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Looking for Sales Associate with a following. Your area of expertise should be with any titled rolling stock; New or Used Ambulances, Trucks, Street Sweepers,Tow Trucks, Buses, any commercial vehicle. National Scope. Hi Commission with benefits. Curt Webster, CVLE 516 922-7447 We are an independent automobile, truck, and commercial equipment leasing company with over 36 years serving the best customers in the United States. |
February 2, 2009
Photo date: 1967 "Smothers Brothers Comedy Hour, The" Tom & Dick Smothers 1967
CBS Photo by Gunther - © 1978 Gunther - Image courtesy MPTV.net
| Comedian, folksinger, winemaker Thomas Bolin “Tom” Smothers III born February 2, 1937 New York City, New York. He was a competitive unicyclist, and a state champion gymnast in the parallel bars at North Hollywood High School, Hollywood, CA. Smothers later attended San José State University, where he became a folksinger with his brother and they developed a "comedy" relationship that made them very popular. They have appeared on many TV shows, hosting their own controversial in its day "The Smothers Brothers Show" .... Tom Smothers (32 episodes, 1965-1966) "The New Steve Allen Show" (6 episodes, 1961). He and his brothers are also serious winemakers. http://www.imdb.com/name/nm0810691/ Concert Dates: http://www.smothersbrothers.com/in_concert.htm Wine: http://www.smothersbrothers.com/remick.html |
Headlines---
Congratulations! Pittsburg Steelers
List: Leasing Companies Out of Broker Business
Classified Ads---Controller
Readers respond to Marlin closing down Broker Division
Paul Menzel, CLP Memo to “FinPac” Clients
Classified Ads----Help Wanted
Leasing 102 by Mr. Terry Winders, CLP
“What is a Lease?”
Leasing News Top Stories---January 26-30
Vehicle sales continue downward Spiral
Bank Beat---What’s Happening Across America
State Bank of Long Island $4.1 Million loss
MB Financial Leasing Numbers
Tennessee Commerce Bank to bundle Lease Portfolios
Classified ads—Back Office
ELFA Bentsen says US poised for a "severe and deep recession"
AP Investigation: Banks sought foreign workers
States consider mileage tax
News Briefs---
You May have Missed---
Sports Briefs---
"Gimme that Wine"
Today's Top Event in History
This Day in American History
SuDoku
Daily Puzzle
GasBuddy
Weather, USA or specific area
Traffic Live----
######## surrounding the article denotes it is a “press release”
 |
(Leasing News provides this ad “gratis” as a means
to help support the growth of Lease Police)
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Congratulations! Pittsburg Steelers
Santonio Holms, MVP
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List: Leasing Companies Out of Broker Business
Here is a list of leasing companies who have exited accepting broker business. A few have gone out of business ( such as C&J, Creative Capital) or several sold ( LaSalle, LEAF Third Party, PFF Bancorp) or
departments closed or stopped working with brokers, such as CIT and GE Capital; all are no longer working with brokers, according to statements received by Leasing News:
Balboa Capital, Irvine, Ca
Bankers Healthcare Group, Weston, FL.
C and J Leasing Corp, Des Moines, Iowa
CIT Group (limited)
Columbia Bank Leasing, Tacoma, WA
Creative Capital Leasing Group , LLC, San Diego , CA
Diversified Financial Service , Omaha , NE
First Republic Bank , San Francisco , Ca
GE Capital , Conn (limited)
Global Funding LLC., Clearwater, FL
Heritage Pacific Leasing, Fresno, CA
Huntington Equipment Finance, Vendor Finance Group,
Bellevue, Washington
Irwin Financial (not in the U.S.)
Lakeland Bank, Montville , NJ
LaSalle Systems Leasing
LEAF Third Party Funding, Santa Barbara, Ca.
Marlin Leasing, Mount Laurel, NJ
M&T Credit (Bank)
Merrill Lynch Financial
National City, Cleveland, Ohio
Pentech Financial, Campbell, CA
PFF Bancorp, Inc, Pomona, CA
Pinnacle Business Finance, Fife, Washington
Popular Finance, St. Louis, Missouri
Radiance-Capital, Tacoma, WA
Sandy Springs, Olney, MD
SunBridge Capital, Mission, Kansas
Textron Financial
Velocity Financial Group, Rosemont, Illinois
Wachovia Bank Leasing
Washington Mutual Financial
Their story has appeared in Leasing News. You can
go to "search" ( http://www.leasingnews.org/search.htm
---if you don't find it right away, change to "sort by date.")
