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Headlines---
It's
Official, Gamper to Peek----
Greater
Bay Bank Conference/Matsco Op. Change
Sacramento,
California Area Meeting Tonight 6:30pm
Key
Equip. Finance Names Dulaney Division Counsel
Charter
One Integrates Advance Bancorp Franchise
Wells
Has Best Website? What about Keystone Fin.?
New
Survey Report by CapitalStream
This Border ##### Denotes Press Release (Not Written By Leasing
News)
------------------------------------------------------------------------------------------
Leasing Industry Attorneys
California - statewide:
CA "ELA"
5-attorney creditors rights law firm, in biz 25 yrs +, specialize
all aspects of creditor representation. Primarily represent equipment
lessors & funders, plus collection and creditor rep. in bankruptcy.
Email:phemar@hemar.com
California - statewide: Encino, CA. "ELA"
24 Attorney AV-rated Law firm representing the Leasing Industry
for over 25 Years. We specialize in Lease-enforcement, collection and
representation in Bankruptcy Court. email:sjenkins@hemar-rousso.com
California, Northern - Statewide: CA "EAEL"
"ELA" San Francisco expertise at San Rafael, CA prices; practice
limited to equipment leasing and finance with 22 years experience, testimonials.
Ken Greene, Esq. 415-721-7900 kgreene100@aol.com
Connecticut, Southern New England: EVANS, FELDMAN
& BOYER, LLC Collections, litigation, documentation, portfolio sales
and financing, bankruptcy. We represent many of the national and local
leasing companies doing business in this state. Past chairman EAEL legal
committee. Competitive rates. email:rcfeldman@snet.net EAEL
Los Angeles -statewide: CA "ELA "
Practice limited to collections, bankruptcy and problem accounts
resolution. Decades of experience. 10-lawyer firm dedicated to serving
you. Call Ronald Cohn, Esq. (818)591-2121 or email. Email: rrcohn@aol.com
Los Angeles, Statewide: CA. "ELA" Aggressive creditors rights law firm specializing
in equipment leasing handling collection matters on a contingency, fixed
fee or hourly basis. email:RGarwacki@prodigy.net
NY Metro and National: Hackensack, NY
Attorney specializing in equipment lease matters for at least
10 years with a 50-State operating network of attorneys experienced
in leasing matters. Email:wuscher@uqur.com
"ELA"
National: http://www.leaselawyer.com/
Full staff of attorneys and legal assistants work with Group
Leader Barry S. Marks to ensure prompt, cost-effective responses to
client needs: Email:bsm@blik.com
National: Coston & Lichtman: Business attorneys
serving the lease-finance industry since 1980. Transactional, documentation,
corporate; workouts, litigation, bankruptcy. Chicago & Florida offices.
Jim Coston, CLP (Members: ELA/UAEL/MAEL)
email: Jcoston@costonlaw.com
http://65.209.205.32/LeasingNews/PostingFormAttorney.htm
-------------------------------------------------------------------------------------------
#### Press Release #############################################
It’s Official, Gamper to Peek----
(as New York Post reported June 16,2003
http://www.leasingnews.org/archives/July%202003/7-16-03.htm#peek
“Another Moon to
rise
Signal my day is over
Goodbye the Poet”
CIT Elects Jeffrey M. Peek President & COO, Reorganizes
Senior Management Structure
NEW YORK, -- CIT Group Inc. (NYSE: CIT) announced that
Jeffrey M. Peek will become the company's President and Chief Operating
Officer, as well as a member of the Board of Directors, effective September
3, 2003.
Formerly Vice Chairman
of Credit Suisse First Boston Corporation, Mr.
Peek, 56, has held a number of executive positions at Merrill
Lynch & Co. and
currently serves on the Board of Directors of Travelers Property
Casualty
Corporation.
Mr. Peek will report
to CIT Chairman and Chief Executive Officer Albert R.
Gamper, Jr. and oversee company operations with credit and
all business units
reporting to him. In addition to Mr. Peek, several corporate
staff
departments, including financial, legal, human resources,
audit, marketing and
facilities will continue to report directly to Mr. Gamper.
"Jeff is an
outstanding addition to CIT's executive management team; he's
a proven leader with both management and operational expertise
and broad
financial services experience that complements the strengths
of our existing
business leaders," said Mr. Gamper. "It is my expectation
that Jeff will
succeed me as the company's Chief Executive Officer."
"I am excited
to have the opportunity to join CIT and work with such
talented individuals as Al and his senior management team,"
said Peek. "I
believe my financial services experience will be helpful
to CIT as we continue
to grow the company and meet the evolving needs of today's
businesses."
In connection with
Mr. Peek's appointment, Mr. Gamper today also announced
a reorganization of the company's senior management structure,
creating a
five-person Office of the Chairman, effective September 3,
that will be
responsible for overall strategic direction and policy.
In addition to Mr.
Gamper and Mr. Peek, the Office of the Chairman will
include the following company officers:
* Joseph M. Leone,
50, who becomes Vice Chairman and Chief Financial
Officer, reporting
to Mr. Gamper and holding responsibility for
accounting, treasury,
technology, investor relations, corporate planning
and insurance.
* Lawrence A. Marsiello,
52, who becomes Vice Chairman and Chief Credit
Officer, reporting
to Mr. Peek and holding responsibility for credit
policy and credit
administration.
* Thomas B. Hallman,
50, who becomes Vice Chairman, Specialty Finance,
reporting to Mr.
Peek and with continuing responsibility for the
management of the
Specialty Finance Group which includes vendor
financing, private
label financing, home equity lending and small
business lending.
"CIT's new management
structure ensures that a solid platform of
leadership is in place to lead the company forward for many
years to come. I
look forward to working closely with Jeff, and my colleagues
in the Office of
the Chairman, to ensure a smooth transition as he takes over
responsibilities
within the company," said Mr. Gamper.
