Monday, August 28, 2006
Headlines--- Classified Ads---Credit —This Wednesday ---Linda Kester “Broker Survey ” results ######## surrounding the article denotes it is a “press release”
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Domaine Ste. Michelle,Woodinville, WA
Atlanta, GA Boston MA Corona, CA Fort Lee NJ Irvine, CA Los Angeles, CA New Jersey, NJ New York, NY Sausalito, CA Orange, CA Senior Credit Officer For a full listing of all “job wanted” ads, please go to: To place a free “job wanted” ad, please go to: * http://www.domainestemichelle.com/index.cfm 400 wineries and nine federally recognized American Viticultural Areas (AVAs) in the state. --------------------------------------------------------------- The most controversial book of the decade on leasing.
“For this book, I start with the time President Ronald Reagan took over the ailing U.S. economy legitimizing equipment leasing and I end with President George W. Bush and Congress squashing the equipment leasing industry. “Among the many books that I have written, this one has been a real pleasure. It has allowed me to break away from documenting dry accounting, tax rules and regulations and provided me the opportunity to share with you my vision for equipment leasing in the future. If the equipment leasing industry wants to expand, let alone survive, it must change the way it develops new financial products and conducts business with manufacturers, vendors, dealers, distributors, lenders, insurance companies, accountants and lessees… “For twenty-five years, I educated more than 20,000 equipment leasing professionals in the U.S., Australia, Canada, Hong Kong, Ireland, Italy, Korea, Kuwait, Malta, Mexico, Nigeria, Portugal, Singapore and the U.K. By most standards, I am a world expert on the subject. Although I prefer Google, Yahoo and MSN, pick any search engine you want. Type in the phrase, “FASB 13” or “lease accounting” and one of my websites will show up on the first page.” (Leasing News checked his claim, and he is correct. You can also add the search engine Copernic to his list. Taylor pulls no punches in this way. A must read to those who want to remain in the leasing business.) To learn more, or order this important book, contact: Jeffrey Taylor, CLP --------------------------------------------------------------- Story Credit Lessors (for Broker/Lessors List "A," please click here, for list "B," pleae click here, These companies specialize in "C" and "D" credits, often news businesses, or businesses where the principal(s) have Beacon score around 600 or previous difficulties; meaning to become comfortable with the credit and financial situation you need to learn the "story" to make a positive decision, often requiring further security, shorter term, or additional guarantors. Many of these companies may also be a "B," but appear otherwise without the "story" to understand the full financial picture. (To qualify for this list, the company must be a funder and not a "Broker/Lessor" or "Super Broker/Lessor", along with an acceptable Better Business Bureau Rating and no history of complaints at Leasing News. We reserve the right to not list a company who does not meet these qualifications.) We encourage companies who are listed to contact us for any change or addition they would like to make. Adding further information as an "attachment" or clarification of what they have to offer would be helpful to readers is very much encouraged. Business Reports: Companies listed may make any netiquette comment about their company or reports or other information in the footnote section of their listing. Leasing News recommends readers also view the footnote as well as the section itself or searching reports on the business. It also should be noted that if a BBB report listing is found by a reader, as there may not have been one when this was last up-dated, please send the link to maria@leasingnews.org so Leasing News may up-date this section. Leasing Associations: All non-profit leasing associations are abbreviated. To see the full name and learn more about the association, please click here. BBB - Better Business Report | CBB - Leasing News Complaint Bulletin Board ( To apply to be listed, please fill in this form and fax to 408.374.3843 or you
Business Reports: Companies listed may make any netiquette comment about their company or reports or other information in the footnote section of their listing. Leasing News recommends readers also view the footnote as well as the section itself or searching reports on the business. It also should be noted that if a BBB report listing is found by a reader, as there may not have been one when this was last up-dated, please send the link to maria@leasingnews.org so Leasing News may up-date this section. BBB - Better Business Report | CBB - Leasing News Complaint Bulletin Board -------------------------------------------------------------------------------------- (A) Pawnee Leasing Corporation; Some times we go higher than $30,000, but our marketplace is from $1,000 to $30,000. Broker Qualify - One year time in business (B) * Allegiant Partners has expanded their maximum transaction size from $250,000 to $500,000 for the 5 western states of California, Oregon, Washington, Nevada and Arizona.
