Mission Statement

http://www.moviethemes.org/midis/midisp-z/seveng.mid

Headlines---

Classified Ads---"Outsourcing"

Beige Report---Economy Continuing to Improve

Fleming Goes Full Court Press

Mission Statement ---Reader's Survey Part II

New "Scan on Site" Solution

Federal Reserve Board Approves 1st Asian-Based Bank

GE Commercial Finance/Transamerica Finance

Commerce Bancshares Earnings Growth of 9% for 2003

News Briefs---

Sports Briefs----

"Gimme that Wine"

This Day in American History

uh-oh, spaghetti-oh, Pay Your Estimated Tax Day

######## surrounding the article denotes it is a “press release”

Classified Ads---“Outsourcing”

Backroom: All Locations

Are you a broker or a rep for a major lessor? Want to just market and leave the backroom an packaging functions to us? Call us.E-mail:nationalbusinesscredit@yahoo.com

Back office: Atlanta , GA. GlobalTech Portfolio Services provides world class lease, loan administration and asset management for equipment and vehicles. Current portfolios $1 billion. Contact Alan Zeppenfeld 678-816-2216 E-mail:azeppenfeld@globaltechfinancial.com

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

Bookkeeper: Birmingham, AL. 5+ year experience in Architectural Firm in Accounting. Provided the following services: Accounts Payable; Receivables; Payroll; Invoicing and Collections. Strong Computer and Verbal Skills. E-mail:j_pails@bellsouth.net

Back office: Dallas, TX.

Property Tax and sales and use tad 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: Indianapolis, IN

IntegraLease,LLC specializes in delivering customized back-office lease portfolio admin./ ASP services for lessors, banks, manufacturer captives: other financial institutions. Paul Henkel (317) 251-5352 ex. 7201 E-mail: paul.henkel@integralease.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

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. E-mail:ngeary@edwinsigel.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

To view all Leasing “Outsourcing” ads, please go to:

http://64.125.68.90/LeasingNews/JobPostingsOutsourcing.htm

Posting is free, the only restriction is a limit of 25 words maximum:

http://64.125.68.90/LeasingNews/PostingFormOutsourcing.asp

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Beige Report---Economy Continuing to Improve

Reports from Federal Reserve Districts suggest that the nation's economy has continued to improve since the last survey. The strongest report came from the San Francisco district, which said its economy expanded soundly. Most other districts also gave quite favorable reports, saying their economies improved, strengthened further, or grew at a moderate pace. However, Cleveland, Chicago, and Dallas reported only slow or modest growth, and St. Louis said conditions were mixed. Retailers and manufacturers reported that prices were generally steady despite increases for raw materials.

Full Report:

http://federalreserve.gov/FOMC/BeigeBook/2004/20040114/default.htm

Twelve District Reports

Boston

http://federalreserve.gov/FOMC/BeigeBook/2004/20040114/1.htm

New York

http://federalreserve.gov/FOMC/BeigeBook/2004/20040114/2.htm

Philadelphia

http://federalreserve.gov/FOMC/BeigeBook/2004/20040114/3.htm

Cleveland

http://federalreserve.gov/FOMC/BeigeBook/2004/20040114/4.htm

Richmond

http://federalreserve.gov/FOMC/BeigeBook/2004/20040114/5.htm

Atlanta

http://federalreserve.gov/FOMC/BeigeBook/2004/20040114/6.htm

Chicago

http://federalreserve.gov/FOMC/BeigeBook/2004/20040114/7.htm

St. Louis

http://federalreserve.gov/FOMC/BeigeBook/2004/20040114/8.htm

Minneapolis

http://federalreserve.gov/FOMC/BeigeBook/2004/20040114/9.htm

Kansas City

http://federalreserve.gov/FOMC/BeigeBook/2004/20040114/10.htm

Dallas

http://federalreserve.gov/FOMC/BeigeBook/2004/20040114/11.htm

San Francisco

http://federalreserve.gov/FOMC/BeigeBook/2004/20040114/12.htm

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Fleming Goes Full Court Press

http://www.elaonline.com/aboutela/bios/images/Mike.jpg

Michael Fleming, CAE, President of the Equipment Leasing Association, 850 corporations (including most of the Fortune 100 financial companies,) held a

press conference in a full, all out confrontation on the Treasury Department’s 2005 proposed budget plan to stop leasing transactions with ‘tax-indifferent parties.

