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Monitor 50 Largest Banks

    GE Business Credit Services/Expands Leasing

        "Jeff Taylor Thank You" Comments on Leasing Associations


                Where is Larry Grant?

                    Where is Gordon Roberts?

                International Decision Systems to Mr. Schroder

            CapStream Press Release for IDS Customers

        Shaw Added to Leasing Software List

    Software robot completes application/Runs on Windows Server 2003

Venture-Backed M&A Activity Witnesses Slight Uptick in Q2

    Commerce Bank Adds Middle Market Group/Appoints Three

        Nicholas Whittemore joins De Lage Landen Financial Services

            Interchange Bank Appoints Andy Rimol President Interchange Capital

                Key Equipment Makes Two Promotions: Crowly and LaChiusa

            News Briefs---

        Sports Briefs---

    California Nuts Briefs---

This Day in American History




This Border ##### Denotes Press Release (Not Written By Leasing News)


Two Version: Free ( text format) $59.95 yr ( html/website) Free 30 Day Trial


This edition is also available in an "up-grade" format, html, where you may

click on the headlines to go to the story, plus is also in this "new" format

posted daily on our website---





Monitor 50 Largest Banks


The Eighth Annual Ranking of the Top 50 U.S. Bank Leasing Companies


Here is the U-S Banker Magazine Top 100 Printed in June, 2003



The July/August Monitor Daily issue has an eight page special section, starting with the headline: “Top 50 U.S. Bank affiliates report 12.1% Drop in New Business Activity.”


In addition to the charts above, printed in great color and easy to read, are Net Asset size growth forecast, Top 10 Market Share Leaders, Foreign Assets, Foreign Volume, Survey Highlights, Origination Sources, Largest Asset Increase & Decreases, Volume/Employee

Analysis, Largest Volume Increases & Decreases, plus a very interesting Equipment



If you don’t subscribe, haven’t seen this special insert, plus the main 54 page

magazine, you are certainly missing a great, informative, extremely well-written

and beautifully illustrated edition. It is no wonder they win awards each



Published since 1974, the Monitor reaches over 30,000 professionals throughout

the United States with a broad-based cross section of readership. It is not the

articles and features that attract many readers, but the advertising itself. You

can learn more about the industry, who is doing what, who wants what, what

they have to offer, just by reading the ads in the publication that generally

runs seventy pages, plus this banking special insert.


You can subscribe by calling 610-293-1300 or visiting their website at Monitor subscribers receive discounts, including special pricing on receiving the twelfth annual ranking of the 100 largest equipment finance/leasing companies in the United States. How they rank by asset growth. New Business

Volume and Overall Growth, plus this banking special insert. You may call 610-456-6570. You can also purchase the reports in bulk.


If you are located overseas, this is the main journal that tells you what is happening in the U.S. Leasing Industry. To read the advertisements alone, you will know what is going on. Never a dull edition, and certainly full of current industry information.


To learn more, go to:



#### Press Release ##########################################


General Electric Launches GE Business Credit Services/Expands Leasing



JACKSONVILLE, Fla.----To meet the rapidly changing financing needs of businesses in North America, General Electric announced today the launch of GE Business Credit Services.


The new organization, formerly GE Distribution Finance, will continue its role as a leading provider of inventory finance, but has expanded its business structure to include commercial sales finance. Services encompass open account trade receivable management, business revolving charge programs, and receivables purchasing.


"Our range of services has become far broader than simply distribution finance, and our new name will more accurately reflect the full range of financial solutions we provide customers," said Chris Little, vice president and general manager of GE Business Credit Services. "We manage all aspects of commercial open account trade credit functions for our clients, and do more than just take out cost."


"Our programs are structured such that all invoice, billing and customer service communication is completed in our client's name. GE Business Credit Services truly operates as an extension of our client's business, helping them increase commercial sales through credit marketing, build customer loyalty, enhance brand value, reduce back office expenses, enhance cash flow and improve credit servicing processes."


In addition, Little said the group has launched its new Web site at


GE Business Credit Services provides financing services to companies in industries such as consumer electronics, office products, foodservice, wholesale distribution, building materials and many others.


"GE Business Credit Services is a powerful and innovative partner for all types of companies," said Mark W. Begor, president and chief executive officer for GE Consumer Finance-Americas. "They have a unmatched focus in commercial financing, tremendous technological resources and vast practical experience in receivables financing and process management to drive client operating efficiencies and growth."


GE Business Credit Services, based in Jacksonville, Fla., is a unit of GE Consumer Finance, a business of General Electric Company. With $95 billion in assets, GE Consumer Finance is a leading provider of credit services to consumers, retailers and auto dealers in 37 countries around the world. GE Consumer Finance, based in Stamford, Conn. (USA), offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans and credit insurance. More information can be found online at GE (NYSE: GE - News) is a diversified services, technology and manufacturing company with operations worldwide. More information about GE can be found online at






Peter Tosches, 203/316-7284 (office)

203/249-7487 (mobile)






### Press Release ###########################################




“Jeff Taylor Thank You” Comments on Leasing Associations


I've been watching the "association reaction" comments over the

last couple of days. As a veteran association manager with equipment

leasing experience, I have to credit Jeff Taylor on his keen perception

and comments. Here is my 2 cents worth:


Globalization has widened member choices by expanding their reach, and

E-business tools have made it easier for them to evaluate diverse

options. Consequently, the job of building lasting member relationships

has grown far more complex for associations. Associations lack

corporate-wide contact and account management systems, and the strategic

and cultural challenges of Membership Relationship Management continue

to hamper successful implementation that produces positive, measurable

results. In short, Membership Relationship Management implementation

challenges often stand in the way of associations realizing the full

economic benefits of member-focused growth strategies.