(D) ABCO Leasing, Inc. in Seattle area has been operating since 1974 serving the broker community. We required full financial disclosure on every transaction. We do story transaction, but do not like to refer to them as "C" of "D" credits. We think of therm as "A" type credits that have not been discovered yet. In actuallity, we do not really like to look at what most describes as "D" credits. Broker Qualify - Broker Qualification, contact: Rowan Clark, Credit Manager (E) Black Rock Capital comment: We book anywhere between $15 to 20 million per year. We do no "app only" business and require a full financial package for each transaction. Our average size transaction is approximately $250k and, although, we concentrate in printing, packaging (steel rule die industry) and road construction equipment we do not rule out anything that makes sense. More information can be found at www.blackrockcapital.com. Broker Qualify - Please Call (F) Black Rock Capital (Ireland) Limited and Black Rock Capital (UK) Limited provide the same services for small to middle market corporations in the European Economic Community and the United Kingdom. (G) Cobra Capital, LLC. Comments: Our registered trademark "Making impossible possible" is our central marketing tagline for both strong and weak credits. I have developed a 10 year history, (from Cobra and my prior company GALCO), with specialty, non-conforming transactions (story credits) and have a solid reputation for candidly responding to our originators and lessees and working diligently to mitigate deal risk rather than making excuses to turn deals down. Our originators prefer our underwriting approach to non-conforming transactions since unlike most non-conforming funders, we prefer to mitigate risk versus jacking our return. Both Originators and Lessee's prefer our candid approach as we are also frequently asked to advise lessee's and lessors on the best way to structure their bank loans and raise capital due to our 25+ year banking and accounting backgrounds as my partner and I are both former bankers and CPA's. (H) Barrett Capital Corporatio: Broker Qualify - Please Call (I) Sunrise International Leasing Corporation Comment: The broker program is "...an informal program as our primary business is still vendor leasing." Broker Qualify - One year time in business (J) Boston Financial & Equity Corporation, most of our leases are venture capital backed startups and turnarounds. We require full financial disclosures, CPA and internal statements, no tax returns. We do not required additional collateral, no PG's or RE needed. Do not send deals with large tax liens, especially if they are payroll taxes. Broker Qualify - A deal in hand and a full package (L) IFC Credit Corporation also services on a regular basis "A" and "B" credits, but it also considers "story credits." "As you say, we need to become comfortable with the credit and financial situation and learn the "story" to make a positive decision, often requiring further security, shorter term, or additional guarantors. I would describe the B and C type credits we fund as companies having 'checkered earnings'." Broker Qualify - Please Call (M) Creative Capital Leasing Group: "We are able to fund tough deals, bad credits, BK's, past tax liens, start ups, used equipment, etc., because we look outside the transaction for real estate, and marketable securities to take as additional collateral." Broker Qualify - Please call Broker Manager, Todd or Jason (N) Blackstone Capital Partners, L.P. lends up to 50% of verified auction value for working capital and/or equipment financing requests (we of course include equipment to be acquired in our valuation). Using this formula, allows Blackstone to approve deals on the assets rather than the credit or cash flow that other lenders desire. Also being an asset lender, we are looking for hard assets i.e. yellow iron, machine tool, manufacturing lines, textile etc... We do not care for soft assets such as computers, furniture, restaurant, or "white elephants" (equipment that is too specific to the clients needs and was specially built for them - there would be no resell available and our liquidity if repossessed would be in jeopardy). If you have any questions, please feel free to call, we will do our best to help or seek the answer for you. Broker Qualify - Please Call (O) Bankers Capital " We will do ANY Type of Equipment, in ANY industry, in ANY state. We especially like 6-figure transactions with full financial packages no matter how good or bad they look. We look to structure the story C&D credits with any kind of additional collateral that makes sense. It could be with 2nd or 3rd mortgages on residential or commercial Real Estate, additional equipment, cash value life insurance, security deposits, vendor agreements. We look for any way to make the deal work instead of looking for any way to decline the deal." Broker Qualify - Please contact Larry LaChance (P) Financial Pacific Leasing supports a