Friday, January 6, 2012
Forum: Staying Motivated
######## surrounding the article denotes it is a “press release”
and was not written by Leasing News nor information verified, but from the source noted. When an article is signed by the writer, it is considered a “by line.” It reflects the opinion and research of the writer. It is considered “bias” as it is the writer’s viewpoint.
Puget Sound Leasing/First Sound Bank--It's a Go!
In an exclusive interview with First Sound Bank Patrick M. Fahey, new chairman, president and chief executive officer, of First Sound Bank, he said Puget Sound Leasing is now aggressive in seeking new business from bank customers, business, and vendors, but at this time is not opening up its indirect broker operation.
What makes all this possible is a compromise regarding a post trial settlement on December 19, 2011 that was finalized December 30, 2011. The settlement centered on several million dollars in attorney fees reportedly due Louis Secord, Jr., and his brother Louis Secord by First Sound Bank who basically lost their case in Seattle, Washington. Technically the bank won $1,244,751 on the claim regarding "Asset Purchase Agreement,” but they lost in the "employment agreement," awarding $2,077,767, and the same with Richard Secord, awarding $1,484,767. According to the verdict, First Sound Bank owed the Secords $2,317,783 and the dispute was also over attorney fees.
The settlement: "FSB shall cause the Court to pay $1.5 million as directed by the Secord Parties or the Bankruptcy Court (both Secords are in bankruptcy. editor) from the funds deposited by FSB with the Court in the Lawsuit. The $1.5 million shall constitute payment for all amounts due to Secord Parties on the Judgment and settlement of the claims by the Secord Parties for wrongful attachment and attorneys' fees." (1)
The settlement reduces the charge taken by the Bank in the third quarter of 2011 by over $800 thousand, improving all of First Sound Bank's capital ratios.
Fahley told Leasing News the bank had been "hunkered down" due to the law suit, he had been called in a year before as a "consultant" and now that it was settled, they would get aggressive.
Fahey, who has a 40-year career in local community banking, is best known as the founder and CEO of Pacific Northwest Bank, which ultimately became the largest chartered commercial bank in the Northwest with 58 branches before it was acquired by Wells Fargo Bank after several offers, the last one the shareholders could not refuse, he told Leasing News. Reportedly he has more recently been retained to assist banks that have been negatively impacted by the current economic downturn. It may also have been a deciding factor why the FDIC had not taken action with the Tier Risk Capital ratio went so low.
Upon accepting his appointment, Fahey said, "I believe First Sound Bank has the staff and resources to continue recovering from its past difficulties." He then added, "Since the majority of my career has been in local community banking, I am strongly committed to supporting the Bank's focus on serving the needs of small- to medium-sized businesses—and their owners and employees—with superb service and responsiveness."
He certainly has the experience and energy to both turn First Sound Bank around as well as Puget Sound Leasing.
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Q4 Equipment Leasing/Finance Employment Drops
ZRG Partners, global authority on talent management issues within the equipment finance and leasing markets, reports the hiring index dropped to the lowest level in five quarters, ending the year at 331.
The decline in demand accelerated at year end, with steady decreases posted each month.
Kenneth Vancini, Managing Partner, out of the Boston, Massachusetts office, asks "Where will January go for the industry?
The report notes:
"Q1 has traditionally been a bounce back period for hiring in this sector. The bigger question is around the reason for the decrease. Is the decline in Q4 due to the global economic questions that seem to be stunting optimism for headcount growth? Did companies fill open roles posted in Q3 and are now pausing before restarting the hiring engines this calendar year?
"According to CareerBuilder's annual job forecast, in the general markets, employers expect to add new jobs in the New Year, but are waiting to see how the economy shapes up before turning up the volume on hiring. Nearly one in four hiring managers plan to hire full-time, permanent employees in 2012, similar to 2011 according to the CareerBuilder Survey. The wait and see attitude about this year could play out in the leasing and finance markets as well."
The above comes from the Equipment Leasing and Finance Association MLFI Monthly Leasing for November. Business was up in November, according to the survey (see below).
(Chart: Leasing News)
What might be happening is the new trend, as noted in the story of First American Equipment Finance, where its CEO William "Bill" Verhelle, began consolidating his offices to his Fairport, New York office; however, at the same time planned to add more employees in 2012 with his company’s approach that has been bringing them success.
