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And Very Good News: Leasing News hears from Mike Sheehan, former General Manager, Commercial Equipment Group, American Express Business Finance:
“I want to thank you for taking the time to think about me and express your concerns for my whereabouts. I have not been keeping up on the LeasingNews.org stories but let me assure you that all is well with myself.
“The business unit is strong and healthy. It is doing a great job of developing New Accounts and is focused on Service Excellence across the business. The people in the business are wonderful and highly competent to succeed.
“There are several exciting things currently developing in the leasing arena and I will be exploring many of them. I am grateful and blessed for all of the tremendous opportunities that I have been involved with in the past 25 years and look with excitement to the future.”
Mike Sheehan
MWS2004@aol.com
Headlines----
Cartoon---Amex
Rich Tambor's Office
Shame
on Orix---Another Cry for Help
Classified---Leasing
Industry Help Wanted
Housing---2004
and Recent Statistics
Cal.
First National New Leases Increase 50%
Matsco
Charges off over $1 Million in 2003
CIT
a Winner!!! Dividends $.13 per
share
Marlin
Leasing Opens Midwestern Office
NetBank/NetBank
Payment Systems
######## surrounding the article denotes it is a “press
release”
Classified
Ads--- Sales
Sales: Atlanta, GA.
Equipment Finance/Tax Leasing professional, with 20+ years experience
originating, structuring, and closing. Direct & vendor development
sales. Mid-market and Fortune 1000 - customers throughout Southeast.
Email: wmplumer@yahoo.com
Sales: Atlanta, GA.
Consistent top performer,
results oriented
with outstanding sourcing, structuring and negotiation skills. Direct&
vendor development sales. Mid-market and above - Customers throughout
Southeast. Email:w.t.dent@comcast.net
Sales: Atlanta, GA.
Accomplished leasing
pro sales & sales management w/extensive exper., people skills;
Multi-industry, small-mid ticket, vendor & direct. Skilled producer
w/good book profitable business. Email: leasepro1@bellsouth.net
Sales: Austin,Texas
24yrs exp.in equip leasing sales, vendor/direct, leasing high-tech to
rolling stock. HP12C/17B. Small-Mid Ticket. Seeking Texas territory
which can be covered from Austin home-base. Email:GeorgeMinchew@sbcglobal.net
Sales: Bakersfield,
CA.
I have an extensive
sales and management background in equipment leasing. My work history
exhibits my major strength in small ticket equipment leasing. Email:
pangress@msn.com
Sales: Central, NC.
7 yrs.equip leasing
&finance; specialist in heavy construction equip for 2-top-5-specialty
finance/lease companies, NC &VA territories. $10-15MM annual funding.
Downsized in 2002, now independent broker with varied customer base.
Email: sunriseleasing@aol.com
Sales: Chicago, IL.
12+ yrs multinational/ national sales & business development. Seeking
role with captive lessor or global leasing company. Will relo right
opportunity. Experience structuring complex transactions. Email: leasingismylife@yahoo.com
Sales: Denver CO.
Experienced Equipment
Leasing Broker looking for a in house leasing company. Can bring a book
of business with me or develop new territory where needed. Email: Steven@eagle2.net
Sales: Denver, CO.
17 yr sales exp..
in leasing sales (territory, National Accts, Sales mgt.) looking to
bring experience to s sales/sales mgt role. Successful, accountable,
ethical, aggressive, results. Email:lease442000@yahoo.com
Sales: Denver, OR.
Broker representative:
Seek employment or partnership w/estab. finance group. Prior engineer
making career change. Have pursued extensive self-education/ formal
training.
Email: dbrown@thirdwavefinance.com
Sales: Detroit, MI.
16-year lease veteran looking for opportunity in the Detroit area. Ability
to bring on new accounts and manage existing base. Up to 60% travel
acceptable. Email:ebonbri@aol.com
Sales: Greensboro,
N.C. Seeking direct & broker sales w/major finance companies in
NC or southeast market. Small to mid-ticket range. Stable &family
oriented. Will have series 6,63,65 license shortly. Email:kc1492@aol.com
Sales: Hartford,
CT. 10+ yrs leasing sales exp.; multi-industry, small-large ticket,
Direct, Vendor, and Captive exp. Seeking sales position with captive
or independent company with equity investment capability. Email: bcurt95@aol.com
Sales: Jacksonville,
FL.
Seasoned equipment
leasing professional, with over 10 years of experience, looking for
position in business development in Northern Florida territory.
Email: rene.bradshaw@superig.com.br
Sales: Los Angeles,
CA.
12+years Leasing
sales, underwriting/contract exper. including hi-tech, govt, direct
& vendor leasing. Seeking role w/institution or captive. Exper.
w/ complex transactions, including securities. Possible relocation.
Email: rahlease04@hotmail.com
Sales: Louisville,
KY
I have been in leasing/financing
of construction, machine tool, and mfg equipment for 20+ years. Traveled
KY, IN, OH and TN.Email:kyle90@msn.com
Sales: Minneapolis,
MN. 10+ yrs Equipment Leasing in Upper Midwest. Investment Grade Database.
Previous vendor/small/middle market exp. Super Trump, 17B & account
database exp. Email: golfadm@yahoo.com
Sales: Mission Viejo,
CA
Account Sales Executive
with 10 years of leasing experience looking for company to bring existing
customer base.Email:makelly21@hotmail.com
Sales: Orange County,
CA.
Skilled deal-closer
at above-average rates. Entrepreneurial. Accomplished lease-structurer
specializing in transportation. Exp. in direct/ captive & syndicator
environments servicing vendors, brokers, & end-users.Email:originator@sbcglobal.net
Sales: Philadelphia
, PA Seeking an open opportunity to advance in the automotive, commercial
leasing & finance industry......... Email: alexe362002@yahoo.com
Sales: Prairie Village,
KS Have substantial deal flow and database of broker referral sources.
Generated and closed over $22M LY. Seeking exclusive relationship w/direct
founder. Email:fiergl@aol.com
Sales: Princeton,
NJ: Regional Sales Manager: Last 15 years with captive. Knowledgeable
in all aspects of leasing. Application to funding. Worked with 25 salespeople
- east coast.
Email: denisregan@msn.com
Sales: St. Louis,
MO
Proven equipment
finance sales professional looking for a new challenge which rewards
success. Equipment type and location open provided you want business.
Email:amlifter@aol.com
Sales: San Bernardino,
CA.
Account executive
w/4 years exp. in small ticket &lower end middle market lease transactions,
Outstanding ACT database compiled of over 500 vendors. Seeking a career
driven position w/a reputable lessor
Email: moneytoloan@hotmail.com
Sales: San Francisco
Bay Area, CA
10+ yrs in middle
market leasing. Seek direct lessor only. Transaction size from $500M
to $10.0MM. Client base: printing, food, retail, manufacturing. Email:edm173@sbcglobal.net
Sales: San Francisco,
CA.
18 years of sales
production, the last 10 in technology leasing to both traditional and
emerging growth credits. Seeking direct funder. I can close for you! email: bamrborges@msn.com
Sales: San Francisco,
CA.
Middle market originator.
Transaction size $500M to $15.0MM. Industries: food processing; distributors;
plastics; retail; heavy manufacturer. Seek direct lessor employment
only. 10 yrs B/D expereince.Email: major104@sbcglobal.net
Sales: South Central
U.S.
TX, OK, KS &
AR Territory.
Equipment finance
and leasing professional,
20 years experience.
Top producer in middle
to upper middle markets.
Extensive customer base. Email: leasingrep2004@yahoo.com
Sales: Stuart, Fl.
17 years exp. leasing in small ticket and large ticket, portfolio management
exp. along with sales management and administrative background, strong
sales and marketing skills. Email: sales@rvcglobal.com
Sales: Tampa, FL.