nationwide network of Brokers and Lessors. We specialize in "B" and "C" credits for established companies as well as companies under two years in business. Broker Qualify - Please Call or see "Prospective Broker" section on website (Q) American Leasefund, Inc. funds small hard to do transactions under $50,000.00. Most of the transactions are "app only". We look for additional collateral or larger first payments to help the weaker credits. We maintain and service our own portfolio. All of our lessee billings are done via ACH. Broker Qualify - Please Call (R) Dolsen Leasing has served the 11 Western States since 1958 and specializes in B & C Credits for established and new companies. We require a full financial package and offer both leases and financing for new and used equipment in the range of $10,000.00 to $250,000.00. Specialties include titled vehicles for both existing and new owner operators. Story credits are considered as long as credit has been reestablished and trends are positive. Credit decisions are based on old fashioned common sense, not credit scores, allowing us a very quick turnaround-often the same day. We accept broker business and also have in house salesmen. Broker Qualify - Please call or visit www.dolsenleasing.com (S) We at Summit Leasing consider ourselves to be primarily "B" credit lenders, working almost exclusively through brokers. Broker Qualify - Contact us (T) TechLease - due to previous experiences, TechLease is vertically focused on three primary sectors: Semiconductor, Media and Aerospace. We fund all deals and hold paper an all equipment under $250,000. Deals over $150,000 we typically want to meet the Lessee face-to-face. We prefer business in California, however we will fund nationwide. Broker Qualify - Please Call (U) Radiance Capital, LLC specializes in start-up business. These are the northern states we do business in AK, AZ, CA, CO, ID, OR, WA. Click here to read our Product overview and Press Realease. Broker Qualify - Please Call (V) Agility Solutions; we fund all equipment used by Wireless Internet Service Providers. (W) Forum Financial Services, Inc., prefer venture capital backed start-ups and middle market to large corporate turnaround companies including companies in bankruptcy and post bankruptcy. Our absolute minimum sales for an established business with financial problems are $10.0 million. (this does not include venture capital backed start-ups). Broker Qualify - Please visit our website at www.forumleasing.com or call 972-690-9444 ext. 225 (X) Advantage Funding - While we also consider quality equipment leasing as a funder, in the title vehicle leasing business, we consider all types of situations and credits and speciality vehicles for commercial use. We have a history of understanding all types of title vehicle leasing. Broker Qualify - Please Call (Y) Gonor Funding specializes in hard to fund leases with D credit. Collateral based with good rates and commission program. Broker Qualify - Please Call (Z) "TEAM Equipment Leasing is a structured lender for brand new businesses or for older companies with previous credit problems. We do not credit score. The secret to producing an approval for C-Credits starts with interviewing your customer." Broker Qualify - Click here for Broker Enrollment Form
--------------------------------------------------------------- Top Stories--August 21-25
Here are the top ten stories most "opened" by readers last week. (1) Leasing 102--by Terry Winders, CLP (2) Under New President Fred Van Etten (3) Up-Date: formula for figuring rate (4) Cartoon— (5 ) ELA to become "ELFa"--by Kit Menkin (6) Calculators—lease/finance “up-dated” (7) Celebrate! Romoff new Prez: One World (8) The Bizarre NorVergence Leases--by Christopher Menkin (9 ) Baycap joins “Funder” List (10) John McCue on “The World is Flat”
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“Love that graphic!!” Andrew Andrew Lea, VP Marketing & Corporate Communications www.mccue.com ---- “Who called for a Taxi?” http://www.leasingnews.org/archives/August%202006/08-23-06.htm#norv “Nice issue, Kit.” Regards, David David G. Mayer Author of "Business Leasing For Dummies" http://www.pattonboggs.com/newsletters/bln ----- “Article on the waning supply of good salespeople is interesting just from the shear numbers but the human resource problem for the leasing industry goes much deeper than that - I presently serve on the Independent Middle Market Committee of the ELA and can attest to the fact that one of the main issues that we have been discussing for some time now is the lack of trained people in leasing especially with respect to credit training and what if anything the Association can do to fill the gaps. “As you know the industry for as long as I've been a part (35+ years) has drawn from the Bank credit training programs which have been cut down dramatically. That plus the introduction of scoring models and other technologically advanced methods of efficiently processing credits