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About the company: SCL has been in business for 12 years. We are contracted with multiple funding sources which enables us to provide more competitive rates and flexible terms and conditions. |
Monday,
October 4, 2004
Headlines--
Classified
Ads---Doc.Mngr. / Finance / Legal
Bulletin Board
Complaint
--Lease*Alliance,
Bloomfield Hills, MI
Kendra
Bernal-Funding Tree-Mentor Arrested
Leasing
Viewpoint: SBA Raises Lending Fees
The
Internet and Pending Law Suit Against NAELB listserve
FirstLease
Bolsters Growth w/American Lease Insurance
MFP
Name Change to CLEARLINE Capital Corporation
MFP's
New CEO Says It Is Time To Move On
Cartoon----“The
Beav Corporate Years”
Susquehanna
Bancshares Strategy and Bank Realignment
NACM
Credit Manager's Index: Decline in September
######## surrounding the article denotes it is a “press
release”
----------------------------------------------------------------
Classified
Ads---Documentation Manager / Finance / Legal
Documentation
Manager: New York, NY.
10+ years in equipment
leasing/secured lending. Skilled in management & training, documentation,
policy and procedure development & implementation, portfolio reporting.
Strong work ethic.
Email: dln1031@nyc.rr.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
Transaction Summary
http://64.125.68.90/LeasingNews/Resumes/Transaction%20Summary.pdf
Website: www.tlgattorneycpa.com
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
Finance: San
Jose, CA.
15+ years sourcing
debt, managing cash and receivables and other treasury functions. Strong
background in credit, contract
Email: raycis@comcast.net
Legal: Los
Angeles, CA
Experienced in-house corporate and financial services attorney seeks position as managing or transactional counsel. Willing to relocate.
Email: sandidq@msn.com
All classified job wanted ads at:
http://64.125.68.90/LeasingNews/Resumes/Transaction%20Summary.pdf
-----------------------------------------------------------------------------
Bulletin
Board Complaint
--Lease*Alliance,
Bloomfield Hills, MI
Gene Donahue of Source
Group, Valrico, Florida brokered a lease
to Lease*Alliance
and received a check on July 30th for a medium
4 figure. It bounced on August 6th. Leasing News has a copy
of the check with
“NSF” stamped on it, plus a statement from
the bank that there
was “non-sufficient funds.” After
trying
to re-deposit the
check, the bank issued a final notice on August
12th.
The check from Lease*Alliance was “no good.”
Alan G. Thomson the president of Lease*Alliance allegedly
told Gene
Donahue he would
make the check “good.” Accordingly,
he told
that to him for over
a month. On September 14th,
Gene Donahue faxed us a copy of the check, explaining the situation,
wanting to post
a complaint: “I just
don’t want other brokers to be caught by
this guy.”
Leasing News telephoned
Alan Thomson who said that “... an attorney garnished my account on
July 30th. I have three or four deals
waiting for commission,
and once I get one of them, I will
send him his money
back 100%.”
In communicating
with the broker, he said he has been told
this for over a month,
and doesn’t believe it. We suggested
a compromise, and
accordingly, Lease*Alliance would send
out a cashier’s check
by Federal Express within ten days, or
Leasing News would
be post the complaint on its bulletin board.
September 17,2003
Leasing News printed the press release
about the formation
of Lease*Alliance (please note
we normally surround all press releases with
### to note it was not written by us,
“Alan G. Thomson,
former Chief Executive Officer of Leaseline Financial, announced the
launch of Lease*Alliance LLC, a newly formed Midwest-based financial
service company. Lease Alliance will provide credit-risk customers financing
for leasing or purchasing of medium-duty commercial vehicles.
“Lease *Alliance
will specialize in "blemished credit" leasing for any type
of specialty vehicle that is required to generate income for the business
owner such as: tow trucks, dump trucks, bucket trucks, cranes and crane-
trucks. A key selling point of the company is their combination of leasing
intelligence and digital technology, which will enable them to create
tailor- made solutions for the medium-duty commercial vehicle leasing
market.”
http://www.leasingnews.org/archives/September%202003/
Lease*Alliance web
site: http://www.curvedigital.com/la/about.htm
From Gene Donahue
on October 1:
“You had a conversation
with Alan Thomson re the NSF commission check -- he promised to pay
by September 30th via FedEx with a cashier's check -- needless
to say Thomson has not paid -- he did call me on Monday, September 27th
and started his routine about will have money but not on 30th etc. "
Got a deal closing - maybe Thursday - won't have all" exact routine he used in early Sept and mid August. Equipment Brokers
need to be made aware that this guy is out there -- he got me and he
has absolutely no qualms about getting others --
“It's time to expose
this guy -- time for his "15 minutes of fame” --- you can print
my name and my phone # -- I'd be happy to talk to anyone about this
outfit .
