the 35th consecutive quarter that
the Company has paid a cash dividend to its stockholders. The Company
currently has approximately 17.4 million shares of common stock outstanding.
Resource America Inc. is a specialized asset management company
that uses industry specific expertise to generate and administer investment
opportunities for its own account and for outside investors in the energy,
financial services, real estate and equipment leasing industries. For
more information please visit our website at www.resourceamerica.com
or contact Investor Relations at investorrelations@resourceamerica.com.
Statements made in this release may include forward-looking statements,
which involve substantial risks and uncertainties. The Company's actual
results, performance or achievements could differ materially from those
expressed or implied in this release.
CONTACT:Resource
America Inc., Philadelphia Pamela Schreiber, 215-546-5005 facsimile:
215-546-5388
### Press Release
###########################
Beth Mooney named Chief Financial Officer of AmSouth Bancorporation.
She was previously head of AmSouth's Tennessee/North Louisiana Banking
Group.
BIRMINGHAM, Ala.----AmSouth
Bancorporation has named Beth Mooney, currently senior executive vice
president and head of the bank's Tennessee/North Louisiana Banking Group,
as chief financial officer replacing Sloan D. Gibson, who is retiring
from banking to pursue volunteer service but will remain at AmSouth
for a transitional period.
"Sloan Gibson has been a significant asset to AmSouth and
has been instrumental over the past decade in helping reinforce AmSouth's
position as a highly regarded regional bank and enhancing its financial
performance," said Dowd Ritter, AmSouth's chairman, president and
chief executive officer. "While I am disappointed we are losing
someone of his talent and leadership, I certainly respect this personal
decision to pursue different goals."
"Over the years, my volunteer work has shown me the needs
in our communities and it is work that has increasingly become my passion,"
Gibson said. "I've concluded that the time is right for me to make
a greater contribution, and my banking career has given me the rare
opportunity to now devote more time to public service and to meeting
those needs."
Gibson said the strengthening business environment makes this an
opportune time for such a change. "We have just completed a challenging
few years, and this new year will likely be the best business environment
we have had in three years. I have great confidence in our strategic
plan and our management team has never been stronger."
Mooney, who has 26 years of experience in banking, joined AmSouth
in 2000 from Bank One Ohio, where she served as president. She had previously
served as chief financial officer for Bank One Ohio and holds a master's
of business administration in finance from Southern Methodist University.
"Beth Mooney is extremely well-qualified for this position,
having led our largest state operation for almost four years and having
previously served as a chief financial officer," Ritter said.
E.W. "Rusty" Stephenson Jr., who currently heads the
Florida and Mississippi Banking Group for AmSouth, will take over for
Mooney as head of the bank's Tennessee/North Louisiana Banking Group
and will retain responsibility for AmSouth's Mississippi operations.
Stephenson has 34 years of experience at AmSouth.
Susan Martinez will head AmSouth's Florida Banking Group. She is
currently AmSouth's area executive responsible for the West Coast of
Florida, an area that extends from Pasco County to Naples. Martinez
has more than 30 years of banking experience and joined AmSouth in 1998
after a 25-year career at Barnett Bank. Stan Kryder, who has been responsible
for directing AmSouth's Florida branch expansion efforts, will take
over as area executive for the West Coast of Florida. Kryder joined
AmSouth in 2002 from First Union.
"Few companies have the depth of management strength we have,
and these changes are an excellent example of our talented mix of executives
who have spent their entire careers at AmSouth and others who have had
experience at other large financial institutions," Ritter said.
About AmSouth
AmSouth is a regional bank holding company with $46 billion in
assets, more than 650 branch banking offices and more than 1,200 ATMs.
AmSouth operates in Tennessee, Alabama, Florida, Mississippi, Louisiana
and Georgia. AmSouth is a leader among regional banks in the Southeast
in several key business segments, including consumer and commercial
banking, small business banking, mortgage lending, equipment leasing,
annuity and mutual fund sales, and trust and investment management services.
AmSouth also offers a complete line of banking products and services
at its web site, www.amsouth.com.
ONTACT:AmSouth Bancorporation Investment community: List Underwood,
205-801-0265 or News media: Rick Swagler, 205-801-0105
### Press Release
##############################
Fitch:
Regulatory Restrictions On Securitisation Unlikely To Affect Bank Ratings
Fitch Ratings-London-4:
Fitch Ratings, the international rating agency, says pending regulatory
and accounting changes mean securitisation remains unlikely to materially
affect bank ratings, but may result in a reduction in the level of securitisation
by banks, according to a Special Report published.