have left our industry with people that can't think outside of the computer - leasing has always been an industry that thrives on our ability to be fast on our feet and innovative yet still adhere to good solid credit principles. “ The issue of training (or lack thereof) is getting larger everyday especially in the middle market.” GKB gkbooth@blackrockcapital.com (Fred St. Laurent had a similar article on how he saw it, too, that we published. Editor) http://www.leasingnews.org/Conscious-Top%20Stories/Baby_Boomers.htm --- “As you previously quoted me back on July 10th, 2000 , when you began this adventure with LeasingNews: ‘ I'm for anything to improve the industry. I would like to see all of us in the business, Brokers, Lessors, Funding Sources and everyone else in the industry gets along better." “(Adding:)'"For the benefit of all who have chosen this line of work to make an honest living they can be proud of.' Sincerely, Rob Robert G. Yohe - Consulting --- “I want to thank you for all your support over the years. People like you are what made the industry so great.” now retired
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-------------------------------------------------------------- Two Viewpoints: Evergreen Leases Russell H. Wilder, CLP In the course of nearly thirty years in the equipment leasing and financing industry I have worked for several firms and as part of my job duties with some of them, particularly related to discounting lessors' paper or buying their leases outright, I have probably read a hundred or more equipment lease agreements. The following comments are based on my experience and do not necessarily reflect the policies or practices of my current employer. I would say 90% or more of the equipment leases I have reviewed contained clauses allowing the lessee an option to purchase the equipment at the end of the initially stated lease term, or renew at a lower monthly rental. Invariably though I think every one of them required the lessee to give written notice to the lessor of the lessee's decision to exercise whatever purchase or renewal option it was choosing within X days of the initial lease term maturity date. The notice period that I have seen the most frequently by far has been for it to be at least 120 days prior to initial maturity. A few required notice at least 180 days prior to maturity, usually this was done because the type of assets were expected to take a long time to remarket if they came back to the lessor. I have seen a few that required only 90 days notice and some required only 30 days notice but this latter group was very, very few in numbers. I have also seen a couple of instances where the lessor said notice had to be given at least X days before maturity, but could not be sent more than Y days prior to maturity. Typically this “collar” if you will limits the lessee to giving notice within a time frame not exceeding 30 days. If the lessee fails to give notice it is in my experience by far the commonest practice for the lessor to have the right to continue to charge and collect rent at the full amount as during the initial term. In big ticket leases my experience has been that until the lessee finally gives notice the evergreen period goes on forever. I have during my career seen several instances of leases with very large, household name type corporate lessees listed on the NYSE that failed to give any notice and have been paying in some cases 100% of original rent for nine to ten years on a five year lease schedule. In the small ticket market it seems to me more common for the lease to state that it will automatically renew at 100% of original rent for a set period, typically one year, however I have seen month-to-month forever until notice given type clauses frequently in the small ticket market as well. In a very few instances I have seen some lessors send a notice to the lessee 30 days before the date the lessee would have to give notice to remind the lessees that they need to do so, but this is definitely not a standard practice within the industry as I have seen it. I have seen a few more leasing savvy lessees have it written into their Master Lease with a lessor that the lessor is required to give the lessee a “heads up” notice at least 30 days prior to the date the lessee has to give notice, but again, these lessees were in the definite minority. Russell H. Wilder, CLP Senior Vice President, Chief Credit Officer ---- Darren Gardner, CLP Historically, the “Evergreen” Lease (clause) has created an end of Lease revenue generation that has been viewed as very aggressive and one reason why Leasing companies battle certain negative stigmas. While the concept may have initiated with good intentions, it is the misapplication that has hurt the reputation of the Leasing industry. What I have seen over the last 14 years is a systematic process by various leasing companies, large and small, public and private, to implement the Evergreen clause in a manner that some