Friday, February 1, 2008
Headlines--- Classified Ads---Sales Manager ######## surrounding the article denotes it is a “press release”
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Atlanta, GA Dallas-Fort Worth Texas For a full listing of all “job wanted” ads, please go to: To place a free “job wanted” ad here, please go to: -------------------------------------------------------------- Hall Dynasty EAEL-UAEL Proposed Merger
Looks like the Hall dynasty is involved in the merger talks of the Eastern Association of Equipment Lessors (EAEL) and the United Association of Equipment Leasing (UAEL), formerly known as the Western Association of Equipment Leasing The latest is a January 30th e-mail to UAEL members from the president asking members to contact Bruce Winter for EAEL members and Brent Hall (son of Oren Hall, ex-president UAEL, now invested in Agility, ex-Sierra Cities officer) for UAEL members. The e-mail nor telephone number was not given for either party, nor an e-mail or telephone number for the president. Maybe on purpose as perhaps they don’t want feedback, they want to take over EAEL. Here are the e-mail address and telephone numbers to voice your opinion at this stupid idea. bhall@pinnaclecap.com (253) 926-1800 “UAEL Memo “We would like to take this opportunity to report that the Executive Boards of the EAEL and the UAEL have established committees to explore the possibility of a merger of the EAEL and the UAEL. The joint taskforce made-up of the two committees had its initial meeting this month. The taskforce is exploratory in nature, researching and assessing whether the sum of the two organizations would be greater than their respective parts, and would thereby offer the members of both organizations superior and enhanced services and opportunities. We expect the taskforce will explore the pros and cons of a proposed combination throughout fiscal year 2008, with the goal of making a recommendation to the respective Boards by the end of the year. Any input or ideas should be directed to Bruce Winter for EAEL members and to Brent Hall for UAEL members. “Thank you, “Paul Knowlton, CLP (Leasing News did not leave out the Certified Leasing Professional designation after Hall’s name, it is not a typo on our part, as the e-mail is produced exactly as sent. We didn’t do it, Brent. Keep Certainly those who belong to both associations, will save some money belonging to only one. Perhaps to offset, remember the UAEL membership fees are higher, overall, and most likely the organization will be named the United Association of Equipment Leasing with EAEL no more. Perhaps other associations may benefit as members who have been putting off joining may put their EAEL membership dues in another association; or UAEL will come out with lower dues; could be? Brent Hall, CLP is vice-president of UAEL in 2008 and most likely president in 2009 when the merger would take place: Continuation of the Hall Dynasty. EAEL Dues
UAEL Dues
-------------------------------------------------------------- Will the Studebaker-Worthington name survive? By Kit Menkin
According to Omar Diaz, Studebaker is still actively accepting and funding business. He could make no comment, referring to Ken Paston, who was not available for comment. Whether the portfolio, the company, or the employees are available as a unit ( as Bruce Kropschot has arranged in the past) is not known. The press release says in the first quarter of 2007, the company will be "divested. Today there are two months left. Will it be GE or LEAF? Will Paston head up an independent company? If you hear of anything, please let us know so we can share with readers, name with held, if you like. Ironically the first company I sent applications and had them approved as a broker in 1971 was Studebaker-Worthington with the representative Jim Pierce, who also taught me about "lease factors" using a Boston Financial small blue pamphlet book, which I still use to this day. Brokers were not popular then. Charts were based in a simple manner as brokers were not considered to understand discounting. Most sales came from the sales force of leasing companies . In those days, if you wanted a fast answer, you drove to the small office in Novato, California, where this "old gentleman" handled all approvals or disapprovals, but funding was out of the East Coast. There was no faxing or internet and I don’t remember UPS having next day or Federal