Critics in the administration and Congress say taxpayers lose more from the deductions claimed by private corporations than they gain from improvements to public works.

The Senate Finance Committee started work last year on legislation to block the lease deals.
``I'm especially glad to see administration support of my efforts to shut down abusive leasing transactions that allow corporations to claim tax deductions for subways, water mains and other infrastructure built with taxpayer dollars,'' said Sen. Charles Grassley, R-Iowa and chairman of the committee.

The proposal to prohibit the leasing deals is the largest in a list of initiatives to close down tax shelters and increase penalties for those who sell and use abusive transactions. The items will be formally proposed in the president's budget submitted to Congress in February.

"Unfortunately, this proposal will take away the ability for tax-exempt entities, such as hospitals, charities, and schools, already strapped for capital, to lease equipment and severely limit their financing options," according to Michael Fleming, President of ELA. "This is a poorly thought-out provision that will raise the cost of making needed assets and services available to these organizations."

The Association of Government Leasing and Finance did not have a

comment at this time.

“ No comment at the moment, but there will be one. We are reviewing this at this time for a more formal response.”

Graham Hauck

Executive Director

Association for Governmental Leasing and Finance

1255 23rd Street, NW

Washington, DC 20037

202.742.AGLF (2453)

fax: 202.833.3636

email: gsh@aglf.org

http://www.aglf.org

Fleming contends the provision will adversely affect the tax deductions available not only to lessors of property leased to tax-exempt entities, but also will negatively impact owners that use leased property to provide virtually every type of service to such entities. In addition, it would adversely affect the federal government, state and local governments, including schools, and universities, hospitals, municipal and regional transportation authorities and other tax-exempt entities.

Fleming broke the categories of property affected by this provision to include:

1. Real estate leased to any federal, state or local government, any tax-exempt organization, including schools and hospitals, military installations, offices, etc.

2. Computers, other qualifying technological equipment and medical equipment leased to or used to provide services to tax-exempt entities including schools, hospitals, government and military installations.

3. Transportation property leased to or used to provide transportation services to any tax-exempt entity, including school bus companies, or which is used by or to provide services to municipal bus lines, ferry services, and rail lines.

4. Cars and trucks leased to federal, state and local governments, including fire trucks leased to municipal and tax-exempt fire companies.

5. Communications services provided to any tax-exempt entity, including satellite communication, and PBX systems and 911 systems. The provision could even affect telephone companies.

6. Utility services, including the provision and distribution of wastewater, freshwater, gas, electric, steam, etc. provided by state and local government, municipal systems, military bases and similar users. The provision will likely undo some of the energy tax benefits in the energy bill currently pending in Congress.

"ELA calls for the provision to be removed from the budget proposal," said Fleming. "The Administration, especially the Treasury Department, is asked to continue its support of current law which permits and encourages the providing of lease financing to tax-exempt entities for a wide range of important productive assets."

The New York Times believes the series of “... proposals signal a new effort by the administration to try to take the lead on the issue of corporate tax loopholes, which have become a frequent target for Democratic presidential candidates, who also accuse President Bush of having skewed his tax cuts to the rich.

“The idea is part of a package of proposals that President Bush will include in his budget plan, which is due out next month. Other proposals call for a crackdown on the sometimes inflated value of items contributed to charitable groups, like used cars that are valued for donation at far above their true market value. They also include tougher disclosure rules for taxpayers and tax-shelter promoters, as well as a new restriction on tax-exempt casualty insurance companies.”

“Treasury Department officials estimate that the proposal to block leasing deals would prevent the loss of $34 billion in federal tax revenue over the next 10 years. The proposals would take effect retroactively in January 2004 and would not affect deals in place before then. The New York Metropolitan Transportation Authority has sold and leased back most of its subway cars and fare-card machines, as have transit authorities in Chicago, Boston, Washington and other big cities.

“Critics contend that the federal government often loses far more than local municipalities gain from such deals. In a typical case, a city or state sells public property, like subways or sewer lines, and then leases it back from private investors. The investors take advantage of the tax write-offs that come from depreciation of the property.

“Corporate beneficiaries have included the Altria Group, the parent of Philip Morris, and Textron Inc. Treasury Department officials said that the deals were designed almost entirely to avoid federal taxes.”

