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Headlines---
Alert-Equipment
Leasing Association
Classified
Ads---Credit-Documentation-Finance
Lease
Broker Showcase Scheduled
RW
Leasing Problems Now an Industry Problem
Form
to Help the Leasing Industry
1st
Banks further leasing portfolio deterioration
Dennis
Houseman V-P - Leasing Of Global Imaging
Advanta
Reports 4th Q/Full Year 2003 Earnings
CIT
Sale of Direct Private Equity Investments
Michael
Ash Promoted to Syndication Manager
Alert—Equipment
Leasing Association
Hazardous
Electronic Waste-Recycling Fee Added To Sales Tax
In California the
Board of Equalization (BOE) will collect the electronic waste-recycling
fee in conjunction with sales tax on the sale or lease of covered electronic
equipment starting July 2004. The fee will be assessed without regard
to sales tax nexus because a separate logic dictates when a fee is due.
No distinct accommodation
is given leasing transactions, which would therefore follow guidelines
for retail sales in draft regulations to be issued on March 23. The
last opportunity to advise them of issues unique to leasing is a workshop
at Cal/EPA in Sacramento on Monday, February 6. Regulations dictating
application of the new recycling fee to leased equipment need input
from lessors and the last opportunity is February 6. A representative
from your company can coordinate with other ELA members by contacting
Dennis Brown of ELA at dbrown@elamail.com
( You can be sure
if California enacts this, other states most
likely will follow.
editor )
---------------------------------------------------------------------------
Classified
Ads---Credit-Documentation-Finance
Credit: Atlanta,
GA. VP Credit/Operations/Sr. Credit Officer. 15yrs exp. in equipment
leasing. Strong financial analysis and management skills. Experience
developing and maintaining profitable customer/vendor relationships.
Email:credops@msn.com
Credit: Atlanta,
GA.
Senior Credit Officer
in middle-market equip. finance, vendor, 3rd party, specialty, flow
credit to the fortune 1000. Team builder, originations capable, strong
work ethic, ability to multi-task.
Credit: Atlanta,
GA.
10 yrs experience
in
credit/collections/recovery/documentation
in the leasing industry. P&L responsibility,
team builder &
strong portfolio mgnt skills.email: mortimerga@adelphia.net
Credit: Boston Ma.
Challenging position
where my skills, professional experience, organization, leadership,
strategic thinking, creativity, energy, passion, competitive nature
will enable me to define opportunities and personal development.Email:
bernd.janet@verizon.net
Credit: Corona, CA.
VP credit Consumer
Credit prime/sub prime Auto lending/leasing/mortgages. 20+yrs exp. If
you are looking for someone to affect the bottom line I am that person.
Will relocate. Email:amosca2000@yahoo.com
Credit/Documentation:
Fort Lee NJ
3 Years Experience.
Looking in NJ/NY. Email: angitravis@mail.com
Credit: Long Beach,
NY. Credit officer w/more than 20 years of experience. Seeking position
in which I can utilize my credit-collections, communication &management
skills. Email:michaelschaubeck@webtv.net
Credit: Los Angeles,
CA
Over 15 years experience
in Credit/Operations with Small Ticket and transactions up to $500,000.00.
CLP, with excellent relationships with most major lenders. Email:jonbh123@earthlink.net
Credit: Mill Valley,
CA
Senior corporate
officer with financial services credit background. M and A, fund raising
and workout expertise. Email:nywb@aol.com
Credit: New Jersey,
NJ
Credit Analyst with
10+ years experience in small-ticket lending up to $500,000. Experience
with both vendor-direct and with brokers.
Email: b.leavy@worldnet.att.net
Credit: New York,
NY
3+ years of leasing
credit / contracts experience. Currently in the leasing industry and
moving to NY! Exp. working at both funding source and broker.Email:
lease4you@mail.com
Credit: New York,
NY.
V.P. Credit &
Collections w/23 years exp.looking for a situation where I can utilize
my varied & extensive knowledge of credit/ collections/risk-management
& leasing. Email:rcouzzi@yahoo.com
Credit: New York, NY Credit officer with banking and leasing background; strong analytical and communication/PC skills with lending and portfolio management experience. Email: michaelschaubeck@webtv.net
Credit:
Analyst experience
underwriting for a direct lessor, regional bank and vendor leasing company.
Have CLP and will make decisions ( won't rely on a FICO score for enlightenment.)