For brief history, please go to:
http://www.leasingnews.org/list_alpha_new.htm
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Classified Ads---Controller
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Boca Raton, FL CPA w/ Sarbanes Oxley/ 15 years management exp. as CFO/ Controller/5 yrs w/ PWC Extensive exp providing accounting/ tax guidance for the equipment lease industry. Willing to relocate. Email: bltushin@hotmail.com |
| Chicago, IL experienced in lease accounting, operations, management, and Sarbanes-Oxley. Seeking position with equipment lessor. Would consider contract assignments or relocating. Email: leasecontroller@comcast.net |
|
Southeastern, MI Controller & Management experience w/ equip lessors &broker. MBA, CPA w/ extensive accounting, management, securitization experience with public and private companies. Willing to relocate. Email: Leasebusiness@aol.com |
For a full listing of all “job wanted” ads, please go to:
http://www.leasingnews.org/Classified/Jwanted/Jwanted.htm
To place a free “job wanted” Leasing News ad:
http://www.leasingnews.org/Classified/Jwanted/Jwanted-post.htm
ELFA Career Center: Job Seekers (free):
http://careers.elfaonline.org/search.cfm
 |
(This ad is a “trade” for the writing of this column. Opinions
contained in the column are those of Scott Wheeler.)
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Readers respond to Marlin closing down Broker Division
by Kit Menkin
There were many telephone calls on Thursday about Marlin Business Services closing their broker division, but perhaps more on Friday, including a lot of email. While there are too many to share all
of them, plus that was not the purpose of the communications, here are a few key ones with the senders name left out as permission to reprint them was not obtained:
"It’s funny the way companies operate under the shroud of secrecy.
"I called my Marlin rep just 4 days ago and was told things were fine and proceeding like normal.
"I’d venture my rep was unaware (or in denial), but I wish companies that are considering dropping a business line would at least alert the brokers that 'changes are a’coming.'
(Actually, Marlin was forthright in telephoning those they could, also sending a letter to all, explaining their decision; more importantly "Marlin will honor outstanding approvals (subject to the terms and conditions set forth in such approvals) and respond to outstanding applications."
(Ed Siciliano, Senior Vice President Chief Sales Officer, did an outstanding job and should be congratulated as well as Marlin management for this tough assignment. Recently there have been
other companies who without any notice just stop: not funding deals in progress, or applications in progress, and worse yet, not returning telephone calls. Companies like Marlin, Pentech, and Pioneer should be commended for being straight as they possibly can be with their clients.)
----
"Is Marlin still going to honor their broker contracts concerning contacting our clients and brokers? My contract goes back to the origination of the company. Basically, the contract is a non-compete. I would like my complete customer and vendor list returned to me."
(I don't understand about a customer and vendor list. You should have your own list by source for follow-up, marketing, and also accounting purposes. Time will tell what Marlin does as I can assure you Leasing News will learn about it and report it to you and other readers. You also will find customers and vendors being contacted at random, not through a list, but being open to whoever contacts them. I don’t think it is particular for a leasing company to have a “do not call” list, especially if it is six months or one year from now.)
(As to protecting sources, the only company I know who does this after you leave is US Bancorp Manifest. They have a hard insurance policy. I can tell you from the many emails we have received over the years about other companies who have gotten out of the broker business or cut off brokers. Most of them turn over the company records on customers and vendors to direct sales. One did it the same day they told brokers no more business--you all know who that is so don't get burned up about it.
(In reality, you have to continue to "earn" your customer and vendor by being in contact them by telephone, email, birthday and other congratulations cards, plus offering them service to answer questions about any lease payment questions or problems. Linda Kester talks about this at all her workshops, " No one can steal your customer, if he is 'your' customer." )
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"What happens to leases that I wrote with $1.00 Buy-Rates and have a separate addendum to collect a 10% or FMV residual. Are they required to send any type of payoff notification. I would also like a list of my existing customer base leased though Marlin. The NAELB is useless in supporting their member in this time of crisis. Are they required by their own broker contracts to honor and protect the brokers."
(First, you should have an overall letter from each provider about the residual, and then a letter with each transaction as Bank of the West, Financial Pacific, and many others provide. If the lease is sold off or other changes take place, you have the letter which you can take to the party regarding the residual. It is also best to do these 90 days before the due date, as well as by being in contact with the lessee by your business retention plan, to learn if they want to pay the lease off early or are selling their company.
(Don't rely on the provider to keep you informed; that's not their job. If it is "your" customer, stay on top of what is happening so you can take care of any problem before it happens, not after it happened. NAELB or any association is never useless. If you belong, your information about a company or experience with a company or person is very valuable. While an association can take action against one of their members, your spreading the word about an experience with a company is very powerful if you belong and participate in an association.)
----
"Brokers don't approve credit, Marlin does. To keep blaming the brokers is nothing but an excuse to close that part of the company since they already have a vendor base of broker business.
"I have been in this business for 17 years and the same people go from company to company and at times, idolized by Leasing News, surface with new lenders and repeat the same mistakes and mis-management they have done with their other companies. You can down the list of companies having problems, that have all the old faces running these companies. It's not the brokers, it's the management at these companies. If brokers were approving and underwriting the transaction, then blame us."