Leasing deals attracted attention last fall when the Senate Finance Committee heard about them from a witness who testified from behind a screen to hide his identity because, he said, he feared retaliation. However, it later turned out that such deals were routinely approved by the Transportation Department, which was anxious to see perennially cash-strapped municipal transit authorities raise as much money as they can.

Transportation stopped approving such deals in November, after Treasury asked it to, according to a department spokeswoman.

With cities, counties, states, and federal agency caught in the budget shortfall, leasing was one of their opportunities to complete projects and fund improvements.

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http://www.utdallas.edu/police/wavs/DragnetJob.WAV

Mission Statement ---Reader’s Survey Part II

http://two.leasingnews.org/cartoons/CEREAL.jpg

by Christopher Menkin

Editor/Publisher

There were over 452 e-mails over the holidays, which I read, some of

them several times. There were a few after this period. All were very

positive and encouraging. The only criticism, and two of them anonymous,

concerned “cronyism.”

I will keep in mind not letting the same people keep making responses

in Leasing News. I will try to use less from old friends, although they

do help with leads, inside information, and “opening doors.”

It is very difficult to get a company to respond to a negative news story.

Often “inside information” is quite contradictory. It is history that often

proves the “inside information” to be accurate. Often that is within three

to six months.

One major indicator is the number of complaints about a company,

and when they build, you see through the smoke and find the fire.

During the holidays, Leasing News recounted some of these

stories from MSM Capital, the Funding Tree, Centerpoint, United

Capital, SaddlePoint, to name just a few.

I have been a reader for a couple of years, and am mostly interested in keeping abreast of the industry with regard to regulatory changes and the goings on of other companies in the industry.

Thanks for the effort you put into this letter! You clearly seem to be "under fire" from a number of quarters recently....as a reader, it is impossible to know both sides of the story that created this issue; however, I have not read anything that struck me as unfair to either party, and it is equally clear that both parties have had ample opportunity to provide their own input in a form suitable for publishing.

Consider this to be a "hang in there" message - I would hate to see you bail out based upon pressure that appears to me to be very self serving.

Thanks again, Kit.

Dana Prescott

Merrimak Capital Co

Lakewood, CO

I was dismayed that so many of your editorial advisors thought that advance rentals could be kept if the applicant was found (by whom?) to have lied on the app. Who died and made them Judge Judy?

Dave McDonough

For what it's worth, I think Mr. Reitman (of Keystone Financial Services )should have given back the deposit. The unwritten rule is you give the money back if you can't produce the deal the lessee signed up for in a reasonable period of time.

There is a lot of room for interpretation here, but the amount of time spent on a deal or even allegations of fraud don't count.

Nobody said being a lease broker is an easy job. The resignations are uncalled for.

Neil Whitman

---

Keep the LeasingNews.org website going but maybe cut it back to one day per week to ease up your burden.

2nd comment: The recent debacle over the "non-refunded, security deposit" matter put you, Kit, in an untenable position.

Bottom line: you were damned from both sides. One the one hand, LeasingNews has a bone fide policy of not printing libelous comments on any subject, yet that unnamed lessee stipulated that all of his comments were to be published regardless of some of their reckless nature.

By upholding your own editorial standards and abiding by state laws surrounding libel/slander, you exercise caution and professionalism.

In the end, Kit, no good deed goes unpunished. Please continue your fine work.

(You may publish my comments, Regards. Gary Ford, San Rafael, California)

----------------------------------------------------------------------------------------------------

“Candid Reporting”

All of us here at Black Rock Capital, LLC enjoy and benefit from your

candid reporting - I'm sure you know that the only objections come from

those with embarrassment or something to hide so don't pay attention.

Please keep up the very good and necessary work and accept our very best

wishes to you and yours for the Holidays and coming New Year.

Regards,

GKB

George K. Booth

Managing Director

Black Rock Capital, LLC

Chapel Gate

110 Chapel Street

Bridgeport, Connecticut 06604

Over the past few years I have taken time each day to read the Leasing News. The service you provide our leasing community is invaluable. I know it takes a great deal of personal time and effort to accomplish this task each day. We are both old enough and wise enough to know that there will always be people who will complain about someone else and their work. I would say that the vast majority of your readers find the service you provide to be accurate, fair and worthwhile to our leasing community. Please keep up the good work.