Email: pmtorres1@yahoo.com
Credit Manager: Westlake,
OH
7+ years Credit/Underwriting
experience Comp lit. Please email me for copy of job description at
mgallo@comfingrp.com
--
Documentation
Documentation/Funding/Collection
Manager: Phoenix, AZ. Five years in Equipment Leasing Industry. Looking
for a Leasing home in Phoenix. Prefer documentation/funding, but interested/open
to managing account portfolios. Email: rrr64@aol.com
Finance: Chicago,
IL
Experienced in big
ticket origination, syndication, valuation and workout. Twenty five
years, MBA, CPA, JD, LLM (Tax), structuring specialist. Inbound and
outbound transactions.
Email:pal108381@comcast.net
Finance: Austin,
TX.
20+ years all facets
of lease/finance. Collection and credit management. Equipment &
rolling stock structuring. $150k credit authority, $100 million portfolio
management.
Email: texmartin@juno.com
Finance: Lyndhurst,
NJ
CFO w/20+ years leasing/financing.
Respected by lenders/rating agencies full & fair financial reporting.
Outstanding record restructuring debt. Adept at investor relations and
mentoring people. Email:joemcdev@aol.com
Full Listing of 101 Classified Ads:
http://64.125.68.90/LeasingNews/JobPostings.htm
Post Your Free “Job
Wanted Ad “ by going here:
http://64.125.68.90/LeasingNews/PostingForm.asp
Employer’s ads, please
go here:
http://64.125.68.90/LeasingNews/PostingFormWanted.asp
-------------------------------------------------------------------------------
Economic
Events This Week
Monday
January 26
Existing-Home
Sales: December
Tuesday
January 27
Consumer
Confidence: January
Wednesday
January 28
Durable
Goods Orders: December
New-Home
Sales: December
Prices
of New Homes: December
Thursday
January 29
Weekly
Jobless Claims
Friday
January 30
G.D.P.4th
Qtr.
-----------------------------------------------------------------------
****
announcement ****************************
Lease Broker Showcase Scheduled
Atlanta,
GA - The Lessors Network has announced plans to develop an Invitation
Only Lease Broker Showcase this summer. Invitation Requests are now
available online from Lease Brokers Showcase.
For
more information, please go here:
http://www.lessors.com/Events-2004/Brokers/overview.html
About
The Lessors Network
The
Lessors Network is a sales & marketing network facilitating new
business development opportunities within the corporate and municipal
equipment leasing markets. Additional information can be viewed from
their web site at www.lessors.com.
****
announcement **********************************
-------------------------------------------------------------------------
|
Orix—Time
to Heal "Your
last article regarding the "Down Dates" for ORIX has
everyone so worried. I appreciate your posting of the information
pertaining to ORIX. As I said before, this is about the only information
that we are given. "Just
like Gary's statement Friday, corporate isn't saying much either.
If so, it's so full of holes that they leave an easy out for themselves
if they do shut us down. "All
of the "BEST" employees are leaving for jobs with other
companies. Some of these people are the only person in their position
with the knowledge it takes to keep things going. If ORIX doesn't
close, they might as well. "It's
all down hill from here for ORIX!" (name with held ) --- "Attached
is the memo that was sent out to the OFS employees on Wednesday. One interesting note is that it was put in
a PDF format so that it couldn't be printed out or posted on your
site. I guess they have grown increasingly irritated
with your site and view it as "The Gadfly Of The State". "I
have heard that the execs in Dallas were so ***** that some of
this information has hit your site that they have delayed the
announcement of the executives whom are being let go in an effort
to discredit Leasing News." (
name with held ) -- ====================================================== editorial Leasing
news has many such e-mails. It's time to stop thinking "us
versus them" or "versus Leasing News."
It is obvious employees at Orix Financial have a tremendous
desire to communicate their concerns. We have printed the “cry
for help.” It appears management has gotten part of the
message, and appears to realize that there is not only “miscommunication,”
but “fear” and “apprehension.”