(First, I have been hearing from many funding sources, and others, the poor credits and tough deals they are receiving. It seems the very good credits have more to lose, so they are holding off. I think the criticism comes as the brokers are not getting the better credits they had gotten in the past, and may be appearing too desperate to get the deals approved. Those providing the money expect the broker to bring all the information to the table, not hide anything, and do the best job in presenting the credit and situation. The broker with the most experience in understanding the company, the management of the company, the geography, the vendor's honesty and ability to back up warranty problems, and to perform as much due diligence, will always be valuable. In the old days, when a salesman first joined CIT (and as Paul Menzel, CLP talks about at Puritan), you worked collections. The idea was to make you smarter as a salesperson. Just because you didn't make the final decision to accept the transaction does not make you NOT part of the problem if there is a default.)
----
"It seems like they are dropping like flies. We won't have many funders left for the Las Vegas conference. I am worried about attendance."
(There has never been a greater need to learn who is funding, who is not, to personally talk with your network and friends, and learn what is being done to attract good business in today's economy. Those who are waiting for the telephone to ring or spinning wheels and say they are "too busy," get thee to a leasing conference!!!)
----
"Jeez Kit -
"Maybe you should publish a composite "scoreboard" for us on a regular basis: Who's funding; Who's accepting business; Who's Not !
"Just kidding. It would probably take a fulltime person to track it."
((First, let me plug "Monitor Magazine." If you belong to a leasing association, you may get on the Monitor Magazine mailing list. You can also purchase a subscription for the print edition. The reason you want the printed edition is not just for the articles, which are excellent, well-written, worth your time to read, but for the advertisements. Here you get the ads of what companies are looking for and what they have to offer, plus who to call. You also know how serious they are by the size of their ad; the bigger, the more serious they are. There also is the classified and a section on movement in the industry. ))
(( https://www.monitordaily.com/md_pdf/step1.aspx ))
(You also want the Monitor 100. Even if there are changes, the information and the basic, plus the studies, is well worth the price. If you subscribe to the Monitor Magazine, you get it along with the magazine for free. You can also purchase it direct:
(( http://www.reprintbuyer.com/mags/monitor/reprints.html ))
Finally, Leasing News does try to keep a current record of who is doing what and where. Its main purpose is to allow readers to find out more information by contacting someone or going to the web site to learn more.
Description:
Story Credits--those that do story credit transactions
Funder List A---those who have provided information
Funder List B---those who did not provide information
There are broker/lessors who provide funding, but have not made the "Funder List"
Broker A--more information
Broker B--less information
(note: The lists are kept up to date by those listed providing information.)
Sites:
http://www.leasingnews.org/Story_Credit/Story_Credit.htm
http://www.leasingnews.org/Funders_Only/Funders.htm
http://www.leasingnews.org/Funders_Only/Funders_B.htm
http://www.leasingnews.org/Brokers/broker_Lessor.htm
http://www.leasingnews.org/Funders_Only/Funders_B.htm
All Lists (includes both alphabetical and chronological):
http://www.leasingnews.org/All_Lists.htm
 |
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Paul Menzel, CLP Memo to “FinPac” Clients
Paul Menzel, CLP, President, Financial Pacific Leasing
(photo: Leasing News Archives)
While Allied Capital may be having it’s “Mark to Market” accounting issues, and it appears to be a strong company, the facts are Financial Pacific has its own bank lines, its own sources of funds, and is independent. 2008 was a record year for them with Terey Jennings, CLP, still in charge of sales, and a new President who has much banking and overall operating experience, 2009 should be a banner year.
Here is a memo originally sent to Financial Pacific Clients by Mr. Menzel:
“Now that I have settled into the Pacific Northwest and come to know Financial Pacific Leasing from the inside, I thought it would be appropriate to share with our valued partners some of my findings about FPL and expectations for the coming year. Clearly, the weather, landscape, economy and the financial markets have changed from what I was used to last summer in Santa Barbara. My adjustment to the landscape and weather has been the easiest and most enjoyable. The economy and markets have presented unimaginable challenges for all of us.
“I started in this industry almost right out of college as the economy was struggling to recover from a recession that rivaled what we are experiencing now. In 1975, I answered an ad for Puritan Leasing Company for "Credit & Collections". As you might guess my first training came in collections. It is comforting to look back on my career and realize that was just one cycle dip among many and that it has always been followed by new opportunities. I have enjoyed our industry throughout the ups and downs. I must admit to asking myself at times ‘Are we having fun yet?’