feel exceeds reasonable and fair business practice. Various Leasing companies have taken the revenue opportunity to the point of consistently forcing customers into submission when they do not follow every single detail of the Lease with regards to end of term instructions and requirements. This Evergreen clause is a subtle tactic of locking unsuspecting customers into additional revenue streams beyond a fair market rate Lease. In some cases, the process parlays itself into large FMV settlements that many claim is nothing short of “strong-arming” customers. Keep in mind, I do realize there are other industries that stick it to the customer in their own systematic way too. I am not naïve to ignore the prevailing business environment that seems to subscribe to the timeless entrepreneurial spirit of “Caveat Emptor!” (Let the Buyer Beware!) The question appears to be, “What is Fair? and “To what level do we as Lessor need to make the customer aware?” The Alliance Capital Corporation Lease agreement offers the Customer a 60 day window to notify us of their intention to exercise their purchase option. If a specific deadline is not met by our Customer we do not hold their “toes to the fire” and automatically extend the Lease, as in the Evergreen clause. In 11 years of business we have never done so. Our philosophy is to maintain positive long term relations with our customers, as demonstrated by the fact that 31% of our business is with existing customers. In accordance with our philosophy, if we have not been contacted by the Customer as Lease termination approaches we will, as a courtesy, notify customers 30 days prior to Lease expiration and allow them to prepare to execute the common nominal purchase option. Regards Darren Gardner, CLP Alliance E q u i p m e n t F i n a n c e D i v i s i o n
---------------------------------------------------------------- Leasing 102 by Mr. Terry Winders, CLP
Much has been said about good return language so our residuals are not in jeopardy due to poor equipment condition. However, it continues to be the poorest part of our documentation efforts. Usually because conservative residuals make even salvage values cover the risk. Once in a while the Lessor allows the return of poor equipment because it will still bring the residual amount and pressing the point would appear to make the Lessee upset and would endanger the continuing relationship. All of this is wrong and it is clear that many of us act like money lenders instead of true Lessor's. We must also remember that we only get back what we describe, so good return language begins with good equipment descriptions. The UCC requires us to understand that we may not require the lessee to return the equipment to like new condition and this is why we must accept “normal wear and tear” .However, we can place requirements that the equipment must be properly maintained, and capable of performing its original function at termination. Also, we can require that there be no body damage, missing parts, or holes from unattached retained attachments. Paint restored to original color when company logo's are removed and all functions are up to industry standards. The list of return requirements are unique to each type of equipment but are as important as the lessee's requirement to pay the lease payment. Now, the question of how to require the lessee to live up to the return conditions. Perhaps placing the return conditions on a separate schedule would give it more importance. Then you could send it to the lessee along with the 90 day notice requirement so they would have sufficient time to bring it back up to the return condition. You could also place a statement in the return requirements that the lessee “may” be subject to a fee not to exceed $500 for an industry expert, knowledgeable in the equipment, to inspect the equipment for deficiencies which will be repaired at the lessee's expense. Usually the treat of an inspection and the notice of there requirement to pay for repairs gets the job done. If you are in the “Leasing” business and not in the money lending business then residuals and good return language should be important to you. Mr. Terry Winders has been a teacher, consultant, expert witness for the leasing industry for thirty years and can be reached at leaseconsulting@msn.com or 502-327-8666
---------------------------------------------------------------- NAELB September 8-9th Western Regional Meeting Leasing Association Events-Meetings Open to All
LEARN, SHARE & EARN!
Commitment Fees: When are they are earned and when they are not is always a hot topic for discussion. Have you heard you're missing the boat because you don't collect commitment fees? Many folks collect commitment fees to get a deal off the street. Do you? Should you? When the deal doesn't get approved or doesn't fund, the fun really starts!! See what your fellow brokers have to say about this hot topic. Don't forget to vote for the 10 roundtables you want to learn about!