“Gene Donahue Source Group Inc -- Valrico , FL 813-643-7768”
Kendra
Bernal-Funding Tree-Mentor Arrested
The Federal Bureau
of Investigation Dane Andre Moore, 44, of Seal Beach, California along
with Mary Lew Chrislinger, 50, of Santa Ana, California, charging the
two along with their company, Growth 1 Funding Corporation, with ten
counts of wire fraud. Moore,
who
Funding Tree scandals
( http://two.leasingnews.org/archives/August2002/8-14-2002.htm)
was also charged
with four counts of money laundering.
The FBI claims the
two defrauded over ten or more borrowers of over
$7.2 million.
According to the
indictment, Moore owned Growth 1, which offered business loans that
required borrowers to make deposits up front, the
U.S. Attorney’s Office said. Instead of keeping the deposits as collateral for the loans, More and Chrislinger allegedly used the cash to pay personal and business expenses. They are also accused of offering fraudulent
high-yield investments.
Both have pleaded
not-guilty to the charges and are out on bail.
When complaints were
brought before Growth 1in June, 2002,
along with the Funding
Tree and Commercial Money Center, Growth 1
paid back the advance
rentals. There were some claims
that not all the
money was returned, but no subsequent
action was taken
at the time. It was reported
at the time
that Kendra Bernal
started in the business first by working
at Growth 1 before
starting the Funding Tree. She
is to be
sentenced October 13th
(http://www.leasingnews.org/Conscious-Top%20Stories/
Funding_Tree-Kendra_Bernal-main.htm
)
-------------------------------------------------------------------------
Leasing
Viewpoint: SBA Raises Lending Fees for 7(a) Program
by Bob Rodi, CLP
The Small Business
Administration said it will raise the lending fees associated with its
largest loan program, the 7(a), back to the levels in place before December
2001, effective October 1, 2004. The SBA said it will also lower the
guarantee amount cap on its loans to $1 million from $1.5 million; the
maximum total loan size will remain $2 million.
With the fee changes,
the SBA is essentially going back to the fee structure in place prior
to the attacks of Sept. 11, 2001. In December of that year, Congress
lowered the fees to spur the lackluster economy; that change stayed
in effect until the end of yesterday.
One specific fee
that will rise is the guaranty fee, which is a percentage applied to
the portion of the loan the SBA guarantees for lenders. For example,
on a $100,000 loan, that fee will rise to 2 percent from 1 percent
-- or $1,700 from
$850, the SBA said. Another lending cost, otherwise known as the ongoing
fee, will also rise to 0.5 percent from 0.36 percent.
These kinds of changes
have actually been going on for some time now but I am delighted that
the playing field is finally being leveled even more. With interest rates approaching parity, our ability to originate,
score, document and fund a transaction in 1/20 the time it takes the
SBA, gives us an enormous advantage in the Franchise industry.
I had the honor to
speak at the IFA (International Franchise Association) conference in
Las Vegas in May. I was on the
dais with three large SBA lenders.
They were expressing concern to the audience about the changes
at the SBA. One very prominent SBA lender alerted the crowd saying "If
the SBA continues to raise its fees, and lower the amount of the guarantee,
(the guarantee was being lowered to a mere 75% on certain loans) then
the lenders at this table will probably not be here next year".
All I could think of at that time was that being the last one to speak
would be a huge advantage in this particular case.
In
my opinion, as the franchise industry continues to develop a "multi-unit"
mentality we will see an increasing number of people who are looking
at franchising as an investment alternative. These individuals are generally savvy business
people who understand leverage and opportunity cost. Since the SBA
ties up most or all of a franchisee's collateral on the opening of
the first unit, the SBA underwriting methodology is diametrically
opposed to the growth path of the franchise industry. The SBA, over
time, will become a less viable source as the multi-unit growth strategy
increases in popularity.
Classified
Ads----Help Wanted
|
About the company: SCL has been in business for 12 years. We are contracted with multiple funding sources which enables us to provide more competitive rates and flexible terms and conditions. |
Funding/Loan Processor
|
CFO / Leasing Sales Leader
|
Dealer Credit Finance Analyst / Dealer Credit Finance Services Supervisor
|
Dealer Credit Fin. Services Supervisor, Torrance, CA. Click here for full descrip. & to apply. To learn more about us, please visit: www.toyotafinancial.com/careers |
Vendor Account Executive
|
About the Company: Lease Corporation of America is a well established, 16 year old, national equipment leasing company. |
-------------------------------------------------------------------------------
Final
Survey Vote--"No"
While 90% said "yes,"
4% "no" and 6% "don't care," to divulge
“I appreciate your
reader's interest in revealing the identity of the individuals and organization
involved with disseminating the defamatory emails however, our council
has advised us to utilize the civil litigation process to bring justice
to the libelous and slanderous attacks on our business.
