Leasing News

Bank Beat—Which comes First: Eggs or Chickens?

The 15 banks failures this year add up to $2.34 billion to the FDIC Deposit Insurance Fund; this week, $1.8 billion, $531.7 million last week. There also are loss shares, and it should be pointed out these are estimated loses, as often there are other expenses in liquidation as well as liens by local and state governments as well as federal liens that become known and by law need to be recognized.

Lessening of banking regulations or curbing the growth of larger banks is not going to get the many banks lending again as they first have to recover, guard their equity and get a hold of their losses, and be very careful of lending as the margins are not there to make any further mistakes.

Answering the question of which comes first, the eggs or the chickens:
It’s the chickens!!! Look to lending to remain tight, and the five bank failures below explain in best:

Becoming the most costly bank to the FDIC to close this year ($825.5 million the estimate to the Deposit Insurance Fund) were the eight branches of First Regional Bank, Los Angeles. Founded December 31, 1979 as Great American Bank by Jack Sweeney. The bank, which changed its name in 1987, eventually became one of the 10 largest in Los Angeles, with assets approaching $2.5 billion and 283 full time employees. They were closed by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First-Citizens Bank & Trust Company, Raleigh, North Carolina, to assume all of the deposits of First Regional Bank.

Nasdaq halted trading of First Regional’s shares, which had fallen from $34 to 65 cents over the last three years.

As of September 30, 2009, First Regional Bank had approximately $2.18 billion in total assets and $1.87 billion in total deposits. Bank equity had gone from $233.4 million in September 30, 2008 to $131.2 million September 30, 2009; loss of $7.2 million to a loss of $110.5 million after a charge off of $112.6 million. Net operating income was a minus $110.5 million. Tier 1 risk-based capital ratio: 6.19%

http://www.fdic.gov/news/news/press/2010/pr10026.html

Community Bank and Trust, Cornelia, Georgia, was closed last Friday by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with SCBT, N.A., Orangeburg, South Carolina, to assume all of the deposits of Community Bank and Trust.

The banks 36 branches, mostly inside grocers and Wal-Marts, last year had 49 full time employees, but was down to 38 full time employees by of September 30, 2009, with $1.21 billion in total assets and $1.11 billion in total deposits.

Atlanta.bizjournals.com reported "Community Bank & Trust operated more than 20 branches inside grocers and Wal-Marts, and the banking company is the first with such a heavy dependence on retail store branches to fail in Georgia, though analysts say that is not likely a contributing cause to failure.

"Community Bank & Trust, like many failed and struggling Georgia lenders, overextended on residential development loans."

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $354.5 million.

http://www.fdic.gov/news/news/press/2010/pr10025.html

First National Bank of Georgia, Carrollton, Georgia, founded September 16, 1946 with 11 branches was closed with Community & Southern Bank, Carrollton, Georgia, a newly chartered institution, to assume all of the deposits. The investment group led by Patrick Frawley, former bank regulator from the Office of the Comptroller of Currency who turned around one bank, Blountsville, Ala.-based Community Bank. in 2002, but lost Integrity Bank, which ultimately failed in August 2008. The key will be to raising capital and keeping it positive. In George, this will be very difficult in 2010. Look for more bank failures here.

As of September 30, 2009, First National Bank of Georgia had approximately $832.6 million in total assets and $757.9 million in total deposits. Community & Southern Bank will pay the FDIC a premium of 1.25 percent to assume all of the deposits of First National Bank of Georgia. In addition to assuming all of the deposits of the failed bank, Community & Southern Bank agreed to purchase essentially all of the assets.

The bank had gone from 266 full-time employees in September 30, 2008 to 206 in September 30, 2009 net equity $96.6 million to $14 million; losing $2.8 million to the September 30, 2009 loss of $53.6. Tier 1 risk-based capital ratio: 1.50%.

The FDIC and Community & Southern Bank entered into a loss-share transaction on $607.4 million of First National Bank of Georgia's assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $260.4 million

http://www.fdic.gov/news/news/press/2010/pr10022.html

The 11 branches of Florida Community Bank, Cornelia, Georgia were closed and the FDIC arranged for Premier American Bank, National Association, Miami, Florida to assume all deposits.

As of September 30, 2009, Florida Community Bank had approximately $875.5 million in total assets and $795.5 million in total deposits. Premier American Bank, N.A. will pay the FDIC a premium of 0.4 percent to assume all of the deposits of Florida Community Bank. In addition to assuming all of the deposits of the failed bank, Premier American Bank, N.A. agreed to purchase approximately $499.1 million of the failed bank’s assets.

Founded July 7, 1923 with full time employees dropped from 185 September 30, 2008 to 158 September 30, 2009; net equity $94 million to $21.1 million; a loss of $24.1 million to a loss of $29.6 million with a Tier 1 risk-based capital ratio: 3.28%

In an article that appears in the February, 2010 edition of US Banker, "Community Bank of Florida bad debts double:"

"The availability of cheap money in the early- and mid-2000s fueled an explosion in building activity, real estate prices ballooned, and speculators descended. 'Suddenly you had the New York X-ray technician who wanted to buy five condos like his buddy did and flip them for a profit,' says Alex Sanchez, CEO of the Florida Bankers Association. 'When the music stopped, he got caught without a chair.'