Instead of being from just a few, it is growing and appears
to be of concern to the company. This
is evident in the memo from Orix USA Financial President Gary
E. Corr. http://two.leasingnews.org/loose_files/OFS_Strategy.pdf Leasing
News believes the concerns, which several readers refer
to as “fear,” needs to be addressed in an open question and answer
session, similar to a staff meeting; but due to the logistics,
we recommend a “telephone conference call” with all employees
in the financial division. This
was extremely successful for CIT president Al Gamper, Jr., in
the transition from Tyco to going public again. Gamper spoke to
employees in offices around the world, making a telephone number
with tape available to employees who were not able to participate,
so they could listen to the conversation in an “un-edited” format. Friday,
April 25th, 2002, he addressed the employee’s fears. He
spoke to them a second time about
what was going, has his right hand person with him, who also spoke
about the financial condition. He did not have all the answers,
said he would talk to Human Resources, and also directed questions
to others in his company. He came across confident, considerate,
and you could tell he wanted everyone “to be on the same page.” http://www.leasingnews.org/Conscious-Top%20Stories/CIT_AL_GAMPER.htm Leasing News at the time went on the limb and advised
to buy this stock when it came out because you were not
buying a company, you were buying “people.” CIT, even though part of Tyco, was a company working
together, almost with a family attitude. I am sure they had their disputes and arguments, but they worked
them out, they moved forward, they changed with the times, they
cared. Even people who retired, many after twenty
or twenty-five, or more years, still talk how proud they were
part of CIT Financial. Gamper went on the road, visited offices, made his
pitch about CIT, and also spoke directly with the employees, involving
his management team, about the direction. He was the boss. He didn’t
hide. He was a street fighter.
He was proud of his “people.” Gary E. Corr has an excellent reputation, both peers
and employees don’t seem to question his integrity or leadership, |
================================================
 IFC Credit Corporation is seeking Account Executives ready to roll up their sleeves in establishing strategic financing alliances with select vendors and manufacturers in healthcare, industrial and technology marketplace segments. Proven track record of success in equipment financing a must. Specific industry and collateral experience a plus. Hiring now in major markets throughout the country. Email your resume to pmcdermid@ifccredit.com |
----------------------------------------------------------------
RW
Professional Problems Now an Industry Problem
This
is one example on e-mail Leasing News receives from businesses that
have had problems with Commercial Money Center, RW Professional, among
others, who have sold their lease twice, three times to other financial
institutions, and/or, the lessee pays off the lease, but RW Professional
or CMC does not pay off the bank where they assigned the lease.
In
this example, the problem is not with American Express, First Sierra,
or Bank of Utica, or “Nassau Recover Asset” who picked up the equipment,
it is with RW Leasing, who’s owners away trail in New York allegedly
over a hundred or more of these type situations.
Name = patricia jordan
Address = po box 12336
City = jacksonville
State = nc
Zipcode = 28546
Email = coastalcatclinic@hotmail.com
Comments or Questions= I have
questions about the RWleasing case.
We
are one of the many that have been caught up in the
deceitful
practices of RW Leasing. Was there any connection that First Sierra was the same as RW Leasing in l999? The
reason I ask is that credit inquiries
of me prior to the so called "financing" of our business loan
by RW Leasing only had inquiries by First Sierra and never RW Leasing.
The
fact that now we are in court with them and yet never received any notice
that the loan was supposedly "assigned" by RW Leasing to First
Sierra as they report at a
date
they refuse to list. In July or Aug of 2001, we were to told by RW Leasing
to pay American Express Business Finance that they had been assigned
the loan.
Now
we find out other banks were supposedly to have "owned" this
loan like the Bank of Utica whom tried to start to collect on it sometime
in April of 2002. We did have one of three payments having to be sent
to an address in Texas and 2 others in New York and Mass.
We
make this connection learning that the parent office of First Sierra
is also in Texas. A company, Nassau Recover Asset company was supposedly
hired by RW Leasing to
come
repossess equipment, which they did send
some company reps who supposedly dealt with x-ray equipment from
South Carolina to come get equipment which we had had in storage for
four months awaiting pick up from supposedly RW Leasing.
We
now have First Sierra suing us for a loan that we made payments to RW
Leasing and American Express Business Finance and then had reps from
Nassau Asset Recovery pick up in February of 2002.
We
have a copy of the zero balance on the loans from American Express Business
Finance in Aug of 2002 after all equipment picked
up and yet about 5 months later had a suit by First Sierra filed against
us.
Do you have any information about these connections
and if First Sierra/RW Leasing/American Express Business Finance might
all be the same entity?
Sincerely,
Patricia
Jordan
((This
is not over for Ms. Jordan. We
suggested she hire an attorney where the lawsuit would be held (venue.) We explained RW Leasing had sold the lease
to First Sierra ( such as she would understand is done in the mortgage
industry, assigned, and perhaps even “sold” on a recourse or non-recourse
basis,) who’s
company
was purchased by American Express Business Finance. It also may be true that Bank of Utica has a “claim” against her
company and the “collateral,” if you will.
(That
this means more “expense” for her may not be avoided as there appears
to be more than one party involved. It appears she has tried to communicate
this, but is caught in the corporate maze of not speaking to someone
with authority, who may be able to actually help her present her case
without going to court.