“Through the discovery
process, our ability to pierce the veil of online anonymity, and to
identify the individuals responsible for such illegal misconduct should
act as a deterrent for future illegal activity, and hopefully others
will avoid the attacks we have been burdened with.
It is clear to me the more rumor, innuendo and lies, spread throughout
our industry, will provide a constant reminder for future lenders and
capital market resources to seek alternative opportunities.
“We do not receive
any benefit in publicly humiliating the individuals responsible for
this misconduct. Our intentions are to hold them responsible and liable
for the consequences of their statements, and to recover damages they
have caused to our business.”
-----------------------------------------------------------------------------
The
Internet and Pending Law Suit Against NAELB listserve
by Kit Menkin
From the very beginning,
Jim Raeder has not wanted to divulge
the name of the person
who sent a series of malicious e-mails
about his company
CapitalWerks to his funders, leasing associations,
and leasing leaders
in the industry. He has said
from the beginning
it was not good for
the industry to “air any laundry in the public”
and funding sources
“ don’t like any controversy at all, whether
you are guilty or
not.”
In reality, he will
be letting employees go because of the effect
this has had on his
company, including two funders, and brokers
bringing up copies
of what was sent on the interne to potential
clients. CapitalWerks employees have written e-mail,
which
Mr. Raeder was not
happy about, telling of their difficulties,
working harder with
less returns.
He remembers his
settlement with Sierra Cities. There
were at least
a dozen law suits
regarding the sale or “warranties” when the company was sold to American
Express. To Leasing News knowledge,
all were won by the
plaintiffs, such as Fred Van Etten, Mark McQuitty,
to name a few, with
the condition the settlement not be made public.
That is the position
he finds himself now in with the “culprit.”
Leasing News readers
overwhelming were in favor of learning the
name and company
as it could happen to them. The
internet has
changed “public information,”
not only with trade publications such
as Leasing News with
its archives, but blogs and other web sites
by those with complaints.
In addition, “internet spiders” now can
find information
without the specific address needed by a “gopher”
or even old Netscape
general search words. The business
world
has changed has changed
as “the internet has a thousand eyes.”
It also is no secret
the alleged freedom of the internet is being abused.
eMail once thought
deleted are on many hard drives and recoverable.
A message between
two people can cause legal problems, and sent
to others, causes
many liabilities, as explained in Leasing News
Advisory Board member
Dan Janal’s “Risky Business: Protect Your Business from Being Stalked,
Conned or Blackmailed on the Web”
http://www.amazon.com/exec/obidos/ISBN%3D0471197068/
danjanalsonlin00A/103-0205572-2897419
The Monitor took
on July 16,2001 off its “bulletin board” after it was abused by e-mails
from a phony address, plus false accusations
later admitted by
the broker who sent them. There
were
evidently too many
liabilities in continuing this “bulletin board.”
http://two.leasingnews.org/archives/July01/7-16-01.htm
A serious law suit
is about to be filed against the National Association
of Equipment Leasing
Brokers (NAELB) and those who allegedly defamed, plotted, and encouraged
action against a leasing company
on their listserve
and internet forum. This may become a landmark
case in the leasing
industry use of the internet by its members.
An association is
liable for what it members publish, especially
if it is also brought
out into the public arena. Telecom
Agents
Association in the
beginning of the NorVergence Scandal was
contacted by Leasing
News. To discuss the subject
with members,
it not only required
membership to join their “listserve,” but
was extremely careful
in what was allowed to be said as the
NorVergence attorneys
were very aggressive. They actually
“policed” every statement
made.
The Equipment Leasing
Association (ELA) attempts to police what
is being said on
their listserve, actually warning members to
stop specific conversations,
and has gotten their legal counsel,
who specializes in
antitrust matters, to not only warn members
on line, but speak
to them privately that they have a responsibility
of what they talk
about on the association listserve. Last week, ELA
management got involved,
including their legal counsel. I
personally
spoke with Edward
A. Groobert of DYKEMA & GOSSETT PLLC about the difficulties of what
appears innocent and may appear otherwise. He wants all members to be
aware of what they communicate on the association listserve.