About CIT:
CIT Group Inc. (NYSE:
CIT), a leading commercial and consumer finance
company, provides clients with financing and leasing products
and advisory
services. Founded
in 1908, CIT has nearly $50 billion in assets under
management and applies its financial resources, industry
expertise and product
knowledge to serve the needs of clients across approximately
30 industries.
CIT, a Fortune 500 company, holds leading positions in vendor
financing, U.S.
factoring, equipment and transportation financing, Small
Business
Administration loans, and asset-based and credit-secured
lending. CIT, with
its principal offices in New York City and Livingston, New
Jersey, has
approximately 6,000 employees in locations throughout North
America, Europe,
Latin and South America, and the Pacific Rim. For more information, visit
SOURCE CIT Group Inc.
### press release #####################################################
Bay View Capital Announces QII Net Assets in Liquidation
(Bay View Leasing was a major leasing company at one time,
plus funded
other leasing companies, such as the one run by Steve Chriest.
editor)
Bay View Capital (the Company) reported net assets in liquidation
of $409.9 million, or $6.37 in net assets in liquidation per outstanding
share at June 30, 2003 as compared to $411.0 million, or $6.41 in net
assets in liquidation per outstanding share at March 31, 2003.
During the third
quarter of 2002, the Company adopted liquidation basis accounting as
a result of its stockholders' approval of a plan of dissolution and
stockholder liquidity and subsequent completion of the sale of its retail
banking assets to U.S. Bank, N.A. In accordance with accounting principles
generally accepted in the United States of America, under the liquidation
basis of accounting, the Company is now reporting the value of, and
the changes in, net assets available for distribution to stockholders
("net assets in liquidation") instead of results from continuing
operations.
The second quarter decrease in net assets in liquidation
was primarily the result of dividends paid on the Capital Securities
which was in excess of income from operations. The proceeds from stock
options and warrants exercised during the quarter totaled $0.6 million
as compared to $2.6 million during the first quarter. Net income from
operations was $0.6 million for both the second quarter and the first
quarter of 2003.
The net income from operations for the second quarter consisted
of $0.7 million of pre-tax income from operations, $0.9 million of net
charges for liquidation valuation adjustments which were largely attributable
to write downs on the auto lease and liquidating loan portfolios, and
a tax benefit of $0.8 million.
"Despite the $0.9 million of charges for the liquidation
valuation adjustments and a challenging business and economic environment,
our second quarter results were better than plan," commented John
Okubo, CFO of Bay View Capital. "This was largely attributable
to better yield on our liquidating loan portfolio which resulted in
favorable interest income."
#### Press Release #################################################
“Winning Leases with Value 5”
Arcadia, CA-. The Leasing Library adds an outstanding, new
product to its’ already impressive list of leasing oriented books, reports
and industry related software.
“Winning Leases with TValue5” is a step-by-step
guide that takes the reader from the most basic lease pricing to advance
lease structures such as multiple advance payments, residuals, refundable
security deposits, step, skip and touch payment leases. Learning to calculate commissions, solving for
present value or an interest rate are all presented in easy to understand
detail. Numerous exercises are
presented to give the reader the pricing and structuring skills they
need.
Readers will also learn the ins and outs of funding their
leases and how to avoid leaving money on the table when discounting
the rental stream.
“Winning Leases with TValue5” helps Lessors combine the power,
speed and accuracy of TValue5, the standard for interest calculations
and loan amortization, with leasing industry specific applications. Financial calculators will now spend most of
their time as paper weights.
Lessors will find “Winning Leases with TValue5” not only
an excellent training tool but a handy reference source.
“Winning Leases with TValue5” was developed by experienced
leasing professionals to help Lessors quickly, accurately and easily
create winning lease structures.
Release date for “Winning Leases with TValue5” is August
1, 2003 and will be available only in an e-book (PDF) format.
Advance orders may be placed at: www.theleasinglibrary.com for shipment
on the release date.
For more information, contact Ted Parker, CLP, at 626/305-1053,
email ted@cclease.com or visit
the website at www.theleasinglibrary.com
Contact: Ted Parker
626/305-1053 Voice
626/305-0019 Fax
#### press release #####################################################
Greater Bay Bank Conference/Matsco
Op. Change
Highlights from the Conference call ---Didn’t sell any Matsco
loans (securitizations
last quarter due to operational problems, these loans are
in the 1 ½ million to 2 million
dollar range---problem is primarily due to a front system conversion,
not complete, that will allow Matsco to save a quarter million
a month in operation
expenses when it is up and running ( said in question and
answer session at end
of conference). Basically
Greater Bay Bank is a “business bank” and should not
be compared to peers who are more into consumer finance,
they are a relationship bank and want to continue in that manner. Personal guarantees are important in real estate
because in many instances the president of the bank can go
to the person directly
and ask them to stand up; the bank plans to be tight on operations
and even more so,
the local economy has been one of the toughest, especially
the last couple of years,
but the bank is in a strong position when the bay area turns
around, capital level
is very strong, although loans have been sluggish recently,
but perhaps will
move soon as there are some signs, less commercial real estate
loans, no residential mortgages on balance sheet, loans were “flat,”
didn’t sell any Matsco loans this last quarter due to operational problems,
but plan to soon in the 1 ½ to 2 million dollar range)
A telephone replay is available through midnight on July
30, 2003, by dialing 800-642-1687 or 706-645-9291 and providing Conference
ID 1572019.
Stock closed at $19.879.
Day’s Range: $18.90 - $20.00
52 week range $12.69-$27.25
http://finance.yahoo.com/q?s=GBBK&d=t
More about the bank and its locations:
http://www.gbbk.com/banks/banks.html
Here is the bank press release:
Greater Bay Bancorp Reports Net Income of $48 Million for
the First Six Months of 2003; Credit Quality Stable
PALO ALTO, Calif., -- Greater Bay Bancorp (Nasdaq:GBBK),
an $8.1 billion in assets financial services holding company, announced results for the second quarter and
six months ended June 30, 2003.