27 years experience. Very adept in bank lease programs and direct sales
in MM/LT. Looking to re-enter the industry. Will relocate to Texas.
Hungry. Email: cwilliams@triit.com
full list of “Jobs Wanted” at: http://64.125.68.90/LeasingNews/JobPostings.htm
[Top]
_________________________________________________________________
Cartoon---Amex
Rich Tambor’s Office
http://two.leasingnews.org/cartoons/hope-Amex.jpg
[Top]
------------------------------------------------------------------------------------------------
Where
is Michael Sheehan? Not Answering His Telephone.
That was the headline.
Since last week have been trying to get a confirmation or denial that
Michael Sheehan, General Manager, Commercial Equipment Group, American
Express Business Finance, was let go.
We made many telephone
calls, chased his boss Rich Tabor from office to office,
and sent e-mails
to Amex readers. They responded
the only one who could make
a comment was Tabor. This, along with two other sources, told us
Sheehan had
been let go.
We then presented
the question to Leasing News Readers and received the following
“confirmations
“Mike Sheehan is
on the ELA membership committee, and he didn’t
show up at the Washington
meeting. No mention was made as to why he was not there. If the
rumor is true, you will likely get a response to your item in Leasing
News today.”
(name with held )
“Rich Tambor ‘toasted’
him last week at a meeting in New Jersey.”
Please do not print
my name
“They ‘Tony Soprano’s’ him"
Please withhold my name, Kit. Don't want to step on any toes.
(name withheld)
“Mike Sheehan got
shot when he went back for an executive presentation and meeting. Not
likely to be a results oriented situation.”
( name with held
)
“I have it on very
good authority from an ex-employee that his office mate
will be out in February at a specific date. I do not know the actual
date
but it is probably the same date for all their sales people. Too bad
they
are just taking all the vendor business they want to keep and letting
the
originators go. The ones that built the business way way way back before
Depping (Sierra Cities President.. editor ) accumulated all those unsuspecting
successful broker organizations.
“There are going
to be some good people on the street, and I hope to pick
up one or two for
my company, so please don’t use my name.”
(name with held)
“I worked a lot of
years at AT&T with Mike and although I cam not confirm or deny whether
Mike Sheehan is still with AMEX, it is very safe to say that anytime
Mike has gotten knocked down, he's bounced back higher than ever. He's
is a fighter and no doubt has his best days ahead.”
( name with held
)
No
one in management or public relations at American Express Business
Finance has returned our telephone calls. We should also assume that
if it were not true, they
would
have been the first to call to set us straight. editor
[Top]
Shame
on Orix---Another Cry for Help
by
Kit Menkin
Most of the e-mail
we receive from employees are from their home computer, meaning
they are AOL accounts
or have other such extensions. All
are signed, and we verify them, although we do with hold their name
at their request.
It is a shame when
an employee works hard for a company, gives it their all,
and when it comes
to the end, they are treated
to ill feelings with poor communications
and fear. Maybe this direction comes from the top, and
maybe it does not,
but the anguish is
being communicated to us.
Leasing News has
received several e-mails, no just one “mal content” employee,
as middle management
may be relaying to their bosses in Japan. This one came direct from
our “contact” form on our web site www.leasingnews.org
and a telephone number. He did
confirm it, and has sent me a copy of the three page Orix memo from
the USA Orix Financial Boss Gary Corr dated January 21, which I cannot
convert into a URL at home (I write Leasing News here,) but may have
in the next edition.
Corr states in one
paragraph:
“There has recently
been some disruptive, negative commentary in one of the industry’s trade
publications that represents itself as being accurate, factual knowledge
about OFS’s action and plans. While some of the commentary has been
accurate, let me assure you that our strategy is as I outlined in this
communication.”
Leasing News has
basically been quoting what employees have sent us, such as:
“I am an ORIX employee.
I don't wish to be quoted, or my name to be used (lest they hasten
my departure). I am only confirming for you the accuracy of your postings
regarding the conditions in the Kennesaw office.
It is indeed ugly. They have taken the aggressive sweatshop mentality
of ORIX Capital Markets and applied it towards eliminating the Orix
Financial Services business.
“While they may be
doing every thing ever so legally, they definitely are not doing it
ethically or with any consideration toward the welfare of the employees. I believe the real reason for the policy and
benefit changes, and for the chilling silence is to get people to leave
willingly, therefore saving any severance or unemployment insurance
costs. We would love for the Wall Street Journal or
some of the rating agencies that rate ORIX Capital Markets (the leaders
of this scourge)to get a line on this management behavior so they are
made to pay for their efforts to save money at the cost of hundreds
of employees welfare.
“Thank you for staying
on this and for keeping the information flowing, because it is true
that nothing is coming from management in the way of information. Luckily our grapevine is strong, unfortunately that is all we have
to cling to.
“I wish your organization
great success as you try to keep the leasing business respectable.”
(name withheld )
Mr. Corr nor any
public relations person or officer has not returned any of our telephone
calls or e-mails.
The information we have printed has been ignored since Holmes, Gussoff,
and all the shenanigans going on. So
far, Mr. Corr, Leasing News has been accurate, as you yourself admitted
in your memo. The choking smoke in the air is from fires started
by Orix management. The memo is not only too late, too long,
but
appears insincere
to your employees. Put some
money down, instead of words.
Shame on you.
http://www.leasingnews.org/Conscious-Top%20Stories/Orix.htm
[Top]
Classified-----Leasing
Industry Help Wanted
|
|
|
Seeking Sales Representative preferably in Midwest area, will consider out of area. Minimum 3+ years vendor experience. No requirement for market type. Please contact Susan M. Adamatis, Vice President - 800/669-7527 ext 1255 or e-mail: susana@netlease.com About the company: www.netlease.com |
|
About the Company: Alliance Funding Group, Inc. 2099 S. State college Blvd., Suite 100 Anaheim, CA. 92806 |
[Top]
___________________________________________________________________
Housing
---2004 and Recent Statistics
(Carl Villella, CLP, of Acceptance Leasing and Financing Service,
Inc.,
sends these in. Readers in
the past say, “Why do you print this? It
has nothing to do with equipment leasing.”
(One, housing is
an economic indicator. Perhaps
as important, the writer, Al Schuler, who’s address is Forest Service,
Northeaster Research Station, United States Department of Agriculture,
Princeton, West Virginia, writes the most succinct
economic report. His comments about mortgage rates and money
have been quite
accurate in all the
times I have been reading his reports. editor.)
http://two.leasingnews.org/loose_files/Housing-chart-2003.jpg
Analysis and outlook: Housing starts continue to exceed expectations
with total starts the highest in nearly 20 years with single family
construction passing 1.6 million for the 3rd consecutive month. Starts
for 2003 totaled 1.85 million, 8% above the previous year’s total, reaching
a 25 year high. In addition
to continuing strength in the single family sector, we now have what
appears to be some strength in the multi – family sector with double
digit gains the past two months. Furthermore,
the near term continues to look good – 30 year fixed rates are back
down near 5.5%, six month lows; and demand for new mortgages hit new
records. And, new home sales and the resale market remain very strong.
The economy continues to improve each month – business investment
spending is getting stronger; the job market is showing signs of stabilizing
although job creation is still slow; and inflation remains benign as
the Fed has indicated that low short term rates will continue for some
time.
There is still a concern is that the current high
level of starts could cause problems in the future - “borrowing from
the future” – the current level of starts is above trend or the sustainable
level of demand for shelter, and that means some adjustment is inevitable.
The longer demand stays above trend, the more inevitable some correction
once interest rates start increasing.
Bottom line: Housing will come off a bit in 2004,
but not enough to notice as single family demand continues to drive
the market at the expense of rental/multifamily housing.