To
state that she will never lease again, and has told all her friends
and colleagues, not to lease, is an understatement. If any reader has
advice to give to her, please contact her, and if you would like to
share with us, we will print it, too. editor.)
For
the latest, and the archive stories on RW Professional Leasing, please
go here:
http://www.leasingnews.org/Conscious-Top%20Stories/RW_Update_11-26-2003.htm
Form
to Help the Leasing Industry
by Kit Menkin
December
16,2003 was the last printing of the effort to raise $2,000 at $200
per person for a form that would spell out what could be kept by the
leasing company in considering an application.
In it,
we quoted from 1998,
“Leasing Logic,” a publication of the National Association of Equipment
Leasing Brokers:
“From the Desk of Joseph
G. Bonanno—Legal Counsel.”
To say
the lease, we were criticized for printing something “old”
and
for this effort. Even in the
“Reader’s Survey,” most said
if
the lease did not go through, the broker or leasing company
should
return the “advance rental” or “commitment fee.”
It is time
to try again!
There is
a valid reason for a “commitment letter” or agreement.
It
is quite common in leases over $100,000, especially used when the broker
wants to “win the deal.”
Whether
it is practical or not in leases at the $10,000 level is
the
choice of the leasing company. Each
situation is different.
It
is recommended for leases over $25,000, and certainly over
$100,000.
The people
who are donating $200 to this effort, also are presenting the documents
their company uses today, and
valid
in most states. It certainly
will spell out what is “earned”
for
working on an application.
If
you have the faith that if the lease does not go through, you
will
return all the money, that is your choice.
If
you want to be remunerated for your time and effort, we
hope
to make this form available “for free” to all readers,
once
we find six more who want to “donate” $200 to this effort.
“I
think a pool of companies is a great idea. I'm in. I have modified my
agreement a bit already. I'll fax you a copy
later today.”
Paul
Behechti
Bridge
Capital Leasing
pbehechti@bridgeleasing.com
--
“I'm
in for the $200.”
Gary
Saulter
Chase
Industries, Inc.
800-968-5000
Fax:
616-459-6822
www.chaseindustries.com
--
“I
support your efforts.
Hope
all is well, keep up the good work.”
“Your
leasing buddy,
Tree”
Theresa
Kabot
Kabot
Commercial Leasing
KabComLsng@aol.com
--
Warren
Hawkins
While
we do not want to give legal advice, particularly realizing that states
differ and there are also licensing issue, we asked Ken Greene for some
"generic" help.
He
has agreed to perform this service, review the forms, and then devise
a “generic one” to help brokers retain expenses, particularly if an
application is not approved or terms and conditions change.
“I
am glad to help if a pool of leasing companies would like to get together
and hire me to put together a thorough form. It can still be simple,
but it should be internally consistent and not appear to be punitive
in nature.”
Kenneth
C. Greene
Law
Offices of Kenneth C. Greene
980
Magnolia Avenue Suite 6C
Larkspur,
CA 94939
Vox:
415 461 3777
Fax:
415 461 3733
E-Mail:
keng@kengreenelaw.com
Website:
www.kengreenelaw.com
For
those who participate, Ken Greene is willing to do extra work for a
minimal fee on the form for their specific needs. Each company will
sign an agreement regarding this form to cover expenses incurred should
a lease not go forward, plus give other clauses for specific terms and
conditions to be covered in the proposal. Should we not obtain the $2,000
needed, all money will be returned. As per our policy, we also reserve
the right to refuse a sponsorship. editor
|
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 |
------------------------------------------------------------------------
###
Press Release ##########################
First
Banks, Inc. Announces Fourth Quarter and Year End 2003 Earnings
" The Company experienced further deterioration
in the commercial leasing portfolio in 2003, contributing to continued
higher-than-historical provisions for loan losses. The Company recorded
provisions for loan losses of $13.0 million and $49.0 million for the
three months and year ended December 31, 2003, respectively, compared
to $16.8 million and $55.5 million for the comparable periods in 2002."
ST.
