Tuesday, June 6, 2006
Headlines--- Welcome, New Readers ######## surrounding the article denotes it is a “press release”
---------------------------------------------------------------- Welcome, New Readers
Wow, I didn't know the "Ad Me" not working made such a difference. We are back to ten to fifteen new readers a day asked to join the e-mail voyage. We recommend all readers join our mailing list to get notified when a new edition is “on line,” or to receive “extra's,” such as Pawnee stock issue success in Toronto, or “breaking news stories” that concern the industry. Our Web Trend indicates most of our readers “bookmark” our web site, which is a good idea, but if you are not on the mailing list, you won't get the extras or notification when we have an edition. The last few months it has been approximately three issues a week. Our Alexa report still puts us as the highest strictly equipment leasing news edition, even though we no longer have been five days a week. While our goal is to be a daily, we don't print unless there is enough equipment leasing news. Thank you for getting on board. Christopher Menkin, editor ---------------------------------------------------------------- Classified Ads---Credit
Los Pinos Ranch Vineyards, Pittsburg, Texas * Atlanta, GA Boston MA Corona, CA Fort Lee NJ Irvine, CA Los Angeles, CA New Jersey, NJ New York, NY Sausalito, CA Orange, CA Senior Credit Officer For a full listing of all “job wanted” ads, please go to: http://64.125.68.91/AL/LeasingNews/JobPostings.htm To place a free “job wanted” ad, please go to: http://64.125.68.91/AL/LeasingNews/PostingForm.asp
* http://www.lospinosranchvineyards.com/ ---------------------------------------------------------------- Brett Butler new portfolio director at Butler Capital
Brett Butler, a member of Butler Capital's management team since mid-2003, has been named the new director of the company's Lessor & Broker Finance Division. In his new position, Mr. Butler will be responsible for the company's lending programs and continuing relationships with U.S. lessors and brokers.
Mr. Butler joined Butler Capital in 2000, initially serving in the firm's accounting and collections units, and two years later was named collections manager. In 2004, he was promoted to director of Butler Capital's Portfolio Management Division. An alumnus of Clemson University, Mr. Butler earned a bachelor's degree in sports marketing and also holds a minor in business finance. He resides in the Timonium section of Baltimore County, Maryland. A -Accepts Broker Business | B -Requires Broker be Licensed | C -Sub-Broker Program
(I) BUTLER CAPITAL – For nearly three decades, Butler has purchased loans and leases – individually or in portfolios – from lessors and brokers nationally. Butler 's inclusion in the 2005 edition of the “Monitor 100” underscores the firm's commitment to funding deals quickly, structuring deals professionally, and avoiding the limitations of app-only credit scoring. As a direct lender with wholesale lines of credit ready to be tapped for our broker/lessor clients, we pride ourselves on common-sense, individualized credit decisions on a wide variety of equipment. We invite no-obligation calls! Butler does not require brokers be licensed except those in states that require such licensing. We welcome both opportunities to fund brokers' transactions under our name or create private-label programs to enable brokers to market their own services more broadly. Although Butler has in-house sales personnel, we do not solicit the customers of our broker/lessor clients; rather, we work to preserve and enhance a broker's relationship with his/her customer.