Membership Relationship Management initiatives must be carefully planned

and consistently supported in order to drive member retention, cost

reduction and higher profitability. Many companies proclaim that member

relationships are critical to lasting marketplace success. Yet few

associations, especially in the leasing community, have successfully

shaped their marketing, sales and delivery systems to optimize return on

member relationship investments.


James Prunty







DVI Chicago has only days left... time is running out....

huge sum of money missing...


Name With Held


(This will make the front pages of newspapers when it hits. editor)




DVI employees have just been informed no PAY DAY for

the foreseeable future!!






I had 8 deals there when they ran out of money....I was very

very pissed and stressed out!! I have since placed

all of my deals somewhere else and now i am just a

curious onlooker!!


I hope the FEDS show up and take someone out in



(name withheld)



It has been a major setback for our industry to receive the news of

DVI's liquidity concerns. We have had a fruitful relationship with DVI for

the last several years and stand behind their efforts to recapitalize and

continue on with successfully funding medical equipment.


We have recently received word from several or their existing vendors that

DVI is unable to perform "at this time" on several outstanding purchase

orders. CapitalWerks, LLC would like to assist DVI by honoring any

outstanding medical approvals while they renegotiate their existing credit

facilities. At the time DVI is able to fund transactions again, we will

help transition this business back to them, and continue being a part of

their successful growth.


Please have all inquiries directed to Stephanie DeVore, BDO National Medical

Finance, (714) 210 7478, (714) 210 7678 FAX.


We have also relocated to 5 Hutton Center, 12th floor, Santa Ana,

92707. With all our new and expanded space we are also aggressively hiring

and all inquires regarding sales positions should be directed to Ashley Verb

at (714) 210 7477.


Sincerely, J Raeder






Where is Larry Grant?


He was at Amembal, and then Transportation Alliance Bank,

which we are told has closed their leasing division. Larry

Grant’s telephone number and the main number are disconnected.


The original press release said:


“Building on their experience with the trucking industry, TAB is expanding its line of financial services to include Equipment Leasing for a broad range of industries and equipment types - not just transportation. Larry Grant, a 30-year veteran in the financial services industry and former executive vice president of ACC Capital in Salt Lake City, has accepted the position as director of the Equipment Leasing Division. Grant says that TAB's "can-do" attitude with the transportation industry will carry over into other industries such as hospitality, healthcare, technology, and more.


"Even with the downturn in the economy, Transportation Alliance Bank has helped thousands of trucks stay on the road that otherwise would have been sitting idle in parking lots. When other institutions are likely to tell a client 'no', TAB finds financing solutions that allow them to say, 'yes - we want to be your financial partner and help your business succeed.'"


But why would a bank created for and dedicated to the trucking industry want to provide financing for companies that aren't trucking-related?


"TAB already has a financial relationship with more than 20,000 manufacturers, wholesalers, retailers, and other shippers in a wide variety of industries via our Accounts Receivable Financing programs," says Clint Williams, TAB's president and COO. "Once TAB purchases the receivables from trucking companies, the bank becomes the creditor for the shippers. We are ready to take our relationship with these shippers to the next level, and provide them with quality leasing options that will allow them to obtain the equipment they need to be successful."



A bank collection manager, fielding all calls, do not want to make

any comments, and before learning who we were, said the leasing division was

shut down “indefinitely. Larry Grant, Lisa Lloyd, and Diana Windley apparently are no longer at the bank. It seems that (according to the collections manager) that

the incoming volume wasn't up to their expectations. Accordingly, this

was one of the major sources left outside of the captive finance sources that will do owner operator Class 8 tractor trailers.


If you are a source that does these types of transactions, let us know

and we will print what you send us.





Where is Gordon Roberts?


Highly reliable sources have told us Gordon Roberts is “long gone”

from Centerpoint Financial, that the portfolio, or what is left of

the operation, has moved to investor John Otto’s main operation

in Fresno, California.





International Decision Systems to Mr. Schroder


by Christopher Menkin



We are talking about as much as $25 million as the cost of the purchase

of stock, far out pacing other bidders such as Capital Stream and Summit

National, who most likely more after the customer base than the software

itself. None of the other newspapers seem to care, and perhaps will

print Capital Stream’s press release. Accounting and operations

have always been the step children of the leasing industry.


Leasing News has been after a comment from all the players, but no one

wants to talk, even off the record. There was a lot of money involved.

They still compete.


I haven't heard of any dancing in the street in Minneapolis as it appears the employees have lost all their investment. Perhaps if Schroder is willing to pony up more cash, but I think he is first going to change the board. The competitors tell me IDS still has the problem of trying to sell an ancient product with no new product on the horizon.


From the webs software list, it appears as companies get larger they then run

into others, like Oracle, plus the pie is smaller than a few years ago.


I think Capital Stream was interested for several reasons, one they are having

trouble selling and merging their two front end products, two, they need

to impress vendors so buying a "portfolio," or customer base, shows growth,#3

Riegelsberger former company was account oriented. So a "back end" product

is needed. Besides IDS, who would be next in line.


I don't think they can offer customers much with just a front end product in today's

software world. Capital Stream investors will want to know why and the merger of

the two company problems will wear thin. I don’t see many front end vendors selling very much so the market in this marketplace, which probably is still either not mature enough or skeptical about the value, or able to develop their own web based technology. The hardware market place has changed the design of software and I think the obsolescence factor has not slowed down, but gotten faster. If companies were doing better, you would even see more emergence.


If you think I am off base, then name one web based front end

system that has made it big. The promise of the web and it driving business

to the equipment leasing industry was a false one. Consultants made a ton of

money advising on it but dealers don't do business that way and who wants to

take application from anyone who logs on to your site? What types of credits

are you going to get. This is still very much a relationship business. The auction

program was a joke. ( Jay Fudemberg of gave us an exclusive

interview and wait until you hear his opinions., the number one in the “solution



The fact is the hardware abilities today coupled with the internet have

created a new method of business as Oracle, Peoplesoft, perhaps Seibel,

even IBM, have been changing the way of life.