"It is a model centralized effort," he told Leasing News. "We have direct access to a virtual marketplace with Cisco's Digital Signage system in all our offices, as well as Cisco's Show and Share video training system (to complement and expand the capabilities of our existing Tandberg HD videoconferencing systems)
"In the past, most have followed branch banking, opening an office, expensing representatives to expand business to the office. This then moved to representatives working out of their homes, as if it were a branch office.
“We have taken a different approach, selecting who we want to do business with, profiling, specifically working with them, using state-of-the-art equipment and software, thus lowering our costs and passing this on to our customers. This creates more business for us, increasing not only our performance, but our portfolio quality."
First American Equipment Finance has completed its move to a 33,000 square foot facility, which Verhelle calls a "state-of-the-art" office. He is expected to hire at least twenty more employees this year to fulfill the company’s goal.
Full ZRG Report:
Senior Accountant, New York City, New York
Join a NYC based Commercial Finance Subsidiary of a publicly-held Bank as Senior Accountant. The Company is growing rapidly, is successful and has a dynamic, exciting culture. As a member of the finance team you will be report to the Vice President – Finance. We require a candidate to have a minimum of five years accounting experience, preferably in the accounting department of a bank or a finance company. CPA certification preferred. We offer a competitive salary, bonus and benefit package. Send all resumes in confidence to: email@example.com
Full Job Description:
Robert Davies hired at Fifth Third Bank, Pittsburgh, Pennsylvania; assumes responsibilities for equipment leasing and equipment finance activities for corporate banking clients in western Pennsylvania.
Mike Kelly joins Univest Capital, Greater Philadelphia area, as Business Development Manager. Prior he was an independent lease broker, First Choice Finance (December, 2009-June, 2011), Senior Business Development Officer, Popular Equipment Finance (November, 2004-January, 2010), Business Development Officer, Summit Funding Group, Senior Business Development Officer, Summit Vendor Finance, Vice-President, CitiCapital (1993-2004). University of Pennsylvania - Wharton School of Business Bachelors Degree, Business Administration (1982-1983). Peirce Junior College AS, Business Management (1979 – 1982) Pierce Junior College Associates Degree, Business Management (1982) http://www.linkedin.com/pub/mike-kelly/10/aaa/6ab
Scott Kuhn has joined Green Campus Partners, Edison, New Jersey, as vice-president of business development. Previously he was principal with R2E Partners, LLC (November, 21008-December, 2011), Principal/Director of Business Development, Energy Capital Investments (January, 2008-October, 2008), National Sales Director, National City Energy Capital (January, 2004-December, 2007), Western Regional Sales Director, Information Leasing corporation (January, 1997-December, 2003), Western Regional Sales, Winthrop Resources (April, 1992-November, 1996), Territory Sales Representative, Oliver-Allen Corporation (October, 1987-April, 1992).University of Minnesota-Twin Cities BA (1979 – 1984). DSRHS
Robert Levitsky promoted to Senior Vice President of Credit and Risk Management, CoActiv Capital Partners, Horsham, Pennsylvania. He joined the firm September, 2009. Prior he was vice-president risk management, and prior Vice President of Workouts and Restructures with CoActiv. Prior he was vice president risk management, Siemens Financial Services (November, 2002-June, 2009), Vice President at Fleet Capital Leasing and The CIT Group/Equipment Financing, Inc. Temple University.
Federico Marchese, Italy County Manager, “...opening an office in Milan, Italy, CSI Lifecycle Services Italia Srl. CSI) for CSI Leasing, St. Louis, Missouri). CSI now has a global network of 24 subsidiaries leasing in more than 36 countries. Federico Marchese has been appointed country manager and brings 11 years of leasing experience to CSI." Previously he was business partner manager, ECONOCOM International Italia SpA (2007--October, 2011), IT Market business manager Siemens Finanziaria Spa (February, 2006-October, 2007), Sales, CIT Group, Italy (May, 2000-February, 2006). Università degli Studi di Milano Laurea in legge, indirizzo forense, GIURISPRUDENZA (1990 – 1999) Activities and Societies: At the beginning, Adviser of A.S.G. ( Associazione Studenti Giurisprudenza - Law’s Students Association) then vice-president ad interim during 1995. Called by a barrister (Avvocato Toffoloni ), from 1997, to the meetings of the Council of A.L.GIUS. (Associazione Laureati Giurisprudenza – Law’s Graduated Association) directed by Prof. Jaeger Istituto Leone XIII diploma di maturità classica (1986 – 1990).