"Locals caught the fever, too. Bill Valenti, CEO of the $340 million-asset Florida Gulf Bancorp in Fort Myers, recalls an otherwise sane customer visiting his office in 2006 seeking a $1 million credit line to buy lots in a high-end subdivision. 'He was going to pay $72,000 for each lot and flip them to out-of-state investors,' says Valenti, who passed on the credit line. 'Today, those lots are selling for less than $10,000'."

http://www.bizjournals.com/southflorida/stories/2009/08/03/daily2.html

The FDIC and Premier American Bank, N.A. entered into a loss-share transaction on $305.4 million of Florida Community Bank's assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $352.6 million

http://www.fdic.gov/news/news/press/2010/pr10023.html

American Marine Bank, Bainbridge Island, Washington was closed Friday with Columbia State Bank, Tacoma, Washington, to assume all of the deposits. Founded September 17, 1948, the bank had 11 branches with 120 full time employees. As of September 30, 2009, American Marine Bank had approximately $373.2 million in total assets and $308.5 million in total deposits. Columbia State Bank will pay the FDIC a premium of 1.0 percent to assume all of the deposits of American Marine Bank. The FDIC and Columbia State Bank entered into a loss-share transaction on $255.1 million of American Marine Bank's assets.

Net equity had dropped from $33 million September 30, 2008 to $14.37 million September 30, 2009. Previous year time period showed a profit of $1.3 million but September 30, 2009 a $19 million loss after a $16.1 million charge off. Net operating income was a minus $20.3 million; Tier 1 risk-based capital ratio: 5.13%

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $58.9 million.

Here is the Full story:
http://www.kitsapsun.com/news/2010/jan/29/regulators-shut-down-bainbridge-islands-american-m/

http://www.fdic.gov/news/news/press/2010/pr10027.html

Marshall Bank, National Association, Hallock, Minnesota, 14 full time employees founded October 4, 1943 with three branches closed Friday with United Valley Bank, Cavalier, North Dakota, to assume all of the deposits. Bank equity had gone from $11.4 million September 30, 2008 to $4.3 million September 30, 2009; a loss of $1.8 million September 30, 2008 to a loss of $3.79 million September 30, 2009 after a charge off of $4.8 million. Tier 1 risk-based capital ratio: 4.27%.

In 2003 Northwestern State Bank, Hallock, Minnesota, became a national bank with the title of "Marshall Bank, National Association" and proposed a branch office in Minneapolis, Minnesota. It was active in “Agricultural Specialization,” according to the FDIC filing, with offices in Hallock, Kennedy and Lancaster. They had on their September 30, 2009 balance sheet $1.73 million in real estate construction and land development loans, with zero secured by farmland. In addition, they had gone done from $1.89 million September 30, 2008 to $487,000 in real estate secured by nonresidential properties.

As of September 30, 2009, Marshall Bank, N.A. had approximately $59.9 million in total assets and $54.7 million in total deposits. United Valley Bank will pay the FDIC a premium of 7.35 percent to assume all of the deposits of Marshall Bank, N.A.

The FDIC and United Valley Bank entered into a loss-share transaction on $23.9 million of Marshall Bank, N.A.'s assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $4.1 million.

http://www.fdic.gov/news/news/press/2010/pr10024.html

List of Bank Failures
http://www.fdic.gov/bank/individual/failed/banklist.html

Previous Bank Beat columns:
http://www.leasingnews.org/Conscious-Top%20Stories/Bank_Beat.htm

“Weekly Bulletin Board Complaints”
by Christopher Menkin

May 16, 2007 was the last "Weekly Bulletin Board Complaint column printed in Leasing News. I had originally started reporting on complaints in progress, hoping that would help. It did not.

At the same time, I stopped keeping a record of how much money Leasing News saw returned to applicants. A guess is it is over $10 million now, maybe more, as it has more than doubled since that time.

The number has more significance as many of these involved $1,500. The great majority were under $5,000. The largest returned was $50,000.

There also were issues about residuals, some legitimate that the lessee had signed a "Fair Market Value" option even though the proposal said otherwise. And of course, the $1.00 out signed by the lessee and not the discounter. This is not counted in the dollar figure above.

The purpose of bringing this to the attention of Leasing News readers: There is something new that applicants are doing, and it seems to be working, so perhaps it is time for a "round up. Here are two out of eight that are currently seeking a resolution

(1)Applicants are taking their issue to the Better Business Bureau for a resolution. Not just a complaint.

"***** likes to bully people with threats of litigation. In order to expedite and avoid getting only the lawyers paid, I chose to arbitrate via the San Diego Better Business Bureau. My goal was to knock down his BBB rating in which I relied on in choosing him in the first place, and then take that ruling to court if necessary.

"The arbitration was continually pushed back and was finally resolved late last year. The fact that Mr.****** was not credible was well documented thus the arbitration hearing was short and sweet. He successfully delayed payment as well. Even though I was forced to pay in advance for the (2) leases as well as pay in advance for one of the vehicles in cash prior to completing the lease, the arbitrator granted him a year to make payments. So far I have received two payments.

"The BBB quite clearly is protecting the dues payer with an even clearer disregard for consumer protection. Up until recently ******* enjoyed an A- rating. After 9 complaints in the last 12 months, the BBB has knocked him down to a B+. The BBB chapter president promised me that if I can prove ***** or Mr. ***** violated state law that he would lose his accreditation. I presented evidence that proved that to be the case and the BBB president proceeded to tell me that she is not a judge nor jury. I have referred the case to the California Department of Corporations whom has started an investigation.

"Caveat Emptor is still the rule. I did, what I thought was, due diligence. Consumer protection is non-existent. Perhaps if enough people get taken advantage of, the lenders will stop providing the *******'s of the world a source of funding and facilitate them to find other lines of work. In the mean time he is going to make it difficult for the respectable in your industry to make an economic recovery due to lack of credibility."

(2) Here also is an unusual one, who Leasing News is familiar with as having previous complaints resolved with the same party. When it was originally received, it was suggested the best court of action: the National Association of Equipment Brokers:

"I have attached my letter forwarded to the attorney, Joseph Bonanno, for the equipment leasing association (NAELB) along with my certified letter to ***** and then Mr. Bonanno's official letter to ****. I had also forwarded correspondence with ****** and deposit check to Mr. Bonanno.