Web based technologies need to be used to speed your internal processing.

Front end and back end. Streamlined access to data on your customers and

their contracts via web based technology is as important as it is to

inputting your new business.


Getting business (new customers) costs more than keeping current business

(customers) so service is the key these days. So how is the web going to be

able to help with that? In lots of ways if you do it right. But none of the

web front end folks saw that. Think about it, if they can get the data into

these systems why not put a little more time into getting data out and

displaying it for internal users to make their jobs easier. Make their jobs

easier and you can do the job with less people. Your sales force could have

access to information they don't have time to dig for. Your customer service

people only need to see on screen the information they need.


The web based systems can still be wrapped around any leasing system,

homegrown or store bought. Read the announcements from IDS that we

have recently posted:. Integration Manager, Rapport, BEA Weblogic, they may be on the

right track with ways to keep the InfoLease platform active for a few more



Maybe the insiders may not know what Schroeder and company have up their sleeves. Perhaps we will see a major change real fast at IDS now that they don't have to deal with being public company, a UK one at that. You and I both know a private company can move faster with less hassle that a public one.


As far as Oracle and SAP goes until they find someone to invest $25 million

they will only be talking about having a leasing system. They have not been

able to show any product yet have they? They have a good press agent and

make nice PowerPoints but is there really anything there to buy?



Please visit our list:






#### Press Release ####################################




Recent Announcement of Acquisition of IDS by Schroder Ventures Fosters Industry Stability


SEATTLE - - CapitalStream*, a pioneer in front office automation solutions for commercial and equipment finance operations, today reaffirmed its commitment to continue supporting International Decision Systems' (IDS) customers and to enhancing integration between InfoLease from IDS and FinanceCenter from CapitalStream. CapitalStream recognizes the recent announcement of the imminent acquisition of IDS by Schroder Ventures (through its wholly owned entity Twins Acquisition Inc.) as a significant step toward stabilizing the future for IDS, its customers and the equipment leasing industry overall. Through appropriate partnerships and other acquisition opportunities, CapitalStream will continue to expand its integrated front office platform offered to IDS users along with other equipment finance, commercial lending and small business credit providers.


"CapitalStream and IDS have many joint customers across the equipment leasing industry, and we recognize the acquisition of IDS as an important opportunity to resolve the recent uncertainty surrounding IDS and foster an environment for industry growth and stability," said Kevin Riegelsberger, CapitalStream's president and CEO. "We offer congratulations and believe everyone benefits from this transaction, which will provide IDS with improved financial strength and an ongoing ability to provide the equipment leasing industry with a proven and effective accounting and servicing solution."


CapitalStream's own expansion plans continue to move ahead based on a partnering and acquisition strategy that builds upon on its existing alliances. The company has significant investor partnerships in place with FTVentures, Banc of America, Polaris Venture Partners, Mobius Venture Capital, Voyager Capital, and The Benaroya Company. CapitalStream continues to evaluate acquisition opportunities focusing on technology and software providers that enhance and further broaden CapitalStream's product offering to its target market - the small business, equipment and commercial finance operations of financial institutions and other finance providers.


About CapitalStream

Established in 1995, CapitalStream develops financial front office automation solutions that enable banks and finance companies to transform paper-based, stand-alone operations into integrated, streamlined finance supply chains. CapitalStream solutions streamline application processing, deal structuring, credit analysis and document generation to rapidly originate leases, loans, lines and cards. As an established industry leader, CapitalStream has helped many small business lending, equipment finance and commercial lending operations to improve relationships with customers and partners, streamline operations, reduce risk and achieve significant revenue growth. For more information, visit CapitalStream's Web site at <>.

CapitalStream Media Contact:

Karen Thorsen

(206) 548 1703


<<NR-Acq Update 08.11.03 F.doc>>


Karen Robert Thorsen

PR/Marketing, CapitalStream




#### Press Release ########################################



Shaw Added to Leasing Software List


Reportedly 28 of the top US Banks and 7 top captive automotive finance companies run Shaw applications.


The lines of business Shaw applications support include:


Consumer Loan Accounting

Commercial Loan Accounting

Lease Accounting

Loan Tracking

Collections/Customer Service


Michael Moore wrote that they have a brand new leasing system that they built for Wells Fargo Bank.


He states, “After 35 years of developing software for the finance industry, Shaw

Systems remains the undisputed leader in credit management. ShawSpectrum,

our integrated lending system, enables our customers to increase revenue

and competitiveness while lowering costs. Shaw Systems supports a modular

approach in providing solutions. This equates to a competitive advantage

for our customers.”


Michael J. Moore

Marketing Representative


Shaw Systems Associates, Inc.

808 Moorefield Park Drive, Suite 210

Richmond, VA 23236


(804) 272-3800 (Ext - 225)

(804) 272-1727 (fax number)

(877) 949-4947 (pager)


Please visit the software list at:




#### Press Release #######################################



Software robot completes application to run on Microsoft Windows Server 2003


Robocoder corporation launches Marketing Program for 2003 ELA Business Technology Award Winning Securitization Administration Software.



Vancouver, Canada – Robocoder Corporation has launched a campaign to increase the customer based of the award winning Securitization Administration Software (SAS). The software was built for National Leasing Group and successfully automates 95% of Securitization processes. National Leasing Group reduced tranche creation time from 12 person days to one and improved securitization yields!


Robocoder corporation, an ISV Partner of Microsoft and one of the first companies to offer affordable custom enterprise solutions by using in-house software robot - RoboCoder®, today announced the availability of SAS - its award winning application on Microsoft Windows Server 2003. Windows Server 2003 is designed to be Microsoft's most reliable, highest performing operating system to date. RoboCoder® is designed to be most scalable performing on Microsoft Windows Server 2003.