Mike Power appointed General Counsel at United Capital Business Lending, Inc., Baltimore, Maryland area. Previously he was president, Michael J. Powers, PC/Baseball Agent (January, 1989-Present), General Counsel, SunTrust Equipment Finance & Leasing (1997-December, 2011).University of Baltimore School of Law Juris Doctor, Law (1984 – 1988) Loyola College in Maryland Bachelor of Arts, Political Science (1978 – 1980)
Jennifer Schlosser promoted to Officer / Documentation Specialist / Commercial-Fleet Leasing at SunTrust Equipment Finance & Leasing Corp, Baltimore, Maryland area. Previously she was Documentation Specialist / Small Ticket Leasing SunTrust Equipment Finance & Leasing Corp (January, 2006-December, 2011), SAP Coordinator-Regulatory Services, McCormick (February, 2005-Janueary, 2006), Sales and Marketing/Communications Assistant, Future Health Corp. (July, 2004-January, 2005), store manger, Electronics Boutique (October, 2998-June, 2004) Administrative Assistant, Volunteer Services, St. Joseph Medical Center of Towson (July, 2000-Marhc, 2001), Help Desk Coordinator, Associated: Jewish Community Federal of Baltimore (April, 2000-Januayr, 2001), Accounts Receive clerk, Associated: Jewish Community Federation of Baltimore (October, 1999-April, 2000)Community College of Baltimore County, Towson University.
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Leasing Industry Help Wanted
For information on placing a help wanted ad, please click here:
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BBB: Rating Leasing Companies
In the last three months, these are the changes to the list.
Changes from September, 2011:
Lease Corporation of America from "A" to "A+"
Business Leasing NorthWest from "F" to "not rated"
Definition of “Accredited,” according to Better Business Bureau.
“Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation.
“To be accredited by BBB, a business must apply for accreditation and BBB must determine that the business meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses must pay a fee for accreditation review/monitoring and for support of BBB services to the public.”
If you would like your company on the next list, updated every third month, please send email to: firstname.lastname@example.org
Bankers Capital, Northborough, Massachusetts
BSB Leasing, Englewood, Colorado
CSI Leasing, St. Louis, Missouri
De Lage Landen Financial Services, Incorporated, Wayne, Pennsylvania
Direct Capital, Portsmouth, New Hampshire
Innovative Leasing Services, Inc Carlsbad, California
Orion First Financial, Gig Harbor, Washington
Radiance Capital, Tacoma, Washington
Southern California Leasing Inc., Tustin, California
Studebaker-Worthington Leasing Corp., Jericho, New York
TCF Equipment Finance, Minnetonka, Minnesota
United Leasing, Evansville, Indiana
Mazuma Capital Corp., Salt Lake City, Utah
Pawnee Leasing, Fort Collins, Colorado
Celtic Leasing, Irvine, California
Enterprise Capital Partners dba Enterprise Leasing, Spokane, Washington
Tristar Capital, Santa Ana, California
LEAF Financial Corporation, Philadelphia, PA
Balboa Capital, Irvine, California
Main Street Bank, Kingwood, Texas
Varilease Finance, Inc., Salt Lake City, Utah
Barklay Capital, Inc., Costa Mesa, CA
Benchmark Financial Group, Aliso Viejo, California
Business Leasing NorthWest, Seattle, California
Equilease Financial Service, Norwalk, Connecticut
Susquehanna Commercial Finance, Pottstown, Pennsylvania
NOT Rated Any More:
ACC Capital, Midvale, Utah
Closed, lenders running off portfolio residuals, according to Loni Lowder, president.
Business Leasing NorthWest, Seattle, California
Icon Capital Group, Harrison, New York
Somerset Capital Group, Milford, Connecticut
Many banks and financial Institutions with leasing entities evidently do not have their leasing divisions separated from bank and financial institutions ratings. No rating was found on the leasing divisions.
Find your company's BBB listing by going to www.bbb.org and using your zip code first for the right division.