Express. Studebaker was one of the first to work with independent brokers. Avco, Budget, Foothill followed, then CIT and Westinghouse. Studebaker-Worthington Leasing started in 1965 and was one of the first to accept lease brokerage business. The company like Westinghouse and others, started with the financing of the State Bancorp, Inc. (Amex: STB), parent company of State Bank of Long Island purchased Studebaker-Worthington, announced February 28, 2001: "Studebaker will operate as a subsidiary of State Bank of Long Island and will be headed up by Kenneth Paston, a minority owner of the firm and its current President. Mr. Paston will also assume the additional responsibility of CEO due to the retirement of Frederic Weiss, a founding principal of the firm. It is the intent of State Bank's management to retain the Studebaker name and its entire Jericho, New York-based staff. "State Bank of Long Island has provided an array of banking services to middle market clients in the New York metropolitan area for over thirty years. According to Thomas F. Goldrick, Chairman and CEO of State Bancorp, Inc., "State Bank of Long Island has enjoyed a twenty year banking relationship with Studebaker Worthington Leasing Corp. and we are delighted to announce this strategic alliance. The acquisition of Studebaker Worthington Leasing Corp. will complement State Bank's current product offerings, including an existing strategic partnership with JCM Leasing for large ticket leasing services, and will provide Studebaker access to the Bank's extensive customer base throughout the metropolitan area." Ken Paston is still head of Studebaker-Worthington. It is reported that they have been inundated with telephone calls since Leasing News reported that State Bancorp was putting the company up The fourth quarter statement included the news of the divestment, although it appears Studebaker-Worthington was not ready to let the news go public. "Decision to Exit Leasing Business: A non-cash goodwill impairment accounting charge of $2.4 million related to a decision to sell substantially all the assets of the Company's leasing subsidiary "Our decision to divest the Studebaker-Worthington leasing subsidiary represents the final phase of our corporate restructuring and sets the stage for the Bank to redeploy the capital resources formerly committed to the leasing operation towards our core business competencies. This divestiture, expected to be completed late in the first quarter of 2008, will result in an annual cost savings to the Bank of approximately $3.0 million in cash operating expense. The resultant goodwill write-down of $2.4 million from the strategic decision to exit the leasing business and sell Studebaker-Worthington, while not a cash charge, was fully recognized in the fourth quarter of 2007 as prescribed by SFAS No. 142. This non-cash accounting charge has no impact on the Bank's capital ratios."
-------------------------------------------------------------- Tax Stimulus Package---Leasing Viewpoint
As you have been reading in the major newspapers, President George Bush and the U.S. House of Representatives are in accord for $150 Billion Stimulus! On the business side, companies would be given a 50 percent bonus deduction on equipment that would normally be depreciated over many years. The incentive, which would cost $42.3 billion in 2008, is intended to encourage spending. The package would also double the limit on expenses, to $250,000 from $125,000, which small business can write off as a deduction from annual income, with a total cap of $800,000. That is expected to cost $1 billion in 2008. Raising the depreciation may be of help to more middle-size companies in the extra first year write off. It may also induce more operating leases where the lessor has the ability to pass the depreciation along to individual investors. It may also create more single investor type lease instruments where the Most leases, 89% according to the Equipment Leasing and Finance Association survey, are “capital leases,” either with a $1.00 residual or “nominal one.” In addition, often portfolio’s are sold or used An investment tax credit would have been a better incentive, but when it was in practice, it was reportedly abused, so seems to have become unpopular as some of the very large government Certainly the increased tax deduction is better than none at all, that it will increase leasing business, please see the next article.