December 14, 2009 letter to NAELB:

"In a recent telephone call to *****. I was told that if I reported his refusal to refund my company's deposit for in equipment levee arrangement to your organization, I would not "see the money again." He has staged that a refund would not occur before the end of January 2010, almost six months since we forward our deposit to his company on August 14th, 2009, three and a half months since our October 13, 2009 request for refund (attached hereto) and three months since our final request, per certified mail, on October 28, 2009. I am faxing these letters along with related documents and can transmit the email trail of our dealing with **** to you. in the event we commence litigation with ******* company, then I acknowledge that NAELB shall suspend all investigation in this matter, pending the conclusion of said litigation."

The NAELB Procedure Leasing News is told the Ethics committee, composed of both brokers and funders who have much experience in the industry. The Ethics Committee issues their
verdict and delivers it to the parties involved. If they don't oblige, then the case gets handed to the Board. In this case a deadline was given for a response by January 8th, 2008. Leasing News was told it was not met, more time was given, and now the issue has gone to the board.

This complaint is important as it demonstrate NAELB cleans its own house, even if the party is both a "Best Practice Broker" and a Certified Lease Professional.

Mr. Bonanno also serves on the CLP Foundation Board.

It is Leasing News policy not to consider complaints when they are being addressed by the NAELB as the leasing association has been very proactive in such investigations and resolution to complaints.

Leasing News Bulletin Board Complaints
http://www.leasingnews.org/bulletin_board.htm

Leasing 102
by Mr. Terry Winders, CLP

Leasing Tax issues for 2010

Two federal tax issues will effect commercial equipment leasing in 2010. The first is the Section 179 deduction that allows a business to fully expense the first $134,000 in capital equipment expenditures until it reaches $400,000. Over $400,000 the business must subtract each dollar spent from the $134,000. Once the purchases exceed $534,000 there is no Section 179 deduction. For those dollars spent that exceed $134,000 standard MACRS depreciation rates apply. The purpose of this extension of the Section 179 deduction is reported by congress to support small business where the current administration thinks growth will help stimulate the economy the fastest.

In order for Section 179 to be of benefit in a commercial equipment lease the transaction must be a non-tax lease with a bargain purchase option or a lease that exceeds 80% of the equipments useful life to fail the tax rules for Lessor depreciation of the equipment cost.. It should be apparent that a leasing company depreciates more than $534,000 of equipment cost, so the benefit is only of value to the lessee. Therefore the transaction must be a lease that fails the tax rules so the Lessee will be looked at as the user/owner of the equipment.

Two problems must be understood when talking with a potential lessee. One is that additional tax incentives are only of value if you are making taxable income. A lot of good companies do not need tax incentives they need profits. Second is that if you fully expense your capital equipment expenditures in 2010 then what do you do for tax deductions in 2011. Most companies prefer to have a steady tax deduction so they can plan their cash flow from year to year.

The second is that President Obama is planning to press for an extension of the bonus depreciation rules for 2010. There were abolished on December 31, 2009. The bonus depreciation proposal was part of the economic-recovery legislation adopted last February. It had been a feature of earlier stimulus measures, including those adopted in 2002 and 2003 under President George W. Bush. This bonus depreciation will be 50% plus the standard MACRS deprecation on the 50% balance. An example of a $100,000 transaction with a five year life would provide $50,000 bonus depreciation with the standard MACRS on the balance. So 20% the first year on the remaining $50,000 would provide an additional write off of $10,000 for a total of $60,000 for that first year. The second year would be $16,000 and the third $9,600 and the forth $5,600 and the fifth $5,699 and the last $2,880. This means that the first year at 60% followed by much smaller depreciation puts the company in heavy a heavy tax position in the following years.

You could offer a tax lease that uses the 50% bonus to lower the lease rentals. It would give the business the benefit of the bonus depreciation but spreads it out over the term of the lease. This has been very popular for small businesses that understand their tax position. Also most companies need the equipment now but prefer their tax breaks in the future when the income from the new equipment begins to materialize.

You should not assume what your lessees tax issues are without investigating what their tax preparer or accountant is trying to accomplish. The more you look for solutions to your customers needs the more you look like a professional and not a rate card carrying salesperson.

Mr. Terry Winders, CLP, 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. He invites your questions and queries.

Previous #102 Columns:
http://www.leasingnews.org/Conscious-Top%20Stories/Leasing_102/Index.htm

(This ad is a “trade” for the writing of this column. Opinions
contained in the column are those of Mr. Terry Winders, CLP)

Automatic Renewals Return for 2010

ELFA Report

January is always a busy time in state capitols and the pressure is even greater in an election year. January also signals the major legislative trends in which Equipment Leasing and Finance Association members will engage during the coming year, and signals are pointing toward automatic renewal legislation in 2010.

So far, bills affecting commercial equipment lease contracts have been introduced in four states: Indiana House Bill 1328, Kentucky House Bill 123, Mississippi House Bill 254, New Hampshire House Bill 1605 and New Hampshire Senate Bill 345. Legislation has been reintroduced in Washington as well, where House and Senate versions of automatic renewal bills were originally filed in 2009. Finally, Wisconsin Senate Bill 190 is nearing Assembly approval, which will mark culmination of several years lobbying to lessen the burden of this legislation.

Active bills under ELFA review that negatively impact leasing were often prompted by unpleasant experiences with consumer products or services. Although these sponsors were targeting consumers, imperfect language of their legislation leads to the inclusion of commercial equipment finance contracts as well. Examples include events ranging from an unexpected one year renewal of a product-of-the-month club distributing slow-burning aromatic candles to complaints regarding the renewal of telephone and internet service contracts. Common amongst them all are up-front disclosure in the contract and notice to the lessee within a prescribed time frame and format.