For the second quarter of 2003, Greater Bay Bancorp's net
income was $23.1 million, or $0.41 per diluted share, compared to $33.5
million, or $0.62 per diluted share, for the second quarter of 2002.
Based on net income for the second quarter of 2003, Greater Bay Bancorp's
return on average equity was 12.97% and return on average assets was
1.15%. For the second quarter of 2002, net income resulted in a return
on average equity of 22.48% and a return on average assets of 1.60%.
For the first six months of 2003, Greater Bay Bancorp's net
income was $48.2 million, or $0.86 per diluted share, compared to $61.1
million, or $1.14 per diluted share, for the first six months of 2002.
Based on net income for the first six months of 2003, Greater Bay Bancorp's
return on average equity was 13.80% and return on average assets was
1.22%. For the first six months of 2002, net income resulted in a return
on average equity of 21.47% and a return on average assets of 1.50%.
The $0.21 decline in earnings per diluted share for the second
quarter of 2003 and the $0.28 decline in earnings per diluted share
for the first six months of 2003, compared to the same periods a year
ago, were attributable primarily to the following factors:
-- market interest rate reductions reduced the
Company's net
interest margin by
48 basis points in the second quarter of
2003 and 43 basis
points in the first six months of 2003,
resulting in approximately
an $(0.11) and $(0.19) decline in
earnings per diluted
share, respectively,
-- planned reduction in the Company's interest
earning asset base
(primarily the investment
securities portfolio) reduced
earnings per diluted
share by approximately $(0.07) and
$(0.12) for the second
quarter of 2003 and first six months of
2003, respectively,
-- outside consulting costs related to enterprise-wide
risk
management and regulatory
compliance amounted to approximately
$1.3 million in the
second quarter of 2003 and $2.2 million in
the first six months
of 2003, or approximately $(0.02) and
$(0.03) per diluted
share, respectively.
Non-Interest Income
The Company continues to focus on increasing non-interest
income. Non-interest income for the second quarter of 2003 increased
to $42.3 million from $39.5 million in the second quarter of 2002. Non-interest
income for the first quarter of 2003 was $44.8 million. While gains
on investment securities were $1.1 million higher in the second quarter
of 2003 compared to the first quarter of 2003, gains on the sale of
loans were $1.2 million lower for the same period due to the Company's
decision not to sell any Matsco loans in the second quarter. Non-interest
income for the first six months of 2003 increased to $87.1 million from
$62.1 million in the first six months of 2002, of which $20.1 million
was related to an additional two and one-half months of ABD's commissions
and fees.
Non-interest income as a percentage of total revenues for
the second quarter and first half of 2003 was 36.44% and 36.74%, respectively,
compared with 30.83% and 26.06% for the second quarter and first half
of 2002 and 37.02% for the first quarter of 2003. The first half of
2002 included only three and one-half months of ABD's commissions and
fees.
In July 2003, ABD completed the acquisition of Sullivan and
Curtis Insurance Brokers of Washington LLC (S&C), an insurance brokerage
firm located in Seattle, Washington. The acquisition, which we anticipate
will be neutral to 2003 earnings and marginally accretive to 2004 earnings,
was a strategic move for ABD, as it allows ABD to expand its market
reach and enhance its position as the premier regional West Coast firm.
The S&C acquisition also adds new business lines to ABD's product
offerings, including marine insurance. Greater Bay Bancorp estimates
that the acquisition will add approximately 8% to ABD's revenue stream.
Balance Sheet
At June 30, 2003, Greater Bay Bancorp's total assets were
$8.1 billion, total loans were $4.7 billion, total investments, primarily
mortgage-backed securities, were $2.7 billion and total deposits were
$5.5 billion. From June 30, 2002 to June 30, 2003, total loans were
flat, total investments decreased 17% to $2.7 billion, and total deposits
increased 5% to $5.5 billion. The net deposit growth for the 12 month
period reflects a reduction of $107.3 million in wholesale deposits.
Core deposits, which exclude wholesale deposits, grew by $356.4 million
or 8% from the second quarter of 2002 versus the second quarter of 2003.
Credit Quality
Net charge-offs in the second quarter of 2003 were $6.5 million,
or 0.55% of average annualized loans, compared to 0.72% in the second
quarter of 2002. Non-performing assets of $49 million at June 30, 2003
increased from $40 million at March 31, 2003. The net increase was primarily
the result of one Shared National Credit (SNC) loan becoming non-performing.
The ratio of non-performing assets to total assets was 0.61% at June
30, 2003, compared to 0.51% at March 31, 2003 and 0.50% at June 30,
2002. The allowance for loan losses was $130 million or 2.75% of total
loans at June 30, 2003, compared to $130 million or 2.74% at March 31,
2003 and $126 million or 2.68% at June 30, 2002.
During the past year, total commitments in our SNC portfolio
have been reduced by $107 million, or 60%, and the funded amount has
been reduced by $80 million, or 58%. The total SNC non-relationship
portfolio as of June 30, 2003 had commitments of only $31 million and
a funded amount of $28 million. Subsequent to quarter-end, the Company
further reduced its SNC non-relationship loan portfolio by selling a
loan with a net book value of $5.07 million for $5.04 million, resulting
in a $30,000 loss. After the loan sale, the SNC non-relationship loans
outstanding comprise less than 0.5% of loans outstanding.
David Kalkbrenner, President and CEO, stated, "The efforts
of our relationship managers continue to show positive results on the
levels of net charge-offs and nonperforming assets. With a strong loan
loss reserve, we believe we are well-positioned to weather current economic
conditions."
Capital Ratios
The capital ratios of Greater Bay Bancorp and each of its
subsidiary banks remain above the well-capitalized guidelines established
by the bank regulatory agencies. The Company's tangible equity to asset
ratio increased to 6.91% at June 30, 2003 from 6.69% at March 31, 2003
and 5.43% at June 30, 2002. The Company's leverage ratio also increased
during the second quarter of 2003 to 9.29% from 9.18% in the first quarter
of 2003 and 7.77% one year ago, while the total risk-based capital ratio
increased to 13.55% at June 30, 2003 from 13.34% at March 31, 2003 and
12.26% at June 30, 2002.