To view the full list, please go here: http://www.leasingnews.org/Funders_Only/Funders.htm ---------------------------------------------------------------- ELA President Mike Fleming to join the Alta Group If you missed this story sent out yesterday to the Leasing News mailing list, here it is on line: http://www.leasingnews.org/archives/June%202006/06-05-06_Flash.htm ----------------------------------------------------------------
Ira's Last Day at ICB/Sovereign Leasing
April 5th, Ira Romoff, director of ICB Leasing, New York City, announced," I plan to stay as long as needed, but will not be involved in the long run with the ongoing entity." He also said on April 5th, “ICB Leasing/Sovereign Merger Update – “We continue to make progress with the merger of our two Banks. Our goal is to create a larger, stronger and more diverse leasing company by consolidating the ICB Leasing business into Sovereign Bank's Commercial Equipment and Vehicle Finance platform. The combined entity can offer a wide range of Leasing and Equipment Finance products and will have a combined portfolio of over $1.2 billion. Our intent is to continue to provide you with the outstanding level of service that you expect and deserve. We are doing our best to make this a smooth process and will keep you updated as this transition continues. " And then on April 16th a Leasing News reader sent us: "You should look into the ICB & Sovereign Bank merger. It appears that Sovereign is closing down Ira Romoff's group. A lot of talented people will be let go by month end. It's a real shame. Although a little over a year old, ICB Leasing Corp. was developing into a real good funding source." We spoke with Mr. Romoff: “There will, of course, be some changes. I plan to stay as long as needed, but will not be involved in the long run with the ongoing entity."
When asked directly if he was going to retire again, he said, "I can't tell you when." June 5th, an ICB Leasing spokesperson told Leasing News: "His last day was 5/31/06 - the merger was official as of 6/1/06." Who is Ira Romoff? He has over 30 years in the financial services industry, as a commercial banker and leasing executive. He is past director of the Eastern Association of Equipment Lessors and the Equipment Leasing Association and is a member of both the United Association of Equipment Leasing and the National Vehicle Leasing Association. He was executive vice president of European American Bank's Leasing Department and a member of EAB's Executive Management Group. Under Mr. Romoff's direction, the EAB Leasing Department has advanced as an integral part of the bank's record growth since 1991. As a result, EAB's Leasing Department ranks among the top fifteen bank leasing companies throughout the United States. EAB purchased Fidelity Leasing April 14, 2000, and was the premier lessor when purchased by Citibank on February 12, 2001 for $1.6 billion and $350 million preferred stock. The news of closing the broker origination division hit all the leasing industry hard, especially on the east coast. Reaction was swift about the resignation of European American President Ira Romoff; the eminent departure by Fred Anderson along with Omar Diaz and Rich Illich. Certainly the ICB Leasing and Sovereign merger was not foreseen, and perhaps there will be a covenant not to compete, but at a certain date, Leasing News will most likely be receiving another announcement from the energetic veteran with a great sense of humor, and hopefully before the next St. Patrick's Day Parade.
O'Romoff will be back. May 30 story: Sovereign wins regulatory OKs for ICB Leasing/ 3-bank merger okay http://www.leasingnews.org/archives/May%202006/05-30-06.htm#icb June 1 story Sovereign Bancorp closes controversial 3-bank deal ---------------------------------------------------------------- Marlin wows GE's Lynne Wilson as Sr.VP/CFO
In a corporate coup, Marlin Business Services Corp. (Nasdaq: MRLN) was able to obtain both a well-experienced and top chief financial officer, Lynne C. Wilson, 43, who most recently was serving as GE Equipment Services Manger of Finance, Strategic Marketing. She joins the New Jersey firm as Senior Vice President and Chief Financial Officer. Daniel P. Dyer, Chairman and CEO of Marlin Business Services Corp says she will also serve as the company's Principal Financial Officer. "We're delighted to have Lynne join us,” he said in a press release. ” Her broad-based financial services knowledge and experience will support Marlin in many ways as the company continues to grow." May 18, 2006, Marlin Business Services Corp. announced the formation of an Office of the