In contrast, several bills specifically include business-to-business contracts. The Wisconsin legislation highlights the extent of penalties sought against lessors in these bills. After several years, ELFA recently succeeded in removing a provision establishing circumstances in which lessees could use equipment without making payments. This stipulation has now arisen in another state. In another example, the Kentucky legislation makes extensive use of the term “consumer” but includes businesses with five or fewer employees in the scope of the bill.

A summary and updates on movement of recent automatic renewal bills is available at ELFA State Watch - 2010 Legislative Session (login required) and to review the full range of issues go to the ELFA Advocacy State Issues page. If you need more information about a bill or ELFA’s advocacy efforts, contact Dennis Brown, ELFA Vice President of State Government Relations at dbrown@elfaonline.org

ELFA Advocacy

State Watch enables members to view the summaries of bills being tracked by ELFA State Government Relations and see the ways prospective legislation would impact commercial equipment leasing. The document will be updated regularly to reflect legislative activity. Please visit the ELFA Advocacy Information site to download the latest State Watch report and stay involved with government issues of interest to commercial equipment financing.

   1790- The Supreme Court of the United States met for the first time in New York City with Chief Justice John Jay presiding.
    1859-Considered one of America's greatest composers, Victor Herbert, was born in Dublin, Ireland.
http://memory.loc.gov/ammem/today/feb01.html
    1860-The first Rabbi to open the House of Representatives with prayer was Rabbi Morris Jacob Raphall, rabbi of Congregation B'nai Jeshurn, New York City, who delivered the invocation at the first session of the 36 th congress.
    1860-Decree from Norton I, Emperor of the United States & Protector of Mexico, orders representatives of the different states to assemble at Platt's Music Hall in Frisco to change laws to ameliorate the evils under which the country is laboring.
http://www.sfmuseum.org/hist1/norton.html
http://www.zpub.com/sf/history/nort.html
    1861 - Texas seceded from the Union and joined the Confederate States of America.
    1862 - Battle Hymn of the Republic, written by Julia Ward Howe, was first published in the Atlantic Monthly. The song's music was inspired by the song "John Brown's Body." Howe just wrote new words for the existing music.
    1865- President Abraham Lincoln's signed into law the 13th Amendment to the US Constitution (abolishing slavery): "1. Neither slavery nor involuntary servitude, except as a punishment for crime whereof the party shall have been duly convicted, shall exist within the United States or any place subject to their jurisdiction. 2. Congress shall have power to enforce this article by appropriate legislation." The amendment had been proposed by the Congress Jan 31, 1865; ratification was completed Dec 6, 1865.
    1865-The first lawyer admitted to practice before the Supreme Court who was African-American was John S. Rock,. His admittance was moved by Senator Charles Sumner of Massachusetts. Chief Justice Salmon Portland Chase presided. It would be the last triumphant act in a life overflowing with achievement, for Rock died suddenly on December 3, 1866. He was interred at the Twelfth Baptist Church and buried with full Masonic honors at Woodlawn Cemetery in Everett, MA.
http://www.nps.gov/boaf/johnsrock.htm
http://www.state.nj.us/state/history/rock.html
    1878- Hattie Wyatt Caraway, born at Bakersville, TN, Hattie Caraway became a US senator from Arkansas when her husband died in 1931 and she was appointed to fill out his term. The following year she ran for the seat herself and became the first woman elected to the US Senate. She served 14 years there, becoming an adept and tireless legislator (once introducing 43 bills on the same day) who worked for women's rights (once cosponsoring an equal rights amendment), supported New Deal policies as well as Prohibition and opposed the increasing influence of lobbyists. Caraway died at Falls Church, VA, Dec 21, 1950.
    1893- The first moving picture studio was built at Thomas Edison's laboratory compound at West Orange, NJ, at a cost of less than $700. The wooden structure of irregular oblong shape was covered with black tar paper. It had a sharply sloping roof hinged at one edge so that half of it could be raised to admit sunlight. Fifty feet in length, it was mounted on a pivot enabling it to be swung around to follow the changing position of the sun. There was a stage draped in black at one end of the room. Though the structure was officially called a Kinetographic Theater, it was nicknamed the "Black Maria" because it resembled an old-fashioned police wagon.
    1894—Birthday of rag time pianist/composer James P. Johnson
http://blackhistory.eb.com/micro/727/42.html
http://www.jazzradio.org/jpjohnsn.htm
http://www.jass.com/jamesp.html
    1895--Film director John Ford was born at Cape Elizabeth, ME, as Sean Aloysius O'Feeney; he changed his name after moving to Hollywood. Ford won his first Academy Award in 1935 for The Informer . Among his many other films: Stagecoach, Young Mr. Lincoln, The Grapes of Wrath, How Green Was My Valley, Rio Grande, What Price Glory? and Mister Roberts . During World War II he served as chief of the Field Photographic Branch of the OSS. Two documentaries made during the war earned him Academy Awards. He died Aug 31, 1973, at Palm Desert, CA.
    1898- Travelers Insurance Company issued the first car insurance against accidents with horses.