“I feel very fortunate to have made the decision to join FinPac and seek new adventure in the beautiful State of Washington. While we are faced with the critical challenges of risk and treasury management, I am happy to report that Financial Pacific Leasing is weathering the storm successfully. The market knows the FinPac formula and that our discipline is unwavering. This leasing company has a strong, consistent model designed and built over the last 35 years to withstand the challenges inherent in a higher risk lessee. We have always operated more conservatively knowing that a downturn in the economy would affect us more than the average. For this reason we maintain very conservative leverage and loss reserve policies that serve to soften any negative impact. The management of FinPac has been outstanding. I get to ride their coattails.
“Though we are not a public company nor required to release financial information, we can share that our FYE 2008 was profitable, our loss reserve ratios are among the highest in the industry, our portfolio is performing within tolerances, and we continue to enjoy long standing relationships with our banks, who are the strongest names in an otherwise decimated industry.
“While we know 2009 will be challenging for everyone, we look forward to using this period to strengthen our franchise so you can continue to count on us for years to come. We also understand that we wouldn't be successful without your contributions and for that, we thank you.
“POSITIVE THOUGHT OF THE DAY
“Be brave enough to live creatively. The creative is the place where no one else has ever been. You have to leave the city of your comfort and go into the wilderness of your intuition. You cannot get there by bus, only by hard work, risking and by not quite knowing what you are doing. What you discover will be wonderful: yourself. “
Paul J. Menzel, CLP
President
FINANCIAL PACIFIC LEASING, LLC
3455 South 344th Way
Suite 300
Federal Way, WA 98001
Email: pmenzel@finpac.com
Phone: 253-568-6121 or 877-222-8558 x121
FAX: 800-510-0101
Paul is the first recipient of the Leasing News Person of the Year (2005).
He will be presenting the 2008 award to Bob Teichman, CLP,
at the National Association of Equipment Leasing Brokers Las Vegas
Conference Friday, May 1, Business Luncheon Meeting.
The best priced leasing conference in 2009
Brochure: http://leasingnews.org/PDF/NAELB_Vegas09.pdf
To Register: http://www.naelb.org/cde.cfm?event=242260
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Leasing Industry Help Wanted
|
Looking for Sales Associate with a following. Your area of expertise should be with any titled rolling stock; New or Used Ambulances, Trucks, Street Sweepers,Tow Trucks, Buses, any commercial vehicle. National Scope. Hi Commission with benefits. Curt Webster, CVLE 516 922-7447 We are an independent automobile, truck, and commercial equipment leasing company with over 36 years serving the best customers in the United States. |
sales
 |
Like selling vendor programs and large transactions? CLICK HERE to find out how to have fun again. |
Please see our Job Wanted section for possible new employees.
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Leasing 102
by Mr. Terry Winders, CLP
“What is a Lease?”
There has been so much emphasis on bargain purchase option leases because of the current economic crisis, the economic stimulus package of last year, and revenue ruling 179, I believe many have forgot the differences between a lease and a loan. The tax rules and the accounting classifications tend to add to the confusion so I thought it might be prudent to review some of the time honored reasons leasing was popular.
Cash… Before credit became so lose, many firms were asked to make down payments on equipment purchases or add additional collateral. Whereas, Leasing not only provided the full equipment cost but also included additional cash items such as freight, set up or instillation, and software. In addition the sales tax was deferred over the life of the lease. This is where the term 100% financing was coined. It represented 100% of the cost of obtaining equipment not just the price of the equipment I believe with the slow return of the economy it appears that the old conservative credit standards will reappear and cash will again be at a premium.
To provide 100% of equipment cost the Lessor needed to understand how the equipment was going to be used and how that use would impact its collateral value over the term of the lease and its residual value. The Lessor must also have knowledge on how and where to remarket it upon termination. The past few years the quantity of financing of equipment under the guise of leasing has caused many lessors’s to pray that the lessee wants the equipment because they are not interested in the residual. A well calculated residual supported the structure of the lease and lowered the payment to reduce the cash cost to the lessee. Residuals were an important part of the leasing business and will become more important in the future.
The advent of the computer age in the seventies allowed companies to review the cost of equipment during its useful life to the firm and these statistics usually pinpointed a time when the down time and repair cost became more expensive than replacing the equipment. In addition technology was moving so fast equipment was becoming obsolete much faster. However the federal income tax depreciation for cost recovery was changed and rarely matched the actual term of use of the equipment. Therefore, equipment expense was greater than depreciation tables allowed. Leasing solved this dilemma by allowing the lessee to expense the rents and creating a term of lease that matched actual use.
We use to provide seasonal payments and irregular payments that matched up the expense to the revenue flow of the lessee so in a small way they could do cost accounting by placing the equipment expense next to the revenue. Currently there is a movement afoot to adjust the accounting rules that may put a lot of emphasis on adjusting the rent to the actual use of the equipment to obtain operating lease treatment. There will be a need to adjust the rent up or down, to a minimum, if the hours or days of use does not match the original assumption of use. A lot of static has risen over our claiming to be in the leasing business without any concern for the over use of the equipment. Most of the rules clearly state that the Lessor must act like an “owner” of the equipment and without provisions that compensates the Lessor for actual use then the transaction functions like a loan.