Employment growth is expected to remain modest as the manufacturing
sector continues to deal with overcapacity while productivity increments
help to keep costs under control. Inflation
isn’t on the near term horizon, and that is good news for housing.
http://two.leasingnews.org/loose_files/Housing-chart-2003b.jpg
[Top]
---------------------------------------------------------------------------------------------------
#### Press Release
#################################
California
First National New Leases Increase 50%
( The volume of new
leases originated during the first six months increased by 50% when
compared to the first six months of last year."
“ Our backlog of
approved but unbooked leases remains above $100 million, and the pace
of new lease activity remains good. While our investment in capital
leases did not grow over the first six months, our transactions in process
did increase by 55%. In line with our forecast, the portfolio of leases
reaching the end of term during fiscal 2004 is comparable to the prior
year, and the Company's income from lease renewals and sales of leased
property during the first six months is only slightly below last year.
For the second quarter and six months ended December 31, 2003.”
IRVINE, Calif.----California
First National Bancorp (Nasdaq:CFNB) ("CalFirst Bancorp")
today announced net earnings of $2.5 million for the second quarter
ended December 31, 2003, a 15% decrease from net earnings of $2.9 million
for the second quarter of fiscal 2003. Diluted earnings per share for
the second quarter also decreased 15% to $0.22 per share, compared to
$0.26 per share for the second quarter of the prior year. For the six
months ended December 31, 2003, net earnings were down 20% to $4.8 million,
compared to $5.9 million for the first six months of fiscal 2003. Earnings
per share were $.43 for the first six months of fiscal 2004, down 17%
from $.52 per share reported for the same period of fiscal 2003.
For the second quarter ended December 31, 2003, gross profit of
$8.9 million was down 2% from the second quarter of the prior year.
This reflected a $513,000 decrease in net direct finance and interest
income, which was offset by a $365,000 increase in other income. The
decrease in net direct finance and interest income to $4.6 million is
primarily due to lower direct finance income resulting from lower yields
earned on the investment in capital leases, despite an increase in average
balances, and lower investment and interest income earned on the Company's
liquid investments. The provision for lease losses was relatively unchanged
compared to the same quarter of the prior year, as the overall level
of reserves required against problem leases did not increase during
the period. The increase in other income to $4.2 million during the
second quarter of fiscal 2003 primarily reflects a significant increase
in the gain on sales of leased property.
For the six months ending December 31, 2003, gross profit of $17.2
million decreased 4% from $17.8 million reported for the same period
of the prior year. This decrease was primarily due to a $579,000 decrease
in net direct finance and interest income. Total direct finance and
interest income decreased 6% to $9.5 million, compared to $10.1 million
for the first six months of fiscal 2003, reflecting a significant decrease
in interest and investment income earned on liquid investments, along
with lower direct finance income resulting from lower yields earned.
The provision for lease losses decreased by $95,000 compared to the
six-month period of the prior year, again reflecting the stable portfolio
performance over the period. Other income was essentially unchanged
at $8.0 million, as increased gains on sale of leased property offset
lower income from sales-type leases.
During the second quarter, CalFirst Bancorp's selling, general
and administrative expenses ("S,G&A") expenses increased
by 13% to $4.8 million, compared to $4.3 million during the second quarter
of fiscal 2003. For the first six months, S,G&A expenses increased
by 16% to $9.4 million compared to $8.2 million reported for the first
six months of the prior year. The increase in S,G&A expenses for
both periods is due to higher costs related to an expansion of the sales
organization.
Commenting on the results, Patrick E. Paddon, President and Chief
Executive Officer, indicated that "During the first six months
of fiscal 2004, CalFirst Bancorp began to see some results from our
investment in developing our organization. The volume of new leases
originated during the first six months increased by 50% when compared
to the first six months of last year. Our backlog of approved but unbooked
leases remains above $100 million, and the pace of new lease activity
remains good. While our investment in capital leases did not grow over
the first six months, our transactions in process did increase by 55%.
In line with our forecast, the portfolio of leases reaching the end
of term during fiscal 2004 is comparable to the prior year, and the
Company's income from lease renewals and sales of leased property during
the first six months is only slightly below last year. For the second
quarter and six months ended December 31, 2003, CalFirst Bank recorded
a small profit."
California First National Bancorp is a bank holding company with
leasing and bank operations based in Orange County, California. California
First Leasing Corporation leases and finances computer networks and
other high technology assets through a centralized marketing program
designed to offer cost-effective leasing alternatives. California First
National Bank ("CalFirst Bank") is a FDIC-insured national
bank that gathers deposits using telephone, the Internet, and direct
mail from a centralized location, and will lease capital assets to businesses
and organizations and provide business loans to fund the purchase of
assets leased by third parties.
California First
National Bancorp S. Leslie Jewett, 949-255-0500 ljewett@calfirstbancorp.com
[Top]
------------------------------------------------------------------------------------------------------
Matsco
Charges off over $1 Million in 2003
According to a highly
reliable source at Cupertino National Bank, Cupertino, California, where
Matsco was banking ( a Greater Bay Bank,) Matsco gave the bank its highest
loan write-off in 2003, resulting in restructuring both at the bank
and Matsco. The matter is now resolved, the source said,
and changes have been made. Other details were not able to be confirmed
for publication at press time.
http://ir.thomsonfn.com/InvestorRelations/PubNewsStory.aspx?partner=4232&storyId=104009
---------------------------------------------------------------------------------------
Greater Community Bancorp Write Off
“Mr. Bruno noted,
‘Asset quality is sound and has stabilized as a result of the steps
we took in 2003 to lower the risk profile of our leasing business. In
2003, we charged off $1.3 million in problem leases. Excluding these
leases, our 2003 charge-offs were $31,000. Charge-offs were 0.26% of
average loans and leases in 2003, of which only 0.01% may be attributed
to loans. This compares with total charge-offs of $16,000 in 2002. Non-performing
assets were 0.34% of total assets at December 31, 2003, down from 0.51%
twelve months ago. Loan loss reserves were 1.55% of period-end loans,
and represent 3.16 times the level of non-performing assets plus 90-day
delinquencies.”
Greater Community Bancorp
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)
4th Qtr 3rd Qtr 2nd Qtr 1st Qtr
4th Qtr
(dollars in thousands 2003
2003 2003
2003 2002
except per share
data)
EARNINGS
Net interest income$ 6,573 $ 6,205
$ 6,335 $ 6,549 $ 6,552
Provision for loan
and lease losses
362 1,249
138 316
335
Here is the full
press release:
### Press Release
##################
Greater Community
Bancorp Reports Fiscal Year 2003 EPS of $0.89
TOTOWA, N.J.----Greater
Community Bancorp (Nasdaq:GFLS) reported net income for 2003 of $6.73
million, compared to $7.51 million reported for 2002. Diluted earnings
per share were $0.89 for the current year, compared to $0.98 reported
last year. For the fourth quarter of 2003, net income was $1.90 million,
compared to $2.20 million reported for the prior-year quarter. Diluted
earnings per share were $0.26, compared to $0.29 for the comparable
2002 period.
Anthony M. Bruno, Jr., Chairman and CEO of Greater Community Bancorp,
commented, "This has been a transition year for Greater Community.
We have taken important steps to position the Company for growth and
enhanced shareholder value going forward. We added several commercial
lenders this past year who have contributed to the strong loan growth
which has sustained our Company's performance in 2003. However, the
challenging interest rate environment prevented us from achieving the
higher level of revenue commensurate with our loan growth. The recent
improvement in net interest margin signals a return to historical levels
of revenue growth, reflecting the shift in asset mix toward higher-yielding
loans as our commercial lenders achieve their goals.
"We also implemented our new leasing strategy this past year,
and are positioned with a new management team to expand on a solid foundation
of vendor relationships. We now retain high-quality leases in portfolio;
this will also contribute to a higher and more stable level of income
as the portfolio builds over time."