In the National Association
of Equipment Leasing Brokers Listserve
it is more obvious
the lack of controls, and Leasing News itself has been the subject of
much invective, the collusion of directors and ex-directors calling
our advertisers, contacting those who have written e-mail to us, and
the encouragement of cancellation of reading Leasing News. We have e-mails
from these people, and copies of e-mails sent
to readers to substantiate
this. Many of these also appeared in the
NAELB forum; and
continue to this day.
This broker vendetta
is about to be exposed in a public lawsuit in
the process of being
filed by a California leasing company and certainly will bring the legal
ramifications of “free speech” versus being malicious or violating federal
antitrust laws regarding unfair competition, price fixing, and slander
to association internet “listserve” communication.
 |
### Press Release
########################
FIRSTLEASE BOLSTERS GROWTH, NOT STAFFING,
WITH
AMERICAN LEASE INSURANCE.
FORT WASHINGTON,
PA – Plans for spurring growth prompted FirstLease, Inc. (FirstLease)
to look at the way they handled in-house insurance tracking. FirstLease
Chief Operating Officer Hugh Connelly sums up the situation they faced:
“We either had to add more bodies, or find another way to satisfy our
most critical need – to ensure sufficient insurance via verification
and tracking.” FirstLease turned to the American Lease Insurance (ALI)
program. “We didn’t even look at anyone else,” admits Connelly. “ALI
had the reputation and the marquee customers who told us ALI would do
the job. And they have. We’ve been able to handle double-digit percentage
increases in business without adding staff.”
The ALI program provides
comprehensive property and liability insurance on eligible equipment
costing under $250,000 from the day each lease is signed. It also tracks
insurance coverage for lessees who choose to use their own insurance.
Integrated with all major lease accounting software platforms, including
the SFFA Dollar$ software used by FirstLease, the ALI program is automatic,
and provides a Web-based interface for lessor customer service access.
According to Connelly, “The person who used to do our tracking in-house
can dedicate her time to the production side now, because she only spends
minutes each week interacting with ALI. She’s enjoying more interesting
work, and helping us grow.”
“It’s a great way
to outsource insurance tracking and get paid at the same time,” adds
Connelly. “The most important thing was to make insurance compliance
automatic, to allow us to focus our attention on growing the business.
Generating income was a bonus.”
American Lease Insurance,
located 45 minutes north of Hartford, Connecticut, was founded in 2000
by Steve Dinkelaker, a licensed insurance agent and broker who has been
active in the equipment leasing industry since the mid 1980s. Dinkelaker
has created, managed and implemented lease insurance programs for almost
all of the major small ticket leasing companies. ALI is a member of
the Equipment Leasing Association, the Eastern Association of Equipment
Lessors, the United Association of Equipment Leasing, and the National
Association of Equipment Leasing Brokers. ALI is also the corporate
sponsor of the Equipment Leasing and Financing Foundation’s annual Industry
Future Council.
FirstLease, Inc.,
is a subsidiary of Firstrust Bank, founded in Philadelphia in 1934.
With assets of $2 billion, Firstrust Bank serves customers throughout
Pennsylvania’s Delaware and Lehigh Valleys and southern New Jersey from
26 community-banking offices.
HUGH CONNELLY 866-493-4778
x 210
STEVE DINKELAKER
888-521-6568 x 245
### Press Release
########################
MFP
Name Change
MISSISSAUGA, Ontario--(TSX:MFP):
MFP Financial Services Ltd. will become
CLEARLINK Capital Corporation effective today. The new name was approved by shareholders last week.
"The new name gives a much better description of what we do
and how we deliver value",
states Fraser Berrill, the Company's CEO.
"CLEARLINK provides our clients with products and services
that allow them to effectively
manage their technology infrastructure. We give
them the advantage of a single administrative link to solutions
from multiple vendors and the asset management tools
they need to make clear, effective
decisions. The result is customers have more flexibility when selecting a solution and can
often reduce their cost of implementation."
The new name will also help support the Company's marketing and
growth plans. "MFP has been a fine company for many years.
We have a strong customer base,
we are strong financially, and we have a good suite of services to build on. We should be
in a very effective position
to move the Company forward. Unfortunately, the media
coverage at the City of Toronto Inquiry unfairly ties MFP to
many issues that really do not concern us. We feel
it is important to take accountability
for matters that concern us and we have made the necessary changes. However, the majority of
the issues discussed under the
'MFP Inquiry' banner are either not true or have nothing to do with the Company. Changing the name gives
us the best opportunity for
putting this behind us and moving forward with our business plan."