In the report, Securitisation
and Banks: A Reiteration of Fitch's View of Securitization's Effect
on Bank Ratings in the New Context of Regulatory Capital and Accounting
Reform, the agency also predicts that the implementation of the more
risk-reflective Basel II will reduce the attraction of securitisation
as a means of lowering banks' regulatory capital requirements.
While the report
concludes that overall the effect of securitisation and of issuance
of covered bonds on banks' ratings will remain largely neutral, it also
identifies a number of positive and negative rating implications in
securitisation.
On the positive side
securitisation can boost liquidity and bring asset and liability management
advantages; improve access to alternative and cheaper sources of funding;
reduce lending concentration; reduce the volume of non-performing loans;
provide regulatory capital relief, although this will be reduced under
Basel II; produce higher returns on equity; and successfully transfer
catastrophic risk.
On the negative side
it can lead to cherry picking (securitisation of a bank's best assets);
an issuing bank deciding to protect its own reputation by supporting
a failing securitisation or by recapitalising an underperforming SPV;
subordination of senior creditors; tripping of structural triggers;
and the risk of being trapped in a securitisation treadmill by the possibility
of booking raised profits.
The report also highlights
the significance of changes in how securitisation is to be accounted
for under international and national rules. Fitch believes these amendments
to accounting standards worldwide should not cause it to alter its basic
rating approach, which is to make a judgement on who ultimately bears
the risks in a securitisation structure. However, the agency notes that
improvements in accounting disclosure do often have the effect of revealing
aspects of financial transactions that were not previously apparent.
Therefore, Fitch cannot rule out the possibility that such revelations
would in some at the moment unpredictable way adversely affect ratings.
A copy of the report
can be obtained from the agency's free website at www.fitchratings.com
Contact: David Andrews,
London, Tel: +44 (0)20 7417 4302 Helene Heberlein, Paris, Tel: +33 1
44 29 91 40 Kim Olson, New York, Tel: +1 212 908 0320
### Press Release
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Trilogy
Leasing Posts Nine-Month Financials
Trilogy Leasing,
a diversified lessor specializing in technology, telecommunications,
warehouse, and medical equipment is pleased to announce its results
for the nine months ended September 30, 2003.
Through September
30th, revenues were $17.5 million, a 10% increase over the same period
in the prior year. Earnings for the nine months were nearly $1.6 million,
up 30% over the same period in 2002. Both revenue and earnings amounts
represent record levels for Trilogy, now beginning its fifth year of
operations.
Commenting on the
results, Jeff Liebenthal, president and CEO of Trilogy stated, “Trilogy
continues to perform well through the weak economy that the U.S. has
been experiencing. We continue to sign new Master Lease Agreements and
our portfolio continues to perform very well. Our cash position continues
to grow and although we have had solid performance from our inception
we are on the most stable ground in our history. Trilogy has expanded
geographically during 2003 and we have further diversified our portfolio
in terms of equipment content. We continue to develop complementary
services which will enable us to be a one stop shop for the financing,
supply, and implementation of technology solutions.”
Although a private
enterprise, Trilogy will continue to provide regular updates on its
financial performance.
### Press Release
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ORIX
Announces Third Quarter Results
TOKYO----ORIX Corporation
(TSE:8591)(NYSE:IX), a leading integrated financial services group,
today announced that revenues in the first nine months of the fiscal
year ending March 31, 2004 increased 5% year on year to 520,927 million
yen, income before income taxes(a) rose 39% to 85,119 million yen, and
net income grew 30% to 45,892 million yen.
Revenues for "direct
financing leases" and "interest on loans and investment securities"
were down compared
to the same period
of the previous fiscal year as ORIX continued to focus on the profitability
of each transaction and carefully selected new assets. However, revenues
from "operating leases" increased mainly due to an improvement
in the precision measuring equipment rental business along with gains
from the sale of some office buildings, while "residential condominium
sales" also grew during the period. In addition, lower "interest
expense" and fewer "write-downs of long-lived assets,"
and an increase in "equity in net income of affiliates" contributed
to the higher earnings.
2003/4-12 2003/4-12
Change 2003/10-12 Change
US$ JPY
on JPY on
millions(b) millions(b) 2002/4-12 millions(b) 2002/10-12
---------- -----------
----------- ----------- ----------- -----------
Total
Revenues 4,863 520,927 Up 5% 175,056
Up 7%
---------- -----------
----------- ----------- ----------- -----------
Income
before
Income
Taxes(a) 795 85,119 Up 39% 26,863 Up 15%