Total revenue, consisting of net interest income and non-interest
income, was $33.6 million for fiscal year 2003, an increase of 0.2%
over 2002. Net interest income declined 2.12% to $25.7 million, reflecting
growth in average earning assets of 2.8%, offset by a 35 basis point
decline in the net interest margin to 3.77%. The net interest margin
for the fourth quarter of 2003 was 3.80%, a 21 basis point increase
over the previous quarter. Mr. Bruno noted that the improvement in fourth
quarter margin reflects the combined impact of a decline in premium
amortization from the previous quarter, as well as the shift in earning
asset mix.
Non-interest income for the fiscal year 2003 was $8.0 million,
compared to $7.3 million for 2002. Excluding securities gains and gains
from the sale of assets, non-interest income was $5.5 million compared
to $6.0 million in the prior year. The reduction in fee income is primarily
attributable to the aforementioned change in leasing strategy; leases
are now retained in portfolio so the Company can benefit from the resulting
longer-term interest income stream at the expense of current fee income
on the sale of leases. Mr. Bruno commented, "We continue to experience
strong growth in service charges on deposits as we expand into the high-growth
Bergen and Morris county markets."
Non-interest expense totaled $22.0 million for 2003, compared to
$21.7 million for 2002. During 2002, Greater Community incurred a $1.0
million charge, representing the write-off the unamortized portion of
the financing expense due to the refinancing of trust preferred securities.
Excluding the $1.0 million charge, non-interest expense for the current
year increased 6.7% over prior year, or 4.9% excluding severance packages
for former executives. Salaries and benefits rose 13.7%; this includes
separation packages for former executives which accounted for 3.8% of
the increase. Apart from salary expense, non-interest expense declined
10.7%. The efficiency ratio rose to 65.4% (64.1% net of the severance
packages) from 63.1% for 2002.
At December 31, 2003, assets were $753.1 million, an increase of
4.6% over 2002. Loan balances grew $80.5 million year-over-year, or
18.2%, and consisted primarily of commercial real estate loans, up $56.8
million or 27.9%, and construction loans, up $13.3 million or 54.6%.
Loan growth was funded through a combination of declines in other earning
assets and growth in deposits. Deposits increased 3.1%, led by 11.4%
growth in non-interest bearing deposits. Core deposits now constitute
74% of total deposits.
Mr. Bruno noted, "Asset quality is sound and has stabilized
as a result of the steps we took in 2003 to lower the risk profile of
our leasing business. In 2003, we charged off $1.3 million in problem
leases. Excluding these leases, our 2003 charge-offs were $31,000. Charge-offs
were 0.26% of average loans and leases in 2003, of which only 0.01%
may be attributed to loans. This compares with total charge-offs of
$16,000 in 2002. Non-performing assets were 0.34% of total assets at
December 31, 2003, down from 0.51% twelve months ago. Loan loss reserves
were 1.55% of period-end loans, and represent 3.16 times the level of
non-performing assets plus 90-day delinquencies.
Shareholders' equity totaled $50.6 million at December 31, 2003,
down 1.8% from the prior year-end due to the repurchase of 280,000 shares
of common stock. Common shares outstanding at year-end were 7,004,000.
Dividends per share paid during the year were $0.43.
About the Company
Greater Community Bancorp is a $753 million financial holding company
headquartered in Totowa, New Jersey. The Company operates fifteen branches
in the northern New Jersey counties of Bergen, Passaic and Morris through
its three state-chartered commercial bank subsidiaries: Greater Community
Bank , Bergen Commercial Bank and Rock Community Bank . They provide
traditional commercial and retail banking services to small businesses
and consumers in New Jersey. The Company also owns two subsidiaries:
Greater Community Financial and Highland Capital Corp., an equipment
leasing and financing subsidiary.
[Top]
### Press Release
#####################################
### Press Release
#####################################
CIT a Winner!!! Dividends
$.13 per share
CIT Up 7.5% From
the Prior Year Quarter, announces that its Board of Directors declared
a regular quarterly cash dividend of $.13 per share, an 8% increase
over last quarter’s dividend of $.12 per share. The dividend is payable
on February 27, 2004, to shareholders of record on February 15, 2004.
* Non-performing
and delinquency lowest since 1999
* Completed HSBC
factoring acquisition
* Gain realized on
debt redemption
* Write-down taken
for accelerated venture capital disposition
NEW YORK, -- CIT Group Inc. (NYSE: CIT - News) today reported
net income of $155.2 million (diluted EPS of $0.72) for the fourth quarter,
up from $147.8 million ($0.69) for the prior quarter, and $141.3 million
($0.67) for the prior year quarter. The results for the quarter included
two significant transactions. First, during the quarter we recognized
a pre-tax gain of $50.4 million, or an after-tax benefit of $0.14 per
diluted share, related to the call of $735 million in term debt. Second,
a determination to accelerate the liquidation of our direct investment
venture capital portfolio, resulted in a pre-tax fair value write-down
of $63.0 million, or an after-tax charge of $0.18 per diluted share.
Net income, excluding the gain on the debt call and venture capital
losses, was $161.4 million, or $0.75 diluted EPS. Full year earnings
per diluted share totaled $2.66.
"CIT made excellent
progress in 2003, culminating in a very strong fourth quarter,"
commented Albert R. Gamper, Jr., Chairman and CEO. "The economy
showed signs of recovery, and we demonstrated improvements in credit
quality and levels of new business volume," continued Gamper. "It's
gratifying to see that our accomplishments and capabilities are being
positively recognized by the marketplace."
"The challenge
ahead for 2004 is to grow our balance sheet in a focused and prudent
manner. We start 2004 with a strong balance sheet and an invigorated
market focus, and I am confident we will meet our objectives,"
said Jeffrey M. Peek, President and COO.
Financial Highlights:
Portfolio and Managed
Assets
Total financing and
leasing portfolio assets grew to $40.1 billion at December 31, 2003,
up from $35.9 billion at December 31, 2002 and $39.2 billion at September
30, 2003. Growth for the quarter included a $1.0 billion acquisition
of factoring assets as well as modest growth in the Equipment Finance
portfolio, offset in part by seasonal factoring runoff. The increase
from the prior year was primarily in the home equity portfolio, factoring
assets and the Capital Finance operating lease portfolio, reflecting
a rail acquisition and new aircraft deliveries.
Managed assets increased
to $49.7 billion, up from $46.4 billion at December 31, 2002 and $49.3
billion last quarter.
Origination volume,
excluding factoring, was flat with last quarter and 4% above the prior
year quarter. For the year, volume increased 10%, largely due to home
equity and vendor programs in Specialty Finance and asset based lending
in Commercial Finance.
Net Finance and Risk
Adjusted Margin
Net finance margin
was 3.96% of average earning assets, an improvement of 16 basis points
from last quarter. Improved funding rates drove the improvement, as
finance yield was flat with last quarter and rental income net of depreciation
was slightly below last quarter due to continued aerospace rental compression.
Risk adjusted margin
(net finance margin after provision for credit losses), while up $1.8
million from last quarter, was down 2 basis points (to 2.86%), as higher
charge-offs offset the improvement in net finance margin.
Credit Quality
Though charge-offs
were up from last quarter, credit performance was strong as evidenced
by sharp declines in delinquencies and non-performing assets to their
lowest levels since 1999. Owned and managed 60+ day delinquencies improved
for the fifth consecutive quarter. Total 60+ day owned delinquencies
declined to $676 million (2.16% of finance receivables) at December
31, 2003, from $863 million (2.85%) at September 30, 2003 and $1.001
billion (3.63%) at December 31, 2002. Managed 60+ day delinquencies
decreased to $1.022 billion (2.44%) at December 31, 2003 from $1.222
billion (2.95%) at September 30, 2003, and $1.396 billion (3.55%) at
December 31, 2002. The improvements from the prior quarter were across
all segments, with the most significant reductions in Equipment Finance.