The stock continues to trade on the TSX under its current ticker
symbol until October 6, 2004 when it will begin trading under
the new symbol CNK.
CLEARLINK Capital Corporation is a leading provider of innovative
financial solutions in technology and equipment leasing, and
equipment trading. Based in Mississauga, Ontario, Canada, CLEARLINK operates throughout North America and Europe.
CLEARLINK Capital Corporation (TSX:MFP)
CONTACT:Clearlink Capital Corporation Robert Wright Senior Vice President
and CFO 1(800) 433-5553
### Press Release
########################
MFP's
New CEO Says It Is Time To Move On
MISSISSAUGA, Ontario--
--(TSX:MFP): As Phases 1 and 2 of the Toronto Computer Leasing Inquiry come to a close, Fraser Berrill,
MFP's new CEO, hopes to move
forward with plans to revitalize and grow the Company.
"When I became CEO my priorities were to confirm that the
Company had taken effective
measures to deal with any internal issues we had
and then to move forward with a growth plan built on the Company's fundamental soundness. The Inquiry had already
been going on for one year at
that point, and our plan was to continue to give our full cooperation and see it through to conclusion.
I never imagined that the Inquiry
could go on for as long as it has and stray so far into issues that do not relate to MFP."
"Our greatest frustration is the continuing discrepancy between
the public's perception of the issues and the actual evidence
presented at the Inquiry. The notion that a $43mm contract ballooned to $85mm is simply not true. The City ordered
$85mm of products from its suppliers
and then instructed MFP to pay those suppliers. MFP had no role in negotiating quantities or prices
and has fully accounted for
the $85mm on the leases." Mr. Berrill points out that this fact was presented to Toronto City Council in December
2001 by the City's top litigation
counsel when he reviewed the findings of a forensic audit conducted by KPMG on behalf of the City
and determined that "MFP
did nothing wrong". Mr. Berrill also noted that the amount financed by MFP matches almost exactly the
requirements contained in the
leasing RFP issued by the City's purchasing department and that the City received fair pricing from MFP. "All
our transactions with the City,
both three year and five year deals, were competitively priced. We gave the City access to our books
and financial records three
years ago and the City and their auditors know the profit MFP achieved on the deals was reasonable."
Regarding alleged payments to Councilor Jakobek, Mr. Berrill
states that it is not MFP's role to defend Jakobek but it seems
the circumstantial evidence
presented at the Inquiry shows no financial link between the City councilor and Dash Domi
nor does it show how Mr. Jakobek
supposedly helped MFP. "MFP has made it clear that we have no knowledge of any bribes or payoffs
and our position has always
been that the police should be asked to investigate any
evidence of criminal activity. The OPP were called to investigate another matter at the outset of the Inquiry,
but I assume in this situation
the Inquiry does not feel the evidence warrants police involvement."
Mr. Berrill feels it is now time to move forward with his original plans. "The Inquiry and the resulting
publicity have been a great
distraction for us and it is now time for us to be more public with our position on the issues. Moving our
business forward will require
rebranding the Company, but MFP has a solid customer base built on twenty years of good service and we
have the financial strength
to carry us profitably into the future."
MFP Financial Services Ltd. is a leading provider of innovative
financial solutions in technology and equipment leasing, and
equipment trading. Based in Mississauga, Ontario, Canada, MFP operates throughout North America and Europe.
MFP Financial Services Ltd. (TSX:MFP)
CONTACT:MFP Financial Services Ltd. Robert Wright Senior Vice President and CFO 1 800-433-5553
e-mail: rwright@mfpfs.com
###
Press Release #######################
### Press Release
#######################
Susquehanna
Bancshares, Inc. Announces Corporate-wide Branding Strategy and Bank
Realignment; Changes will broaden customer service, enhance banks' market
presence
LITITZ, Pa.--(BUSINESS
WIRE)--10/01/2004--Susquehanna Bancshares, Inc., (Susquehanna) (Nasdaq:SUSQ)
announces its decision to unify its financial services affiliates under
a common master brand. The new brand, currently being used at Susquehanna
Patriot Bank and Susquehanna Bancshares, Inc., soon will be applied
to all of Susquehanna's affiliates. Each affiliate will adopt the master
brand--Susquehanna--and will incorporate Susquehanna into its legal
and market name. Along with a name and brand identity change, the company
will combine its eight banking subsidiaries into three. The branding
and realignment will provide customers access to more banking offices
and will create banks of greater size allowing Susquehanna to increase
its presence in target markets.