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#### Press Release #############################
Consumers Remain Committed to Using Credit Cards
Washington, DC – According to the National Foundation for Credit Counseling (NFCC) December online poll, consumers remain very connected to their credit cards. When asked to rank their 2012 financial resolutions, only six percent of more than 2,300 respondents indicated that decreasing dependence on credit cards was their number one goal.
“At first glance, that statistic could appear to be a warning sign of future trouble. However, credit is not the problem. Instead, it is the misuse of credit that leads people into financial distress,” said Gail Cunningham, spokesperson for the NFCC.
Balancing the continuing reliance upon credit, an encouraging statistic from the poll is that the overwhelming majority, 62 percent, selected decreasing debt as their focus for 2012. “If consumers are able to decrease their debt load, continuing to use credit responsibly will help them meet the goal selected by 24 percent of respondents, that of increasing their credit score,” continued Cunningham.
While decreasing debt is always a positive, consumers should not neglect savings, yet that is exactly what respondents appear to be doing. Only eight percent of those weighing in ranked saving as their most important resolution. Without the security of a well-funded emergency savings account, consumers are living without a financial safety net, as unplanned expenses will occur, usually at the worst possible time.
The poll also revealed some interesting trending from 2010 when the identical question was posed. Showing the largest percentage difference between the years, the 2010 poll noted 69 percent of respondents were most interested in decreasing debt, compared to 62 percent in 2011.
The second largest year-over-year difference involved improving the credit score, with that category posting a six percent increase. In 2010, 18 percent of consumers chose increasing their credit score as their main goal, while in 2011, 24 percent selected that category as most important in the New Year. This increase indicates that consumers understand the relationship between the credit score and obtaining credit, confirming their interest in continuing to have access to credit.
“The poll suggests that consumers have recognized the importance of achieving financial stability, and intend to action. Nonetheless, even though paying down debt and improving the credit score are positive steps, the low priority placed on savings is disturbing,” said Cunningham.
##### Press Release ###########################
Bellevue, Washington -- Adopt-a-Dog
“Meet Luigi! Luigi is an energetic Terrier mix that can't wait to play with you. He's a bit shy at first, but once he gets to know you, he won't leave your side. Luigi is currently in a foster home getting the love and attention he needs. His foster parents tell us that Luigi does great with their resident cat and with the whole family. He's a very sweet boy looking for an adopter to boost his confidence and give him the love he deserves.
“For more information about how to meet Luigi please contact our adoption staff at (425) 649-7563.
“As with all our dogs, Luigi has been neutered, microchipped, vaccinated, and behavior tested. He will go home with a certificate for an examination by a King County veterinarian and an identification tag. PLUS, most dog adoptions include six weeks of training in one of our on-campus dog behavior courses.
“Introduce to children over the age of 16. Introduce to dog-savvy cats.”
This pet comes with an implanted 24PetWatch microchip and free registration into the 24PetWatch pet recovery service. For more information call 1-866-597-2424.
This pet also is eligible for 30 days of pre-paid pet health insurance. For more information please visit www.sheltercare.com or call 1-866-375-PETS.
VISIT Our Pets in Person
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Adopt a Pet
Steven Spielberg serves up a remarkable double-bill at the box-office (“War Horse” and “The Adventures of Tintin”), while crowd-pleasing drama (“The Help”), robust sci-fi (“Rise of the Planet of the Apes”) and rollicking animation (“Kung Fu Panda 2”) hit DVD releases.
War Horse (Walt Disney Pictures): Steven Spielberg goes for Oscar gold with this sweeping, beautifully shot and highly emotional drama, which follows a noble steed as it passes from owner to owner during the 1910s. Joey, the thoroughbred horse of the title, forges a deep bond with a young English farm lad (Jeremy Irvine), but they're separated as World War I emerges on the horizon and a sensitive cavalry officer (Tom Hiddleston) buys the horse. From then on, the brutality of war and humanity's highs and lows are witnessed by Joey as German soldiers and French farmers take care of it, leading to a powerful reunion amid the explosions and barbed wire of the trenches. Spielberg fans will be reminded of his 1987 masterpiece "Empire of the Sun" by this stately epic, which embodies the director's faith in human emotion and the expressiveness of cinema.