"Our success developing SAS for National Leasing Group is a perfect example of how software can improve efficiencies and the bottom line," said Nelson Lin, President and CEO of robocoder corporation. "National Leasing Group has experienced immediate cost savings and has acknowledged the ability of RoboCoder® to produce frequent enhancements to the system with substantially less debugging than traditional systems."

Built using Microsoft's Visual C# .NET programming language to run on the Microsoft .NET Framework, RoboCoder® was designed to develop and change code automatically without programmers involved.


"Microsoft is pleased robocoder corporation is increasing customer productivity through support of .NET technologies," said Dan Fernandez, product manager for the Developer and Platform Evangelism Division at Microsoft Corporation. "By increasing developer productivity it will give customers more time to focus on their day-to day businesses."

"It became clear to us at the ELA Business Technology Solutions Conference in Chicago that American Lessors are still searching for an effective, flexible securitization software solution. The SAS creates enormous efficiencies, modeling capabilities and improved reporting," stated Hugh Swandel who is part of the robocoder corporation business development team. Swandel added, "Many lessors are adding personnel to securitization and worrying about the limitations and accuracy of current spreadsheet based systems."

"Many congratulations on receiving the ELA award. It brings credit to the entire industry in Canada.", said David Powell, President & CEO, Canadian Finance & Leasing Association.

About robocoder corporation


Founded in 1998, robocoder corporation, is a global provider of reliable software customization services that enable enterprise organizations to create, deploy and manage software applications for intranets and extranets. Robocoder corporation was founded by Nelson Lin, whose previous experience running the award-winning software company, Software Guaranty Inc., led him to the conclusion that software development was simply too labor intensive. Subsequently an in-house software robot was developed, RoboCoder®, with which robocoder corporation can custom develop and maintain enterprise applications many times faster than an ordinary software house. For more information, visit or send e-mail to , or call (604) 662-8082 (Pacific Time).


About Microsoft Corporation


Founded in 1975, Microsoft (Nasdaq "MSFT") is the worldwide leader in software for personal and business computing. The company offers a wide range of products and services designed to empower people through great software -- any time, any place and on any device. For more information, visit


RoboCoder® is trademark of robocoder corporation. All other trademarks are the property of their respective owners.



### Press Release #########################################



Venture-Backed M&A Activity Witnesses Slight Uptick in Q2




Commerce Bank Adds New Middle Market Group to Financial Services Portfolio; Former FleetBoston Executives Will Lead Commerce Expansion



CHERRY HILL, N.J.----Commerce Bancorp (NYSE:CBH) announced it has expanded its portfolio of financial services to serve the middle market for both profit and not for profit. John F. Cullinan, Senior Vice President, Specialized Lending, is leading the new Middle Market group for Commerce. John T. Harrison, Team Leader, and Robert F. Wordelmann, both Vice Presidents, have joined Cullinan in the Middle Market Group.


Cullinan brings 25 years of banking experience to Commerce. He was the Senior Vice President/Team Leader at FleetBoston for a national Gaming Group and Corporate Middle Market Group in northern New Jersey. Cullinan also is an experienced lender in other areas, including providing specialty lending to Finance, Leasing, Utilities and Trade Finance companies.


In addition to managing the Middle Market Group, Cullinan also will oversee the Leasing business and International Trade Finance, as well as being Senior Lender for the NJ Middle Market.


John T. Harrison also came from FleetBoston, where he most recently was a Senior Vice President/Senior Relationship manager handling a national gaming portfolio and local Atlantic City casino banking relationships as well as large corporate relationships. In his 29-year banking career, Harrison also has been involved in branch banking, small business lending, middle market lending and large corporate lending. He has been involved in other specialty lending activities in New York, including the garment and meat packing industries.


Harrison is a Team Leader with the responsibility of running a team of lenders and will be involved in new business development in the Middle Market and large corporate lending throughout New Jersey, both for-profit and not-for-profit.


The third member of the team, Robert F. Wordelmann, also joined Commerce from FleetBoston, where he most recently held the position of Vice President/Senior Portfolio Manager for the Casino/Large Corporate Group. Wordelmann also has experience with middle market lending. In addition to Gaming, Wordelmann also will have the responsibility for business development and will be a part of the team of Middle Market and large corporate lending throughout New Jersey, both for-profit and not-for-profit.


Commerce Bank, "America's Most Convenient Bank," is a leading retailer of financial services dedicated to providing unparalleled customer service. Commerce pioneered the concept of seven-day branch banking and has a network of 250 convenient stores in New York, New Jersey, Pennsylvania and Delaware. In 2003, the bank plans to add 46 new locations and will create 1,800-plus career opportunities throughout its territory.


Commerce Bank currently has assets of $20 billion and, in second quarter 2003, achieved a deposit increase of 44% and earnings per share growth of 29%. Maintaining an aggressive expansion pace, Commerce Bank is working toward a total asset goal of $50 billion and a branch network of 500+ offices by 2007. Commerce has been recognized for its leadership with awards that include Business Week's "50 Top Performing Companies of the S&P 500," Philadelphia magazine's "Great Places to Work," "Best In Remote Banking" by Microbanker and "50 Best of the Best" for Service by Fast Company, among others.




Commerce Bancorp

Kathleen Brust, 856-470-3329

SOURCE: Commerce Bancorp




### Press Release ############################################


Nicholas Whittemore joins De Lage Landen Financial Services as Vice President & General Manager of the Technology Finance Strategic Business Unit



WAYNE, Pa.,- De Lage Landen Financial Services announced today that Nicholas Whittemore has joined the company as Vice President & General Manager of its Technology Finance Strategic Business Unit.