    1901- actor Clark Gable birthday. His first film was The Painted Desert in 1931, when talking films were replacing silent films. He won an Academy Award for his role in the comedy It Happened One Night , which established him as a romantic screen idol. Other films included China Seas, Mutiny on the Bounty, Saratoga, Run Silent Run Deep and Gone with the Wind , for which his casting as Rhett Butler seemed a foregone conclusion due to his popularity as the acknowledged "King of Movies." Gable was born at Cadiz, OH, and died Nov 16, 1960, at Hollywood, CA, shortly after completing his last film, Arthur Miller's The Misfits , in which he starred with Marilyn Monroe.
    1902- birthday of Langston Hughes. African American poet and author, born at Joplin, MO. Among his works are the poetry collection Montage of a Dream Deferred , plays, a novel and short stories. Hughes died May 22, 1967 at New York, NY.
What happens to a dream deferred?
Does it dry up
like a raisin in the sun?
Or fester like a sore--
and then run?
Does it stink like rotten meat?
Or crust and sugar over—
like a syrupy sweet?
Maybe it just sags
like a heavy load
Or does it just explode?
— Langston Hughes, "Dream Deferred"
( lower part of http://memory.loc.gov/ammem/today/feb01.html )
    1906-- 1st federal penitentiary building completed, Leavenworth KS. The penitentiary is the largest maximum-security prison in the United States, housing more than 2,200 inmates. Famous inmates over the years included Al Capone, Machine Gun Kelly, and Robert Stroud – the famous “Birdman of Alcatraz.” Actually, Stroud's bird work began at Leavenworth, where he served 28 years before being transferred to Alcatraz. The Immanuel Church, located on the grounds, was made famous in Ripley's Believe it or Not as the only church in which Protestant and Catholic services were conducted simultaneously.
http://www.lvarea.com/data/usp_info.htm
http://www.lvarea.com/data/usp_info.htm#USP%20Background%20Information
http://www.leavenworthdirectory.com/leavenworth.htm
    1911- Thomas Jennings was found guilty and sentenced to death for the murder of Clarence B. Hiller in the Criminal Court of Cook County, Illinois. He was convicted because of his fingerprints and is the first to be found guilty. The Illinois Supreme Court rule that fingerprints were admissible evidence.
Hiller was hanged for his crime.
    1919 - The first Miss America was crowned in New York City. The winner, Edith Hyde was found by the judges not to be a Miss. She was a "Mrs." named Mrs. Tod Robbins, the mother of two children.
    1920 - The North West Mounted Police ("The Mounties") became the Royal Canadian Mounted Police.
    1922-Birthday of 1922, Renata Tebaldi - Italian operatic soprano whose rich, sumptuous voice made her the operatic star at the Metropolitan Opera, Covent Garden, and LaScala in the 1950s and 60s. She was known for her acting ability. In 1946, along with Arturo Toscanini, RT performed at the reopening concert of La Scala, which had been closed during World War II. Her great roles included Giacomo Puccini's Mimi ( La Boh è me ) and Tosca , Giuseppe Verdi's Desdemona ( Otello ) and Aida , and Umberto Giordano's Madeleine ( Andrea Ch é nier ).
    1934- Bob Shane of the Kingston Trio was born in Hilo, Hawaii. The trio was credited with starting the folk craze of the late 1950's and early '60s with their hit recording of "Tom Dooley" in 1958. The Kingston Trio had a clean-cut collegiate image which helped them win acceptance among the trendy college crowd. The trio broke up in 1968.
    1935 -- James T. Farrell finishes his Studs Lonigan trilogy ( Judgment Day ).
    1937- Don Everly of the Everly Brothers was born in Brownie, Kentucky. The brothers were one of the most important acts of early rock 'n' roll. Their music, a mixture of close country harmonies over a rocking beat, resulted in two dozen chart entries, including such number-one records as "Wake Up Little Susie," "All I Have to Do Is Dream" and "Cathy's Clown." The brothers broke up in 1973, reunited in 1983 and again in 1985. They were last seen touring with Garfunkle and Simon, who re-united, and confessed on stage, before the introduction, when they started, they were trying to sound like their idols, the Everly Brothers.
    1939 - On Victor Records, Benny Goodman and his orchestra recorded "And the Angels Sing". The vocalist for that song went on to find fame at Capitol Records, Martha Tilton.
    1940 - For his first recording session, held in Chicago, Illinois, with the Tommy Dorsey Band, Frank Sinatra sang "Too Romantic" and "The Sky Fell Down". Sinatra replaced Jack Leonard as the band's lead singer.
    1941 - "Downbeat" magazine reported Glenn Miller had signed a new three-year contract with RCA Victor Records, guaranteeing him $750 a side, the largest record contract signed to that date.
    1944---Top Hits
My Heart Tells Me - The Glen Gray Orchestra (vocal: Eugenie Baird)
Shoo, Shoo, Baby - The Andrews Sisters
Besame Mucho - The Jimmy Dorsey Orchestra (vocal: Bob Eberly & Kitty Kallen
Pistol Packin' Mama - Al Dexter
    1945-- US Army arrives at Siegfriedlinie, a major defense of the Nazi regime.
http://mohaa.com/forum/viewtopic.ph http://copernicus.subdomain.de/Siegfried_Line p?p=117338&sid=d4b2df326cdcad65d492d560b41a5cc6
    1949 - Louis B. Mayer, of Metro Goldwin Mayer (MGM), became a millionaire all over again when he sold his racehorse breeding farm for one-million dollars.
    1949 - 1949, RCA Victor introduced the 45 rpm record. It was designed as a rival to Columbia's 33 1/3 rpm long- playing disc, introduced the previous year. The two systems directly competed with each other to replace 78 rpm records, bewildering consumers and causing a drop in record sales.
By the end of 1949, all the major companies, except RCA, had committed themselves to the LP record, seemingly putting an end to the 45. Even RCA itself announced it would issue its classical library on 33 1/3 rpm discs. But RCA was not ready to admit the demise of the 45 rpm record. The company spent $5-million publicizing 45 rpm as the preferred speed for popular music. The campaign worked. Buyers of non-classical records turned increasingly to the 45 rpm record, so that by 1954, more than 200-million of them had been sold. And all the major companies now were producing both 33 1/3 and 45 rpm records.