Chairman, consisting initially of Daniel P. Dyer, Chairman and CEO, Gary R. Shivers, President, and George D. Pelose, newly appointed Executive Vice President, who recently was rewarded with 58,500 shares of stock, base salary to $275,000, and increases Mr. Pelose's annual target incentive bonus to 70% of his base salary. He also serves as general counsel and public relations manager, the contact for press releases. At the time it was noted, "The company's new Chief Financial Officer, who is expected to join Marlin shortly, will become a non-voting member of the Office of the Chairman." Reportedly this is the accounting board recommendation to keep the CFO as independent as possible. December 14, 2005 SEC filing found the number three man on the senior management of "Marlin Leasing," a subsidiary of Marlin Business Services Corp. behind Chairman Daniel P. Dyer and President Gary R. Shivers, Bruce E. Sickel notification of his “resignation,” effective March 3, 2006. A press release was issued, and is part of the filings with the Security Exchange Commission. Not mentioned was the $50,000 “stay” until March 3, 2006, employment to this date, followed by six month severance, plus some other “odds and ends.” A Marlin press release stated, "Bruce E. Sickel is resigning his employment with the Company effective March 3, 2006 to pursue other interests. Mr. Sickel will continue to serve as the Company's Chief Financial Officer until the earlier of March 3, 2006 or the date his successor is named. The Company has commenced a search for Mr. Sickel's replacement. "Bruce has made valuable contributions to Marlin since joining us in 2003," said Daniel P. Dyer, Chairman and CEO of Marlin Business Services Corp. "We wish him well in his future endeavors." This information is from the Security Exchange Commission filing regarding Ms. Wilson: “ Prior to joining the Registrant, Ms. Wilson, age 43, was with General Electric Company (from 1999 to 2006), serving in a variety of finance positions for different subsidiaries and divisions of GE. From 2002 to 2006, Ms. Wilson worked for GE Equipment Services-TFS/Modular Space, most recently serving as Manager of Finance, Strategic Marketing (from 2005 to 2006) and previously as Manager, Financial Planning and Analysis (from 2002 to 2005). From 1999 to 2002, Ms. Wilson was the Global Controller for GE Commercial Finance-Fleet Services. Prior to joining GE, Ms. Wilson held senior financial positions at Bank One Corporation (from 1996 to 1999) and Fleet National Bank of NY/Northeast Savings (from 1989 to 1996), where she served as Senior Vice President, Controller and Principal Accounting Officer. Ms. Wilson started her career at Ernst & Young International (1984 to 1989) as an Audit Manager. Ms. Wilson obtained a BA in Business Administration from Siena College and is a licensed certified public accountant (non-active status). “Ms. Wilson replaces Daniel P. Dyer as the Registrant's Principal Financial Officer. Mr. Dyer, our Chairman and Chief Executive Officer, had been serving in that role on an interim basis since April 12, 2006 as the Registrant conducted its search for a Chief Financial Officer. “There is no pre-existing arrangement or understanding which required that Ms. Wilson be selected to assume the duties of the Registrant's Chief Financial Officer or Principal Financial Officer. Ms. Wilson has no familial relationship with any other of the Registrant's directors or executive officers. There are no transactions between Ms. Wilson and the Registrant in which Ms. Wilson has a direct or indirect material interest which the Registrant is required to report.” From the press release: “About Marlin Business Services Corp. Marlin Business Services Corp. is a nationwide provider of equipment leasing solutions primarily to small businesses. The Company's principal operating subsidiary, Marlin Leasing Corporation, finances over 60 equipment categories in a segment of the market generally referred to as "small-ticket" leasing ((i.e. leasing transactions less than $250,000--) T heir 2005 SEC filing discloses: “the average original lease transaction was $9,032, with an average remaining balance of $6,401.”Editor.)) The Company was founded in 1997 and completed its initial public offering of common stock on November 12, 2003. In addition to its executive offices in Mount Laurel, NJ, Marlin has regional offices in or near Atlanta, Chicago, Denver, Philadelphia and Salt Lake City (and has an application pending for an industrial bank in Salt Lake City. editor ) For more information, visit http://www.marlincorp.com or call toll-free at (888) 479-9111.”