Best wishes,

Bob Chlebowski

President

Capital, Technology & Leasing, LLC.

---

I think your leasing news E-mail is a great thing. You are doing an

excellent job and have a variety of information that is important.

Your leasing news classified add section helped me get a job back into leasing.

I was not only contacted by a recruiter but by several different companies

due to my add. Thank you for posting the ads.

I enjoy reading all the news and issue you bring up. Please continue with the excellent news you provide. I think you are doing a great job.

Pamela Loomis

Reading Leasing News has an element of the BBC World Service (integrity and some subject matter that seems a bit foreign), a bulletin board for complaints, and Jerry Springer. That's all good, entertaining, usually relevant, sometimes useless tidbits, what have you. You can't please all of the readers all of the time, but providing some good stuff fairly often makes the publication a standout from the other industry rags which are formulaic, unimaginative, and written by robots or PR hacks.

Leasing News gets juiciest of course when it is exposing bad people or bad practices.

Give yourself a break though, reduce the frequency. Our industry doesn't move so fast as to need or deserve a daily. Three times a week and improve your quality of life.

But: keep it going. It's good, and a testimonial to its publisher.

Paul B. Weiss, ICON Capital Corp., San Francisco

---

Although not an "early" reader, I have been an ardent fan of your

e-publication. I became involved in equipment leasing in 1982 when I went to work

for Control Data Business Centers/Commercial Credit. I have seen

a lot, heard a lot, and had many horses shot out from under me (none of the banks,

commercial finance companies, nor brokers I worked at are extant, or

in the form in which they existed when I was their employee).

The reason for the above preface is to bring home a point. This

industry is inherently unstable. It absolutely needs the light of day that you bring in your

publication to unearth corrupt players and ignorant/greedy management.

I realize that your intelligence is sometimes anecdotal, but I think that you are

ethical, and weigh that before you go to press. You are also willing

to tell the success stories, which, hopefully, will be emulated within this industry.

I want you to continue in your diligent efforts to provide a modicum

of common sense to an industry that very much needs it.

Dave Brownlee

---

I hope you aren't writing and publishing Leasing News with a wish that all

your readers will appreciate exposé's, especially when those exposé's are

about them, their companies, or their industry friends. It appears that you

have a right, just like any other media publication, to print what you

believe is correct, even if it is based on reliable, but confidential

sources. Not everyone will be happy with what you print, but I notice that

even those who are unhappy because they have become targets still read your

newsletter.

Steve Chriest

---

Leasing News is my source of leasing information.

The pic's from the past and other non-core data I find to be fluff. You excel in getting the inside scoop on industry issues. The articles that describe a company

and what it does (a profile) are good let s one learn more about who s out there.

Announcements about funding source windows opening and closing and

general scuttlebutt are where you shine.

David Rabinovitz

Bankers Capital

LaChance Financial Services, Inc.

Marlborough, MA 01752-1981

---

2003 has not been a year without its obstacles and hurdles, which as usual,

is all too typical to the leasing industry. Our career choice formulates

the exacting responsibilities we endure since the monetary upside has its

definite draw and advantage.

Having said that, I know that what you have been through over the past

years, and even so more recently, can be really taxing and extract from all

of the positives that you research and report for the rest of us on a daily

basis. Christmas is always a good time of the year, to take time off,

reflect on the past year, and strategize for the next.

Concentrate on the facts, forget about the gossip, ignore the ignorant, and

more importantly, keep reporting the truth.

Few things are impossible to diligence and skill... Great works are

performed, not by strength, but perseverance. - Samuel Johnson.

Evan Barker

Alliance Funds

----------------------------------

I like the newsletter and appreciate the time you must put into it and I

know it is difficult to strike the "right" balance, wherever that it is,

probably in left field.

With the comments I have read recently about errors of fact I humbly

suggest that you follow something the New York Times and other publications

follow, and that is that any information given you be confirmed by a second,

responsible source. At the very least the half told story may be fleshed

out and corrected or confirmed. News from people who do not sign their names

is tricky but without such tips news is often missed. Somehow verification

from a reliable source needs to second that item, otherwise it is speculation

at best.

I don't think free ads is a strategic business goal. As a tactic to

induce people to place ads and see positive results it is a good concept but

ads should pay the freight. Your requirement that 10% of the money recovered

for companies go to the Equipment Leasing and Finance Foundation is

excellent.