When the Company's capital ratios are compared to those of
the top 75 U.S. Banks (by asset size) at March 31, 2003, the Company
(ranked 62nd by asset size) had tangible equity, leverage, tier 1 and
total risk-based capital ratios equal to or exceeding the top 75 U.S.
Banks' average ratios.
Mr. Kalkbrenner commented, "During this last quarter,
we engaged an outside firm to help us develop an economic capital allocation
model that incorporates economic factors, historical factors and our
actual operating results to measure our capital levels in relation to
our risk profile. The preliminary results of this project indicate that
our risk profile and capital position should provide us with the flexibility
to continue to manage capital in the best interests of our shareholders."
Net Interest Margin
Greater Bay Bancorp's average net interest margin for the
second quarter of 2003 was 4.11% compared to 4.33% for the first quarter
of 2003 and 4.59% for the second quarter of 2002. The end-of-period
net interest margin remained relatively flat at 4.10%.
Mr. Kalkbrenner commented, "Low market interest rates
continue to put significant pressure on our net interest margin. Beginning
in the second quarter of 2002, we began to defensively position the
balance sheet to be more asset sensitive by reducing our fixed rate
investment portfolio from $3.2 billion to $2.7 billion with a year-end
target of $2.2 billion."
Mr. Kalkbrenner continued, "We have had many opportunities
to add to our net interest income in the short-term by extending investment
security maturities or expanding the balance sheet, but we believe the
risks of that strategy in this low interest rate environment would not
be prudent interest rate risk management. When market interest rates
begin to rise, our balance sheet will be positioned for growth and margin
expansion and will not be saddled with assets that could hinder our
flexibility."
Interest Rate Risk Management
The Company continues to proactively manage its interest
rate risk exposure to ensure that it is positioned for long-term success
compared to short-term earnings goals that would not be sustainable
in a rising interest rate environment. The Company's current strategy,
which is continually reviewed in relationship to market conditions,
includes a gradual reduction of the investment securities portfolio.
This strategy will continue to reduce current net interest income in
the near-term, but will position the Company to take advantage of an
improving economy and rising market interest rates over the longer term.
Because the balance sheet is positioned to be more asset sensitive,
the Company's net interest margin will continue to be pressured by the
latest declines in market interest rates. Should rates continue to trend
down or remain at their current low levels, the Company's net interest
margin would decline further.
Operating Expenses
Operating expenses decreased by $1.1 million to $72.2 million
(which included $1.3 million in regulatory related consulting costs)
during the second quarter of 2003 from $73.3 million in the first quarter
of 2003, which was primarily the result of the seasonal impact of payroll
taxes and benefit costs. Operating expenses increased by $6.7 million
to $72.2 million during the second quarter of 2003 compared to $65.5
million in the second quarter of 2002, primarily due to increased salary
and benefits of $3.4 million, regulatory related consulting costs of
$1.3 million and increases in professional and legal fees of $1.2 million.
The Company's efficiency ratio for the second quarter of
2003 was 62.21% (56.04% excluding the income and expenses of ABD), compared
to 51.10% (43.93% excluding ABD) for the second quarter of 2002. For
the first half of 2003, the efficiency ratio was 61.42% (55.66% excluding
the income and expenses of ABD), compared to 48.47% (43.42% excluding
ABD) for the first half of 2002.
Mr. Kalkbrenner commented, "We have incurred considerable
expenses in proactively enhancing our risk management systems to ensure
they will support our future growth. While it is difficult to quantify
the value of the investment in systems and people that we have made,
I am confident that it will position us to enhance the Company's performance
as the economy recovers."
Outlook for Remainder
of 2003
-- Loan growth -- continued focus on quality and
relationships --
business loan growth
is expected to increase slightly in the
last half of 2003,
-- Deposit growth -- commensurate with our relationship
philosophy, the Company
is committed to expanding its deposit
base and selectively
adding new clients -- the Company
anticipates deposit
growth in the range of 5% to 10% for the
remainder of the
year,
-- Net interest margin -- the Company anticipates
slight margin
compression throughout
2003 without market interest rate
reductions -- if
market interest rates decline, the Company
would expect continued
margin pressure. For every 25 basis
point decline in
market interest rates, the net interest
margin is estimated to decline approximately
10 basis points
to 20 basis points,
depending on the mix of assets and
liabilities,
-- Credit Quality -- continued aggressive management
of credit
risk, and based on
the current outlook, the Company believes
net charge-offs will
be in the range of 60 basis points to 70
basis points for
2003.
CONTACT: At Greater
Bay Bancorp:
David L. Kalkbrenner,
650-614-5767
Steven C. Smith, 650-813-8222
or
At Silverman Heller
Associates:
Philip Bourdillon/Gene
Heller, 310-208-2550
full financials and
release here:
http://ir.thomsonfn.com/InvestorRelations/PubNewsStory.aspx?partner=Mzg0TkRJek1nPT1QJFk
EQUALSTO&product=MzgwU1ZJPVAkWQEQUALSTOEQUALSTO&storyId=91340
### Press Release #####################################################
**** announcement **********************************************
Sacramento, California Area
Meeting Tonight 6:30pm
Not too late for
an ad hoc meeting of brokers/funders/attorneys
at the Sheepherder Inn located at 11275 Folsom Boulevard
in Rancho Cordova (near the intersection of Highway 50 and Sunrise Boulevard).
The meeting will
begin with no host cocktails around 6:30.
Dinner will be served around 7:00. The cost is $35.00 per
person.