-------------------------------------------------------------- Fed lowers Prime 1.25% in Eight Days The Leasing Viewpoint
Unprecedented that the US Federal Reserve Board has lowered the prime rate to major banks by 1.25% in eight days. Definitely a knee jerk reaction to the stock market, scared about the subprime mortgage losses, the high volume of homes not sold and/or empty due to foreclosure, and the major impetus to get this housing and other markets going; slowing down the recession, but perhaps speeding up inflation. What does it mean to leasing? First let’s look at a brief score card: Winners: Losers: The real question is when does the lower rate begin to affect the marketplace as well as the government tax stimulus. The lower rates are in effect now, but it will be at least a quarter before the results will come into effect. The tax stimulus needs to make it through the Senate first and What the Tuesday primary election will bring is not known, or how the package will ultimately look like, especially if vetoed by the president. And if it does get passed in February, its effect may not be for six months or for tax purposes not until 2009, so anyway you look at it, the best business gets is a lower prime rate. I keep going back to Michael J. Fleming, now with the Alta Group, but 27 year president/ceo of the Equipment Leasing and Finance Association: "Lowering the cost of funds doesn't necessarily increase liquidity," he told CFO magazine. "Companies don't buy or lease equipment because the price is right or because interest rates go down, [they acquire equipment] because they need it," Fleming told CFO.com. He also pointed out that his clients, who comprise finance companies that fund equipment leases for companies of all sizes, are being all sizes, are being very cautious about capital spending, because the markets are unpredictable right now. "That may be irrational, because business fundamentals are all pretty good, all in all . . . but that's the reality," added Fleming. "If there is a chance that you are not going to be paid back, what does the price [of capital] matter?" It also haunts my memory: While Caterpillar posted an 11% rise in quarterly net income last week on strong growth abroad, it reported the growth came from overseas. The heavy-equipment maker said it expects "recessionary conditions" in the U.S. to persist. Here’s a good source:
-------------------------------------------------------------- Thought Subprime Woes Couldn't Get Any Worse?
The value of subprime mortgages securitized in 2006 is set to plummet. Stephen Taub The soundness of first-lien subprime residential mortgages securitized in 2006 has deteriorated considerably in the past three months, Moody's Investors Service warned. "Currently, the performance is much worse than that in prior years and shows a progressive deterioration in the performance of each of the year's quarterly vintages," the debt rater said in a new report. advertisement As a result, Moody's estimated that average losses on securitized 2006 mortgages will fall within the 12 percent to 24 percent range; losses will be about 9 percent to 13 percent for the first-quarter 2006 group, while losses for mortgages originated in each subsequent quarters will be progressively higher, with the fourth-quarter 2006 range pegged at 14 percent to 35 percent. In October, Moody's figured losses on 2006 securitized mortgages would range between 6.5 percent and 15 percent. Ratings for RMBS (residential mortgage-backed securities) are likely to be negatively impacted. Separately, Bloomberg reported that defaults on privately insured U.S. mortgages rose 37 percent in December from the same month a year earlier, citing data from the Mortgage Insurance Companies of America. In addition, the number of insured borrowers more than 60 days late on payments surged to a record 64,384 in December, from 46,921 in December 2006. Defaults increased 5.5 percent from November, the prior high.
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Leasing Industry Help Wanted Documentation / Funding Manager
EFD Marketing Officer
Lease Officer
-------------------------------------------------------------- National Vehicle Leasing Association Celebrates 40 Years of Success