Without such a requirement being accepted, in black and white on paper,

nothing will ever be donated.

Announcements are ok as long as they are useful to the audience. For me

this means is an announcement of a company that an individual is promoted is

not of importance unless the new position is one that a broker has to have

contact with that individual.

All in all, it is a good news source you put out.

Jerry Bernardy

Commonwealth Capital

This message may be arriving too late to encourage you to keep the format. We do need stories about brokers, independent lessors, the GEs and others related to the leasing Industry.

I have been in the leasing business in Austin, Texas, for 27 years, not a long period of time but enough to understand a small portion of this business. It is fun. When I retired from the US Army after 30 years service, I needed a hobby or fun job so I elected to become a one man broker entity. A competitor, Gary Millhollon, joined me after my second year and we grew the newly formed company, doing both governmental as well as commercial leasing. We began as a broker, then discounter, then independent lessor. I can recall doing business with IFG out of Great Falls; now that is really going back. We had a great business going with 15 employees when the bust of the 80s hit Texas. In a short period of time, we lost two of our leading employees to cancer while in their 50s, and one to an auto accident. Some of our former employees remained in the leasing business but with other firms. Our small company survived but tumbled in size and Gary moved on to Albuquerque. Because of my age (now 76) , I continued to reduce the size of the company until we are now down to two employees. We will continue until we finish servicing the leases we now have on hand.

Could I have retired earlier? Of course, but it was too much fun to quit. Also, my father, now 101, suggested I was too young to hang up my hat.

We have been members of WAEL, later UAEL, from 1985 until 2000 as well as AGLF during the same period. These are great organizations and very useful to a growing entity. I am proud to have been a member of those organization and the leasing industry. I have terminated our memberships because I feel I am to ancient to associate with the young folks and travel has become more difficult. I never did feel comfortable in pure social situations, yet I enjoyed attending the meetings, the networking and gaining new ideas.

I am happy with the Leasing News format as you now have it. Thanks for the news and the memories.

Chuck Seideman

----

I am not familiar with how you run your business (so

don’t take this as a personal attack), but I am

familiar with how several of the southern California

leasing companies operate. The notion that 90% of the

leasing industry is crooked is being generous. The

following are some examples of SOP's in the leasing

world

1: giving pre-approvals (just to get a check on the

deal and "get the deal off the street"). Then

submitting (shot-gunning) it to banks seeking

approvals. If no approval is achieved keeping some

money for "work performed". If any approval is

achieved, even at ****** rates keeping the entire

amount of advanced rentals is considered appropriate.

2: Quoting "Simple interest" to clients hoping they

don’t know how to run rate.

3: Charging Interim rent on deals. Thus spiking the rate of return on the deal.

This Interim Rent is often times calculated from the

time the invoice is dated NOT the date with which the

D&A (verbal audit) was completed. Interim rent at a

minimum is deceptive and at best deceptive

4: Including "IMPLIED FMV" language in documents and

telling the lessee that it is a $1out lease.

5: Including Insurance language in the docs that state

"if the lessee does not provide proof of insurance on

the equipment the lessor will attach insurance to the

equipment and add the amount to the monthly payment"

Although this makes funding deals easier it ultimately

ends up PILING ON the lessee.

6: Collecting extra payments on leases, and many of the big ones

do it, unless the customer counts payments, saying you didn't tell me

in time so the lease continues, and there are more----

I mean come on KIT you even give time to a law firm

advertising "HOW TO KEEP THE WHOLE ADVANCE RENTAL

CLASS". How the HELL does that advance the legit

leasing worlds agenda?? Why is finding out ways to

keep lessee's money such a hot topic on this

newsletter?? Shouldn’t it be how to book more

transactions?? I bet the answer is "we can’t stay in

business by doing work we don’t get paid for" well if

you are unsuccessful at your work maybe you SHOULDNT

BE IN BUSINESS.

name and address withheld please

http://two.leasingnews.org/SoundBits/Movies/THANKYO.WAV

------------------------------------------------------------------------------------------------

The Mission of “The World” newspaper

“An institution which should always fight for progress and reform; never tolerate injustice or corruption; always fight demagogues of all parties; never belong to any party; always oppose privileged classes and public plunder; never lack sympathy with the poor; always remain devoted to the public welfare; never be satisfied with merely printing the news; always be drastically independent; never be afraid to attack wrong, whether by predatory plutocracy or predatory poverty.”