Register for the NAELB Western Regional Meeting now at www.naelb.org
Non-member companies who join NAELB at this meeting will receive $50 attendee fee credit toward their 2007 membership dues and are entilted to memberhsip privileges for the balance There are over 30 "Round Table Discussion Topics" Registration form: http://www.naelb.org/associations/2004/files/2006%20NAELB%20Western%20Reg%20Form.pdf ----------------------------------------------------------------------------
Renaissance Concourse Hotel -------------------------------------------------------------- Lease firm works for steady growth detnews.com
Midwest Leasing Group co-founder Curtis C. MacRae talks to Greg Ash of GLA Engineering. The leasing firm plans to add salespeople. The company: Midwest Leasing Group provides financing to companies that need equipment to expand their business. MLG has leased everything from computers to furniture to forklifts, said company co-founder Curtis C. MacRae. "We don't provide the equipment, but we do provide the financing to acquire the equipment," he said. Its leases range from $2,000 to $20 million with the average coming in at about $30,000. Since its formation in 1992, the company's leasing revenues have grown from about $1.5 million to an estimated $10 million for 2006. Its annual revenue growth is projected at more than 15 percent through 2010. Repeat business: MacRae credits MLG's steady growth to its regular customers. The company's leasing transactions have grown to between 400 and 500 customers per year, including one business that has used MLG's services for 47 different leases. Sales pitch: MLG hopes to expand from six salespeople to at least eight in the next year. MacRae said the staff needs fresh blood from time to time to help the company recruit new customers. Repeat business is great, but MLG wants to become a larger company through slow, steady growth, MacRae said. On the Web: www.midwestleasing.com Final word: "We plan to continue to grow steadily in our volumes and slowly in our staff," MacRae said. -------------------------------------------------------------- Bancolombia Restructures Ownership at Leasing UnitsBusiness News Americas ELTnews In a bid to increase the efficiency and financial management of the overseas subsidiaries of Colombian bank Bancolombia, Leasing Colombia, Bancolombia's leasing division, is selling its majority stake in Suleasing Internacional to Bancolombia's representative office in Panama. Leasing Colombia controls around 47 percent of Colombia's domestic leasing market, and has approximately US$1.27 billion in assets. -------------------------------------------------------------- Greybrook Credit Corporation Goes Live with LeaseComplete Richmond, VA, -- Dominion Leasing Software and Greybrook Credit Corporation, Richmond Hill, ON announced the successful implementation of LeaseComplete, Dominion's lease/loan accounting and asset management system. LeaseComplete was selected after an extensive evaluation and demonstration of how well it would fit the needs of Greybrook. The demonstrated ability of the system to dynamically adapt to Greybrook's business requirements, and the obvious user orientation of the system was instrumental in their selection. According to Stephanie Gowing, Greybrook's President, “We were looking for a company who was established in the financial software industry, with a solution that would readily adapt to our business model. LeaseComplete's ability to track assets from quotation through disposition, as was demonstrated in the early phase of the evaluation, was a key factor. Additionally, Dominion's industry wide known reputation for service played heavily in our decision.” Greybrook represented Dominion's entry into the Canadian marketplace About Greybrook Credit Corporation Greybrook Credit Corporation, a member of the Greybrook Corporation group of companies, is a leading independent finance company specializing in innovative solutions for non-traditional clients. About Dominion Leasing Software Dominion Leasing Software is a leading provider of Web-enabled software and services to the equipment finance and retail leasing industries. LeaseComplete, its flagship lease accounting and asset management system is widely recognized as the premier custom solution for both equipment and vehicle lease portfolios. Dominion's software and services are used by a diverse group of clients including banks, credit unions, trucking companies, automobile dealerships, and independent lessors. For more information on Dominion Leasing Software, please visit www.dominionls.com. ### Press Release ########################### Gabriel Toubia Joins TD Banknorth Leasing Corporation as Vice President in Burlington Gabriel J. Toubia has joined TD Banknorth Leasing Corporation as a Vice President in Burlington, Massachusetts. As a portfolio officer, he is responsible for portfolio management and underwriting equipment financing transactions for corporate customers. A Windham, N.H., resident, Toubia has 17 years of experience in banking and leasing. He received an MBA in 1987 from Binghamton University in Binghamton, N.Y., and an undergraduate degree in 1984 from SUNY College at Brockport. A native of Port Chester, N.Y., Toubia is a 1980 graduate of Port Chester High School. TD Banknorth Massachusetts operates 155 branches and 234 ATMs in the state. A division of TD Banknorth, N.A., TD Banknorth Massachusetts maintains the state's fifth-largest market share and provides more than 465,000 Massachusetts and southern New Hampshire households with a full line of retail banking products and services including commercial and consumer products, trust and investment services, commercial and personal insurance and residential