De Lage Landen Financial Services, an international provider of high-quality asset-based financing products to manufacturers and distributors of capital goods, is the North American subsidiary of De Lage Landen International B.V., owned by Rabobank Group of the Netherlands.


?Nick brings the proven leadership skills that are necessary for us to compete and succeed in this critical market,? said Ronald Slaats, Chairman of the Americas Division of De Lage Landen International. ?His broad industry experience will play an important role in helping us meet our target goals for this industry segment.?


In his new capacity, Whittemore will oversee all aspects of the business unit, which provides comprehensive financing programs to office technology manufacturers, distributors, resellers and end-users throughout the U.S.


Whittemore joins De Lage Landen from @Sites Technology, Inc. in San Diego, CA, a financial services software provider, where he was President and CEO.


In 1990, Whittemore formed University Financial Services in Toronto, Canada. The company developed a unique and fully automated business model for the small ticket leasing industry and later was acquired by Newcourt Credit Group. During his seven-year tenure with Newcourt, Whittemore established two technology-based business units. As Senior Vice President and Managing Director, he also managed Newcourt?s Technology Finance and U.S. retail operations in Boston. Newcourt subsequently was acquired by The CIT Group.


Earlier, Whittemore worked for AT&T Capital, where he held positions of increasing responsibility in areas including Capital Markets and Corporate Development.


He also worked for Hong Kong Bank in Toronto managing their Trade Finance area and for the Bank of Montreal where he held various credit positions.


Whittemore is a graduate of Carleton University, Ottawa, Ontario, Canada where he earned a Bachelor of Commerce degree.


De Lage Landen is a Netherlands-based international provider of high-quality asset financing products. With a presence in 20 countries across the globe, the company focuses on the following industries: Food & Agriculture, Healthcare, Office Equipment, Telecommunications, Technology Finance, Materials Handling & Construction Equipment and Bank Outsourcing. In its domestic market, the company offers Real Estate Finance, Equipment Leasing, Car & Commercial Vehicle Leasing, ICT Leasing and Trade Finance through local Rabobanks but also direct to market.


De Lage Landen is a wholly owned subsidiary of the Dutch Rabobank Group that is AAA-rated by Moody?s and Standard & Poor?s.

In 2002, De Lage Landen?s net profit was $94 million with a balance sheet of $12.9 billion. For more information visit



### Press Release ##########################################


Interchange Bank Appoints Andy Rimol to President of Interchange Capital Company, LLC; Heavy Emphasis on Further Integrating the Leasing Company and Interchange Bank



SADDLE BROOK, N.J.----Interchange Bank (Nasdaq:IFCJ), a commercially focused community bank, announced that Andy Rimol joins as President of Interchange Capital Company, LLC, a leasing equipment company and wholly owned subsidiary of Interchange Bank. He will be responsible for generating new business, building Interchange Capital's assets in primary and secondary markets including New Jersey, New York and Pennsylvania. Andy Rimol replaces James Jenco, who is no longer affiliated with the company.


Anthony Abbate, president and CEO of Interchange Bank, stated, "As newly appointed president, Andy's role will be vital to the continued success of Interchange Capital. Andy comes from a financial and managerial background with proven ability to build and sustain strong leasing portfolios. We look forward to working with him, in a joint commitment, to secure new business, community-style."


Mr. Abbate continued by saying that Andy will also focus his efforts on studying available credit markets, providing internal and external leadership while creating strategic plans to further integrate Interchange Capital with Interchange Bank.


"My goal is to develop a close link between the bank and the leasing company, as well as to increase cross-marketing of clients," said Andy Rimol. "Interchange has a great reputation in the industry for being a customer and community-focused bank, which was appealing to me, as I am a longtime New Jersey resident. I felt an instant connection with the team and was drawn to Interchange's customer-driven banking ethics."


Before joining Interchange Capital, Andy served as District Marketing Manager for ICX Corporation. He graduated with a BAS in psychology from Princeton University and All Ivy, All East as Captain of the basketball team. He still competes in basketball and coaches for the AAU (Amateur Athletic Union). Andy earned his MBA in Management from Fairleigh Dickinson University. He resides in Randolph, NJ, with his wife and two children.


About Interchange Capital Company, LLC


Interchange Capital, a wholly owned subsidiary of Interchange Bank, is a leasing equipment company that designs tailored plans to make it simple for businesses to upgrade or add equipment for expansion or transition. With a team of experienced leasing professionals, its core focus is to help provide financing solution for companies within a wide range of industries, including technology, healthcare, manufacturing, telecommunications, automotive, graphic arts and general equipment. Interchange Capital has financial support from Interchange Bank, Bergen County's largest independent commercial bank. The combination of capabilities provides the stability and flexibility that equals the most practical source of lease financing for businesses of all sizes.


About Interchange Bank


Headquartered in Saddle Brook, NJ, Interchange Bank is Bergen County's largest independent commercial bank and a wholly owned subsidiary of Interchange Financial Services Corporation (Nasdaq:IFCJ). A thought leader in the industry, the Bank was among the first to implement a broad range of innovative services, including 24-hour, 7-day-a-week online banking and bill paying services, online stock trading, insurance services and the ability to apply for a loan online with an instant credit decision. Mutual funds and annuities are offered through the Bank's investment services. With over $1.3 billion in assets and 29 branches, the Bank focuses its efforts on the local communities from which it derives deposits and generates loans. Through Interchange Bank's subsidiary, Interchange Capital Company, L.L.C., cost effective equipment leasing solutions are available to small- and middle market companies. For additional information, please visit the company Web site at




Keating Public Relations

Cecilia Coakley / Lauren Mackiel

973-921-2006 / 2017




### Press Release ############################################










SUPERIOR, CO, -- Key Equipment Finance, one of the nation's

largest bank-affiliated equipment financing companies, has announced two

promotions from within its commercial leasing services group. James Crowley

has been named senior vice president and director of Business Aviation

Finance. Charles LaChiusa has been named vice president and regional sales

manager for Key Equipment Finance's northeast bank-based direct sales team.