October 30,1911 Frank J. Cobb, editor, “The World”

We will stay the course.

We will try to not quote the same people as often as we have in the past.

We will continue printing “press releases” trying to put them into one section.

We have purchased rights to more cartoons and will run at least one a week.

There will be less leasing association news, as readers say they get this

information direct. We will continue the free “job wanted,” “attorney,”

and “outsourcing” classified ads.

If you missed part one, please go here:

http://www.leasingnews.org/Conscious-Top%20Stories/Mission%20Statement.htm

Christopher “Kit” Menkin

http://www.utdallas.edu/police/wavs/glock.wav

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

NEW “SCAN ON SITE”™ SOLUTION

RELIEVES IT LESSORS OF ASSET MANAGEMENT BURDEN

Mt. Clemens, Michigan -- Finally, there is a real-time solution for the unique turn-around needs of the IT leasing industry.

re.Source Partners, a Michigan-based IT hardware asset management company, announces the development of its proprietary “Scan on Site”™ assessment evaluation program. Using scanner technology and inclusive assessment criteria, lessors can have an accurate, objective and timely report on end-of-term assets, all within 48 hours of pick up time.

Scan on Site™ eliminates the hassle of damage billings. Equipment is scanned and assessed at the pick up site where all physical damages are documented and approved by the lessee. An approved report stands as final documentation of all physical damages incurred while under lease.

In addition, Scan on Site™ expedites reconciliations and damage billings to lessors. The program provides the lessor a complete and accurate summary report of all assets being returned by the lessee.

With stronger than expected 2004 PC shipments forecast by industry research firm Gartner, Inc., leasing companies may see new agreements for larger volumes of IT equipment this year, according to Jeff Korona, re.Source Partners president. Fast and reliable reporting at lease end can help those lessors capture important data and better manage their financial return.

Re.Source Partners assists numerous leasing companies and corporations like LL Bean, Kmart, and Pioneer Financial recapture the value of their technology investment. In addition to Scan on Site™, services include transportation and warehousing, auditing and testing, data wipe, remarketing, and socially responsible consumption.

The company was established in 2000 by leasing industry veterans Andy Loria and Jeff Korona to manage corporate technology assets through their multiple product life stages. More information about the company can be found on its web site at www.re-sourcepartners.com.

Betsy Erikson, 248.821.6288, erikson@efgforward.com

Barbara Fornasiero, 248.651.7536, fornasiero@efgforward.com

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

Federal Reserve Board Approves First Asian-Based Bank, SinoPac Holdings of Taiwan, as U.S. Financial Holding Company (including leasing )

L.A.-Based Far East National Bank is Wholly Owned U.S. Subsidiary

The Federal Reserve Board has certified SinoPac Holdings and Bank SinoPac, both of Taipei, Taiwan, and SinoPac Bancorp of Los Angeles as United States financial holding companies, the first Asian-based banking organizations to qualify in the U.S. SinoPac Holdings operates in the United States with its wholly owned subsidiaries, Far East National Bank and FENB Securities, based in Los Angeles. Bank SinoPac also operates a branch office in Los Angeles.

"This confirms our advanced position among Asian financial institutions," said Paul Lo, President and CEO of SinoPac Holdings, noting that SinoPac Holdings is an approved financial holding company in Taiwan by the Ministry of Finance. "As a financial holding company, we now have the opportunity to become a diversified financial services institution in the U.S. as we currently are in Taiwan," he adds. "As a financial holding company, SinoPac Holdings and its subsidiaries will be able to engage in the full range of activities and investments in the U.S. permitted for U.S. bank holding companies, including securities and insurance activities."

The Federal Reserve certification was effective December 19, 2003.

SinoPac Holdings, with total assets of US$16.8 billion, is the parent company of Bank SinoPac of Taiwan and Los Angeles-based Far East National Bank with assets of US$1.6 billion.

SinoPac Holdings is an integrated financial services company serving Asia Pacific with commercial banking, securities, insurance brokerage, credit cards, leasing, futures, investment consulting and asset management consulting. It has offices in Hong Kong, China, London, Tokyo, Vietnam and the United States along with 100 outlets in Taiwan.