-------------------------------------------------------------- Top Stories--May-30-June 2
Here are the top ten stories most "opened" by readers last week. (1) Orange County Funder gets 30 years (2) Selling Up—by Steve Chriest- “Anger and the 80% Rule” (3) Popular Leasing making settlements? (4) To Lease or Buy? Hennessey Capital (5) What's up with Cal First? --by C.Menkin (6) Leasing Technologies International joins “Funder List” (7) Bank of Walnut Creek Leasing up-date (8) Cartoon--Dog with Leash (9) Back Office Companies (10) Classified Ads---Senior Management The count does not include the Monday Memorial Day Edition ---“May God bless America.” ---------------------------------------------------------------- Classified Ads---Help Wanted Account Executive
Jr. Analyst
Operations Manager
VP-Manager of Equipment Lease Division
---------------------------------------------------------------- Why I Became a CLP
This is the tenth article in a series about the Certified Lease Professional program, explaining why individuals decided to become a CLP, the process, and their reaction to the knowledge and other benefits gained. "The ATEL Credit Man" Russ Wilder talks about his background in his story of how and why he became a Certified Lease Professional. Kit Menkin has known him since his days at Fireside Thrift, where American Leasing discounted leases, and may have been one of the first to do so, having been a personal friend of the founder of Fireside Thrift, Sid Stern, who sold they company, started a thrift in Nevada and also kept partnership in Key Leasing, Redwood City (that is another story.) Russ had a unique way of looking at leases in the beginning, the old school, figuring out the consumer debt and cash flow, then analyzing the financial statements, and also always considering the "collateral" and "Dealer." He was neither "easy" nor "conservative," but very thorough. One thing is he always wanted his "yield," that's what I remember the most as they had no "rate card" in the beginning. Russ has been successful because he takes his attitude about life, in my opinion, to his job. Kit Menkin, editor At the time I took the CLP exam it was 1990 and the CLP designation was pretty new. I had been an active attendee to many WAEL (Western Association of Equipment Lessors -now known as the United Association of Equipment Leasing) events from 1985-1989 when I ran a small ticket leasing operation for Fireside Thrift Co., which was and still is, primarily a consumer lending outfit. About the middle of 1989 Fireside's ownership structure was changed. What was formerly a subsidiary of Teledyne, Inc. became a subsidiary of a new holding company spun off from Teledyne that had a bunch of finance and insurance firms Teledyne had acquired over the years. Shortly thereafter the senior honchos at the new holding company parent visited Fireside's headquarters where my office was located and discovered that the largest branch (in terms of loans on the books) of Fireside Thrift was in fact a business equipment financing operation. As there were some recent changes in our regulatory environment from the state, as part of some refocusing of Fireside's operations it was decided to shut down my operation as my operation was like a square peg trying to fit into a pegboard with round holes. After my severance from Fireside Thrift at the end of 1989 and spending a couple of months trying to find a new job I started laying the groundwork to become a lease broker. As Fireside Thrift had exited the business they let me take the entire contact list of every lessee we had ever dealt with in the nearly five years I was there so I thought I would have a good start on the marketing side. At the time I thought having the CLP designation would give me more credibility in developing potential funding sources at least, if not my customer base. I signed up to take the CLP exam. Back then the CLP Handbook had not been developed yet but WAEL did run a one or two day cram course for the exam and I flew down to southern California to take it. This was a useful course, especially on the use of the HP 12C. While I had by then been in the equipment financing and leasing industry twelve years on the credit, documentation, collection and other operations end I had never been on the sales side and really had very little experience doing lease pricing as I had mostly just been "PVing" rental streams on leases discounted to Fireside Thrift or my prior employers. The exam itself was like taking three blue book finals in college all in the same day. My writing hand was very fatigued by the end of the exams. After getting the CLP designation I tried brokering leases and learning the sales side. I believe having the CLP designation was useful in lining up potential funding sources when I was getting the brokering operation set up as I did not have much trouble getting approved by any. I was