Non-performing assets
also declined for the fifth consecutive quarter. Non-performing assets
were $677 million (2.16% of finance receivables), down significantly
from $867 million (2.86%) at September 30, 2003 and $1.086 billion (3.93%)
at December 31, 2002. The continued improvement from last quarter was
most notable in Equipment Finance due to cash received on several larger
loans and a reduction in repossessed assets due to sales. The improvement
in non-performing assets in Capital Finance reflected one large transaction
previously on non-accrual status described further below.
Total charge-offs
for the quarter were $208.6 million (2.69% of average finance receivables),
compared to $90.6 million (1.23%) for the prior quarter. The current
quarter included $101.0 million in Argentine charge-offs taken against
the previously established specific Argentine reserve of $135.0 million,
reflecting the substantial progress of collection and workout efforts
in the Argentine portfolio. In addition, a charge-off of approximately
$11 million in Capital Finance was recorded to write down the value
of a waste-to- energy project to approximately $39 million. Contracts
have been renegotiated, and the underlying asset was returned to earning
status. Absent these items, overall charge-offs were consistent with
the prior quarter. The tables that follow detail charge-offs for the
current and prior quarters by segment, both in amount and as a percentage
of average finance receivables, with supplemental disclosure of charge-offs
relating to the liquidating, Argentine and telecommunications portfolios.
Full Press Release
with financials at:
[Top]
### Press Release
#################################
Marlin
Leasing Corp. Opens Midwestern Office
MOUNT LAUREL, N.J.---Currently
listed among the top equipment leasing companies in the country, Marlin
Leasing Corp., a subsidiary of Marlin Business Services Corp. (NASDAQ:MRLN),
celebrated another milestone this month -- the opening in Chicago, Illinois
of their fourth regional office in as many years. "Each year is
more exciting for us as we continue to strategically add offices to
better penetrate targeted markets," said Gary Shivers, President
of Marlin Leasing.
The opening of the Chicago Office fulfills one of Marlin's goals
of expanding geographically. "We are proud of the level of service
we provide our customers," said Gary Shivers. "By opening
offices in strategic regions we can identify more closely with our customers
and provide better service."
Brian Cornell, Director of Sales, relocating from the company's
headquarters where he managed Marlin Leasing's highest volume retail
group, will lead the office. "We are excited to be able to service
and expand our customer base in the mid-west from downtown Chicago."
About Marlin Leasing Corp.:
Marlin Leasing Corp., a subsidiary of Marlin Business Services
Corp. (NASDAQ:MRLN), is a nationwide provider of quality leasing programs
to equipment vendors and their customers. Marlin's unique origination
platform provides service to over 60,000 customers from its regional
offices in Atlanta, Georgia, Chicago, Illinois, Denver, Colorado, Mount
Laurel, New Jersey and Philadelphia, Pennsylvania. For more information,
call Marlin Leasing at 1-888-479-9111 or visit Marlin's web site at
www.marlinleasing.com.
CONTACT:Marlin Leasing
Corp. Gary Shivers, 888-479-9111 x4105
[Top]
### Press Release
############################
NetBank,
Inc. Brands Newly Acquired ATM Processor NetBank Payment Systems, Inc.
ATLANTA--- Company also reaches definitive agreement
to acquire select assets
of Electronic Cash Systems Inc.
NetBank, Inc. (Nasdaq:NTBK), parent company of the country's first
commercially successful Internet bank, NetBank(R) (www.netbank.com),
today announced that its wholly owned subsidiary, Financial Technologies,
Inc., has changed its name to NetBank Payment Systems, Inc. The company
also announced that NetBank Payment Systems has reached a definitive
agreement to acquire select assets of Southern California-based Electronic
Cash Systems Inc. Pending regulatory approval, the transaction is expected
to close during the first quarter.
"Changing the name to capitalize on NetBank's brand equity
was a logical next step," said Douglas K. Freeman, chairman and
CEO, NetBank, Inc. "It strengthens our market presence as we continue
to build the merchant processing and point-of-sale capabilities of our
transaction processing business."
"The deal with ECS enhances our focus on merchant processing,"
said Tommy Glenn, president, NetBank Payment Systems, Inc. "It
will allow us to add more than 1,000 ATMs, and POS and merchant processing
customers, dramatically expanding our service capabilities on the West
Coast."
With the addition of the ECS assets, NetBank Payment Systems will
have more than 5,000 ATMs deployed across the country processing more
than 1.5 million or $72 million worth of transactions per month.
"This is an exciting transaction for our customers,"
said Fadi Cheikha, president of ECS. "They will benefit from NetBank
Payment Systems' integrated POS product offering, state-of-the-art technology
and ancillary products and services they can offer their own customers."
Upon completion of the transaction, Cheikha will join NetBank Payment
Systems as vice president of national sales distribution and will oversee
the company's distributor and POS program.
About NetBank, Inc.
NetBank, Inc. (Nasdaq:NTBK) operates with a revolutionary business
model through a diverse group of complementary financial services businesses
that leverage technology for more efficient and cost effective delivery
of services. Its major subsidiaries include NetBank(R) (www.netbank.com),
the country's first commercially successful Internet bank; RBMG, Inc.,
a wholesale mortgage lender that generates residential mortgages through
a nationwide network of independent brokers and correspondent lenders;
Market Street Mortgage Corporation, a retail residential mortgage lender
that conducts business in 39 states; Meritage Mortgage Corporation,
a wholesale mortgage lender that originates non-conforming residential
mortgages through a nationwide network of independent brokers; Republic
Leasing Company, Inc., a wholesale originator and servicer of commercial
business equipment leases; NetInsurance, Inc. (formerly known as RBMG
Insurance Services, Inc.), an online insurance agency representing some
of the nation's leading insurance companies; and NetBank Payment Systems,
Inc., a provider of ATM and merchant processing services to small institutions
and non-bank retail businesses. NetBank is a Member FDIC. NetBank, RBMG(R),
Market Street Mortgage(R) and Meritage(R) are Equal Housing Lenders.
CONTACT:NetBank,
Atlanta Rich Jeffers, 678-942-7596 rjeffers@netbank.com
[Top]
#### Press Release
################################
-------------------------------------------------------------------------------
United
Association of Equipment Leasing Newsline Edition
http://two.leasingnews.org/loose_files/Newsline.htm
News
Briefs---
Mortgage rates drop to lowest figure in six months
http://www.usatoday.com/money/perfi/housing/2004-01-22-mortgages_x.htm
Media ownership: Deal loosens limits, but less than FCC wanted
http://www.usatoday.com/money/media/2004-01-22-media-ownership_x.htm
Kodak
plans to cut large chunk of work force by 2007 http://www.ajc.com/business/content/business/0104/22kodak.html
[Top]
-----------------------------------------------------------------------------------------------
Sports Briefs---
New Englanders, Tarheels
face off on many fronts http://www.boston.com/business/globe/articles/2004/01/23/a_somewhat_civil_war/
Jeff Garcia's blood
alcohol level was nearly three times legal limit
http://www.mercurynews.com/mld/mercurynews/sports/football/nfl
/san_francisco_49ers/7772322.htm
Namath Wants to Stop
Drinking
http://www.nytimes.com/2004/01/23/sports/football/23NAMA.html
Wycheck expected
to announce retirement Today
http://www.theredzone.org/news/showarticle.asp?ArticleID=816
Al Davis' latest
decision a head-scratcher
http://www.mercurynews.com/mld/mercurynews/sports/column
ists/skip_bayless/7759844.htm
Raiders owner seeks
permission to interview Norv Turner
(although rumors
persist Davis may wait until after the
SuperBowl to talk
with Patroit coordinator-coaches)
http://cbs.sportsline.com/nfl/story/7025217
NFL shooting for
outdoor Super Bowl
http://www.theredzone.org/news/showarticle.asp?ArticleID=811
Agassi advances; Henin-Hardenne heads to fourth round
http://www.usatoday.com/sports/tennis/aus/2004-01-22-day-five_x.htm
[Top]
----------------------------------------------------------------------------
“Gimme that Wine”
Blending grapes broadens
the flavor of a wine http://www.boston.com/yourlife/home/articles/2004/01/22/blending_g
rapes_broadens_the_flavor_of_a_wine/
CEO of Chalone Wine
Group highlights biggest opportunities for the company
http://www.twst.com/notes/articles/wak601.html
Making a Case for
the Argentine Wine Industry
http://knowledge.wharton.upenn.edu/index.cfm?fa=viewArticle&ID=904
[Top]
This
Day in American History
By the late seventeenth
century, the African slave trade was a relatively large-scale business
enterprise, largely in the hands of the Dutch until the 1660s, it was
continued by the English, with New Englanders especially active after
the Royal Africa Trade Company lost its monopoly in 1696.