Far East National Bank was acquired by Bank SinoPac in 1997 and supports the SinoPac Holdings group in China with a Far East National Bank Beijing Representative Office and its strategic relationship with First Sino Bank in Shanghai. First Sino Bank offers full service banking in U.S. dollars and Chinese yuan for Asian and U.S. enterprises. Far East National Bank has 15 offices throughout California with headquarters in Los Angeles.

CONTACT:Far East National Bank Glenn H. Yee, 213-687-1217

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

GE Commercial Finance Completes Acquisiton of Most of Transamerica's Commercial Finance Businesses

STAMFORD, Conn.----GE Commercial Finance, the business-to-business financial services unit of General Electric (NYSE:GE), has completed its previously announced acquisition of most of Transamerica's commercial finance divisions. The transaction adds approximately $8.5 billion in managed assets to GE Commercial Finance's portfolio. The acquired units serve customers primarily in North America and Europe.

The acquisition expands GE Commercial Finance's distribution finance offerings to manufacturers and dealers of industrial, consumer and recreational products. It also enhances the company's leasing and commercial loan financing in equipment, real estate and international structured finance.

"These businesses are an important part of the growth plan for GE Commercial Finance," said Mike A. Neal, president, GE Commercial Finance. "They bring solid customer relationships, experienced employees and a reputation for excellence. The businesses fit naturally with our own and will support our double-digit returns in 2004 and beyond. They offer us products, services and talent in areas we understand and know how to build."

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

Caution Concerning Forward Looking Statements: This document includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors. More information about those factors is contained in GE's filings with the Securities and Exchange Commission.

CONTACT:GE Commercial Finance Media Contacts: Marissa Moretti, 203-961-2290 or John Oliver, 203-357-4346

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

Commerce Bancshares, Inc. Reports Earnings Per Share Growth of 9% for 2003

KANSAS CITY, Mo.----Commerce Bancshares, Inc. (NASDAQ:CBSH) announced record earnings of $2.95 per share in 2003 compared to $2.71 per share in 2002, an increase of 9%. Net income for 2003 amounted to $206.5 million compared to $196.3 million earned in 2002. For the year, the return on assets was 1.5%, while the return on equity totaled 14.3%.

For the fourth quarter, earnings per share grew to $.78, compared to $.71 for the same period last year, an increase of 10%. Net income for the quarter amounted to $53.9 million, an increase of 6% compared with $50.9 million last year. The return on average assets was 1.5% and the return on equity for the quarter was 14.8%. The efficiency ratio for the quarter was 56.8%.

In announcing these results, David W. Kemper, Chairman and CEO, said, "We are pleased to report the 19th consecutive year of record earnings. Results for 2003 were driven by growth of 8% in non-interest income, which now accounts for 38% of total revenues. We are particularly pleased with the growth in deposit fee income of 12% on an annualized basis. Additionally, results were enhanced by solid expense control. Non-interest expense remained flat compared with the previous quarter and fourth quarter of last year, and has grown overall by 3% this year. Net interest income, which was essentially unchanged from the previous year, was affected by continued low short-term interest rates and a lack of growth in commercial loans."

Mr. Kemper added, "Asset quality remains strong with our allowance for loan losses totaling over $135 million. We increased this allowance by over $4 million this year and it remains at 1.66% of total loans. Net loan charge-offs were up 9% over 2002, driven primarily by higher losses in our personal and credit card loan portfolios."

Total assets at December 31, 2003 were $14.3 billion, total loans were $8.1 billion, and total deposits were $10.2 billion. At December 31, 2003, the allowance for loan losses totaled $135 million and was 416% of non-performing loans. Net loan charge-offs for the year totaled .46% of average loans outstanding, up from .43% last year. Non-performing assets totaled $33.7 million, or .41% of total loans.

During the fourth quarter, the Company declared and paid its tenth consecutive annual 5% stock dividend. Per share information for prior periods has been restated for the effect of the 2003 stock dividend.

Commerce Bancshares, Inc. is a registered bank holding company offering a full line of banking services, including investment management and securities brokerage. The Company currently operates in approximately 330 banking locations in Missouri, Illinois, and Kansas. The Company also has operating subsidiaries involved in mortgage banking, credit related insurance, venture capital, leasing and real estate activities.

CONTACT:Commerce Bancshares Inc., Kansas City Jeffery Aberdeen, 816-234-2081 http://www.commercebank.com mymoney@commercebank.com

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