The Adventures of Tintin (Paramount Pictures): The beloved French comic-book character comes to life in this magical family adventure, which completes Steven Spielberg's double-whammy of 2011 releases. Using cutting-edge, motion-capture animation technique to both recreate the textures from the classic panels and give them an uncanny, lifelike sense of 3D motion, the plot follows the inquisitive reporter Tintin (played by Jamie Bell) and his faithful pooch Snowy as they join grizzly sea captain Haddock (Andy Serkis) on a dangerous, globe-spanning journey to search for a priceless treasure left on the bottom of the ocean. Filled with narrow escapes and full-throttled chases that make most other live-action movies pale in comparison, this is a ripping yarn that showcases Spielberg's gift for of kinetic movement and heartfelt awe.
The Help (Walt Disney Pictures): Already gathering talk of Oscar nominations, this adaptation of Kathryn Stockett’s best-selling novel takes a look back at the human struggle during the Civil Rights movement. Set in Mississippi in the early 1960s, it centers on Skeeter (Emma Stone), a young society girl who, in hopes of becoming a writer, decides to compile interviews with the black women who work as maids for rich white families. The first to open up is Aibileen (Viola Davis), who, in the process of talking about her grueling past and painful present, gradually sets out to discard the chains of oppression. Exploring relevant topics of racism with humor and an exceptional cast that includes Octavia Spencer, Bryce Dallas Howard and Sissy Spacek, director Tate Taylor creates a crowd-pleasing message movie.
Rise of the Planet of the Apes (20th-Century Fox): One of the most unique science-fiction franchises gets an action-packed makeover in this rollicking reboot. Rather than remaking the 1968 original starring Charlton Heston, however, director Rupert Wyatt goes back to the story’s beginnings to envision the original battle between the species. The story kicks off as San Francisco scientist Will (James Franco) brings home a chimp named Caesar, who's been injected with an experimental, intelligence-enhancing drug. As Caesar grows smarter, it also grows angrier at the treatment witnessed at a research center for apes, and in no time plans are being hatched for a full simian rebellion. Can Will come between them, or are humans and apes headed for war? A brisk and punchy remake that manages to retain much of the original's sting.
Kung Fu Panda 2 (Paramount Pictures): An underrated mix of animated humor and martial-arts action, the original 2008 “Kung Fu Panda” is revisited in Jennifer Yuh Nelson’s lively sequel, shot in extra-bouncy 3D. Having made his dreams of becoming a mighty warrior come true in the first adventure, Po the Panda (voiced, once more, by Jack Black) finds his peace challenged by evil peacock Lord Shen (Gary Oldman), a new villain bent on taking over China with a secret weapon. It’s up to Po to dust off his kung-fu skills and, with a little help from his friends, race to the rescue. A feast of dazzling visuals and rollicking performances (other voices include Dustin Hoffman, Angelina Jolie, Lucy Liu and Jackie Chan), the film is another animated triumph from DreamWorks.
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Mortgage rates fall to another record low
Private companies added 325K jobs in Dec.
Judge culls Madoff feeder-fund investors
Pepsi CEO mulls layoffs, no 401(k) match to woo Street
Asian markets fall, Europe fears outweigh US data
Dead's Phil Lesh to open music venue at Seafood Peddler site in San Rafael, CA
Tiger Woods Ex-Wife bulldozes $12 Million Florida Mansion
SparkPeople--Live Healthier and Longer
Forum: Staying Motivated
Penn State Said to Hire Patriots Assistant
Stanford reportedly lands Barry Sanders' son
“What the hell’s goin’ on out there?”…Vince Lombardi
“You are what your record says you are”…Bill Parcells
Jerry Brown budget cuts $1 billion from California welfare
Jerry Brown's budget eliminates 3,000 state jobs, axes agencies
“Gimme that Wine”
Eric Asimov: How the View from the Critic’s Perch Has Changed
Chicago Losing a Chef Who Refined Its Stockyards Palate
Oregon Wine: Beyond Willamette
Wine country in the US expands with designated 'terroir' areas; Vineyards in Washington and Calif. want status
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This Day in History
1782- The first commercial bank in the US, the Bank of North America, was opened at Philadelphia, PA. The bank was the brainchild of Robert Morris. Despite the bank's success, Philadelphia's run as America's leading home of private financial institutions was short-lived. Soon after the Bank of North America opened, the Pennsylvania legislature moved to outlaw private banks in the state, a decision that led scores of prospective bankers to set up shop in the nation's eventual financial center, New York City.
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