NVLA Annual Conference Exposition and Auto Show ALEXANDRIA, Va.----The National Vehicle Leasing Association (NVLA) announces that its Annual Conference Exposition and Auto Show will take place June 11th – 14th, 2008 at the J.W. Marriott Camelback Inn in Scottsdale, Arizona. The theme this year, ”Looking Back, Moving Forward”, provides an opportunity to reflect on the accomplishments of the last 40 years and plan for the next 40. The NVLA Conference is the perfect place to network with key industry professionals, glean valuable knowledge from extensive industry-specific workshops, seminars, general sessions, and roundtable discussions. It is also a time to let loose and enjoy the many social events and leisure activities only the NVLA and the Camelback resort can offer! This year’s keynote speakers include Art Spinella - President, CNW Research, Tom Kontos - Vice President, Industry Relations & Analytical Services, Adesa Inc. and Charles Vogelheim - Vice President, J.D. Power as well as a special guest speaker. Attendance at the NVLA Annual Conference is open to everyone in the vehicle leasing industry, including lessors, manufacturers, banks and suppliers, to name but a few. The Conference is designed to promote face-to-face interaction among attendees and offer valuable direct access to a broad assortment of product and service suppliers, as well as highly respected experts on issues relevant to the vehicle leasing business. “We’re proud to build on the last few years successes at both the Gaylord in Texas and who could forget the Venetian in fabulous Las Vegas, by continuing to provide leading-edge educational programs, and networking events, this year hosted at the unparalled JW Marriott Camelback Inn in beautiful Scottsdale, AZ” NVLA Conference Chairperson, Michael Wood, proudly announced. “We’ve listened to member feedback and are incorporating many suggestions into this year’s conference. We’re also bringing back some old traditions, including key note speakers including such industry pundits as Art Spinella, Charles Vogelheim and Tom Kontos. The 2008 NVLA conference will be another winner!” The Conference will kick off on Wednesday, June 11th, and continue though Saturday, June 14th. There are numerous educational opportunities scheduled throughout the conference, including: Concurrent Half Day Workshops
The 40th Anniversary Conference will be full of surprises. An exciting complement of social events and entertainment including a special recognition of past NVLA presidents, the presentation of the Clemens Pender Award and a very special guest speaker, as well as the Annual Golf Tournament all serve to balance the educational events of the Conference with some lighter social opportunities. There’s no better place to network with your peers, bankers, suppliers and the like. These special events help foster new relationships, rekindle old friendships and cement business opportunities. All this and more is included in your Conference registration. Who should attend? Anyone involved in the auto leasing business or who supplies products and services to this industry, including: Independent Leasing Companies, Banks, Credit Unions, Manufacturers, Dealers, Upfitters, Auctions, Computer/Software services, Credit Reporting services, Funding Sources and Banks, Credit Unions, Insurance Providers, Legal services, Vehicle Maintenance and Repair services, Vehicle Manufacturers, Remarketing services and Transportation services. For more information on the NVLA Annual Conference contact NVLA headquarters at 800-225-NVLA, or info@nvla.org, or About the National Vehicle Leasing Association (NVLA) NVLA provides educational opportunities, promotes responsible legislation and communicates with members regarding developments and trends in vehicle leasing. NVLA promotes the independent leasing industry while encouraging the highest ethical and professional standards. Contacts
*****Announcement*************************************** -------------------------------------------------------------- $20 Million Home Equity Scam
(This was sent to Leasing News by Rob Yohe, one of the original Leasing News advisors, “I though you might the following of interest. It is yet another sign of deteriorating economic conditions. I assume we will continue to see increased levels of fraud at all levels & types of lending & investment vehicles. One of my many mentors always said ‘Desperate people (regardless of prior ethical standards) will do desperate things to maintain their standards of living & outward appearances’. “This becomes increasing true during tough economic times. I am hearing from the street that fraudulent activities are on the rise. While technology can help us to detect & prevent fraud, it equally provides another outlet for use by those looking to perpetrate fraud. “How does the old saying go? ‘If we do not recall & remember history we are bound to repeat it’. Then there is my old favorite "locks are made for honest people!" because if someone sets out to defraud you, having the skills & sociopathic disposition, then they will get you.” Thirteen People Indicted, Seven More Plead Guilty, in $20 Million Home Equity Loan Scheme NEWARK – A judge formally unsealed a 35-count Indictment today charging 13 individuals in a scheme to fraudulently obtain more than $20 million in home equity and business lines of credit between February 2004 and November 2005. Seven more people pleaded guilty today in the scheme, whose victims include at least 16 different lenders in northern New Jersey, U.S. Attorney Christopher J. Christie announced. The Indictment