"This decision creates numerous benefits for our customers,
our employees and our shareholders," said Susquehanna Chairman,
President and CEO William J. Reuter. "Combining our existing eight
banks into three organizations with a common brand significantly increases
our customers' ability to locate and access our 159 banking offices
in Maryland, New Jersey, Pennsylvania and West Virginia. This decision
also opens internal career growth opportunities for our employees and
creates the potential for Susquehanna to build even stronger market
share in the communities we serve."
Susquehanna based the three banks' formations on geography and
common market characteristics. Banks will adopt a new name and each
will operate under a state charter. The banks will be organized as follows:
Susquehanna Bank PA will be formed by combining Farmers First Bank,
Lititz, Pa.; First Susquehanna Bank & Trust, Sunbury, Pa.; and,
WNB Bank, Williamsport, Pa. The Pennsylvania state-chartered bank is
projected to have $2.3 billion in combined assets and will operate 58
Pa. banking offices in Columbia, Lancaster, Lycoming, Northumberland,
Snyder, Union and York counties. Susquehanna Bank PA will be headquartered
in Lancaster, Pa. and will operate under the market name Susquehanna
Bank. Farmers First Bank will become Susquehanna Bank PA on November
5, 2004. Pending regulatory approvals, First Susquehanna Bank &
Trust and WNB Bank will become part of Susquehanna Bank PA on or about
January 21, 2005.
Susquehanna Bank will be formed by combining Citizens Bank of Southern
Pennsylvania, Greencastle, Pa.; Farmers & Merchants Bank and Trust,
Hagerstown, Md.; First American Bank of Pennsylvania, Everett, Pa.;
and, Susquehanna Bank, Towson, Md. The Maryland state-chartered bank
is projected to have $2.8 billion in combined assets and will operate
a total of 64 banking offices--13 Pa. banking offices in Bedford, Blair
and Franklin counties, 46 Md. banking offices in Allegany, Anne Arundel,
Baltimore, Carroll, Garrett, Harford, Howard, Washington and Worcester
counties, and five W.Va. banking offices in Berkeley and Jefferson counties.
Susquehanna Bank initially will be headquartered in Hagerstown, Md.
and will operate under the market name Susquehanna Bank. Pending regulatory
approvals, Citizens Bank of Southern Pennsylvania, First American Bank
of Pennsylvania and Susquehanna Bank will consolidate into Farmers &
Merchants Bank and Trust on or about April 15, 2005, and concurrently
will adopt the legal and market name Susquehanna Bank.
Susquehanna Patriot Bank was formed in June 2004 by the merger
of Equity Bank, Marlton, N.J., and Patriot Bank, Pottstown, Pa. Headquartered
in Marlton, N.J., the New Jersey state-chartered bank has $2.1 billion
in assets and operates a total of 37 banking offices--22 Pa. banking
offices in Berks, Chester, Delaware, Lehigh, Montgomery and Northampton
counties and 15 N.J. banking offices in Burlington, Camden and Gloucester
counties. Susquehanna Patriot Bank will continue to operate under its
current name.
Market changes and customer mobility played an important part in
the decision to brand and realign the banks. "There is significant
movement within our 150-mile footprint," said Reuter. "Due
to our growth over the years, we have many situations where one subsidiary's
banking office is only a few miles from another subsidiary's banking
office. With customers commuting and doing business across county and
state lines, it just makes sense that we provide a structure to service
them throughout their travels." Susquehanna's realignment also
should help streamline increasingly complex regulatory requirements
and should provide operational and administrative efficiencies by reducing
redundancies. Additionally, the company anticipates an improvement in
its efficiency ratio which should have a positive effect on its future
earnings and help to enhance shareholder value.
Despite the name change and realignment, Susquehanna remains committed
to the community-banking model the company has practiced since its formation
in 1982. "Community banking is not about a name or a logo, it's
about local decision making that makes sense for the communities we
serve," Reuter explained. "This realignment will unify and
strengthen our corporate identity in all of our markets, but at the
same time we will still support our philosophy of local decision making
when it comes to things like product pricing, loan approvals and minimum
balances. Community banking is also about improving the quality of life
in our communities and Susquehanna will remain committed to community
efforts in each of our local markets with gifts of our time and our
dollars."
The boards of directors of the new banks will be comprised of representatives
from each of the markets Susquehanna serves. Susquehanna anticipates
limited staff reductions as a result of operational and administrative
consolidations. Management will discuss the branding strategy and bank
realignment during its third quarter 2004 earnings conference call in
late October. The call can be accessed on Susquehanna's Web site at
www.susqbanc.com.