To make adjustments in the rent requirements we will have to investigate and concern ourselves with a complete understanding of the equipments purpose and how it is going to be used. Then its value over the term needs to be reviewed to see how the use affects that value and supports the adjustment and how often it needs to be programmed into the lease. We will get back to residuals and true leasing.
We use to state that the Lessor took on the job of obsolescence or the pain of remarketing the equipment at termination. However as the independent lessor’s gave way to bank leasing companies and brokers, residuals were left to the captives and they enjoyed a large growth pattern over the last fifteen years. Now with the slowdown in equipment sales captives are losing ground as companies pull in their horns and return to slimmer operations. It will be interesting to see who emerges to set the bar on lease arrangements and programs in the near future. I am sure we will return to “equipment leasing” instead of “equipment finance” but only time will tell.
Mr. Terry Winders, CLP, has been a teacher, consultant, expert witness for the leasing industry for thirty years and can be reached at leaseconsulting@msn.com or 502-327-8666.
He invites your questions and queries.
Previous #102 Columns:
http://www.leasingnews.org/Conscious-Top%20Stories/Leasing_102/Index.htm
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(This ad is a “trade” for the writing of this column. Opinions
contained in the column are those of Mr. Terry Winders, CLP)
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Leasing News Top Stories---January 26-30
Here are the top ten stories opened by readers:
(1) Marlin Shuts Down Broker Division
http://www.leasingnews.org/archives/January%202009/01-30-09.htm#marlin
(2) The parent of Financial Pacific is in trouble
http://www.leasingnews.org/archives/January%202009/01-30-09.htm#finpac
(3) Chuck Brazier's last day is Friday
http://www.leasingnews.org/archives/January%202009/01-28-09.htm#chuck
(Tie)
(4) Hurray for Key Equipment Finance!!!
http://www.leasingnews.org/archives/January%202009/01-26-09.htm#key
(Tie)
(4) Pioneer going the way of IFC Credit/Pentech?
http://www.leasingnews.org/archives/January%202009/01-28-09.htm#pioneer
(5) TCF Financial Corporation
http://www.leasingnews.org/archives/January%202009/01-26-09.htm#tcf
(6) Doug Houlahan leaves Allegiant Partners
http://www.leasingnews.org/archives/January%202009/01-26-09.htm#all
(7) IFC Credit, Morton Grove, Illinois
Bulletin Board Complaint---Up-Date
http://www.leasingnews.org/archives/January%202009/01-28-09.htm#bbc
(8) GE “new slogan” contest
http://www.leasingnews.org/archives/January%202009/01-26-09.htm#ge
(9) Oh, No! Mr. Bill!!! 12 Banks/Sixteen Attorneys
http://www.leasingnews.org/archives/January%202009/01-28-09.htm#ohno
(10) Bank Beat--What's Happening across America
http://www.leasingnews.org/archives/January%202009/01-26-09.htm#bank
Extra, not included for technical reasons:
Great News!! Pioneer/IFC Credit/Financial Pacific
http://www.leasingnews.org/archives/January%202009/01-30-09a.htm
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Vehicle sales continue downward Spiral
Edmunds.com predicts that new vehicle sales in the United States will decline 30.1% for the month of January. Edmunds projects sales declines of 28.1% for Nissan, 24.5% for Toyota and 22.9% for Honda. Edmunds expects that Chrysler LLC’s sales will decline the most, or about 48%, followed by 38% for General Motors Corp. and 29.8% for Ford Motor Co.
Adding to the lack of sales are 10%--25% down leases, shorter terms and financing, as well as customers being afraid to take on new debt. Leasing is the best alternative, if you can qualify. Programs that offer longer terms and less “down” continue to be very popular, especially to those confident in their future.
Last year national sales were down 18%. America has 20,000 car dealerships, and sold almost three million fewer new cars last year than in 2007. Instead of closing deals, more dealerships are closing shop.
Nine-hundred dealerships shuttered last year. By one estimate at least another 1,100 will close this year. The loss of dealerships not only affects all those employed from salesmen to mechanics, but all the services and sales to car dealerships, as well as sales tax income to the cities where the dealers were located. This is quite serious to city's budgets.
In California, the state with the highest number of vehicles, sales were down 23% statewide. Dealers sold 443,570 fewer vehicles last year than the year before. In 2008, 128 new-car dealerships closed in California, compared with only 20 closures in 2007, according to the California New Car Dealers Association.