not successful as a broker though. Primarily this was because I had no training in sales. Also my timing of entry was poor as Gulf War I had broken out in August 1990 and the economy went into a mild recession. Firms I contacted were not acquiring new equipment unless they absolutely had to. While brokering deals I was still trying to get full time employment with an equipment financing or leasing firm or a bank. By the early 1990s many of the firms that had branches in the Bay Area that competed with my former employers in the equipment financing industry (Westinghouse Credit Corporation, Wells Fargo Leasing Corporation) had either closed down their offices in the Bay Area entirely or vastly reduced the headcounts here to just sales offices so there was much less opportunity in the area than when I had started in 1978. I think I was able to get maybe two or three interviews with equipment leasing or financing firms in two years. To any of them that were WAEL members at the time, I think having the CLP designation was a plus. In reality, I did not get any job offers as nearly all the firms I spoke with ended up closing their offices in the Bay Area in the next year or two. I suspect the senior management of those offices became aware of the likelihood of their closing down in the near future while I was in the interview process. I also applied to banks as I figured my credit and collections experience would be transferable skills and experience to a bank's commercial or corporate lending groups, especially since I had undergone one formal training program while at Wells Fargo Leasing Corporation that was designed for the bank's commercial and corporate lending groups. What I found though was that banks by and large did not want to talk to me. My perception was that bankers did not understand leasing and did not see how anyone with a leasing background had experience applicable to their needs. My having the CLP designation meant nothing to any banks I was able to interview with. To say the least, I was getting pretty discouraged, and was barely making a living as a lease broker. Trying to move from credit into sales was not working for me, and maybe those who I was interviewing with thought that was what I really wanted to do. It wasn't. Ultimately, after a few months of “off and on” conversations with ATEL founder AJ Batt, who was quite a unique man, I joined ATEL in the fall of 1992. I'm not sure if having the CLP designation meant anything to AJ, he was clearly focused on my credit and operations experience, especially my start up experiences for Fireside Thrift Co.'s fledgling leasing operation. Partly due to the fact that ATEL was not an overly active member of WAEL/UAEL and with Dean Cash having bought out AJ five years ago now, the CLP has never carried any weight within ATEL. The CLP designation has always meant something to me as I have renewed it now two or three times. When ATEL was actively in the small ticket market the packages I received from brokers that had the CLP got a bit more consideration from me as they were clearly more complete, organized and otherwise more professionally packaged than most submissions via brokers. I think more leasing professionals having the CLP would definitely improve the overall caliber of professionalism within the industry and any serious broker should seek the designation. Senior Vice President, Chief Credit Officer ATEL Capital Group, Inc. and Affiliates
--------------------------------------------------------------- Leasing Association Events-Meetings Open to All
AN ANNUAL BALTIMORE TRADITION CONTINUES This event has grown from a small gathering of leasing professionals into an event that is greatly anticipated not only by the local Baltimore leasing community but leasing professionals as far away as California. This event can be attended by anyone connected to the leasing industry: Owners of companies, sales representatives, operational staff, accountants, funders, attorneys, bankers, spouses, seasoned CLP's and brand new professional trying to break into the industry. There is something magical about rolling up your sleeves and indulging in the messy process of picking hot Steamed Blue Crabs and sharing your leasing stories. This year's event is being hosted by: Dennis Horner- The Equipment Leasing Company Nancy Pistorio- Madison Capital Bruce Winter- FSG Leasing The event has been moved to a new location this year: The event is growing to a weekend get away for out of town leasing professionals. Obyrcki's is a Baltimore institution, and is known across the country for its famous steamed crabs. The event is close to the Baltimore Inner Harbor, Fells Point, the National Aquarium, Fort McHenry and many other Baltimore attractions. For more information and to register for this event visit: www.eael.org or contact Dennis Horner at 800 365 6566 Don't miss it! ---------------------------------------------------------------