    1951 -50ºF (-46ºC), Gavilan NM (state record)
    1951 - The greatest ice storm of record in the U.S. produced glaze up to four inches thick from Texas to Pennsylvania causing twenty-five deaths, 500 serious injuries, and 100 million dollars damage. Tennessee was hardest hit by the storm. Communications and utilities were interrupted for a week to ten days.
    1952---Top Hits
Slowpoke - Pee Wee King
Cry - Johnnie Ray
Anytime - Eddie Fisher
Give Me More, More, More (Of Your Kisses) - Lefty Frizzell
    1953 - "Private Secretary" debuted on CBS-TV starring Ann Southern as Susie McNamera, the private secretary to New York talent agent, Peter Sands played by Don Porter. With its last show airing on September 10, 1957, the show ran on CBS during the regular television seasons and ran on NBC-TV in the summers of 1953 and 1954.
    1953- "Your Are There" premiered on Television. The program began as an inventive radio show in 1947. News correspondents would comb the annals of history and "interview" the movers and shakers of times past. Walter Cronkite hosted the series on CBS for four seasons. The show's concept was revived for a season in 1971 with Cronkite gearing the program toward children.
    1951 - The temperature at Taylor Park Dam plunged to 60 degrees below zero, a record for the state of Colorado
    1953- General Electric Theater premiered on TV. CBS's half-hour dramatic anthology series was hosted by Ronald Reagan (in between his movie and political careers). Making their television debuts were Joseph Cotten (1954); Fred MacMurray, James Stewart and Myrna Loy (1955); Bette Davis, Anne Baxter, Tony Curtis and Fred Astaire (1957); Sammy Davis, Jr (1958); and Gene Tierney (1960). Other memorable stars who appeared on the series include: Joan Crawford, Harry Belafonte, Rosalind Russell, Ernie Kovacs, the Marx Brothers and Nancy Davis Reagan, who starred with her husband in the premonitory episode titled "A Turkey for the President" (1958).
    1954 - On CBS-TV, "The Secret Storm" was shown for the first day of a 20-year run.
    1955--Elvis Presley records, "Baby, Let's Play House"
    1956 -- Martin Luther King, Jr.'s Montgomery Improvement Association files suit in federal court against Alabama for segregation of buses.
    1957--Birthday of Donna Adamek, known as "Mighty Mite", DA dominated women's professional bowling from 1978 through 1981.
She was Woman Bowler of the Year each year and, in that four-year period, she won the Women's Open in 1978 and 1981, the WIBC Queens in 1979 and 1980, and the WPBA National Championship in 1980. Adamek led the WPBA tour in winnings for three consecutive years, 1978 through 1980.
During the 1981-82 season, DA rolled three perfect 300 games. {{The compiler of WOAH whose highest average was 194 (287 game) remembers when ONE 300 GAME was memorable before the change in bowling ball construction and the way bowling lanes are dressed
    1958-- Elvis Presley records: "My Wish Came True," "Doncha' Think It's Time," "Your Cheatin' Heart," "Wear My Ring Around Your Neck."
    1960- Greensboro Sit-In. Commercial discrimination against blacks and other minorities provoked a nonviolent protest. At Greensboro, NC, four students from the Agricultural and Technical College (Ezell Blair, Jr, Franklin McCain, Joseph McNeill and David Richmond) sat down at a Woolworth's store lunch counter and ordered coffee. Refused service, they remained all day. The following days similar sit-ins took place at the Woolworth's' lunch counter. Before the week was over they were joined by a few white students. The protest spread rapidly, especially in southern states. More than 1,600 people were arrested before the year was over for participating in sit-ins. Civil rights for all became a cause for thousands of students and activists. In response, equal accommodation regardless of race became the rule at lunch counters, hotels and business establishments in thousands of places.
http://www.greensboro.com/sitins/media_headlines.htm
    1960---Top Hits
Running Bear - Johnny Preston
Teen Angel - Mark Dinning
Where or When - Dion & The Belmonts
El Paso - Marty Robbins
    1962 -- US: Ken Kesey's One Flew Over Cuckoo's Nest is published.
http://wild-bohemian.com/kesey.htm
    1963-- Paul Simon graduates from New York City's Queens College.
    1964- "I Want to Hold Your Hand" by the Beatles reached number one on the Billboard Hot 100 chart. It stayed there for seven weeks.
    1964- The Beatles' "Please Please Me" enters the pop charts
    1964-The governor of Indiana declared "Louie, Louie" pornographic. The song was about seven years old when the Kingsmen recorded their version in 1963, and the fantastic legend that grew up in its wake--a legend that even an FCC investigation couldn't kill--seems to have sprung solely from their extraordinary lack of elocution. Berry, who spoke on the subject a while back to a Los Angeles interviewer named Bill Reed, explains the song as the lament of a seafaring man, spoken to a sympathetic bartender named Louie. Here, without further ado, are the "official" published lyrics:
"Louie Louie, me gotta go. Louie Louie, me gotta go. A fine little girl, she wait for me. Me catch the ship across the sea. I sailed the ship all alone. I never think I'll make it home. Louie Louie, me gotta go . Three nights and days we sailed the sea. Me think of girl constantly. On the ship, I dream she there. I smell the rose in her hair. Louie Louie, me gotta go. Me see Jamaican moon above. It won't be long me see me love. Me take her in my arms and then I tell her I never leave again. Louie Louie, me gotta go." (By Richard Berry. Copyright 1957-1963 by Limax Music Inc.)
    1966-The first Navy captain who was African-American was Thomas David Parham, Jr., of Newport News, VA, a Presbyterian chaplain, whose rank was raised from commander to captain.