mortgages. The branches of TD Banknorth have served their customers and communities in Massachusetts for more than 100 years and are recognized for a commitment to personalized service, long-term customer relationships, local decision-making, and community involvement. For more information, visit www.TDBanknorth.com <http://www.tdbanknorth.com/> . ### Press Release ########################### Kenneth Louis Joins National Penn Leasing Company Boyertown, Pa. - - National Penn Bancshares, Inc. announced today that Kenneth M. Louis, of Devon, Chester County, has joined National Penn Leasing Company, a subsidiary of National Penn Bank. In his role, he is responsible for credit underwriting and analysis of new leases as well as risk management and administration of the company's leasing portfolio. Louis has 30 years experience in leasing and financial services. He joined National Penn from Equilease Financial Services, Inc., in South Norwalk, Conn., where he was a regional sales manager. He was previously affiliated with Orix Financial Services, where he managed the company's Philadelphia office for 12 years. A native of Auburn, New York, Louis graduated from Cornell University with a bachelors degree in Government and Economics. He is a member of the Main Line Chamber of Commerce and is actively involved in cycling events that raise funds for local charities and medical research. “Ken's experience in credit underwriting and financial services will add much value to our Leasing Company and help support our solid growth,” said National Penn Executive Vice President Scott Gruber, who is president of the Leasing Company. National Penn's Leasing Company was formed in November 2002 to provide business customers with an efficient way to lease equipment for a variety of needs. The group has achieved significant growth due to its collaboration with National Penn's corporate and retail lending groups in exploring leasing opportunities for their clients. National Penn Bancshares, Inc. is a $5.23 billion asset financial services company operating 80 offices in Pennsylvania through National Penn Bank and its FirstService Bank, HomeTowne Heritage Bank, Nittany Bank, and The Peoples Bank of Oxford divisions. The Peoples Bank of Oxford Division also operates one community office in Cecil County, Maryland. National Penn's financial services affiliates consist of National Penn Investors Trust Company; National Penn Capital Advisors, Inc.; Vantage Investment Advisors, L. L. C.; National Penn Mortgage Company; National Penn Insurance Agency, Inc. and National Penn Leasing Company. National Penn Bancshares, Inc. common stock is traded on the Nasdaq Stock Market under the symbol "NPBC." Additional information about the National Penn family is available on the company's Web site at www.nationalpennbancshares.com ### Press Release ########################### Key Equipment names Jeff Enoch Vice President and Director Construction & Industrial Segment SUPERIOR, CO, -- Key Equipment Finance, one of the nation's largest bank-held equipment financing companies, has announced that Jeff Enoch has been named vice president and director for its construction and industrial vendor leasing segment. His office is located at the Key Equipment Finance office center in Downers Grove, Illinois. “Jeff is a seasoned executive with more than 25 years of diversified experience in financial services,” said Paul C. Erwin, senior vice president, Key Equipment Finance. “He has strong leadership qualities, proven success in vendor program and dealer development, and notable stature within the construction and industrial markets.” Prior to joining Key, Jeff was director of new business development at De Lage Landen Financial Services. He also spent more than 15 years with G.E. Capital Corp. and ten years with Deutsche Financial Services Corporation. He is a member of the American Marketing Association, American Association of Equipment Lessors and the Commercial Finance Association. He earned his bachelor of science degree in business administration at the College of New Jersey (formerly Trenton State College) and his master of business administration from the University of Bridgeport. Key Equipment Finance is an affiliate of KeyCorp (NYSE: KEY) and provides business-to-business equipment financing solutions to businesses of many types and sizes. They focus on four distinct markets: · businesses of all sizes in the U.S. and Canada (from small business to large corporate); Headquartered outside Boulder, Colorado, Key Equipment Finance manages a $12.6 billion equipment portfolio with annual originations of approximately $5.7 billion. The company has major management and operations bases in Toronto, Ontario; Albany, New York; Chicago, Illinois; Houston, Texas; London, England; and Sydney, Australia. The company, which operates in 26 countries and employs 1,100 people worldwide, has been in the equipment financing business for more than 30 years. Additional information regarding Key Equipment Finance, its products and services can be obtained online at KEFonline.com. Cleveland-based KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $95 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. ### Press Release ###########################
News Briefs--- Real Wages Fail to Match a Rise in Productivity No Consensus on Fed's Next Move on Rates Bank warns customers personal data may have been breached List of Winners at 58th Annual Emmys Emmy Awards Katie Couric's ascension has a huge domino effect on the television industry Can't pay? Talk to mortgage lender ---------------------------------------------------------------
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Hawaii is the only U.S. state that grows coffee.