New York Meet & Greet Lunch - June 20 Garden City Country Club Thursday June 20, 2006 Registration begins at 11:45am Hosted by Robert Goeller of Sierra Credit Corp. To register or learn more, please go here: ---------------------------------------------------------------
UAEL Pacific Regional Event
Join local UAEL members for bowling, billiards, $20.00 Per Person
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Massachusetts Meet & Greet Lunch - June 22 Longfellow's Wayside Inn Thursday June 22, 2006 Registration begins at 11:30am; lunch begins at noon -1pm with discussion immediately following. Hosted by Lewis Cohn, Esq., of Cohn & Dussi, LLC, Carl Anderson of M&T Bank, and George Parker of Leasing Technologies International. Please contact the EAEL office at 212 809 1602 or alison@eael.org for pricing and a registration form.Lunch and Discussion: 12:00 to 2:00pm ---------------------------------------------------------------
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August 3, 2006 EAEL's Day at the Races For registration information, please contact the EAEL office at 212.809.1602 or alison@eael.org ------------------------------------------------------------------
August 14, 2006 EAEL Golf outing For registration information, please contact the EAEL office at 212.809.1602 or alison@eael.org ------------------------------------------------------------------
August 17th Rock Spring Country Club To register or learn more, please go here:
--------------------------------------------------------------- China like Wal-Mart? by Shawn Halladay www.leasingnotes.com
No, China does is not planning to establish an ILC in Utah, but, in other respects, it is acting in a similar fashion as Wal-Mart does with its suppliers. As I mentioned in my last post, the growth of the Chinese economy is putting pressure on the availability of resources throughout the world. This demand has caused the prices of most commodities to increase substantially. The Wall Street Journal reported yesterday that “China's economy is a driving force behind the recent surge in demand and price for oil, copper and a host of commodities.” Back to the Wal-Mart comparison. The Journal also reported that China is trying to use its buying power to obtain lower prices from its suppliers. This would mean good news for the rest of the world if (1) they can do it, and (2) the lower prices flow through to other consuming nations. Techniques include not buying certain commodities, stockpiling raw materials, and seeking out other alternatives. The process is not going smoothly, however. For instance, China did refuse to sign new liquefied natural gas contracts last year because it thought the prices were too high. The alternative was to boost power production from coal-fired plants using domestic coal, a move that further damages the environment (believe me, they have enough smog already.) Another factor working against their price reduction strategy is the fact that they badly need many of the commodities for which they are trying to reduce prices if they are to maintain future economic growth. Welcome to the good old supply and demand conundrum. I guess everything cannot be controlled through a central committee. I am all for lower gasoline prices when I fill up my truck, but I don't know if China can pull it off. Yes, everyone wants to obtain access to such a potentially large market, just as do Wal-Mart's suppliers. But, given that many of the commodities are nonrenewable resources, and there are other economies that are big consumers, what is the incentive for producers to lower prices? They can sell elsewhere with no problem. This is not a choice for Wal-Mart's suppliers. If you are interested in China and want to get a good overview of how leasing works there, you can read the Equipment Leasing & Finance Foundation report that I and several other Alta principals authored. that I and several other Alta principals authored: http://leasingnews.org/PDF/China_Report_FINAL.pdf Subscribe to Leasing Notes: www.leasingnotes.com
--------------------------------------------------------------- Wells Fargo Commercial Capital Expands Into Boston,