LOUIS)----First Banks, Inc. ("First Banks" or the "Company")
(NASDAQ:FBNKN) (NASDAQ:FBNKM) (NYSE:FBSPRA) reported net income of $15.4
million and $62.8 million for the three months and year ended December
31, 2003, respectively, compared to $14.8 million and $45.2 million
for the comparable periods in 2002. Results for 2003 reflect increased
net interest income and noninterest income and decreased provisions
for loan losses, which were partially offset by higher operating expenses
and an increase in the effective tax rate. The increase in net income
for 2003 is primarily attributable to increased net interest income
resulting from reduced deposit rates and earnings on interest rate swap
agreements associated with the Company's interest rate risk management
program, increased gains on mortgage loans sold and held for sale and
a gain relating to the partial exchange of First Banks' investment in
Allegiant Bancorp, Inc., St. Louis, Missouri ("Allegiant"),
for a 100% ownership interest in Bank of Ste. Genevieve, Ste. Genevieve,
Missouri. The Company's remaining investment in the common stock of
Allegiant after the partial exchange was contributed in full to a previously
established charitable foundation in the fourth quarter of 2003. This
contribution was partially offset by the gain realized on the increase
in the market value of the Allegiant common stock and the related income
tax effects of the transaction. The increase in the effective tax rate
in 2003 is primarily attributable to higher taxable income and the merger
of the Company's two bank charters in 2003, which resulted in higher
taxable income allocations in states where the Company files separate
state tax returns.
On December 31, 2003, the Company implemented
FASB Interpretation No. 46, Consolidation of Variable Interest Entities,
an interpretation of ARB No. 51, resulting in the deconsolidation of
the Company's five statutory and business trusts, which were created
for the sole purpose of issuing trust preferred securities. The implementation
of this Interpretation had no material effect on the consolidated financial
position or results of operations for any of the periods presented.
Allen H. Blake, President and Chief Executive
Officer of First Banks, said, "First Banks' financial performance
for 2003 continues to reflect our adaptation to the current interest
rate environment and weak economic conditions that have prevailed over
the last two years. While continuing to address residual problems in
the loan and lease portfolio, the Company has focused its efforts on
strengthening net interest margin and growing noninterest income while
managing operating expenses. This has placed us in a position to benefit
from improved economic conditions as they occur."
The Company experienced continued growth of
net interest income in 2003, primarily attributable to lower deposit
rates coupled with earnings on interest rate swap agreements that were
entered into in conjunction with the Company's interest rate risk management
program to mitigate the effects of decreasing interest rates. In addition,
during 2003, the Company reduced its subordinated debentures by $63.1
million. Net interest margin improved to 4.51% and 4.45% for the three
months and year ended December 31, 2003, respectively, compared to 4.27%
and 4.23% for the comparable periods in 2002. Net interest income increased
to $73.9 million and $287.1 million for the three months and year ended
December 31, 2003, respectively, from $70.2 million and $268.2 million
for the comparable periods in 2002. The derivative financial instruments
used to hedge the Company's interest rate risk contributed $16.5 million
and $64.6 million to net interest income for the three months and year
ended December 31, 2003, respectively, compared to $15.1 million and
$53.0 million for the comparable periods in 2002. During 2003, the Company
issued $73.2 million of subordinated debentures to newly formed trusts
associated with the issuance of $25.0 million of trust preferred securities
in a private placement and $46.0 million of trust preferred securities
in an underwritten public offering. In the second quarter of 2003, the
Company redeemed $132.3 million of trust preferred securities that had
been issued during 1997 and 1998, thereby reducing its subordinated
debenture obligations to the underlying trusts by $136.3 million. The
funds necessary for the redemptions were provided from available cash
of $32.9 million, borrowings under the Company's note payable of $34.5
million and net proceeds from the issuance of the additional subordinated
debentures. These transactions, coupled with the use of additional derivative
financial instruments, have allowed First Banks to reduce its overall
expense associated with the utilization of trust preferred securities.
While these transactions have contributed to the Company's financial
performance, prevailing low interest rates, generally weak loan demand
and overall economic conditions continue to exert pressure on the net
interest margin.
The Company experienced a higher level of
problem loans, related charge-offs and past due loans during 2002 resulting
from economic conditions within the Company's markets, additional problems
identified in two acquired loan portfolios and continuing deterioration
in the commercial leasing portfolio, particularly the segment of the
portfolio relating to the airline industry. The Company experienced
further deterioration in the commercial leasing portfolio in 2003, contributing
to continued higher-than-historical provisions for loan losses. The
Company recorded provisions for loan losses of $13.0 million and $49.0
million for the three months and year ended December 31, 2003, respectively,
compared to $16.8 million and $55.5 million for the comparable periods
in 2002. Net loan charge-offs were $7.3 million and $32.7 million for
the three months and year ended December 31, 2003, respectively, compared
to $27.2 million and $54.6 million for the comparable periods in 2002.