alleges that four of the defendants – Jacob Kim, 51, of Palisades Park; Jun Hwang, 42, of Cliffside Park; Jeff Kim, 37, of Edgewater; and Justin Kim, 27, of Palisades Park – were loan brokers with American Macro Growth (AMG), in Palisades Park. Jacob Kim was AMG’s president and also acted as a broker, according to the Indictment. The remaining defendants were clients of AMG who allegedly used its services to fraudulently obtain lines of credit. They are: James Park, 41, of Hackensack; Jin Hee Song, 35, of Palisades Park; Tae Woo Lee, 42, of Palisades Park; Sun Hee Lim, 37, of Fort Lee; Hyun M. Kim, 35, of Palisades Park; Dong Jin Kim, 53, of Palisades Park; Hye Sung Park, 37, of Queens, N.Y.; Hyeong Ju Lee, 33, of Edgewater; and Ma Dung Kim, 50, of Maywood. The Indictment alleges that AMG helped its clients use the same properties as collateral for multiple home equity lines of credit or “HELOCs,” even though the loan amounts far exceeded the value of the properties that were to serve as security. In one instance, the Indictment alleges, an AMG client used less than $300,000 of equity in a Palisades Park property to obtain approximately $2,137,000 in credit from nine different banks. According to the Indictment, the scheme effectively stripped the banks of security for the loans. In a HELOC, a borrower pledges the equity in the borrower’s house or condominium as security for the line of credit. The bank’s security interest in the house or condominium is then publicly recorded so that other lenders will be aware of prior claims on the property. According to the Indictment, AMG and its clients executed the scheme by closing on multiple HELOCs in a short period of time so that the earlier lenders’ security interests would not be publicly recorded at the time that later lenders closed on subsequent loans. The Indictment also alleges that AMG misrepresented clients’ income and other important information in order to increase the amounts that clients would be eligible to borrow. According to the Indictment, AMG regularly submitted falsified income tax returns on behalf of its clients while applying for lines of credit. The falsified income tax returns grossly inflated the clients’ income to create the illusion that the applicants would be able to repay the loans. Six of the seven individuals who pleaded guilty in the scheme today were borrowers who each used AMG’s services to procure loans totaling between $750,000 and $1.9 million. They are: Chul Chung, 43, of Ridgefield Park; Dea Hee Lee, 44, of Creskill; Ha Rim Park, 42, of Palisades Park; Junho Park, 34, of Little Ferry; Jeffrey Ryu, 42, of Fort Lee; and Sung Woo Son, 37, of Palisades Park. Sin Ah Kim, 35, of Lindhurst also pleaded guilty and was an employee of AMG who helped clients fraudulently obtain the lines of credit. Among the indicted individuals, Justin Kim was arrested on Oct. 24 and Sun Hee Lim was arrested Jan. 9. The government expects further arrests and pleas in the case. Another aspect of the fraud, according to the Indictment, was that AMG helped clients fraudulently obtain business lines of credit or “BLOCs”. Although the BLOCs required that the borrower use the loan proceeds only for business purposes, AMG advised its clients to use BLOCs to purchase residences or pay down mortgages in order to increase the equity in already-existing residences. The clients then would use the residence to obtain multiple HELOCs. The Indictment further alleges that defendant James Park loaned money to AMG clients which the clients used to pay down existing mortgages and thus increase the amounts they could borrow in HELOCs. James Park allegedly made loans of approximately $200,000 and $150,000 to two AMG clients who used the loans to pay down mortgages and obtain multiple HELOCs. The Indictment further alleges that James Park obtained approximately $1,441,900 in HELOCs from at least 8 different banks using less than $300,000 of equity as security for the loans. According to the Indictment, AMG’s clients paid large commissions for AMG’s assistance. One client allegedly paid defendant Jun Hwang approximately $122,529 in commissions for his help in obtaining approximately $1,718,300 in lines of credit from at least seven different banks. The victims of the scheme include Banco Popular, Bank of America, The Bank of New York, Citibank, Commerce Bank, Fleet Bank, JP Morgan Chase Bank, HSBC Bank, Hudson United Bank, North Fork Bank, PNC Bank, Sovereign Bank, Wachovia Bank, Washington Mutual Bank, Wells Fargo Bank and Countrywide Home Loans, Inc. Christie credited Special Agents of the FBI, under the direction of Special Agent in Charge Weysan Dun, and Special Agents of the Federal Deposit Insurance Corporation Office of Inspector General, under the direction of Special Agent in Charge Gary Sherrill. The government is represented by Assistant U.S. Attorney Bradley A. Harsch of the Criminal Division in Newark.