Wells Fargo Commercial Capital – part of Wells Fargo & Company – announced that it has hired two former managers of Bank of America's Restaurant Group in Boston, as part of its goal to become the national leader in restaurant financing. Alexandra Burke has been hired as a managing director and will head up WFCC's customer development and loan production program. She will remain located in Boston. She has eight years of experience in lending in the restaurant sector beginning with Bank of Boston through its sale to Bank of America. She is a graduate of Smith College (Mass.). Heidi Piche joins Wells Fargo as a vice president responsible for WFCC's customer development and loan production. She will remain located in Boston as well. Ms. Piche also came up through Bank of Boston's restaurant lending group and has seven years of lending experience in this sector. She is a graduate of Colby College (Maine). Wells Fargo Commercial Capital provides capital to owners of multi-unit branded retail businesses in the restaurant sector, including both large franchisees and franchisors (minimum transaction size is $10 million). The addition of this experienced loan production team will result in greater access to Wells Fargo's financial solutions for owners of restaurants or restaurant brands in need of acquisition financing or the refinancing of debt. WFCC (1-888-BRANDED or www.wfccapital.com.) is headquartered in San Diego. Wells Fargo & Company is a diversified financial services company with $492 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,200 stores and the internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only bank in the United States to receive the highest possible credit rating, “Aaa,” from Moody's Investors Service. ### Press Release ########################### CVB Financial Corp. Names New President and CEO
ONTARIO, Calif.---George A. Borba, chairman of the board of CVB Financial Corp. (NASDAQ:CVBF), announced the appointment of Christopher D. Myers as president and chief executive officer of CVB Financial Corp. and its wholly owned subsidiary, Citizens Business Bank. The appointment will become effective Aug. 1, 2006. Myers will also join the board of directors of both CVB Financial Corp. and Citizens Business Bank at that time. Myers will be granted 50,000 shares of restricted common stock as part of his employment agreement. It will vest in equal annual installments over a five-year period. "We are delighted to have Chris joining us in this leadership position at this very important time for our company," Borba said. "He is uniquely qualified to lead us into the future of this dynamic financial services industry." Myers commented that, "I am extremely pleased to be given this exceptional opportunity to lead this great bank." Myers added: "CVB Financial Corp. and Citizens Business Bank have distinguished themselves as true leaders in this financial services industry. I expect to help continue this tradition of success." Myers has been with Mellon First Business Bank for the past 10 years. He has served as chairman and chief executive officer of Mellon First Business Bank for the last two years. Mellon First Business Bank has approximately $3.5 billion in assets. They have headquarters in Los Angeles with additional offices in the Inland Empire, Orange County and the San Fernando Valley. Myers began his career with First Interstate Bank. He completed their extensive commercial loan training program, and progressed through their management ranks to become vice president and manager of the Westwood office. He later joined Bank of the West (Sanwa Bank of California) as commercial banking center manager for the San Fernando Valley and West Los Angeles. Myers is a native of Southern California. He attended La Canada High School, where he was recognized as a scholar athlete. He played on their championship football team, and was named student athlete of the year for the San Gabriel Valley. He received his Bachelor of Arts degree from Harvard University, and a Master of Business Administration degree in finance and marketing from the University of California at Los Angeles. Harvard University won two Ivy League championship titles during Myers three years as a starter at defensive safety for the team. Linn Wiley has been the president and chief executive officer of CVB Financial Corp. and Citizens Business Bank for the past 15 years. During that time, Citizens Business Bank has grown from 14 business financial centers to 40 business financial centers and from approximately $500 million in assets to more than $5.5 billion in assets. Annual earnings have increased from approximately $8.0 million to more than $70.0 million, and the market value of CVB Financial Corp. common stock has grown from $54 million to $1.25 billion. Wiley said: "Chris Myers is an ideal selection for the position. He has a great background and extensive experience in business banking. He knows our business and he knows our markets. Chris is first-class in every respect." Wiley will remain with CVB Financial Corp. as a vice chairman on the board of directors. CONTACT: CVB Financial Corp., Ontario D. Linn Wiley, 909-980-4030 ### Press Release ########################### Willis Lease Finance Receives Nasdaq Notice Regarding Listing Standards SAUSALITO, Calif.