If you had been on Leasing News mailing list, you would have been able to read this story:
Great News!! Pioneer/IFC Credit/Financial Pacific
http://www.leasingnews.org/archives/January%202009/01-30-09a.htm
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Bank Beat---What’s Happening Across America
by Christopher Menkin
The FDIC processed a total of 40 orders in December. These included fifteen cease and desist orders; eight removal and prohibition orders; eleven civil money penalties; one prompt corrective action; and five orders terminating an order to cease and desist.
http://www.fdic.gov/bank/individual/enforcement/neworders.html
It should be noted there are over U.S. 171 banks in trouble, according to the FDIC Third Quarter report*, such as Capital Corp of the West.
Capital Corp of the West, Merced, California, who in October, 2007, acquired Bay View Funding, San Mateo, California, once heavy in leasing, direct, and indirect through Steve Chriest's successful Signature Leasing, has notified its investors of "further significant regulatory action," citing "uncertainty" about its "ability to continue as a going concern." "As a result of the deterioration in the economic climate in Central California and the banking industry overall, the Company recorded a net loss of $54,563,000 for the three months ended September 30, 2008." Capital Corp. was heavy into consumer and commercial real estate loans. The Central Valley area was hit early with very high foreclosures and unemployment.
On July 17, 2008, the Company and its subsidiary County Bank entered into a formal agreement (the “Written Agreement”) with the Federal Reserve Bank of San Francisco to address regulatory concerns. Under the Written Agreement, the Company and the Bank agreed to take appropriate steps to improve board oversight and management; strengthen risk management practices; improve credit and loan administration policies and procedures; improve asset quality; maintain an adequate allowance for loan losses; submit a capital plan for achieving and maintaining acceptable capital levels; suspend cash dividends and payments on trust preferred securities without regulatory approval; not incur any new material debt or repurchase or redeem capital stock; submit an earnings plan and budget; submit an acceptable plan for liquidity and cash management; constitute a Compliance Committee to monitor and coordinate compliance with the Written Agreement; and submit progress reports on a regular basis. The Bank also entered into a similar agreement with the California Department of Financial Institutions. While progress has been achieved in many areas, the Company and Bank have not been successful in the most important requirement to raise capital in accordance with the capital plan adopted pursuant to these agreements.
MagnetBank, Salt Lake City, Utah, became the fourth bank failure of the year, and the first the Federal Deposit Insurance Corp. was forced to directly refund depositors after being unable to find another institution willing to take over its operations. The three year old MagnetBank had total assets of $292.9 million as of Dec. 2, and $282.8 million in total deposits. "It is estimated that the bank did not have any uninsured funds," the FDIC said in a statement.
http://www.fdic.gov/news/news/press/2009/pr09012.html
Ocla National Bank, Ocla, Florida, was closed on Friday as one of the three banks to fail. Center State Banks of Florida Inc., agreed to assume Ocala National's $205.2 million in deposits for a premium of 1.7% and agreed to purchase approximately $23.5 million of the failed bank's assets. The FDIC said it will retain the remaining assets for later disposition.
http://www.fdic.gov/news/news/press/2009/pr09014.html
Suburban Federal Savings Bank, founded 1954, Crofton, Maryland, was closed Friday by the Office of Thrift Supervision, and the Federal Deposit Insurance Corporation (FDIC) was named receiver.
The cause was mortgage loans. The bank had been trying to find a buyer since November, 2008. Through the first nine months of 2008, Suburban Federal reported losses of $27 million, leaving only about $4 million in its capital reserve -- less than a third of the minimum amount required by regulators. As of Sept. 30, 2008, Suburban FSB had total assets of approximately $360 million and total deposits of $302 million. In addition to assuming Suburban FSB's deposits, Bank of Essex will purchase approximately $348 million in assets at a discount of $45 million. The FDIC will retain the remaining assets for later disposition.
http://www.fdic.gov/news/news/press/2009/pr09013.html
Current List of Failed Banks:
http://www.fdic.gov/bank/individual/failed/banklist.html
*Third Quarter FDIC Banking Profile Report:
http://www2.fdic.gov/qbp/2008sep/qbp.pdf
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State Bank of Long Island $4.1 Million loss
(This bank sold its “broker division” Studebaker-Worthington to
Main Street National Bank and the division now handles all
Main Street National Bank indirect broker business. editor)
State Bancorp, Inc. (Nasdaq: STBC), parent company of State Bank of Long Island (the "Bank"), reported a net loss of $4.1 million for the fourth quarter of 2008 compared with earnings of $470 thousand a year ago.
Non-accrual loans and leases totaled $16 million loans and leases outstanding at December 31, 2008 versus $6 million leases outstanding at December 31, 2007 and $14 million or 1.3% of loans and leases outstanding at September 30, 2008.
Loans and leases increased by $78 million or 8% to $1.1 billion at December 31, 2008 due to growth of $142 million in the commercial and industrial and commercial mortgage portfolios. It was noted that State Bancorp sold Studebaker-Worthington to Main Street National Bank, Kingwood, Texas in June 2008.
