Jerry Bishop Deals New Hand—Paul Witte the Winner!!!

First Federal Leasing (FFL) formally announces the promotion of Paul Witte

from Vice President, to CEO of FFL. This change has been in the planning

stages for several months and will take effect August 1,2003.

Former CEO, Jerry Bishop, will remain as SVP at First Bank Richmond (FBR) and will assist Paul over the next few months during the transition.

Paul graduated from BallState University in 1995, joined First Bank Richmond (FBR) in 11/96, graduated from the School of Banking in Madison, WI. in 2000, and received his CPA license in 2002.

Paul is looking forward to continuing to work with the leasing sources, who

he believes have played a major role in the performance of First Federal Leasing.

“I look very much forward to continuing this success and

building upon the relationships which has made this possible,” he said.

It is no secret Jerry Bishop has wanted to reduce his presence in leasing for some time. He said Paul Witte's progress has afforded him the opportunity to be

able to “not work so hard and make sure the bank is in very good hands.”

Jerry said he will be spending 60% of his time in leasing, and 40% of his time pursuing personal and private career opportunities.

Contrary to popular belief, he is not retiring to Las Vegas, Nevada.

He does plan to follow up on several consulting offers that the industry has provided, and believes this announcement will be timely with the return of the economy.

He jokingly has made it clear he does not want a job but looks forward to assisting many current lenders or brokers in problem solving and working on special assignments. He believes the prosperity of the industry will soon return,

and there will be a need for someone who would accept projects such as

portfolio evaluation (sale or purchase), or comprehensive training in areas

such as marketing, credit, collection, and servicing. He also believes the

leasing associations play key roles in the success of our industry and has

interest in working with them on how to better serve their memberships and

promote our industry.

Both Paul and Jerry state they will be attending many of the association conventions over the next few months and will look forward to seeing old friends, and making new ones.

First Federal Leasing believes the prosperous days of the nineties will return, and

we plan to be there to support our customers.

Paul Witte, Vice President

First Federal Leasing

Ph: 765-962-3881 ext. 515

Fax: 765-935-0360