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Feds Cut Rate 1/2, second reduction in eight days:

http://www.nytimes.com/2008/01/30/business/30cnd-fed.html?_r=1&ref=business&oref=slogin

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Studebaker-Worthington Leasing

State Bank of Long Island  announced that they plan to divest themselves of their leasing subsidiary, Studebaker-Worthington leasing Corp.

(If you didn't read " The Perfect Storm " archive story today, you should at:
www.leasingnews.org . editor)

   "Decision to Exit Leasing Business:  A non-cash goodwill impairment
   accounting charge of $2.4 million related to a decision to sell
   substantially all the assets of the Company's leasing subsidiary
   was recorded in the fourth quarter of 2007."

"Our decision to divest the Studebaker-Worthington leasing subsidiary represents the final phase of our corporate restructuring and sets the stage for the Bank to redeploy the capital resources formerly committed to the leasing operation towards our core business competencies. This divestiture, expected to be completed late in the first quarter of 2008, will result in an annual cost savings to the Bank of approximately $3.0 million in cash operating expense. The resultant goodwill write-down of $2.4 million from the strategic decision to exit the leasing business and sell Studebaker-Worthington, while not a cash charge, was fully recognized in the fourth quarter of 2007 as prescribed by SFAS No. 142. This non-cash accounting charge has no impact on the Bank's capital ratios." Full press release:
http://ir.statebankofli.com/releasedetail.cfm?ReleaseID=290769

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