In his new role, Crowley is responsible for developing and managing Key's

strategic direction for business aviation. He joined Key Equipment Finance

in December 1999 as national sales manager and has managed Key's northeast

direct sales teams since February 2002. Jim has nearly 25 years' experience

in the leasing industry, including ten years spent working with clients and

other industry sources specifically in the aviation finance marketplace.


Charles LaChiusa joined Key Equipment Finance in 1994 and has nearly 20

years' experience in equipment financing. He has served as a leasing

manager in western New York where he has distinguished himself as a

top-ranked, revenue-generating sales professional. In his new role,

LaChiusa will be responsible for the sales leadership and strategic

direction of Key's equipment leasing managers in Boston, Vermont, Maine and

New York State.


"We are pleased to have internal candidates of such high caliber who can

take on these responsibilities," said Paul W. Frechette, president and

chief operating officer of Key Equipment Finance's commercial leasing

services unit. "Both Jim and Chuck have extensive experience both within

Key and within the leasing industry. Their assumption of these new roles

will allow for a seamless transition as we move forward in achieving our

volume objectives for 2003 and beyond."


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);

· equipment manufacturers, distributors and value-added resellers


· federal, provincial, state and local governments as well as other

public sector organizations; and

· lease advisory services for manufacturers' captive leasing and

finance companies.


Headquartered outside Boulder, Colorado, Key Equipment Finance oversees an

$8 billion equipment portfolio with annual originations of approximately $3

billion. The company has major management and operations bases in Toronto,

Ontario; Albany, New York; London, England; and Sydney, Australia. The

company, which operates in 24 countries and employs more than 600 people

worldwide, has been in the equipment financing business for nearly 30

years. Additional information regarding Key Equipment Finance, its products

and services can be obtained online at


Cleveland-based KeyCorp is one of the nation's largest bank-based financial

services companies, with assets of approximately $85 billion. Key companies

provide investment management, retail and commercial banking, retirement,

consumer finance, and investment banking products and services to

individuals and companies throughout the United States and, for certain

businesses, internationally. The company's businesses deliver their

products and services through KeyCenters and offices; a network of

approximately 2,400 ATMs; telephone banking centers (1.800.KEY2YOU); and a

Web site,, that provides account access and financial products 24

hours a day.


Lisa A. Miller, Corporate Development

Key Equipment Finance


P.O. Box 1865

Albany NY 12201-1865

Phone: (518) 257-8235

Fax: (518) 257-8821


#### Press Release #####################################






News Briefs----


Fed Expected to Leave Rates Alone


Martha Stewart's Company Posts 86% Decline in Profit


Status of Child Credit Tax Credit/Other information


Hewlett-Packard is set for largest product rollout ever



AOL Asking Time Warner to Drop 'AOL' Name



Sports Briefs---


Injured Garcia likely to miss another game

(I'll be at the game on Thursday, Rattay is coming along, played well at N.O.)


Save Our State: Vote Terry Tate


California Nuts Briefs---


(For readers out of the areas who are only getting Associated Press stories,

and those in Europe and the rest of the world, we plan to keep you up

to date with the Recall effort of incumbent Governor Gray Davis, often

called a “circus.” It does have three rings, clowns, and we are waiting

for someone to be shot out of a cannon.)



Gray Davis Recall

California holds lotto-style drawing to determine order of recall ballot



Actor has poor voting record/

Schwarzenegger cast no ballot in five of past 11 elections


Opponents' wealth dwarfs Bustamante's

Not a millionaire like his GOP rivals, he probably will rely on fund-raising


Columnist Leigh Weimers, San Jose Mercury-News


You know Gov. Gray Davis' minions are working hard to dig up dirt on Arnold Schwarzenegger, but they needn't look any further than a book by San Josean Larry Engelmann, ``They Said That'' (Renaissance Books). Among the celebrity quotes collected by Engelmann are these by Conan the Kennedy:


``The only thing that makes me nervous is when I don't get my own way'' (1990); ``Everybody in this country has the freedom to say what he or she wants to, but I sometimes think there is too much of that commodity for my taste'' (1991); and ``I hate pants. This is something I have inherited from my father. He despised pants, and my mother was never allowed to wear them at home. I still feel that way, and neither my mother nor Maria (Shriver) is allowed to go out with me in pants'' (1998). That's the danger of having public opinions. Somebody's always going to remember 'em




This Day in American History


    1553- Pope Julius III orders confiscation and burning of the Talmud. Religious

prosecution of Jews in Europe becomes prevalent for the next two centuries,

as many then migrant to the United States to escape growing religious prosecution.

    1585-The first letters written in English in America were the four letters of Ralph Lane, the first commander of Raleigh’s first colony at Roanoke Island, NC, Porte Ferdynando.

Here is Lane’s Report from his letters:

    1676-King Phillips War (1675-1676) ended when the Wampanoag leader was surprised and shot by an Indian in the service of Captain Benjamin Church near Mt. Hope, Rhode Island. King Phillip was the son of the chief of the Wampanog tribe.. The conflict had grown to include the Wampanoag, Nipmuck, Narragansett, Mohegan, and Podunk tribes and ended with their virtual destruction, opening southern New England to unimpeded colonial expansion.

    1833- Lillie Devereux Blake birthday - U.S. writer and suffrage activist. Widowed, she turned to writing to support herself. Prolific, she used a dozen pseudonyms as she churned out newspaper and magazine articles and novels. She was successful in having wives declared joint guardians of minor children in New York state, a provision that soon spread to other states. Up to the late 1890s men had sole custody of his children and the mother had no rights. She also

won other women rights.