--------------------------------------------------------------- CIT Jr. Fund, not for leasing ("The customers will primarily be middle market private equity firms and the companies they purchase," a CIT spokesperson reported." Leasing companies would not be a target customer, nor would real estate companies. This has nothing to do with subprime," it was added. Editor) CIT Launches New Junior Capital Fund Fund Complements Existing Strengths in Senior Debt Financing and Syndication NEW YORK – CIT Group Inc . (NYSE: CIT), a leading global commercial finance company, today announced the formation of 505 Capital Partners, LP (the Fund), a fund that will invest in second lien, mezzanine and other subordinated debt instruments. The Fund will capitalize on the Company’s core strengths of asset origination, risk management and client service. To date, it has raised $225 million in equity, and when fully leveraged it will have a target size of approximately $1 billion. “We created 505 Capital Partners in response to the increasingly complex financing needs of our clients, as junior capital plays a critical part in the overall capital structure,” said Walter Owens , President of Corporate Finance at CIT.
“The Fund offers us a powerful complement to our existing financing and syndication capabilities and will allow us to win more business with a one-stop financing solution.” Tim Eichenlaub , Senior Managing Director at CIT, will head the Fund, which will not be consolidated on CIT’s balance sheet and will operate independently.
About CIT ### Press Release ########################### Alta Group Conference Explores How Technology Platforms
Drive Business, Reduce Margin Compression (There may be additional presenters. Attendees told Leasing News this was a very informative and worthwhile session last year. With a new emphasis, this one should even be better. CHICAGO, -- How can equipment leasing and finance executives effectively compete, reduce margin pressures and prosper with ever increasing competition and pressure from stockholders? “One clear way is to ensure that there is a technology strategy as well as a platform that can originate new business and increase operational efficiency,” says Shawn Halladay, managing principal of The Alta Group’s professional development division.
“Lessors are increasingly seeking to solve their toughest business challenges through technology and business process optimization,” says the host of The Alta Group’s third annual information technology conference scheduled at the Marriott Oakbrook Hotel, March 5-7. Focusing on the theme, “Combating Margin Compression,” speakers will represent industry consultancies, technology providers and equipment leasing and finance companies. Discussion and system exploration will provide a range of information from broad business and strategic viewpoints to technical nuts and bolts. The conference is designed for COOs, CFOs, CIOs, IT managers, risk managers, portfolio/equipment managers, conversion specialists, auditors and quality teams. The Chicago location makes it easy for executives from both coasts to meet face to face, Halladay notes. “Margin compression is on everyone’s mind these days,” Halladay adds. “The goal of this two and a half-day event is to open up the various technology applications and see how they work to create efficiencies.” The program begins with continental breakfast on March 5 and ends at 11:30 a.m. on March 7. Halladay has served the equipment leasing and finance industry for more than 20 years, as a lessor, trainer, consultant and auditor. His professional experience includes all leasing sectors and he has served customers in North America, South America, Asia and Europe. He has authored eight books on equipment leasing. Halladay serves on Financial Accounting committee of the Equipment Leasing and Finance Association, as well as the editorial board of the Journal of Equipment Lease Financing. Speakers for this year’s conference include another well known leasing educator and industry author, Dr. James Johnson, PhD., Northern Illinois University School of Business. He will discuss how lessors should position themselves to survive in the mature