Cary Boyden, of the
law firm Boyden, Cooluris, Livingston & Saxe is
the featured speaker. His specialty is leasing law and he
will talk about
the California Finance Lenders License. This topic has generated
a lot of
discussion among brokers. Several articles relating to this
topic have
appeared in LeasingNews mostly as a result of CMC's demise.
http://www.leasingnews.org/Conscious-Top%20Stories/CMC_notlicensed.htm
***** announcement ***************************************
### press release ################################################
Key Equipment Finance Names Carol J. Dulaney Division
Counsel
SUPERIOR, CO, -- Key Equipment Finance, one of the nation's
largest bank-held equipment financing companies, has appointed
Carol J.
Dulaney as division counsel. Dulaney is responsible for coordinating
legal
services and assisting in the supervision of various legal
resources for
Key Equipment Finance and its U.S. vendor leasing relationships.
Her office
is located at the Key Equipment Finance international headquarters
outside
Boulder, Colorado.
"We are thrilled to have someone of Carol's experience
and talent join our
distinguished team of Key Equipment Finance lawyers,"
said Jeanne Early,
senior vice president and Key Equipment Finance general counsel.
"She will
be a great asset as we achieve our goals of delivering top-notch
client
service."
Prior to joining Key, Ms. Dulaney served as operations counsel
for General
Electric Capital Vendor Financial Services in Nashville,
Tennessee, for
nine years. Previously she had been senior corporate counsel
for Nortel
Networks and senior corporate attorney, vice president and
assistant
corporate secretary for the now defunct IFG Leasing Company,
a subsidiary
of InterRegional Financial Group.
Ms. Dulaney earned her bachelor of art degree with high honors
from the
University of Montana in Missoula and her juris doctor from
the University
of Montana Law School.
Key Equipment Finance is an affiliate of KeyCorp (NYSE: KEY)
and provides
business-to-business equipment financing solutions to businesses
of many
types and sizes. They focus on four distinct markets:
· businesses of all
sizes in the U.S. and Canada (from
small business
to large corporate);
· equipment manufacturers,
distributors and value-added resellers
worldwide;
· federal, provincial,
state and local governments as well as other
public sector organizations; and
· lease advisory services
for manufacturers' captive leasing and
finance companies.
Headquartered outside Boulder, Colorado, Key Equipment Finance
oversees an
$8 billion equipment portfolio with annual originations of
approximately $3
billion. The company has major management and operations
bases in Toronto,
Ontario; Albany, New York; London, England; and Sydney, Australia.
The
company, which operates in 24 countries and employs more
than 600 people
worldwide, has been in the equipment financing business for
30 years.
Additional information regarding Key Equipment Finance, its
products and
services can be obtained online at KEFonline.com.
Cleveland-based KeyCorp is one of the nation's largest bank-based
financial
services companies, with assets of approximately $86 billion.
Key companies
provide investment management, retail and commercial banking,
retirement,
consumer finance, and investment banking products and services
to
individuals and companies throughout the United States and,
for certain
businesses, internationally. The company's businesses deliver
their
products and services through KeyCenters and offices; a network
of
approximately 2,400 ATMs; telephone banking centers (1.800.KEY2YOU);
and a
Web site, Key.com, that provides account access and financial
products 24
hours a day.
__________
Lisa A. Miller, Corporate Development
Key Equipment Finance
NY-31-66-0900
P.O. Box 1865
Albany NY 12201-1865
Phone: (518) 257-8235
Fax: (518) 257-8821
#### Press Release ####################################################
Charter One Successfully Completes Integration of Advance
Bancorp Franchise
Charter One Financial, Inc. (NYSE: CF) said that as part of its ongoing and aggressive expansion
in Greater Chicagoland, Advance Bancorp, Inc. has officially changed
its name to Charter One Bank, reopening 14 full-service retail bank
offices with new signage.
The name change came following the successful integration
of Advance Bankoperations and customer accounts into Charter One Bank.
Charter One has $44 billion in total assets, making it one
of the 25 largest bank holding companies in the country. The Bank has
522 banking center locations in Ohio, Michigan, New York, Illinois,
Massachusetts, and Vermont and
entered Connecticut with a banking center opened in June 2003. The Company's
diverse product set includes: consumer banking, indirect auto finance,
commercial leasing, business lending, commercial real estate lending,
mortgage banking,
and retail investment products.
Charter One's presence throughout the Chicagoland area encompasses
more than $6.6 billion in deposits, with 99 full-service retail offices
and almost 500 ATM locations, making it one of the region's largest
banks.
"We welcome our new customers to Charter One and look
forward to the opportunity to serve them and the communities where they
live and work," said Anthony Sisto, Charter One's Illinois division
president. "The successful integration of Advance marks a significant
milestone in our ongoing expansion in Greater Chicago."
Customers can take advantage of Charter One's many great
products and services including the Best Free Checking, Totally Free
Business Checking, free
Online Banking and Bill Payment, 24-hour ATM access, home
mortgages, line of credit and business lending services.
Mark Grossi, Charter One's executive vice president and chief
retail officer, said, "Having Advance now part of the Charter One
family puts us in more locations to better serve increasing numbers
of consumers and small
business customers in Greater Chicago with the high-value
products they have come to expect from Charter One."
In January 2003, Charter One Financial, Inc., the holding
company for Charter One Bank, announced the acquisition of Advance for
$72 million in Charter One common stock. The acquisition of Advance
was completed on June 6,
2003.
For additional information, including press releases, investor
presentations, committee charters, and reports filed with the SEC, investors
are directed to Charter One's web site: www.charterone.com.
SOURCE Charter One Financial, Inc.
CONTACT:
Cindy Schulze
Charter One
(216) 298-7155
### Press Release ################################################
Wells Fargo Has Best Internet Website (after http://www.keystoneleasing.com/)
Wells Fargo & Company (wellsfargo.com) announced that
Global Finance Magazine has recognized Wells Fargo as the Best Commercial
Internet Bank in the United States. Wells Fargo was also named having
the best integrated website - for both consumer and corporate banking
- in the United States.
"We are extremely pleased to be honored with this award
and receive recognition by a global business audience," said Danny
Peltz, senior vice president for Wells Fargo's Wholesale Internet Solutions.