Net charge-offs included a $6.1 million net charge-off on one significant
credit relationship in 2003 and $38.6 million on ten significant credit
relationships in 2002. Net charge-offs associated with the commercial
leasing portfolio increased to $14.4 million in 2003 from $7.9 million
in 2002. Nonperforming assets at December 31, 2003 increased to $86.5
million from $82.8 million at December 31, 2002. The allowance for loan
losses increased to $116.5 million at December 31, 2003, compared to
$99.4 million at December 31, 2002. The Company continues to monitor
asset quality and address ongoing challenges posed by the current economic
environment and expects nonperforming assets to remain at elevated levels
during most of 2004. These trends are considered in the Company's overall
assessment of the adequacy of its allowance for loan losses.
Noninterest income was $27.7 million and $111.0
million for the three months and year ended December 31, 2003, respectively,
compared to $24.6 million and $89.5 million for the comparable periods
in 2002. Gains on mortgage loans sold increased to $38.9 million in
2003, compared to $28.4 million in 2002, reflecting continued growth
of the Company's mortgage banking activities coupled with high volumes
of new originations and refinancings associated with lower mortgage
loan rates. Overall loan volumes slowed in the fourth quarter of 2003,
resulting in a decline in gains on mortgage loans sold to $5.7 million
for the three months ended December 31, 2003, compared to $8.1 million
for the comparable period in 2002. Service charges on deposit accounts
and customer service fees increased to $9.3 million and $36.1 million
for the three months and year ended December 31, 2003, respectively,
compared to $9.0 million and $31.0 million for the comparable periods
in 2002. In addition, net gains aggregating $4.0 million from the sale
of four branches were reflected in the fourth quarter of 2003. Also
reflected in the increase in noninterest income is a $6.3 million gain
on the exchange of common stock of Allegiant held by First Banks for
a 100% ownership interest in Bank of Ste. Genevieve, recognized in the
first quarter of 2003, and a $2.3 million gain realized on the subsequent
contribution of the remaining shares of Allegiant common stock to a
charitable foundation in the fourth quarter of 2003. The overall increase
in noninterest income in 2003 was partially offset by a reduction in
other income of $4.6 million, primarily attributable to increased amortization
of mortgage servicing rights.
Operating expenses were $66.1 million and
$250.3 million for the three months and year ended December 31, 2003,
respectively, compared to $57.5 million and $232.8 million for the comparable
periods in 2002. The increased operating expenses primarily result from
increases in salaries and employee benefit expenses associated with
the Company's 2002 and 2003 acquisitions and increased commissions paid
to mortgage loan originators due to continued higher loan volumes, partially
offset by staff realignments surrounding the Company's core business
strategies. The increase also reflects charitable contribution expense
of $5.1 million recognized by the Company on the contribution of its
remaining shares of Allegiant common stock in the fourth quarter of
2003. In addition, write-downs on operating leases associated with the
Company's commercial leasing business, primarily resulting from reductions
in estimated residual values, were $1.6 million and $6.8 million for
the three months and year ended December 31, 2003, respectively, compared
to $1.2 million and $2.6 million for the comparable periods in 2002.
Occupancy and furniture and equipment expenses remained at higher levels
primarily due to acquisitions, technology expenditures for equipment
and continued expansion and renovation of various corporate and branch
offices.
At December 31, 2003, First Banks had consolidated
assets of $7.11 billion and operated 147 offices in Missouri, Illinois,
California and Texas.
CONTACT:First
Banks Inc., St. Louis Allen H. Blake or Terrance M. McCarthy, 314-592-5000
###
Press Release ###########################
Dennis
Houseman Named Vice President - Leasing Of Global Imaging
TAMPA,
Fla., -- Global Imaging Systems, Inc. (Nasdaq:GISX) announced today
that Dennis J. Houseman, 47, has been named Vice President - Leasing.
Mr. Houseman was previously Director of Leasing for the company.
"Denny
has done an outstanding job organizing Global's leasing program,"
commented Tom Johnson, chairman and CEO of Global Imaging Systems. "He
was instrumental in initiating the first customer leasing agreement
with GE, and he played a key role in negotiating the three-year extension
of that agreement announced this week."
Mr.
Johnson added, "As a key member of our senior management team,
Denny continues to direct a high-quality leasing program that serves
our operating companies, their sales forces and their customers."
Mr.
Houseman has more than 20 years' experience in equipment leasing. He
joined Global Imaging Systems in 1998 as director of leasing. His initial
responsibilities included evaluating the leasing program and making
recommendations for improvement. Mr. Houseman recommended and implemented
the creation of a strategic alliance with one leasing partner, GE. He
works with all Global's leasing relationships to extend and amend their
agreements and to ensure the best leasing opportunities for the company's
customers. In addition, Denny provides sales and lease training to dealer
sales personnel and operational support on larger credit requests.