The provision for loan and lease losses was $7.0 million in the fourth quarter of 2008, representing an increase of $5.4 million versus the comparable 2007 period.
"We continue to build our team of highly skilled and experienced lenders and business development officers,' President and CEO Thomas M. O'Brien said. "We have added several new, experienced commercial bankers and eliminated business lines and individual units that produced unacceptable returns or risks. We continue to cultivate an ownership culture built on personal accountability. We also continue to invest in our information technology platform and the appearance of our branch office facilities."
"With so much calamity and uncertainty in the financial services industry, it is not possible to predict economic recovery with any degree of confidence. Like virtually all other investors in the financial services market, our stockholders have suffered. I remain very disappointed by that reality but confident and personally committed to our success."
Full Press Release:
http://ir.statebankofli.com/releasedetail.cfm?ReleaseID=362498
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MB Financial Leasing Numbers
MB Financial, Chicago, Illinois reported net income from continuing operations available to common shareholders of $15.4 million for the year ended December 31, 2008 compared to $62.0 million for 2007. They also increased the allowance for loan losses to non-performing loans to 2.31% respectively, as of December 31, 2008, compared to 1.46% for the previous year end.
Lease Financing Net (in thousands)
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(Tennessee Commerce Bank to bundle Lease Portfolios)
Tennessee Commerce Bank's New Alliance with ICBA Financial Services Will
Benefit Small Businesses Nationwide
FRANKLIN, Tenn.---- Tennessee Commerce Bank today announced a new joint effort in small business equipment financing with ICBA Financial Services, a subsidiary of the Independent Community Bankers of America (ICBA). Tennessee Commerce Bank, a subsidiary of Tennessee Commerce Bancorp, Inc. (NASDAQ:TNCC) and an ICBA member bank, will originate or acquire small business equipment loans and leases for packaging and sale to other ICBA member banks nationwide that are looking for additional loan portfolio growth and/or diversification.
"The U.S. Treasury is encouraging lending to the business community, especially lending to small businesses. Our alliance with ICBA will support this type of lending activity," said Michael R. Sapp, president of Tennessee Commerce Bank. "It will also grow our business bank strategy and expand our small business equipment finance program to other ICBA members."
Sapp stated, "During these times when loan portfolio diversification is so important, we believe that this extension of small business lending can present a quite attractive risk/reward opportunity to other community banks in Tennessee and throughout the United States."
Tennessee Commerce Bank, a ten-year old, $1 billion plus asset bank in Franklin, TN, operates under a business bank strategy. In recent years, it has originated and acquired critical use small business equipment loans and leases for subsequent seasoning, packaging and sale with certain credit enhancements to other financial institutions.
Under the new initiative of Tennessee Commerce Bank and ICBA Financial Services, packages of previously originated small business equipment loans and leases with an existing payment track record and an average remaining term of generally four years or less are offered for sale to ICBA members. Packages are offered at a yield competitive with other small business lenders, especially given the absence of virtually all origination and servicing costs. Tennessee Commerce retains servicing responsibilities.
"Community banks have always been the driving force in financing the growth of small business in the American economy," said Jeff A. Nunn, ICBA Financial Services chairman and president and CEO of Citizens Bank of Claude, Texas. "Lending to small business is something we do every day. This new venture will enable member banks to grow their loan portfolios efficiently with virtually no additional origination or servicing costs."
For more information on the Small Business Equipment Finance initiative, contact Bill Reid at 1-800-786-0223 or bill.reid@icba.org.
About Tennessee Commerce Bank
Tennessee Commerce Bank is a subsidiary of Tennessee Commerce Bancorp, Inc. (NASDAQ:TNCC). The Bank provides a wide range of banking services and is primarily focused on business accounts. Its corporate and banking offices are located in Franklin, Tennessee, and it has loan production offices in Birmingham, Alabama; Atlanta, Georgia; and Minneapolis, Minnesota. Tennessee Commerce Bancorp's stock is traded on the NASDAQ Global Market under the symbol TNCC. Additional information concerning Tennessee Commerce Bancorp can be accessed at www.tncommercebank.com.
About ICBA Financial Services
ICBA Financial Services is a subsidiary of the Independent Community Bankers of America (ICBA) and provides a wide range of financial services to ICBA member banks, their customers, employees, and owners. For more information, visit www.icbafinancial.com.
Source: Tennessee Commerce Bancorp, Inc.