"We continue to focus on execution and helping customers realize
efficiencies. It's not just what we deliver, but how we deliver. We
are taking customer centric to the next level. We go to great lengths
to diagnose our customers' needs in order to deliver industry-leading
solutions that simplify their lives."
This nomination was part of the Magazine's "World's
Best Internet Banks" (2003) survey, which will be published in
the December 2003 issue. Winners were judged by a world-class panel,
consisting of representatives from Bearing Point, Deloitte & Touche,
Logica, Neoris and Tata Infotech.
Wells Fargo's CEO (Commercial Electronic Office) portal led
to the winning of this prestigious award. The CEO is Wells Fargo's online
portal that provides a single point of entry for all wholesale services
and offers businesses an easy way to address all of their banking needs.
The CEO portal also provides Wells Fargo's middle market customers with
one of the most comprehensive suites of financial services including:
credit and loan services, purchasing services, international services,
trust and investment services and cash management and treasury services.
In just under three years, more than 50% of Wells Fargo's commercial
customers have enrolled in the CEO portal.
On the consumer side, the Bank's industry leading bill pay
and presentment service and unique cross-channel alerts were factors
for the Gomez and Global Finance rankings. With 263 e-bills, Wells Fargo
has more e-bills than any other financial institution. Wells Fargo is
also the only financial institution to send email alerts notifying customers
that a bill has arrived, been sent, or that no payment is scheduled.
The Bank's unique cross channel alerts capability was recently featured
in a Forrester report.
"We have been successful in providing our customers
with a simple, integrated and relevant experience across wellsfargo.com,"
said Sona Chawla, senior vice president, Internet Services Group. "We
will continue to focus on providing seamless integration, ease-of-use
and enhanced convenience to our customers."
*** don’t miss this page at Keystone Financial:
http://www.keystoneleasing.com/Brun_at_Work.jpg
http://www.keystoneleasing.com/Archie_shoe_guilty.JPG
http://www.keystoneleasing.com/Here_Kitty.JPG
New Survey Report by CapitalStream
The 2003 Commercial
and Equipment Finance Survey Report was conducted with over 200 commercial
lending and banking executives to determine how banks, finance companies
and other commercial finance providers are managing their relationships,
improving their processes and enhancing their systems to grow their
business. The research focuses on what banks are doing to more efficiently
originate loans, leases, lines of credit, asset-based financing and
other commercial finance instruments.
Results from this survey will be useful in helping executives
understand industry trends and how industry leaders are enhancing processes
and systems to improve customer satisfaction, generate more revenue,
reduce processing times and better manage risk. To request your FREE
copy of completed research report, please fill out the form below:
CapitalStream Request the 2003 Commercial and Equipment Finance
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-------------------------------------------------------------------------------------------------------
News Briefs---
AOL Subscribers Down by 846,000
http://www.washingtonpost.com/wp-dyn/articles/A32817-2003Jul23.html
Report Says Freddie Mac Misled Investors
http://www.nytimes.com/2003/07/24/business/24MAC.html
ImClone's Waksal reports to prison http://www.stltoday.com/stltoday/business/stories.nsf/Business/2569DCBF295
AC30C86256D6D00153C32?OpenDocument&Headline=ImClone's+Waksal+reports+to+prison
Effort to recall Davis qualifies for statewide ballot
http://www.signonsandiego.com/news/politics/20030723-2051-ca-davisrecall.html
http://www.bayarea.com/mld/mercurynews/6370503.htm
California garlic farmers cede decade-long battle to Chinese
exports
http://www.signonsandiego.com/news/business/20030722-2229-chinesegarlic.html
House votes to throw out FCC media ownership rules
http://www.bayarea.com/mld/mercurynews/business/6368228.htm
Sports Briefs---
Famous racehorse was Bay Area `local boy'
http://www.bayarea.com/mld/mercurynews/sports/6364324.htm
Seattle reaches terms with first-round pick
http://www.theredzone.org/news/showarticle.asp?ArticleID=181
Patriots extend Belichick's contract
http://www.theredzone.org/news/showarticle.asp?ArticleID=178
Fox: 4 QBs have shot at top job
http://www.charlotte.com/mld/charlotte/sports/football/nfl/carolina_panthers/6362952.htm
Rogers signs with Lions
http://www.theredzone.org/news/showarticle.asp?ArticleID=180
------------------------------------------------------------------------------------------------
This Day in American History
1651-
African Anthony Johnson was granted 250 acres of farmland in Northampton
County, Virginia. He was one
of the first 20 Africans to arrive in Jamestown, VA, in 1619.
Anthony nearly lost his life in the spring of 1622. Virginia's
Powhatan Indians, threatened by the encroachments of tobacco planters,
staged a carefully-planned attack that took place on Good Friday. By
the middle of the day, over three hundred and fifty colonists were dead.
On the plantation where Anthony worked, fifty-two were killed. Only
Anthony and four other men survived.
In some ways he was a lucky man. To be sure, finding yourself
in bondage on a Virginia tobacco plantation was not the result of good
luck, but Anthony Johnson would rise above his low status and undoubtedly
become the envy of many colonists. Anthony Johnson first arrived in
Virginia in 1621. Referred to as "Antonio a Negro" in early
records, Anthony went to work on a tobacco plantation. It's not clear
whether he was an indentured servant (a servant contracted to work for
a set amount of time) or a slave. Anthony nearly lost his life in the
spring of 1622. Virginia's Powhatan Indians, threatened by the encroachments
of tobacco planters, staged a carefully-planned attack that took place
on Good Friday. By the middle of the day, over three hundred and fifty
colonists were dead. On the plantation where Anthony worked, fifty-two
were killed. Only Anthony and four other men survived.