asset finance industry. Dr. Johnson has written or co-authored several books on equipment leasing, including Power Tools for Successful Leasing, Technology Leasing: Power Tools for Lessees and Power Tools for Small Ticket Leasing. Presenters include Mike Zoretich and Mark Belec of Third Pillar; Andrew Denton, CHP Consulting; Joseph Franco, Oracle; and consultant Tom Matlon. Topics include using technology to address risk, outsourcing, cost controls, system selection, accounting dynamics, migration to new platforms, regulatory compliance management and optimizing the performance of a legacy platform. In addition, leading industry providers, such as CHP Consulting, Third Pillar, PriceWaterhouseCoopers and Oracle Lease Management, will conduct comprehensive functionality demonstrations of their technology platforms. They will introduce the latest features of their systems, and show how customers are using technology to respond to the dynamic changes taking place in the industry and create cost efficiencies. “The functionality demos using transaction data provided by the conference organizers provide attendees with a clear understanding of how the technology platforms will work in real-world situations,” said Justin Cooper, president, CHP North America. “Everyone uses the same data and scenarios, making comparisons easy.” The cost to attend is $1,495. Persons interested in registering for the conference can call Kaye Reeder at 801-322-4499 or email kreeder@thealtagroup.com. For more information, visit www.thealtagroup.com. About The Alta Group: The Alta Group is a global consultancy serving equipment leasing and finance companies, investment professionals, manufacturers, banks and government organizations. Founded in 1992, The Alta Group supports clients in North America; Latin America; Western, Central and Eastern Europe; Australia and China. For more information, ### Press Release ########################### Bank of the West Earns $417.3. Million for 2007; $1.7 Million in 4Q
Bank of the West today announced that net income for the full year 2007 was $417.3 million compared with 2006 earnings of $572.0 million. Net income for the fourth quarter of 2007 was $1.7 million, compared with $138.7 million earnings of the last quarter of 2006. The quarterly results include impairment charges on the investment portfolio of $189.5 million (pretax) as well as a loan and lease provision of $82.0 million (pretax) to cover an increased risk in the loan portfolio and chargeoffs. Surpassing $60 billion for the first time, the bank's assets grew 11.1% over year-end 2006 to $61.8 billion. Loans and leases outstanding for the bank stood at $43.7 billion at December 31, 2007, up 10.4% over the end of 2006. "We're pleased with our strong asset generation, especially in our middle market banking and agribusiness sectors, and with fee income growth," said President and CEO Michael Shepherd. "Like most of our peers, however, we're disappointed in our fourth quarter results, which were reduced by substantial impairment charges taken primarily against subprime investment securities. We also made additional provisions for possible credit losses, particularly related to loans to home builders." Bank of the West is among the 25 largest commercial banks in the U.S. The bank has more than 700 branch banking locations and commercial banking offices in 19 states: California, Arizona, Colorado, Idaho, Iowa, Kansas, Minnesota, Missouri, Nebraska, New Mexico, Nevada, North Dakota, Oklahoma, Oregon, South Dakota, Utah, Washington, Wisconsin and Wyoming. Bank of the West’s holding company, BancWest Corporation, is a wholly owned subsidiary of BNP Paribas, a leading global financial services institution. ### Press Release ########################### Midwest Leasing 100% owned by Curt MacRae
Livonia, MI: — Midwest Leasing Group, a 15-year-old equipment leasing company, in Livonia, Minnesota announces that Curt MacRae, the President of the company since 1993, has purchased all outstanding stock from his partner, Lou Wright, a non-working partner in the business. In a friendly negotiation, MacRae acquired Wright’s entire fifty (50) per cent ownership in the corporation.