Susquehanna is a financial services holding company, operating in multiple states, with assets of $7.4 billion. It provides financial services through its subsidiaries at over 170 locations in the mid-Atlantic region. In addition to its current eight commercial banks, Susquehanna operates a trust and investment company, an asset management company, a property and casualty insurance brokerage company, a commercial leasing company and a vehicle leasing company. Investor information may be requested on Susquehanna's
Web site at www.susqbanc.com.
CONTACT:Susquehanna Bancshares, Inc. Media: Alison van Harskamp,
717-625-6260 communications@susqbanc.com
or Investor Relations:
Gregg Lampf, 717-625-6305 ir@susqbanc.com
SOURCE: Susquehanna
Bancshares, Inc.
### Press Release
######################
NACM Credit Manager's Index (CMI) for September 2004:
Overall
Index Shows Significant Decline.
COLUMBIA, MD: --
The National Association of Credit Management (NACM) has released its
Credit Manager's Index (CMI) for September 2004. The CMI, a monthly
survey of the business economy from the standpoint of credit and collections,
was launched in January 2003 to provide financial analysts with another
strong economic indicator.
There was a significant
decline in the overall CMI for September, driven largely by the service
sector. Although the total index and its sub-indices are each above
50, they indicate that the rate of growth in the economy continues to
slow. This slowness has now entered its third month for the manufacturing
sector and its fifth month for both the service and combined sectors.
The CMI survey asks
credit managers to rate favorable and unfavorable factors in their monthly
business cycle. Favorable factors include sales, new credit applications,
dollar collections and amount of credit extended. Unfavorable factors
include rejections of credit applications, accounts placed for collections,
dollar amounts of receivables beyond terms and filings for bankruptcies.
A complete index including results from the manufacturing and service sectors, along with the methodology, is attached. To view the complete index online, go to
http://www.nacm.org/resource/press_release/pressSep04.html
..
###
The National Association
of Credit Management (NACM), headquartered in Columbia, Maryland supports
more than 25,000 business credit and financial professionals worldwide
with premier industry services, tools and information. NACM and its
network of Affiliated Associations are the leading resource for credit
and financial management information and education, delivering products
and services which improve the management of business credit and accounts
receivable. NACM's collective voice has influenced legislative results
concerning commercial business and trade credit to our nation's policy
makers for more than 100 years, and continues to play an active part
in legislative issues pertaining to business credit and corporate bankruptcy.
Contact:
Norma Heim, NACM
410-740-5560
### Press Release
#######################
-------------------------------------------------------------------
News
Briefs----
BlackBerry, Beloved
Gadget, Continues to Thrive
http://www.nytimes.com/2004/10/04/technology/
04newcon.html?oref=login&pagewanted=all
Company's prediction
of a natural-gas crisis is challenged by other energy experts
http://www.signonsandiego.com/news/business/
20041003-9999-mz1b3sempra.html
A new chapter for
ex-GE chief Jack Welch
http://www.boston.com/business/articles/2004/10/03/
a_new_chapter_for_ex_ge_chief_jack_welch/
----------------------------------------------------------------------------
“California
Nuts Brief—
Gov. Schwarzenegger:
What we've learned about his politics
http://www.mercurynews.com/mld/mercurynews/news/politics/9825096.htm
----------------------------------------------------------------------------
“Gimme
that Wine”
It comes as no surprise
-- but 2001 was a very good year Napa Cab
http://www.napanews.com/templates/index.cfm?template=
story_full&id=2077C340-C945-4E1E-9604-9A4EB8F04F30
Former Online Wine
Dealer Indicted for Fraud
http://www.winespectator.com/Wine/Daily/News/0,1145,2613,00.html
Layoffs Start as
Mondavi Restructures and Prepares for Sale
http://www.winespectator.com/Wine/Daily/News/0,1145,2614,00.html
Want a date with
La Sirena? Just call
http://www.sthelenastar.com/templates/index.cfm?template=
story_full&id=D19B3BC9-F457-4F11-8759-4EF66C2F8EE2
Dog Day Afternoon
Wine Country welcomes
mutts and their masters
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2004/
Wine Sites on Line
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2004/
This
Day in American History
Saint Francis of Assisi: Feast Day. Giovanni Francesco Bernardone, religious leader,
founder of the Friars Minor (Franciscan Order), born at Assisi, Umbria,
Italy, 1181. (Patron Saint of San Francisco)
This feast day---commemorated after the day
of his death on October 3, 1236---has
become a popular day of celebration in churches, where “blessing-of-the-animals”
ceremonies are often held in the Saint’s honor.