Anthony's luck continued. Several years later, "Mary
a Negro" was brought in to work on the plantation -- she was the
only woman on the plantation. At the time, Virginia was populated almost
exclusively by men. Still, Anthony and Mary became husband and wife,
and they had four children. In 1665 Anthony and his family sold their
250 acres and moved to Maryland, where they leased a 300-arce tract
of land. Anthony died five years later, in the spring of 1670; Mary
renegotiated the lease for another 99 years. That same year, a court
back in Virginia ruled that, because "he was a Negro and by consequence
an alien," the land owned by Johnson (in Virginia) rightfully belonged
to the Crown.
http://www.historydetroit.com/part_1.asp
1701-Anniversary
of the landing at the site of Detroit by Antoine de la Mothe Cadilac
in the service of Louis XIV of France.
Fort Ponchartrain due Detroit was first settlement on site.
http://www.historydetroit.com/places/fort_ponchartrain.asp
http://www.michmarkers.com/Pages/S0027.htm
http://www.pbs.org/wgbh/aia/part1/1p265.html
1842-Birthday of writer Ambrose Bierce. http://www.creative.net/~alang/lit/horror/abierce.sht
http://www.selfknowledge.com/35au.htm
1847—“The
Mormons” settle in Utah’s Great Salt Lake Valley. The land, at the
time, was Mexican territory.
http://memory.loc.gov/ammem/today/jul24.html
http://angielski.lukar.net/multiplechoice.php?id=17
1866-
Tennessee was the first state readmitted to the Union after the Civil
War.
1897-Birthday
of Amelia Earhart, American aviatrix lost on flight from New Guinea
to Howland Island, in the Pacific Ocean, July 2, 1937.
First woman to cross the Atlantic solo and fly solo across the
Pacific from Hawaii to California. Born at Atchison, S. 1900-Birthday of Zelda Fitzgerald, first
wife of novelist F. Scott Fitzgerald.
1906-birthday
of alto sax player Johnny Hodges,
Cambridge, MA
http://www.alphalink.com.au/~michaelp/biography.html
http://www.alphalink.com.au/~michaelp/
http://search.eb.com/blackhistory/micro/273/36.html
http://entertainment.msn.com/Artist/Default.aspx?artist=123538
1908 Charles “Cootie” Williams Birthday
http://search.eb.com/blackhistory/micro/727/46.html
http://www.pitt.edu/~atteberr/jazz/artists/ellington/people/cootie.html
http://hubcap.clemson.edu/~campber/johnson.html
1909—Birthday
of Swing trumpeter Joe Thomas, Groves, MO.
http://www.harlem.org/people/thomas.html
1916-Birthday of great detective writer John
D MacDonald (Deep Blue Goodbye) Died 1968.
http://www.kirjasto.sci.fi/jdmacd.htm
Travis
McGee series ( have read them all, he is one of my favorite authors
)
http://www.rexswain.com/travis.html
http://www.fantasticfiction.co.uk/authors/John_D_MacDonald.htm
1919- Race Riot in Washington DC (6 killed, 100 wounded)
http://www.washingtonpost.com/wp-srv/local/2000/raceriot0301.htm
1921-Birthday
of pianist Billy Taylor, Greenville, NC
http://rollingstone.com/artists/bio.asp?oid=5977&cf=5977
http://www.billytaylorjazz.com/
1924-Birthday
of African-American Townsend “Sonny Brewster”, playwright and activist.
1936-Birthday
of James Lee (Jim) Brock, college baseball coach born at Phoenix, AZ. Brock was an outstanding coach at Arizona State
University. His Sun Devils won
the College World Series in 1977 and 1981, and his teams compiled a
record of 977 wins and only 378 losses.
Died at Mesa, AZ, June 12, 1994.
1936 118ø F (48ø C), Minden, Nebraska (state record)
1936 121ø F (49ø C), near Alton, Kansas (state record)
1937-Alabama drops charges against five blacks accused of
rape in Scottsboro
http://www.pbs.org/wgbh/amex/scottsboro/timeline/index.html
http://www.pbs.org/wgbh/amex/scottsboro/sfeature/sf_women.html
http://www.english.upenn.edu/~afilreis/88/scottsboro.html
1937-The Farm Security administration (FSA) was
established through passage of the Bankhead-Jones Act. The FSA was empowered
to make four-year on at 3% interest to aid farm tenants, sharecroppers,
and laborers.
1938-Birthday of Mike Mainier, vibes, New York, NY
1938-Artie Shaw records “ Begin the Beguine.” ( Bluebird 7746)
http://www.fortunecity.com/tinpan/newbonham/6/beguine.htm
1939-Birthday
of saxophonist Charles McPherson, Joplin, MO.
1940-
Cynthia Moss birthday - U.S. wildlife biologist. Primarily an elephant
researcher, she proved that elephants are led by the oldest and the
wisest cow and that the males are inveterate bachelors. She was senior
associate of the African Wildlife Foundation.
Partly because of Moss's research, other women researchers have
shown that most herd animals are led by the oldest and wisest female,
not the male who is generally used for defense. Even the old idea that
the dominant male was the primary breeder has been disproved.
http://hallkidsanimals.com/elephants/107.shtml
http://www.elephanttrust.org/cynthia_moss.htm
http://www.pbs.org/wnet/nature/echo/html/body_intro.html
http://www.amazon.com/exec/obidos/ASIN/0689801424/inktomi-bkasin-20/103-5362656-4423850
1944-
during WWII the US Army ordered ( this day ) desegregation of its training
camp facilities. Later the same year black platoons were assigned to
white companies in a tentative step toward integration of the battlefield.
However it was not until after the War—July 26, 1948—that President
Harry Truman signed an order officially integrating the armed forces.
1945-
as the Potsdam Conference came to a close in Germany, Churchill, Truman
and China’s representatives fashioned a communique to Japan offering
it an opportunity to end the war. It demanded that Japan completely
disarm, allowed them sovereignty to the four main islands and to minor
islands to be determined by the Allies, and insisted that all Japanese
citizens be given immediate and complete freedom of speech, religion
and thought. The Japanese would be allowed to continue enough industry
to maintain their economy. The communique concluded with a demand for
unconditional surrender. Unaware these demands were backed up by an
atomic bomb, on July 26 Japanese Prime Minister Admiral Kantaro Suzuki
rejected the Potsdam Declaration.