Contact: Tennessee Commerce Bank Doug Rogers, Senior Vice President, 615-599-2274 drogers@tncommercebank.com
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Classified ads—Back Office
Leasing Industry Outsourcing
(Providing Services and Products)
| Back Office: Atlanta, GA Let Tax Partners handle your sales and use tax compliance duties w/less risk and cost than in-house. Largest tax compliance firm in US E-mail:sales@taxpartners.com |
Backoffice: Dallas, TX Property Tax and sales and use tax administration services performance is guaranteed and we will save you time and money or our service is free. E-mail: info@osgsolutions.com |
| Back Office: Laughlin, NV 20 years experience on funder/broker sides. Looking for a relationship where I act as credit shop for smaller brokers when financial statements are involved. E-mail:batarista@laughlin.net |
Backoffice: New Rochelle, NY Proactive management/administration of commercial/consumer vehicle lease/finance portfolios covering insurance, titles, registrations, sales/property taxes, tickets, collections, accounting, vehicle disposition. Since 1975 E-mail: Barrett@BarrettCapital.com |
| Back Office: Northbrook, IL Our staff of CPA's and lease professionals can handle any or all portfolio responsibilities incl. portfolio mgmt, invoicing, sales/property/income tax, accounting, etc. 800-826-7070 E-mail: ngeary@ecsfinancial.com |
Back Office: San Rafael, CA We can run your back office from origination to final payoff. 30 years experience in commercial equipment lease and loan portfolio management. E-mail:gmartinez@phxa.com |
| Back Office - Portland, OR Keep more of your hard-earned commissions! Middle-Market, Small-Ticket for brokers, nationwide, 20+years experience, negotiable splits. Contact us for more information at (888)745-9481 or bev@alliedpacific.net |
Back Office -Portland |
| Back Office: National Property Tax Compliance Services to the leasing industry. Over 60-years experience and fifty Lessors as clients. References and free quotes available, (216) 658-5618, E-mail gary@avptc.com |
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News Briefs----
ELFA Bentsen says US poised for a "severe and deep recession"
http://uk.reuters.com/article/ousiv/idUKTRE50U06O20090131
AP Investigation: Banks sought foreign workers
http://www3.signonsandiego.com/stories/2009/feb/01/bailout-foreign-workers-020109/
?zIndex=46330
States consider mileage tax
http://www.stltoday.com/stltoday/news/stories.nsf/stlouiscitycounty/story/999D4
DF183F7C5D886257551000C3B8F?OpenDocument
NBC sells out Super Bowl ads for record $206M
http://news.yahoo.com/s/ap/20090201/ap_en_tv/super_bowl_ads
Panasonic to post $3.9 billion annual net loss: Yomiuri
http://www.boston.com/business/articles/2009/02/01/panasonic_to_post_39_billion
_annual_net_loss_yomiuri/
Caterpillar Inc. announces more layoffs
http://www.upi.com/Business_News/2009/01/31/Caterpillar_Inc_announces_more_
layoffs/UPI-16191233438656/
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You May have Missed---
"Recovery will take years, not months"
http://www.reuters.com/article/topNews/idUSTRE50P6MB20090131?sp=true
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Sports Briefs----
Steelers win on Holmes' late TD grab
http://www.post-gazette.com/pg/09033/946362-66.stm
Cards fall just short in Super Bowl
http://www.azcentral.com/sports/cardinals/articles/2009/02/01/20090201spt-cards.html
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“Gimme that Wine”
Wine glut finally ends in California
http://www.suntimes.com/lifestyles/food/1404373,w-wine-grapes-glut-california
012909.article
Great Wines Under Cork And Screw Cap
http://www.forbes.com/2009/01/29/great-wines-cork-lifestyle-wine_0129_wines
_cork_screw_cap.html
Jackson winery approved
http://www.pressdemocrat.com/article/20090128/NEWS/901280398/1349?Title=
Jackson_winery_approved
Wine Prices by vintage
http://www.winezap.com
http://www.wine-searcher.com/
US/International Wine Events
http://www.localwineevents.com/
Winery Atlas
http://www.carterhouse.com/atlas
Leasing News Wine & Spirits Page
http://two.leasingnews.org/Recommendations/wnensprts.htm
The London International Vintners Exchange (Liv-ex) is an electronic exchange for fine wine.
http://www.liv-ex.com/
----------------------------------------------------------------
Today's Top Event in History
1956- Autherine Lucy becomes the first black student admitted to the University of Alabama after Governor George Wallace who blocked the University's doorway is removed by U.S. marshals.
http://www.cptr.ua.edu/alex/studyguides/patton.htm
[headlines]
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This Day in American History
1571 - All eight members of a Jesuit mission in Virginia were murdered by Indians who pretended to be their friends. |
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SuDoku
The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler?
http://leasingnews.org/Soduku/soduko-main.htm
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Daily Puzzle
How to play:
http://www.setgame.com/set/puzzle_frame.htm
Refresh for current date:
http://www.setgame.com/set/puzzle_frame.htm
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http://www.gasbuddy.com/GB_Map_Gas_Prices.aspx
http://www.gasbuddy.com/GB_Mobile_Instructions.aspx
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Weather
See USA map, click to specific area, no commercials
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Real Time Traffic Information
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You can save up to 20 different routes and check them out with one click,
or type in a new route to learn the traffic live.
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