According to legend, the native of Assisi, Umbria, led a colorful,
yet modest life: He gave up his clothing for a coarse woolen tunic tied
by a rope at the waist and preached penance, brotherly love, and peace.
His lifestyle soon attracted followers and eventually led to
a revival of Christianity, under the Order of St. Francis.
The Saint also purportedly saw all living things as his fellow
creatures, and preached kindness and gentleness to animals.
1582-.
Pope Gregory XIII issued a bulletin that decreed that the day following
Thursday, Oct 4, 1582, should be Friday, Oct 15, 1582, thus correcting
the Julian Calendar, then 10 days out of date relative to the seasons.
All dates before
the calendar was again changed by the British Calendar Act of 1751, Britain
(and the American colonies)made the “Gregorian Correction” in 1752. The Act proclaimed that the day following Wednesday, September 2, should become Thursday, September 14, 1752. There was rioting in the streets by those who felt cheated and who demanded the eleven days back. The Act also provided that New Year’s Day ( and the change of year number ) should fall January 1
( instead of March
25) in 1752 and very year thereafter. As a result, 1751 only had 282 days.
1636-The
General Court of the Plymouth Colony instituted a legal code, the first
composed in North America. guaranteed citizens a trial by jury and stipulated
that all laws were to be made with the consent of the freemen of the
colony.
( lower half of:
http://memory.loc.gov/ammem/today/oct04.html )
1648-
Peter Stuyvesant establishes Americas first volunteer firemen
in New
Amsterdam (New York City).
1777-
Battle of Germantown. Washington planned a surprise attack against the
redcoats at sunrise. He broke the army into four separate columns for
battle. The American soldiers marched to Germantown by two roads, with
General Sullivan to the right and General Greene to the left. Washington,
along with General "Mad Anthony" Wayne, joined Sullivan and
caused the British to fall back. The complicated plan had failed with
the British losses at 70 killed, 450 wounded, and 14 missing. The Americans
lost 152 killed, 521 wounded, and almost 400 missing. American morale
was largely unaffected by the loss in that they mistakenly believed that more British were lost than American
forces. Howe was impressed that the skill of the Americans had increased
so much since the defeat at Brandywine. So, rather than risk a pursuit,
Howe retreated to Philadelphia and fortified the city. The Battle of Germantown
was fought in a morning fog that grew more dense with the smoke of battle,
causing great confusion. Americans firing at each other contributed
to the loss of the battle.
http://www.ilssar.org/germantown.html
http://library.thinkquest.org/10966/data/germ.shtml?
http://www.virtualology.com/virtualwarmuseum.com/
revolutionarywarhall/battleofgermantown.com/
http://www.justinalee.com/Germantown.html
http://www.phmc.state.pa.us/ppet/germantown/page1.asp?secid=31
http://www.multied.com/revolt/germantown2.html
http://www.cliveden.org/Pages/battle.htm
http://patriot.net/~tpost/germantown.html
http://www.publicbookshelf.com/public_html/The_Great_Republic
_By_the_Master_Historians_Vol_II/battleof_gh.html
1810-Birthday
of Eliza McCardle Johnson. She taught her husband, Andrew Johnson how
to read when he was already an adult. He went on to become the 17th
president of the U.S. Historically, she is not given any credit for
his rise to political prominence.
http://www.whitehouse.gov/history/firstladies/ej17.html
http://www.aboutfamouspeople.com/article1065.html
1822-Birthday of. Rutherford Birchard Hayes, 19th president of the US
(Mar 4, 1877—Mar
3, 1881), was born at Delaware, OH. In his inaugural address, Hayes
said: “He serves his party best who serves the country best.” He died
at Fremont, OH, Jan 17, 1893.
http://memory.loc.gov/ammem/today/oct04.html
1830
-- A power printing press is
patented by Isaac Adams, Boston.
1862-
Battle at Corinth, Mississippi ends with a draw. Van Dorn, commanding
Confederate forces, has Price attack Union positions under Rosecrans'
command in front of Corinth in a two-day battle in attempt to push the
Federals back into Tennessee and secure the vital railroad crossing
at Corinth; Fierce fighting in town and at Batteries Williams and Robinett;
Attack fails, and on second day Van Dorn withdraws to Chewalia. By this
time many Southerners were disenchanted with him, and he was placed
in charge of the mounted troops under Pemberton. Moving his division
into middle Tennessee, he was killed on May 7, 1863, by Dr. George B.
Peters for attentions paid by the general upon the physician's wife
in Spring Hill.
http://www.civilwarhome.com/vandornbio.htm
1864-
New Orleans Tribune, first black daily newspaper, forms. It