In the trade, a ship sailed from New England with rum and other
goods for the Slave Coast. The slave were then carried, under the most
miserable conditions, to the West Indies or to the colonial South, where
they were exchange for sugar, molasses, and tobacco for the North. During
the period Virginia planters relied more on white indentured servants
from Europe than on slaves from Africa. There were 6000 indentured servants
in Virginia in 1681, compared with 2000 salves. Some indentured servants
came voluntarily, signing papers for five or more years, at the end
of which time they would receive some clothing and perhaps a parcel
of land. They often then became tenant farmers.
Criminals, vagrants, and debtors were sent involuntarily to the
New World, usually for a term of service of seven years.
And others, children and adults, were victims of kidnapping.
They were sold to shipmasters who in turn sold them into servitude in
America. Many debtor servants
caused trouble in the colonies. As a result, the end of the seventeenth
century saw a steady growth in the slave trade.
1730- Joseph Hewes birthday.
Signer of the Declaration of Independence. Born at Princeton, NJ, he
died Nov 10, 1779, at Philadelphia, PA.
http://www.ushistory.org/declaration/signers/hewes.htm
http://www.colonialhall.com/hewes/hewes.asp
1737-Birthday of John Hancock, American patriot and statesman,
first signer of the Declaration of Independence and one of the richest
men in the country at the time. He had a lot to lose if the revolution
were to fail. Born at Braintree, MA, he died at Quincy, MA, Oct. 8,
1793. Because of his conspicuous signature on the
Declaration, Hancock’s name has become part of the American language,
referring to any handwritten signature, as in “Put your John Hancock
on that.”
http://www.colonialhall.com/hancock/hancock.asp
1789 - Georgetown College was founded
by Father John Carroll, 54, the first Catholic college in the
United States. The school is in Washington, DC. It’s name today is Georgetown
University.
http://www.georgetown.edu/
1849- Dr. Elizabeth Blackwell became the first woman to receive
an MD degree. The native of Bristol, England, was awarded her degree
by the Medical Institution of Geneva, NY.
1863-Confederate General John Bell Hood is officially removed
as commander of the Army of Tennessee. He had requested the removal
a few weeks before; the action closed a sad chapter in the history of
the Army of Tennessee. A close personal friend of President Jefferson
Davis, a Kentucky native, Hood attended West Point and graduated in
1853. He served in the frontier army until the outbreak of the Civil
War. Hood resigned his commission and became a colonel commanding the
4th Texas Infantry. Hood's unit was sent to the Army of Northern Virginia,
where it fought during the Peninsular Campaign of 1862. Hood, now a
brigadier general, built a reputation as an aggressive field commander.
He distinguished himself during the Seven Days' battle in June, and
was given command of a division. His counterattack at Antietam in September
may have saved Robert E. Lee's army from total destruction. After being
severely wounded at Gettysburg in July 1863, Hood was transferred to
the Army of Tennessee. He was soon wounded again, losing a leg at Chickamauga
in September. Hood was promoted to corps commander for the Atlanta campaign
of 1864, and was elevated to commander of the army upon the removal
of Joseph Johnston in July. Over the next five months, Hood presided
over the near destruction of that great Confederate army. He unsuccessfully
attacked General William T. Sherman's army three times near Atlanta,
relinquished the city after a month-long siege, then took his army back
to Tennessee in the fall to draw Sherman away from the deep South. Sherman
dispatched part of his army to Tennessee, and Hood lost two disastrous
battles at Franklin and Nashville in November and December 1864.
There were about
65,000 soldiers in the Army of Tennessee when Hood assumed command in
July. On January 1, a generous assessment would count 18,000 men in
the army. The Confederate Army of Tennessee was no longer a viable fighting
force.
http://www.civilwarhome.com/hoodbio.htm
http://ngeorgia.com/people/hood.html
1870-
US Soldiers deliberately massacre the wrong camp of Indians
Declaring he did
not care whether or not it was the rebellious band of Indians he had
been searching for, Colonel Eugene Baker orders his men to attack a
sleeping camp of peaceful Blackfeet along the Marias River in northern
Montana.
The previous fall,
Malcolm Clarke, an influential Montana rancher, had accused a Blackfeet
warrior named Owl Child of stealing some of his horses; he punished
the proud brave with a brutal whipping. In retribution, Owl Child and
several allies murdered Clarke and his son at their home near Helena,
and then fled north to join a band of rebellious Blackfeet under the
leadership of Mountain Chief. Outraged and frightened, Montanans demanded
that Owl Child and his followers be punished, and the government responded
by ordering the forces garrisoned under Major Eugene Baker at Fort Ellis
(near modern-day Bozeman, Montana) to strike back.
Strengthening his
cavalry units with two infantry groups from Fort Shaw near Great Falls,
Baker led his troops out into sub-zero winter weather and headed north
in search of Mountain Chief's band. Soldiers later reported that Baker
drank a great deal throughout the march. On January 22, Baker discovered
an Indian village along the Marias River, and, postponing his attack
until the following morning, spent the evening drinking heavily.
At daybreak on the
morning of January 23, 1870, Baker ordered his men to surround the camp
in preparation for attack. As the darkness faded, Baker's scout, Joe
Kipp, recognized that the painted designs on the buffalo-skin lodges
were those of a peaceful band of Blackfeet led by Heavy Runner. Mountain
Chief and Owl Child, Kipp quickly realized, must have gotten wind of
the approaching soldiers and moved their winter camp elsewhere. Kipp
rushed to tell Baker that they had the wrong Indians, but Baker reportedly
replied, "That makes no difference, one band or another of them;
they are all Piegans [Blackfeet] and we will attack them." Baker
then ordered a sergeant to shoot Kipp if he tried to warn the sleeping
camp of Blackfeet and gave the command to attack.
Baker's soldiers
began blindly firing into the village, catching the peaceful Indians
utterly unaware and defenseless. By the time the brutal attack was over,
Baker and his men had, by the best estimate, murdered 37 men, 90 women,
and 50 children. Knocking down lodges with frightened survivors inside,
the soldiers set them on fire, burnt some of the Blackfeet alive, and
then burned the band's meager supplies of food for the winter. Baker
initially captured about 140 women and children as prisoners to take
back to Fort Ellis, but when he discovered many were ill with smallpox,
he abandoned them to face the deadly winter without food or shelter.
When word of the
Baker Massacre (now known as the Marias Massacre) reached the east,
many Americans were outraged. One angry congressman denounced Baker,
saying "civilization shudders at horrors like this." Baker's
superiors, however, supported his actions, as did the people of Montana,
with one journalist calling Baker's critics "namby-pamby, sniffling
old maid sentimentalists." Neither Baker nor his men faced a court
martial or any other disciplinary actions. However, the public outrage
over the massacre did derail the growing movement to transfer control
of Indian affairs from the Department of Interior to the War Department--President
Ulysses S. Grant decreed that henceforth all Indian agents would be
civilians rather than soldiers.