    1966-Bill Graham resigns as business manager of the San Francisco Mime Troupe in order to devote himself full-time to the business of acid rock concert promotion, initially at the Fillmore Auditorium.
    1966--Birthday of soccer great Michelle Akers.
    1967- the American Basketball Association (ABA) was born with 10 teams and George Mikan as commissioner in hits first season. The ABA lasted nine years before four teams, the Denver Nuggets, the Indiana Pacers, the New Jersey Nets and the San Antonio Spurs, were absorbed into the NBA.
    1967-- The Beatles record "Sgt. Pepper's Lonely Hearts Club Band"
    1968-DIX, DREW DENNIS Medal of Honor
Rank and Organization: Staff Sergeant, U.S. Army, U.S. Senior Advisor Group, IV Corps, Military Assistance Command. Place and date: Chau Doc Province, Republic of Vietnam, 31 January and 1 February 1968. Entered service at: Denver, Colo. Born: 14 December 1944, West Point, N.Y. Citation: For conspicuous gallantry and intrepidity in action at the risk of his life above and beyond the call of duty. S/Sgt. Dix distinguished himself by exceptional heroism while serving as a unit adviser. Two heavily armed Viet Cong battalions attacked the Province capital city of Chau Phu resulting in the complete breakdown and fragmentation of the defenses of the city. S/Sgt. Dix, with a patrol of Vietnamese soldiers, was recalled to assist in the defense of Chau Phu. Learning that a nurse was trapped in a house near the center of the city, S/Sgt. Dix organized a relief force, successfully rescued the nurse, and returned her to the safety of the Tactical Operations Center. Being informed of other trapped civilians within the city, S/Sgt. Dix voluntarily led another force to rescue 8 civilian employees located in a building which was under heavy mortar and small-arms fire. S/Sgt. Dix then returned to the center of the city. Upon approaching a building, he was subjected to intense automatic rifle and machine gun fire from an unknown number of Viet Cong. He personally assaulted the building, killing 6 Viet Cong, and rescuing 2 Filipinos. The following day S/Sgt. Dix, still on his own volition, assembled a 20-man force and though under intense enemy fire cleared the Viet Cong out of the hotel, theater, and other adjacent buildings within the city. During this portion of the attack, Army Republic of Vietnam soldiers inspired by the heroism and success of S/Sgt. Dix, rallied and commenced firing upon the Viet Cong. S/Sgt. Dix captured 20 prisoners, including a high ranking Viet Cong official. He then attacked enemy troops who had entered the residence of the Deputy Province Chief and was successful in rescuing the official's wife and children. S/Sgt. Dix's personal heroic actions resulted in 14 confirmed Viet Cong killed in action and possibly 25 more, the capture of 20 prisoners, 15 weapons, and the rescue of the 14 United States and free world civilians. The heroism of S/Sgt. Dix was in the highest tradition and reflects great credit upon the U.S. Army.
    1968---Top Hits
Judy in Disguise (With Glasses) - John Fred & His Playboy Band
Chain of Fools - Aretha Franklin
Green Tambourine - The Lemon Pipers
Sing Me Back Home - Merle Haggard
    1968- Green Bay Packers head coach Vince Lombardi resigned after nine seasons, five NFL titles and victories in the first two Super Bowls. Oddly enough, Green Bay's founding coach, Curly Lambeau, resigned on the same day in 1950 after 29 years on the job.
    1968- Elvis Presley's only child, Lisa Marie, was born. Elvis and his wife, Priscilla, were married in Las Vegas the previous May. They were divorced in 1973.
    1968 -The Jimi Hendrix ExperienceJohn Mayall and the Bluesbreakers, at the Fillmore Auditorium.
    1969- Tommy Roe's "Dizzy" enters the pop charts
    1969- Tommy James & the Shondells' "Crimson and Clover" hits #1.
    1970-Timothy Leary sentenced to 10 years for Texas/Mex marijuana bust.
    1971- The Love Story soundtrack album is certified gold.
    1974- “Good Times” premiered on TV. A CBS spin-off from "Maude," which was a spin-off of "All in the Family." "Good Times" featured an African American family living in the housing projects of Chicago. The series portrayed the Evans family's struggles to improve their lot. The cast featured Esther Rolle and John Amos as Florida and James Evans, Jimmie Walker as son J.J., Bernadette Stanis as daughter Thelma, Ralph Carter as son Michael, Johnny Brown as janitor Mr. Bookman, Ja'Net DuBois as neighbor Willona Woods, Janet Jackson as Willona's adopted daughter Penny and Ben Powers as Thelma's husband, Keith Anderson.
    1975- Neil Sedaka's "Laughter in the Rain" hits #1.
    1976---Top Hits
Love Rollercoaster - Ohio Players
Love to Love You Baby - Donna Summer
You Sexy Thing - Hot Chocolate
This Time I've Hurt Her More Than She Loves Me - Conway Twitty
    1978- the first postage stamp depicting an African-American woman was issued. It showed the likeness of Harriet Tubman, the escaped slave and abolitionist who led more than 300 slaves to freedom along the Underground Railroad.
    1978- Bob Dylan's film "Renaldo and Clara," a documentary of the Rolling Thunder Revue tour mixed with surrealistic fantasy sequences, premieres in Los Angeles.
    1979-Patty Hearst released from jail.
    1982- "Late Night with David Letterman premiered..” This is when it all began: the stupid pet tricks, stupid human tricks and the legendary top ten lists. "Late Night" premiered on NBC as a talk/variety show appearing after "The Tonight Show with Johnny Carson." Host David Letterman was known for his irreverent sense of humor and daffy antics. The offbeat show attained cult status among college crowds and insomniacs, as many tuned in to see a Velcro-suited Letterman throw himself against a wall. The show also featured bandleader-sidekick Paul Shaffer, writer Chris Elliott and Calvert DeForest as geezer Larry "Bud" Melman. In 1993, Letterman made a highly publicized exit from NBC and began hosting "The Late Show" on CBS.