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Today's Top Event in History 1907-- United Parcel Service begins service, in Seattle. Nineteen-year-old Jim Casey borrowed $100 from his friend, Claude Ryan, and started a local delivery service in Seattle, Washington. They called it the American Messenger Company. Jim's slogan was, “Best service, and lowest rates.” The company did well because Jim and Claude stuck to their principles: round-the-clock customer service, courtesy, reliability and low rates. They took these concepts a few steps further, focusing on package delivery for local retail stores, merging in 1913 with Mac McCabe and forming Merchants Parcel Delivery. The company was the first to provide consolidated delivery, placing packages with similar street destinations on one delivery truck. The company's growing fleet of trucks was then managed by Charlie Soderstrom. Charlie selected the dark brown color because of its professional appearance. By the 1920s, the company had grown large enough to expand to Oakland and Los Angeles, California. It wasn't long before it became known as United Parcel Service; 'united' for the consolidated shipments and 'service' because that's what they offered. Today, United Parcel Service provides delivery service to 185 countries and territories. ----------------------------------------------------------------
This Day in American History 1609- Delaware Bay explored by Henry Hudson for the Netherlands. From the beginning a chief purpose of voyages to the New World was to find a trade route to the Far East. When it became clear that there was a large land mass between Europe and the East, the search for sea route became a search for the Northwest Passage, a way around the northern part of North America. Sir Martin Frobisher in 1576-1578 was the first European to search for such a route. John Davis made a similar attempt in 1585-1587. When Henry Hudson sailed up the Hudson River in 1609 he hoped he had found the route, and in 1610 when he discovered Hudson Bay, he was on a similar mission. In 1616 William Baffin discovered Baffin Bay, which many years later was to provide a key to the actual route, long after the Northwest Passage had lost any commercial appeal. Some men they dragged him to a barn Yeah, come on all of you, big strong men, [chorus]... Well, come on mothers throughout the land, Chorus: & it's one, two, three --------------------------------------------------------------
Baseball Poem Pearly Babe by Mikhail Horowitz When Babe Ruth died & went to heaven, he was a rookie all over again. His homers & heroics, merely dust motes on a distant moon_ This is a great team, kid, St. Peter told the Babe. You won ' t be able to crack it for at least another nanosecond. But the Babe felt good, he was giddy as a lamb, he played catch with a comet & beamed like a Baltimore aureole, happily slapping mus tard on a manna-dog & chugging a six-pack of ambrosia. In less time than it takes to circle the bases of a quark, he made starting lineup, & as of this writing he's been a superstar—I think Betelgeuse—for 22 eternities. Now & then he hits one out of dark, but whether it ' s a single, double, triple, or Big Bang is hard say: up there (or is it in?) they don't keep stats. From “Line Drives,” 100 Contemporary Baseball Poems,edited by Brooke Horvath and Tim Wiles, Southern Illinois University Press -------------------------------------------------------------- SuDoku The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler? |
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