    1834- dental amalgam for filing teeth was introduced by Messrs. Carcour and Sons, who first started advertising it this day in the New York Commercial Advertiser, as “ Royal Mineral Succadaneum for filling decayed teeth without the slightest pain, heat or pressure.” they paid little attention to caries and filled all cavities without first removing decay. Their work was unsatisfactory and they were obliged to flee the country.

    1851- Isaac Merritt Singer developed the sewing machine for use in homes and received a patent for a rocking treadle or double treadle. He used a treadle similar to that employed in old spinning wheels and attached it by means of a pitman to the handle on the driving gear of the machine. 1857 Edward Gibbs of Mill Point, VA invented the chain-stitch single-thread sewing machine. 1858, William and Ellen Demorest of New York devised paper sewing patterns, publishing them in magazine, They cut apart stylish dresses and recreated them in tissue-paper versions packaged in large envelopes, which they sold mainly by mail order. Their company was notable in its time for being run jointly by a married couple and for employing African-Americans and whites equally. The business was eventually eclipsed by e. Butterick and Company of New York City, bounded in 1867 by Ebenezer and Eleanor Butterick of Sterling MA, who had received a patent for paper sewing patterns. In 1866, Excelsior Needle of Wolcottbville, CT, organized with $20,000 of capital, sped the sale of sewing machines with a means of making uniform sewing needles at a very low cost rather than the crude needles previously made. Singer at this time started lay-away plans, trade-in plans, leasing of sewing machines for clothing manufacturers (seasonal and long term ), and in 1876 introduced the first sewing machine lamp holder. IT “ quite obviated the difficulty experienced by operators when sewing at night” because the lamp would

not “ jar off the table or upset” and it could “ be moved without soiling the fingers ( patented by Ludwig Martin Nicolaus Wolf of Avon, CT). 1889, the first electric sewing machine was manufactured by the Singer Manufacturing Company at its factory in Elizabethport, NJ.

    1859- Birth of Katherine Lee Bates, American English teacher. She published over 20 books, but is best remembered today for writing the patriotic hymn, "America, the Beautiful" (a.k.a. "O Beautiful for Spacious Skies").

    1862- Gen John Hunt Morgan and his raiders capture Gallatin, TX

    1867- Birthday of Edith Hamilton - U.S. classicist, author, authority on ancient Greece and mythology, promoter of Lesbian causes. She was headmistress of Bryn Mawr school in Baltimore (founded by Mary E. Garrett and M. Carey Thomas). She remained headmistress for 26 years until what has been termed a "disagreement" with Thomas in 1922 , at age 55, she left Bryn Mawr to live with openly with Doris Field Reid for the rest of her life, "staying home to keep house" and write while Reid continued as a noted investment banker. The couple bought a summer home on Mount Desert Island and later moved to New York city from Baltimore when Reid received the opportunity to go with a noted Wall Street firm. Later EH followed Reid to Washington when Reid was made head of the firm's offices there. At age 90- she was made an honorary citizen of Athens in recognition of her scholarly writings. Perhaps he most popular book was titled “Mythology” and is still widely read today.

    1877-Thomas Edison completes his first model of a phonographic player.

    1880- birthday of famed American baseball player Christopher (Christy) Mathewson, one of the first players named to Baseball’s Hall of Fame. Born at Factoryville, PA, he was a college graduate, and considered one of baseball’s first clean-cut stars. He pitched three complete games during the 1905 World Series without allowing opponents to score a run. In 17 years he won 373 games while losing 188 and striking out 2,499 players.

    1881-Birthday of Cecil B. DeMille, film pioneer, born at Ashfield, MA. Cecil Blount De Mille was a film showman extraordinaire known for lavish screen spectacles. he produced more than 70 major films which were noted more for their large scale than for the subtle artistry. He produced one of the earliest four-reel film, “ The Squaw Man,” in 1913, which boasted the first use of indoor lighting on an actor and was the first film to publicize the names of its stars. His other innovations included the sneak preview and the idea of producing different versions of a popular film. His films include, “ The Crusades,” “ The Sign of the Cross,” “King of Kings,” “Cleopatra,” “ The Plainsman,” “ the Buccaneer,” “ Reap the Wild Wind, “ and “ The Ten Commandments,” which was made in 1923 and then in a new version in 1956. DeMille was awarded an Oscar for “ The Greatest Show on Earthy” in 1953. He died January 21, 1959, at Hollywood, Ca.

    1838- Lillie Devereux Blake birthday - U.S. writer and suffrage activist. Widowed, she turned to writing to support herself. Prolific, she used a dozen pseudonyms as she churned out newspaper and magazine articles and novels. She was successful in having wives declared joint guardians of minor children in New York state, a provision that soon spread to other states. Up to the late 1890s men had sole custody of his children and the mother had no rights. She also won other women rights.

    1898-The first island territory annexed by the federal government was the Hawaiian Island. The treat was signed on June 16,1867, by John Sherman, secretary of state. A joint congressional resolution to provide for annexation was passed on July 7, 1898, were formally annexed this day, to become known after their largest Island as the “Hawaiian Islands.”

    1915- "Of Human Bondage," by William Somerset Maugham, published

    1923- Victor Cine Camera introduced the first portable movie camera. It weighed five pounds and cost $55. Today it was first advertised and Charlie Chaplin was one of the first customers.

    1929-Birthday of Alvis Edgar “ Buck” Owens, singer and songwriter, Sherman, TX.

    1936- 120ø F (49ø C), Seymour, Texas (state record)

    1950-The New York Giants defeated the Ottawa Rough Riders of the Canadian Football League, 27-6, in an exhibition game played at Ottawa. The Giants thus became the firs NFL team to play outside the US.