1907 - Charles Curtis, of Kansas, began his term serving in the
United States Senate, making him the first American Indian to become
a United States Senator. In March of 1929, he resigned to become United
States President Herbert Hoover’s Vice President
http://bioguide.congress.gov/scripts/biodisplay.pl?index=C001008
http://www.africanpubs.com/nativepubs/Apps/bios/0143CurtisCharles.asp
1910 –Jazz guitarist Django
Reinhardt’s birthday
http://www.classicjazzguitar.com/artists/artists_page.jsp?artist=26
1913 -- Joe Hill's song "Mr. Block"
published in the "Industrial Worker".
anarchist
http://www.dcs.shef.ac.uk/~matt/choir/hill.html
http://www.cs.pdx.edu/~trent/ochs/lyrics/joe-hill.html
http://www.fortunecity.com/tinpan/parton/2/mrblock.html
1919- birthday of Ernie Kovacs, early television pioneer and great
comedian .. Along with his wife
"Edie Adams," he had both a morning and then one of the first
late night television shows, smoking a large cigar, that his wife later
made even more famous. I remember
as a teenager the superimposing of Ernie being very small, looking down
his wife's well-endowed evening gown.
This was very new and shocking on TV.
The gorilla's and his great humor.
He died in a bizarre car accident in Beverly Hills in 1962, with
his wife in a separate car in the lead, his slipped on the wet pavement
and went slamming at 25 miles an hour into a telephone poll, where the
leadsman had left the bottom rung to climb, and it went through the
driver's door, killing him instantly.
http://users.rcn.com/man
http://broadcastpioneers.tripod.com/kyw/kovacs.html
aben/kovacs.html
1930-Birthday of
Black American poet and playwright Derek Walcott, born in St.
Lucia, in the Carribbean. Walcott will win the Nobel Prize for Literature
in 1992. Walcott's family descended from slaves in the West Indies,
and the legacy of slavery is a common theme in his work. Both his parents
were schoolteachers and encouraged a love of reading in their three
children. When Walcott's father died, his mother raised the family on
her own. Walcott knew early on he wanted to be a writer: His first book
of poems was published when he was only 18. He continued writing and
began teaching as well. Deeply interested in theater as well as poetry,
he received a grant from the Rockefeller Foundation in 1957, which allowed
him to study with a prominent director in New York for two years. In
New York, Walcott founded the Trinidad Theater Workshop. A prolific
poet, Walcott published In a Green Night: Poems 1948-1960 in
1962, Selected Poems in 1964, The Castaway in 1965, and
The Gulf in 1969. His lush style explores multicultural tensions
and questions of identity. Meanwhile, he continued his work in the theater,
with plays like Ti-Jean and His Brothers (produced in 1958),
Dream on Monkey Mountain (produced 1967), and Pantomime
(produced 1978). He wrote more than 30 plays while continuing to publish
poetry collections regularly. His book-length poem Omeros, published
in 1990, evokes Homer's Odyssey in the environment of the Caribbean.
Walcott was the first Caribbean writer to win the Nobel Prize.
http://www.nobel.se/literature/laureates/1992/
http://www.kirjasto.sci.fi/walcott.htm
1933-the 20th Amendment was ratified, fixing
the date of the presidential inauguration at the current Jan 20 instead
of the previous Mar 4. It also specified that were the president-elect
to die before taking office, the vice president-elect would succeed
to the presidency. In addition, it set Jan 3 as the official opening
date of Congress each year.
1941-Charles A. Lindbergh, a national hero since his nonstop solo
flight across the Atlantic, testifies before the House Foreign Affairs
Committee on the Lend-Lease policy-and suggests that the United States
negotiate a neutrality pact with Hitler. In March 1932, Lindbergh made
headlines again, but this time because of the kidnapping of his two-year-old
son. The baby was later found dead, and the man convicted of the crime,
Bruno Hauptmann, was executed. Many historians believe the real murdered
was Lindbergh’s sister, who had a history of mental disorder and violence,
plus she was living in the house. To flee unwanted publicity, Lindbergh
and his wife, Anne Morrow, daughter of U.S. ambassador Dwight Morrow,
moved to Europe. During the mid-1930s, Lindbergh became familiar with
German advances in aviation and warned his U.S. counterparts of Germany's
growing air superiority. But Lindbergh also became enamored of much
of the German national "revitalization" he encountered, and
allowed himself to be decorated by Hitler's government, which drew tremendous
criticism back home. Upon Lindbergh's return to the States, he agitated
for neutrality with Germany, and testified before Congress in opposition
to the Lend-Lease policy, which offered cash and military aid to countries
friendly to the United States in their war effort against the Axis powers.
His public denunciation of "the British, the Jewish, and the Roosevelt
Administration" as instigators of American intervention in the
war, as well as comments that smacked of anti-Semitism, lost him the
support of other isolationists. When, in 1941, President Roosevelt denounced
Lindbergh publicly, the aviator resigned from the Air Corps Reserve.
He eventually contributed to the war effort, though, flying 50 combat
missions over the Pacific. His participation in the war, along with
his promotion to brigadier general of the Air Force Reserve in 1954
by President Dwight D. Eisenhower, a popular Pulitzer Prize-winning
book, The Spirit of St. Louis,, and a movie based on his exploits
all worked to redeem him in the public's eyes.
1941- Artie Shaw records Moonglow/Dancing in the Dark ( Victor
27405/27335)
In the band were
Johnny Guarnieri, Jack Jenney, Billy Butterfield and Ray Conniff on
trombone.
1943- The New Tribes Mission was incorporated
in Los Angeles by founder Paul W. Fleming. NTM works today primarily
in missionary aviation, Bible translation, church planting and the production
and distribution of Christian literature.
http://www.ntm.org/
1943- Duke Ellington band plays first Carnegie Hall concert, introduces
“Black, Brown, and Beige.”
1944- The Detroit Red Wings set an NHL record for consecutive goals
scored when they defeated the New York Rangers, 15-0.
1948-John Huston's "Treasure of Sierra
Madre" starring Humphrey Bogart opens
http://www.filmsite.org/trea.html
http://www.rottentomatoes.com/m/TheTreasureoftheSierraMadre-1021979/
http://www.moviegoods.com/movie_product.asp?master_movie_id=14163
1951 –Top Hits
Tennessee Waltz -
Patti Page
The Thing - Phil Harris
A Bushell and a Peck - Perry Como & Betty Hutton
The Shot Gun Boogie - Tennessee Ernie Ford
1959–Top Hits
Smoke Gets in Your Eyes - The Platters
My Happiness - Connie Francis
Donna - Ritchie Valens
Billy Bayou - Jim Reeves
1962- Jackie Robinson became the first black ballplayer to be elected
to the Baseball Hall of Fame. Robinson broke baseball’s color line in
1947 and played for the Brooklyn Dodgers through 1956.
1964- the Twenty-Fourth Amendment to the US Constitution was ratified.
Poll taxes and other taxes were eliminated as a prerequisite for voting
in all federal elections by the 24th Amendment Payment of the tax
stood as a potent prerequisite, and sometimes outright barrier, to voting
in national elections. And, for the Southern Democrats who designed
and helped pass the tax in a number of Southern states during the 1880s
and 1890s, this was precisely the point: the poll tax was a blunt tool
for barring poverty-stricken African-Americans and whites from participating
in the electoral process. As such, the tax was also a means for stemming
the rise of the Populist Party, which had used a racially mixed coalition
of poor and lower class voters to gain a place on the national stage.
Attempts to roll back the poll tax were generally blocked in the Senate.