Wright, who owns and operates a successful financial investment firm, Wright Asset Management Group, in Plymouth, MI, plans to concentrate the bulk of his time in that endeavor. MacRae may seek out other investors in the future to lend flexibility in managing and building portfolios for the corporation. Midwest Leasing Group (MLG), a successful small ticket lessor/broker operates nationally, doing 60 per cent of their business in the Michigan - Ohio area, but having written leases in 46 states and Canada. A Master Member of National Association of Equipment Leasing Brokers, MacRae stated that Midwest Leasing Group operating procedures and goals will remain mostly unaltered, but the change of ownership is expected to give MLG the flexibility to build new business opportunities, and to expand their coverage and capabilities. MacRae thanked Wright for his input and creativity over the past 15 years, and both left the door open for other opportunities together in the future. ### Press Release ########################### Bank of the West and Stillwater Trade Capital Sign Services Agreement
San Francisco -- Bank of the West and Stillwater Trade Capital, LLC, today announced an agreement for Bank of the West’s Managed Services Group to provide transaction servicing. New York-based Stillwater Trade Capital is an international commercial finance company providing small and medium-size enterprises in emerging countries the funding to engage in the global economy at a cost-of-capital competitive advantage. Tom Blinten, Stillwater President and CEO, said, “We are very pleased to join with Bank of the West. Our program has challenging servicing requirements and requires a vendor that can meet our unique requirements. Bank of the West has the resources and expertise to allow us to reach our significant growth objectives.” Portland-based Vice President Eric Gross, Director of Bank of the West Managed Services added, “It’s exciting to work with such a dynamic company. Stillwater’s innovative approach to the market coupled with their strong management team will be a formidable force in the marketplace.” Stillwater and its affiliates finance a broad spectrum of asset classes, including consumer assets, commercial assets, operating assets, select commodities, and structured credit products. . Stillwater’s goal is to help its clients become international leaders in their respective industries. Its partner and investor, Stillwater Capital Partners, has been a leading provider of alternative investment services since 1997 and now manages over $900 million for high-net-worth individuals, endowments, foundations, private family offices, trust companies, RIA firms, insurance corporations, and institutions worldwide Founded in 1874, $62 billion-asset Bank of the West (www.bankofthewest.com) is one of the 25 largest commercial banks in the United States. Bank of the West offers a full range of business, trust, international and personal banking services. Bank of the West’s Managed Services Group is a leading provider of primary and backup servicing functions for commercial lease and loan portfolios. Since 1989 Managed Services has delivered cutting-edge technology supported by a highly experienced staff. Bank of the West is wholly owned by BNP Paribas. For more information, visit our web site at www.bankofthewest.com, or contact Eric Gross at (503) 225-1607 egross@bankofthewest.com. ### Press Release ###########################
News Briefs---- Japan's Equipment Leasing Slips In 2007 UBS' 14B Writedown Results in Record Loss '09 budget deficit poised to hit $400B Google Earnings Come up Short Yang's Yahoo! Loss $.5B Yahoo's chairman departs board Home Depot to lay off 10% of headquarters staff Starbucks cooling its U.S. growth ---------------------------------------------------------------
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“Gimme that Wine” Newman’s Own® Wines Released A Befuddlement of Liquor Laws---Eric Asimov Winemaker finds profitable sideline selling grapes to hobbyists Nutritional information considered for US wine labels Costco loser in liquor ruling Three accused of bilking K-J of $200,000 Wine Prices by vintage ----------------------------------------------------------------
Calendar Events This Day Baked Alaska Day Bubble Gum Day National Freedom Day Robinson Crusoe Day Saint feast Days
http://www.catholic.org/saints/f_day/feb.php ----------------------------------------------------------------
The name for Oz in the "Wizard of Oz" was thought up when the creator, Frank Baum, looked at his filing cabinet and saw A-N, and O-Z, hence "Oz."
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Today's Top Event in History 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. [headlines]
This Day in American History 1633 - The tobacco laws of Virginia were codified, limiting tobacco production to reduce dependence on a single-crop economy. Or fester like a sore-- Does it stink like rotten meat? Maybe it just sags Or does it just explode? — Langston Hughes, "Dream Deferred" XXXVIII Feb. 1, 2004 New England 32, Carolina 29 -------------------------------------------------------------- Football Poem
Coach Bear Bryant’s Poem
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SuDoku The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler? http://leasingnews.org/Soduku/soduko-main.htm -------------------------------------------------------------- Daily Puzzle How to play: Refresh for current date: --------------------------------------------------------------
http://www.gasbuddy.com/ -------------------------------------------------------------- News on Line---Internet Newspapers Missoula Independent -------------------------------- |
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Ten Top Stories each week chosen by readers (click here) |
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Cartoons |
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Editorials (click here) |
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