1949---Top
Hits
Some Enchanted Evening - Perry Como
Bali Ha’i - Perry Como
Again - Gordon Jenkins
One Kiss Too Many - Eddy Arnold
1952 112ø F (44ø C), Louisville, Georgia (state record).
1953-Birthday of trumpet player Jon Faddis, Oakland, CA
http://www.pitt.edu/~pittjazz/individual_htmls/jon_faddis.html
1956 – It was “yesterday” in 1946
that they first appeared. After a decade together as the country’s most
popular comedy team, Dean Martin and Jerry Lewis called it quits this
night. They did their last show at the Copacabana nightclub in New York
City. The duo ended their relationship exactly 10 years after they had
started it. http://www.deanmartinfancenter.com/index/rightframe/07mandl/07mandl.html
1957---Top
Hits
Teddy Bear - Elvis Presley
Love Letters in the Sand - Pat Boone
It’s Not for Me to Say - Johnny Mathis
Bye
Bye Love - The Everly Brothers
1959- Vice-President Richard Nixon argued with Khrushchev,
known as "Kitchen Debate" He had arrived in Moscow, beginning
a two-week tour of the U.S.S.R., and Poland. The next day he held a highly publicized kitchen
debate, a discussion
with Soviet Premier Nikita S. Khrushchev while
standing before a kitchen exhibit in the U.S. exhibition in Moscow.
After the impromptu, so-called kitchen debate, Nixon formally opened
the exhibition
1961—A U.S. passenger jet was hijacked. An armed passenger forced the pilot of an Eastern
Airlines Electra en route to Tampa from Miami to divert to Havana.,
Cuba., later entrusted the plan to the UN Security Council to discourage
what it alleged to be “imminent military aggression” by the U.S. This
was the beginning of a trend, hijacking planes to Cuba..
1964-birthday
of baseball player Barry Bonds, six-time All-Star, three-time National
League MVP, born Riverside, CA. http://www.everwonder.com/david/bonds/
1965---Top
Hits
(I Can’t Get No) Satisfaction - The Rolling Stones
I’m Henry VIII, I Am - Herman’s Hermits
What’s New Pussycat? - Tom Jones
Before You Go - Buck Owens
1969
- Hoyt Wilhelm, pitching for the Chicago White Sox, set a major-league
baseball record by pitching in game number 907 of his career. Wilhelm
went on to lead all major-league hurlers (number of games pitched) with
1,070 in his career (1952-1972).
1971-
Apollo 15 launched this date. Astronauts David R. Scott and James B.
Irwin landed on moon (lunar module Falcon) while Alfred M. Worden piloted
command module Endeavor. Rover 1, a four-wheel vehicle, was used for
further exploration. Departed moon Aug 2, after nearly three days. Pacific
landing Aug 7.
1973---Top
Hits
Bad, Bad Leroy Brown - Jim Croce
Yesterday Once More - Carpenters
Shambala - Three Dog Night
Love is the Foundation - Loretta Lynn
1974-In a decision on the White House tapes, the Supreme Court
ordered that special prosecutor Leon Jaworski’s subpoena of tapes and
documents be honored by the White House.
It ruled that presidential privilege did not apply to evidence
required in prosecuting Watergate-related crimes President Nixon turned
over the materials on July 30 and August 5.
1978
- Billy Martin was fired. He was replaced this time by Bob Lemon. It was the first of three times the manager
of the New York Yankees baseball team would get the boot. Martin would
be canned again in 1979 and in 1983, each time by Yankees owner George
Steinbrenner... "the one is a born liar the other a convicted one" comment about Steinbrenner and Jackson
1979
-At Fenway Park off A's hurler Mike Morgan, Red Sox first baseman Carl
Yastrzemski becomes the 18th major leaguer and seventh in the American
League to hit 400 home runs. 'Captain Carl' will end his 23-year career
with 452 homers.
1981---Top
Hits
Bette Davis Eyes - Kim Carnes
All Those Years Ago - George Harrison
The One that You Love - Air Supply
Feels So Right - Alabama
1983
- Kansas City Royals slugger George Brett slammed a two-run homer with
two outs in the ninth inning to give the Royals a 5-4 lead over New
York. Or did he? Seconds after Brett crossed home plate, New York Yankees
Manager Billy Martin came out of the dugout to protest that the pine
tar on Brett's bat was more than 18 inches up the bat handle. The umpires
measured Brett's bat, using home plate as a measuring rod, and came
to the conclusion that Martin was correct and called Brett out, erasing
the Royals lead. Or did they? The president of the American League,
Lee McPhail, later reversed the umpires' decision on the pine tar and
ruled that the game was suspended -- with the Royals leading, 5-4. The
game was completed 3 1/2 weeks later, on August 18, 1983, in Yankee
Stadium. The outcome of the game? It only took 12 minutes to play the
remainder of the contest with the Royals tarring the Yankees 5-4.
1984
- After 14 years and four Super Bowl championships with the Pittsburgh
Steelers, Terry Bradshaw retired from the National Football League.
Bradshaw, age 35, was forced to the sidelines by an elbow injury. Following
a divorce from ice skater Jo Jo Starbuck, Bradshaw joined CBS as a football
analyst. http://www.mcmillenandwife.com/bradshaw.html
1989---Top
Hits
Toy Soldiers - Martika
Express Yourself - Madonna
Batdance - Prince
What’s Going on in Your World - George Strait
1998
- “In the last great invasion of the last great war, the greatest danger
for eight men ... was saving one.” That one was one Private James Ryan
and the story of the search for him, "Saving Private Ryan",
opened in U.S. theatres this day. Produced and directed by one Steven
Spielberg, the movie earned $30.58 million the first weekend
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