    1955—Top Hits

Rock Around the Clock - Bill Haley & His Comets

Ain’t that a Shame - Fats Domino

Learnin’ the Blues - Frank Sinatra

I Don’t Care - Webb Pierce

    1955- the US Government set the first minimum hourly wage of one dollar. It was set at $3.10 effective January 1, 1980, and at $4.25 effective April 1991.

    1959- Lynette Woodard birthday- U.S. athlete. LW is consider one of the all-time great women's basketball player. At the University of Kansas she consistently led the nation in scoring, rebounds and just about everything else.

She set the women's college scoring record of 3,649 points and was elected collegiate All-American (1978-81). LW followed her collegiate career by playing on a number of teams that captured gold and silver medals in international play. LW then captained the 1984 team that won the first Olympic gold medal in women's basketball for the United States. In 1985 she signed as the first woman player with the Harlem Globetrotters, playing for them (mostly on the bench as the token female) for two years before leaving over a contract dispute.

Her position on the globetrotters broadened the public's awareness that there were women who played good basketball and helped pave the way to today's professional basketball leagues. "There are a lot of other women who had the same dream I had, but they don't have any place to go after their college days."

She has been honored widely for her playing and roll model abilities.

    1960-The first communications satellite was Echo 1, a 26.5-inch magnesium sphere launched by a Thor-Delta rocket at 5:30am from Cape Canaveral, FL. The satellite went into orbit at 7:45am, after the three stages of the rocket had been fired successfully. A tape message was transmitted from Goldstone, CA, bounced off the satellite, and received by the Bell Telephone laboratory at Holmdel, NJ.

This eventually revolutionized the communication industry from radio and television news, miniature portable telephones, Internet and geographic location

at extremely low costs and very high efficiencies.

    1963—Top Hits

Fingertips - Pt 2 - Little Stevie Wonder

Wipe Out - The Surfaris

(You’re the) Devil in Disguise - Elvis Presley

Ring of Fire - Johnny Cash

    1964- Race riot in Elizabeth, NJ.

1964 For a major league record tenth time and for the final time in his career, Yankee switch-hitter Mickey Mantle hits a home run both left-and right-handed in the same game.
    1965-Race riot in West Side of Chicago, IL.

    1969- Boston Celtics sold for an NBA record $6 million

September 26, 2002: Boston Celtics Sold For $360 Million

    1971—Top Hits

How Can You Mend a Broken Heart - The Bee Gees

Take Me Home, Country Roads - John Denver

Beginnings/Colour My World - Chicago

I’m Just Me - Charley Pride

    1971-Birthday of tennis player Pete Sampras, Washington, DC.

    1972-The last United States ground combat forces in Vietnam were withdrawn.

    1973 - Golfer Jack Nicklaus won his 14th major golf title, breaking a record held for nearly 50 years by Bobby Jones. Nicklaus won the PGA Championship for the third time.

    1979—Top Hits

Bad Girls - Donna Summer

Good Times - Chic

The Main Event/Fight - Barbra Streisand

Suspicions - Eddie Rabbitt

    1981 - IBM (International Business Machines) introduced the Model 5150 PC (personal computer). The IBM PC ran on the Intel 8088 microprocessor at 4.77 mHz with one or two 160K floppy disk drives. It had 16 kilobytes of memory, expandable to 256k, five 8-bit ISA slots, a 65-watt power supply, no built-in clock, no built-in serial or parallel ports, and no built-in video capability -- it was available with an optional color monitor. MS-DOS 1.0/1.1 was issued with the PC (IBM later released its own operating system: PC-DOS). Prices started at $1,565. The IBM PC was a smashing success and IBM quickly became the #1 microcomputer company, with Apple dropping to #2, primarily because

it was one-third the cost and available at Sears-Roebuck and many other retail stores, plus direct from IBM with a lease-finance plan both for consumers and business, including many start-ups ( it followed their typewriter leasing-finance plan with maintenance available ).

1982- The Minnesota Vikings, who for years used to the frozen tundra of Minneapolis’s Metropolitan Stadium as a significant home-field advantage, made their debut in the Hubert H. Humphrey Metrodome. They beat the Seattle Seahawks in a preseason game.

1984 Don Drysdale, Harmon Killebrew, Rick Ferrell, Luis Aparicio and Pee Wee Reese are inducted into the Hall of Fame.

    1987—Top Hits

I Still Haven’t Found What I’m Looking For - U2

I Want Your Sex - George Michael

Heart and Soul - T’Pau

One Promise Too Late - Reba McEntire

    1993-Presisdent Bill Clinton signed a bill providing $6.2 billion in federal relief to victims of floods in July and August for nine states from North Dakota to Missouri. Due to the record rains in the spring of up to 200 percent above average, the Midwest suffered 50 deaths, 70,000 left homeless and an estimated $12 billion in damage as of August 9, 1998.

    1994- The MLB Players' Association members go on strike, the work stoppage will lead to the cancellation of the World Series and a delayed opening of next season.

    1996-National Hockey League general managers agreed upon a rule change taking effect at the start of the 1996-1997 season. If fans litter the ice during the game, the referee is empowered to give a warning and then, if the offense is repeated, to penalize the home team for delay of game. The rule was a response to fans of the Detroit Red Wings, who tradition called for throwing octopi on the ice, and more particularly to fans of the Florida Panthers, who littered the ice with plastic rates after Panther goals during the 1995-96 season. 1998- The Devil Rays surpassed the two-million mark in home attendance in their inaugural season joining the Rockies, Marlins and Arizona as the only expansion teams to reach this mark.




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Sweat Equity

One of the oldest, active members of the leasing community (1957) is retiring .

Bob New is looking for a vehicle and/or equipment leasing sales person or middle manager who would like an opportunity to eventually have his own business in return for some sweat equity.

It would be helpful if this person could bring his own sources of leasing business.

This is a great opportunity for a young entrepreneur.

Please e-mail: Bob New ( ) or call him at 818-244-4788

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