Prior
to joining Global, Mr. Houseman worked at Danka Industries as director
of operations from 1994 to 1996 and as director of leasing from 1996
to 1998. He also served in various senior level positions at Canon Financial
Services, Inc., Eaton Financial/AT&T Capital and Equitable Life
Leasing Corporation.
Global
Imaging Systems offers thousands of middle-market customers a one- stop
shop for office technology solutions from a network of 149 offices in
28 states and the District of Columbia. The company provides the sale
and service of automated office equipment, network integration services
and electronic presentation systems. The company is also a disciplined,
profitable consolidator in the office technology industry.
SOURCE Global Imaging Systems, Inc.
###
Press Release ############################
Advanta
Reports Fourth Quarter and Full Year 2003 Earnings
( business card charge-offs 7.31%; over 30 day
5.82%; over 90 day 2.93%---"...credit
performance strongest in almost three years,"
says CEO Alter.
( Other
segment net loss (A) 43,593,000
1.78 loss on discontinuance of mortgage and leasing businesses,
net of tax, if applicable. )
SPRING
HOUSE, Pa.----Advanta Corporation (NASDAQ:ADVNB; ADVNA) reported net
income from core operations of $0.44 per diluted share for fourth quarter
and $1.30 per diluted share for full year 2003 for Class A and Class
B shares combined, consistent with the Company's expectations. Advanta
reported consolidated net income for the quarter of $11.2 million or
$0.44 per diluted share and $28.2 million or $1.13 per diluted share
for full year 2003 for Class A and Class B shares combined. This compares
to consolidated net loss of $1.36 per diluted share for fourth quarter
2002 and consolidated net loss of $0.97 per diluted share for full year
2002. Net income from core operations is a non-GAAP financial measure
defined by the Company as net income of the Advanta Business Cards segment
and the Venture Capital segment with the exception of venture capital
valuation adjustments, net of tax.
"Strong credit performance and customer
activity delivered the robust fourth quarter earnings that we anticipated"
said Dennis Alter, Chairman and CEO. "In 2003, we experienced the
favorable asset quality benefits expected from our high credit quality
customers. In fact, the quarter's credit performance was the strongest
in almost three years."
About Advanta
Advanta is a highly focused financial services
company serving the small business market. Advanta leverages direct
marketing and information based expertise to identify potential customers
and new target markets and to provide a high level of service tailored
to the unique needs of small business. Using these distinctive capabilities,
Advanta has become one of the nation's largest issuers of MasterCard
business credit cards to small businesses. Since 1951, Advanta has pioneered
many of the marketing techniques common in the financial services industry
today, including remote lending and direct mail, affinity and relationship
marketing. Learn more about Advanta at www.advanta.com.
CONTACT:Advanta
Corporation David Weinstock Vice President, Investor Relations (215)
444-5335 dweinstock@advanta.com
or David Goodman Director, Communications (215) 444-5073 AdvantaCommunications@advanta.com
Full
press release with financial statements available at: http://www.businesswire.com/webbox/bw.012304/240235080.htm
###
Press Release ###########################
CIT
Announces Sale of Direct Private Equity Investments
LIVINGSTON, N.J.,/ -- CIT Group Inc.
(NYSE:
CIT) has announced it signed a purchase and sale agreement in connection
with the sale of the company's direct private equity portfolio to Protostar
Equity Partners, L.P. The funding for Protostar was provided by the
Goldman Sachs' GS Vintage Funds II, a series of investment partnerships
managed
by Goldman Sachs Asset Management's Private Equity Group. Net proceeds are expected to approximate CIT's
December 31, 2003 carrying value.
As a condition to closing, CIT must obtain
consents and/or waivers of certain rights, including rights of first
refusal (held by other stockholders), on approximately 75% of the investment
in the portfolio based on value. Consents and/or waivers must be obtained
by June 30, 2004. These investments will close ("initial closing"),
promptly after the satisfaction of this condition. The closing for the
balance of the investments, where the
necessary
consents and/or waivers are received after the initial closing, will
occur no later than December 31, 2004.