However, in 1949, Senator Spessard L. Holland of Florida took up the
cause of killing the tax forever via a constitutional amendment. When
the Senate finally passed the Twenty-Fourth Amendment in 1962, the poll
tax remained in effect in five Southern states: Virginia, Texas, Mississippi,
Arkansas and Alabama. After 1964, it was constitutionally legal in none.
http://memory.loc.gov/ammem/today/jan23.html
1968- North Korea seized the USS Pueblo in the Sea of Japan,
claiming the ship was on a spy mission. The crew was held for 11 months.
The vessel was confiscated.
1965-“The King Family” premiered on television, the
ABC musical variety
show featuring the signing and playing of the King sisters and other
descendents of William King Driggs, who organized the family musical
group in the 1930s. Including spouses, children, grandchildren and great-grandchildren,
some three dozen members of the King family have appeared on camera
at one time.
1967–Top Hits
I’m a Believer - The Monkees
Tell It Like It Is - Aaron Neville
Georgy Girl - The Seekers
There Goes My Everything - Jack Greene
1968 – The Pueblo incident began when the
Navy intelligence ship U.S.S. Pueblo was seized off the coast of North
Korea by North Korean patrol boats.
It was claimed that the Pueblo had been caught within North Korean
waters. Its crew of 83 was subjected to harsh treatment until their
release. Accompanying the crew when they were released--on
Dec 22, 1968--was the body of Seaman Duane D. Hodges, the only crewman
killed. The Pueblo incident was a blow to the Johnson administration's
credibility, as the president seemed powerless to free the captured
crew and ship. Combined with the public's perception--in the wake of
the Tet Offensive--that the Vietnam War was being lost, the Pueblo
incident resulted in a serious faltering of Johnson's popularity with
the American people. The crewmen's reports about their horrific treatment
at the hands of the North Koreans during their 11 months in captivity
further incensed American citizens, many of whom believed that Johnson
should have taken more aggressive action to free the captive Americans.
It was not to the expose of the FBI traitor was it learned he had given
the cipher codes to the Soviets, but they wanted an actual cipher machine
and this was the main plan in the capture of the Pueblo. With it, the
could read all secret communication by the US military, which was not
known until the capture of the traitor until early this century.
1971 - In Prospect Creek Camp, Alaska the lowest temperature ever
recorded in the United States was reported when the thermometer fell
to minus 80 degrees.
1973-President Nixon announces that Henry Kissinger and Le Duc
Tho, the chief North Vietnamese negotiator, have initiated a peace agreement
in Paris "to end the war and bring peace with honor in Vietnam
and Southeast Asia", preliminary signed on January 22 and official
agreement singed on January 27. Kissinger and Tho had been conducting
secret negotiations since 1969. After the South Vietnamese had blunted
the massive North Vietnamese invasion launched in the spring of 1972,
Kissinger and the North Vietnamese had finally made some progress on
reaching a negotiated end to the war. However, a recalcitrant South
Vietnamese President Nguyen Van Thieu had inserted several demands into
to the negotiations that caused the North Vietnamese negotiators to
walk out of the talks with Kissinger on December 13. President Nixon
issued an ultimatum to Hanoi to send its representatives back to the
conference table within 72 hours "or else." The North Vietnamese
rejected Nixon's demand and the president ordered Operation Linebacker
II, a full-scale air campaign against the Hanoi area. This operation
was the most concentrated air offensive of the war. During the 11 days
of the attack, 700 B-52 sorties and more than 1,000 fighter-bomber sorties
dropped roughly 20,000 tons of bombs, mostly over the densely populated
area between Hanoi and Haiphong. On December 28, after 11 days of intensive
bombing, the North Vietnamese agreed to return to the talks. When the
negotiators met again in early January, they quickly worked out a settlement.
1973- Neil Young interrupted a concert in New York to announce
that the US had accepted a ceasefire in Vietnam. The audience was reported
to have hugged and kissed for 10 minutes.
1974 - The movie "The Exorcist", based on William Peter
Blatty's novel, opened with Mike Oldfield’s "Tubular Bells"
playing over the movie's credits. The song was awarded a gold record.
1975–Top Hits
Mandy - Barry Manilow
Please Mr. Postman - Carpenters
Laughter in the Rain - Neil Sedaka
Kentucky Gambler - Merle Haggard
1975-"Barney Miller" premiered on Television, about
a New York precinct captain starred Hal Linden as Captain Barney Miller.
The 12th Precinct gang included Barbara Barrie as Miller's wife, Abe
Vigoda as Detective Phil Fish, Max Gail as Sergeant Stan Wojciehowicz,
Gregory Sierra as Sergeant Chano Amenguale, Jack Soo as Sergeant Nick
Yemana, Ron Glass as Detective Ron Harris and a host of others. It was
one of my favorite television shows ( not seen on re-run, yet ).
http://timvp.com/bmiller.html
1977 - When Carole King’s landmark album, "Tapestry",
hit its 302nd week on the album charts, it became the longest-running
album to hit the charts in history.
1982 -- CBS broadcasts The Uncounted
Enemy: A Vietnam Deception, charging General William
Westmoreland oversaw the intentional underestimation of enemy forces
to improve the perception of how things were going. The general files
a libel suit, which he subsequently lost. generally speaking.
http://www.museum.tv/archives/etv/U/htmlU/uncountedene/uncountedene.htm
http://www.sfsu.edu/~avitv/avcatalog/88419.htm
1983 - "The A-Team", began it's run on television,
full of action and drama, starring, Mr. T. Wearing a ton of gold jewelry,
he played the not so mild-mannered Sergeant Bosco B.A. Baracus, under
the command of George Peppard as John Hannibal Smith
http://www.ateamresource.net/review.asp?menuid=47
http://www.dollsandtoysaustralia.com/ateam.html
http://www.geocities.com/Hollywood/Academy/6677/
1983–Top Hits
Down Under - Men at Work
The Girl is Mine - Michael Jackson /Paul McCartney
Dirty Laundry - Don Henley
(Lost His Love) On Our Last Date - Emmylou Harris
1988- for the first time ever, a bowler rolled a 300 game on television
to win a professional tournament. Bob Benoit was the bowler. He won the Quaker State Open in grand Prairie,,
TX, and earned a $100,000 bonus. 1991-
Policeman's Videotaped Murder Leads to Killers' Convictions in Texas
.Darrell Lunsford, a county constable in Garrison, Texas, is killed
after pulling over a traffic violator. His murder was remarkable because
it was captured on a camera set up in Lunsford's patrol vehicle. The
videotape evidence led to the conviction of the three men who beat,
kicked, and stabbed the officer to death along the East Texas highway.
Lunsford pulled over
a vehicle with Maine license plates and turned on the video camera installed
on his front dashboard. He appeared to have asked the three men in the
car to open the trunk. However, when the men got out of the car they
tackled Lunsford and stabbed him in the neck. The men took his gun,
badge, and wallet and drove off in their car.
Later that night,
Reynaldo Villarreal was picked up by officers as he was walking a few
miles from the murder site. His brother, Baldemar, and another man,
Jesse Zambrano, were also arrested a short time later. At the trial
of the three men, the jury watched the videotape and all were convicted.
The videotaped murder
of Lunsford has ushered in a new era. Video cameras have become ubiquitous
in police cars, and can be a potent law-enforcement tool.
1991–Top Hits
Love Will Never Do (Without You) - Janet Jackson
The First Time - Surface
Sensitivity - Ralph Tresvant
Unanswered Prayers - Garth Brooks
1997- Madeleine Korbel Albright, born in Prague, Czechoslovakia,
was sworn in as secretary of state, the first woman to hold this position.
She served as ambassador to the United Nations during the first
administration of President William Jefferson Clinton.
While she was raised a Catholic, during
her term she learned
she was the child of Jewish parents killed by the Nazi’s and hidden
and
raised as a Catholic.
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