http://movies.yahoo.com/shop?d=hc&id=1800122204&cf=biog&intl=us
http://199.173.162.18/lateshow/topten/archive/
    1984---Top Hits
Owner of a Lonely Heart - Yes
Karma Chameleon - Culture Club
Talking in Your Sleep - The Romantics
The Sound of Goodbye - Crystal Gayle
    1985 -69ºF (-56ºC), Peter's Sink UT (state record)
    1985 - Snow, sleet and ice glazed southern Tennessee and northern sections of Louisiana, Mississippi and Alabama. The winter storm produced up to eleven inches of sleet and ice in Lauderdale County AL, one of the worst storms of record for the state. All streets in Florence AL were closed for the first time of record
    1987 - Terry Williams from Los Gatos, California, won the largest slot machine payoff, to that time, pocketing $4.9 million after getting four lucky 7s on a machine in Reno, Nevada.
    1988 - Thirty cities in the eastern U.S. reported new record high temperatures for the date, including Richmond VA with a reading of 73 degrees. Thunderstorms in southern Louisiana deluged Basile with 12.34 inches of rain. Arctic cold gripped the north central U.S. Wolf Point MT reported a low of 32 degrees below zero
    1989 - While arctic cold continued to invade the central U.S., fifty- four cities in the south central and eastern U.S. reported new record high temperatures for the date. Russell KS, the hot spot in the nation with a high of 84 degrees the previous day, reported a morning low of 12 above. Tioga ND reported a wind chill reading of 90 degrees below zero
    1989- a Spokane, Washington, funeral director revealed that jazz saxophonist and pianist Billy Tipton, who had lived his life as a man, was a woman. Tipton played for years in the US northwest after a career with several big bands. He appeared to have a wife and adopted three sons.
    1990---Top Hits
How Am I Supposed To Live Without You- Michael Bolton
Opposites Attract- Paula Abdul (Duet With The Wild Pair)
Downtown Train- Rod Stewart
Two To Make It Right- Seduction
    1992 - United States President George Bush and Russian President Boris Yeltsin signed the Camp David declaration which states t hat their two countries no longer regard each other as adversaries
    1992--Barry Bonds signs baseball's highest single year contract ($4.7 million)
    1993- On Lisa Marie's 25th birthday, it was announced that she wouldn't be taking over her father's estate as provided in his will. Lisa Marie left management of Graceland and other parts of Elvis's multimillion-dollar estate to Jack Soden, head of Elvis Presley Enterprises.
    1993-- First Lady Hillary Rodham Clinton is given an office in the West Wing of the White House and named January 25 to head a commission charged with creating a health plan for the nation. It is the most influential position a president's wife has ever had. she bans smoking in the White House February 1. Will she return in the next presidential election?
    1995---Top Hits
Creep- TLC
On Bended Knee- Boyz II Men
Another Night- Real McCoy
Take A Bow- Madonna
    2000---Top Hits
I Knew I Loved You- Savage Garden
What A Girl Wants- Christina Aguilera
Smooth- Santana Featuring Rob Thomas
Back At One- Brian McKnigh
    2003- After a successful 16 day mission, the space shuttle Columbia, with a crew of seven, perished during entry. Kalpana Chawla, 41, emigrated to United States from India in 1980s and became an astronaut in 1994, was one of seven astronauts who died in an explosion that streaked across the Texas sky on a clear, beautiful morning .Laurel Clark, 41, a Navy diving medical officer aboard submarines, then flight surgeon who became an astronaut in 1996. On board Columbia to help with science experiments. Had 8-year-old son. Her home was in Racine, Wis. Commander Rick Husband, 45, Air Force colonel; Pilot William McCool, 41;.Payload commander Michael Anderson, 43; David Brown, 46, a Navy captain, pilot and doctor;Ilan Ramon, 48, a colonel in Israel's air force and the first Israeli in space.
    2004--While New England Patriots beat the Carolina Panthers 32-29, it was singer Janet Jackson exposing her breast at half time with Justin Timberlake that made the big news. With just over one minute to play Adam Vinatieri kicked a 41-yard field goal to give New England the lead., 32-29, New England quarterback Tom Brady was named Most Valuable Player for the second time in three years. He set a Super Bowl record for the most pass completions (32). Brady also recorded a 66.7 completion percentage (48 pass attempts), 354 passing yards, 3 touchdowns, 1 interception, and 12 rushing yards. This was the fourth Super Bowl to be decided on a field goal in the final seconds. Super Bowl V was won on a last second kick by Jim O'Brien, Super Bowl XXV as Scott Norwood missed his field goal chance, and Super Bowl XXXVI as Adam Vinatieri made his.
    2009- The Cardinals entered the game seeking their first NFL title since 1947, the longest championship drought in the league. The club became an unexpected winner during the season and the playoffs with the aid of head coach Ken Whisenhunt, who was the Steelers offensive coordinator during Super Bowl XL, and the re-emergence of quarterback Kurt Warner, who was the Super Bowl MVP in Super Bowl XXXIV with the St. Louis Rams. Trailing 20–7 at the start of the fourth quarter, Arizona scored 16 unanswered points, including wide receiver Larry Fitzgerald's 64-yard touchdown reception, to take the lead with 2:37 remaining in the game. But then the Steelers marched 78-yards to score on wide receiver Santonio Holmes's 6-yard game-winning touchdown catch with 35 seconds left. Holmes, who caught nine passes for 131 yards and a touchdown, including four receptions for 71 yards on that final game-winning drive 27 to 23.

Super Bowl XXXVI
2004 New England 32-Carolina 29
Super Bowl XLIII
2009 Pittsburgh Steelers 27 Arizona Cardinals 23

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