About CIT:
CIT Group Inc. (NYSE: CIT), a leading commercial
and consumer finance company, provides clients with financing and leasing
products and advisory services. Founded
in 1908, CIT has nearly $50 billion in assets under management and possesses
the financial resources, industry expertise and
product
knowledge to serve the needs of clients across approximately 30 industries. CIT holds leading positions in vendor financing,
U.S. factoring, equipment and transportation financing, Small Business
Administration loans, and asset-based and credit-secured lending. CIT, with its principal offices
in
New York City and Livingston, New Jersey has approximately 6,000 employees
in locations throughout North America, Europe, Latin and South America,
and the Pacific Rim. For more
information, visit http://www.cit.com.
About Goldman Sachs:
Goldman Sachs is a leading global investment
banking, securities and investment management firm that provides a wide
range of services worldwide to a substantial and diversified client
base that includes corporations, financial institutions, governments
and high net worth individuals. The Goldman Sachs Private Equity Group,
based in New York and London, manages over $11 billion of capital devoted
to primary partnership investments, secondary purchases of limited partnership
interests, direct co-investments and supporting investment teams in
the acquisition of direct private equity investment portfolios.
About Protostar:
Protostar is a New York based middle-market
leveraged buyout firm dedicated to acquiring portfolios of direct private
equity investments. Protostar targets transactions ranging from $50
million to $250 million in equity value.
The firm offers a balanced mix of strategic insight, operational
capabilities and financial expertise, and is exclusively focused on
building middle-market leaders.
SOURCE CIT Group Inc.
###
Press Release ###########################
Michael
Ash Promoted to Syndication Manager
NEW
YORK CITY, — Michael Ash was recently promoted to Syndication Manager
for Wells Fargo Equipment Finance, Inc (WFEFI). As a 13-year industry
veteran, Michael most recently served as a Syndicator for WFEFI’s West
and East coast syndication sell efforts.
“Michael’s
extensive financial and equipment leasing experience make him the ideal
person for this position,” said Joseph Fantauzzi, Senior Vice President.
“Under his direction, we look forward to expanding Wells Fargo Equipment
Finance’s syndication efforts nationwide.”
Prior
to his positions with Wells Fargo, Ash served as Vice President and
Syndicator, Credit Team Leader and Credit Officer for Charter Financial.
In addition, Ash also worked for the CIT Group as both a Credit Analyst
and Portfolio Analyst. He has a Master’s in Business Administration
degree from New York University’s Stern School of Business as well as
a bachelor’s degree from Lehigh University.
Wells
Fargo Equipment Finance, Inc. is one of the largest bank-owned equipment
leasing and finance companies in the United States, with nearly $6 billion
in assets. Their customer base includes a broad spectrum of middle-market
companies and industries throughout the United States and Canada.
Wells
Fargo & Company is a diversified financial services company with
$391 billion in assets, providing banking, insurance, investments, mortgage
and consumer finance from more than 5,900 stores, the internet (wellsfargo.com),
and other distribution channels across North America and elsewhere internationally.
Wells Fargo Bank, N.A. is the only "Aaa"- rated bank in the
United States.
###
Press Release ############################
-------------------------------------------------------------------------------
|
Sales:
Seeking salespeople with 1+yrs. experience in Medical Leasing.
Unlimited growth potential. AFG welcomes any HPSC employees who
are looking for a new home! E-mail:
ecarlberg@alliancefunds.com About
the Company: Alliance Funding Group, Inc. 2099 S. State college
Blvd., Suite 100 Anaheim, CA. 92806 |
News Briefs---
Winter Storm Reaches
From Kan. to S.C.
http://apnews.myway.com/article/20040126/D80A6G801.html
Weak Dollar Helps
U.S. Firms, for Now
http://www.washingtonpost.com/wp-dyn/articles/A47309-2004Jan25.html
A Recovery Unlike
Others Seems to Alter Fed Rate View
http://www.nytimes.com/2004/01/26/business/26fed.html?pagewanted=all
Fewer Online Shoppers
in Canada
http://www.nytimes.com/2004/01/26/technology/26ecom.html?pagewanted=all
AOL Lost Two Million
Subscribers and One attorney in Stillman Valley
http://www.boston.com/business/technology/articles/2004/01/26/youve_got_problems/
Toyota outsells Ford
to become world's No. 2 automaker
http://www.ajc.com/business/content/business/0104/23toyota.html
http://www.washingtonpost.com/wp-dyn/articles/A48019-2004Jan26.html
Securities and brokerage
firms in San Francisco, San Mateo and Marin counties slashed 6, 000
jobs, a 20 percent cut, between January 2001 and last May, according
to the California Economic Development Department, makes great offices
available
Will Off shoring
IT Become a Political Issue?
http://www.internetnews.com/bus-news/article.php/3303341
Regis Philbin “Who
Wants to be a Millionaire” Coming Back on TV