---Willis Lease Finance Corporation (NASDAQ:WLFC), a leading lessor of commercial jet engines, today reported it received a notice on May 31, 2006, from the Nasdaq Staff regarding the Company's failure to meet a continuing listing standard of the Nasdaq. The notice indicates that with the departure of Glenn L. Hickerson from its Board of Directors the Company no longer complies with Nasdaq's audit committee requirements as set forth in Marketplace Rule 4350. Nasdaq is reviewing the Company's eligibility for continued listing on The Nasdaq Stock Market and has asked the Company to provide by June 15, 2006, a specific plan and timetable to achieve compliance with Rule 4350. The Nasdaq's notice is not a notice of delisting. "We are working with Nasdaq to resolve the issues relating to the composition of our Audit Committee," said Charles F. Willis, President and CEO. "We are making every effort to maintain compliance with all Nasdaq listing requirements and will provide further information as required." About Willis Lease Finance Willis Lease Finance Corporation leases spare commercial aircraft engines, rotable parts and aircraft to commercial airlines, aircraft engine manufacturers and overhaul/repair facilities worldwide. These leasing activities are integrated with the purchase and resale of used and refurbished commercial aircraft engines. Contacts Willis Lease Finance Corporation ### Press Release ########################### U.S. Bank Equipment Finance Names New Business Development CHICAGO — U.S. Bank Equipment Finance has named John Barry as senior vice president for new business development in its vendor finance group. In this new position, Barry is responsible for handling all aspects of new business development across the vendor finance group, which includes leading the multiple disciplines associated with landing new third-party relationships. Barry comes to U.S. Bank Equipment Finance with 23 years of lease and financing industry experience. He's worked for GE Commercial Finance, Healthcare Financial Services, where he was responsible for developing new business in the global vendor healthcare arena. Prior to that post he enjoyed significant leadership roles with Sunrise International Leasing Corporation, Heller Financial, Dana Commercial Credit Corporation and ITT Industrial Credit Corporation. “John brings a wealth of experience and expertise to this critical new growth role for our business line,” commented Jamie Gioia, executive vice president and general manager of the vendor finance group, and to whom Barry reports. Barry earned a bachelor's degree in government studies from St. John's University in Collegeville, Minn. He's based in U.S. Bank's historic Rookery Building in downtown Chicago. U.S. Bank Equipment Finance, one of the largest bank-affiliated equipment finance companies in the nation, has been providing quality equipment finance solutions for 35 years. It's a major funding source for companies in virtually every industry sector nationwide. Visit U.S. Bank Equipment Finance on the web at www.usbank.com/leasing. U.S. Bank Equipment Finance is part of U.S. Bancorp (NYSE: USB). With assets of $210 billion, is the 6th largest financial holding company in the United States. The company operates 2,430 banking offices and 4,941 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at www.usbank.com. Sites of Reference: CONTACT: Patricia Wampler ### Press Release ###########################
News Briefs---- Fed Chief Raises Inflation Concern Mortgage demand dips as 30-year rate hits 4-year high of 6.66% High cost of oil could put many jobs at risk Wal-Mart Coming “Out in Front” Feds put finishing touch on 50-year timber harvest plan ---------------------------------------------------------------
You May have Missed--- FASB Tackling Lease Accounting Is Overdue ----------------------------------------------------------------
“Gimme that Wine” U.S. Drinkers Sip $25 Billion of Wine, Study Says: John Mariani Oregon Pinot pioneer sells to industry giant Ste. Michelle A Stellar Year for Auction Napa Valley Raises $8.4 Million for Charities Wine Prices by vintage US/International Wine Events Winery Atlas Leasing News Wine & Spirits Page ----------------------------------------------------------------
Calendar Events This Day Bonza Bottler Day To celebrate when the number of the day is the same as the number of the month. Korea”: Memorial Day Nation pays tribute to the war dead and memorial services are held at the National Cemetery in Seoul. Legally recognized Korean Holiday National Hunger Awareness Day This day was created to increase awareness of the serious problem of hunger in the US. One in five children in this country lives in poverty and is at risk for hunger. One in ten households isn't sure where the next meal is coming from. Sweden: Flag Day Commemorates he day upon which Gustavus I (Gustavus Vasa) ascended the throne of Sweden in 1523. ----------------------------------------------------------------
Today's Top Event in History 1944- In the early-morning hours Allied forces landed in Normandy on the north coast of France. In an operation that took months of planning, a fleet of 2,727 ships of every description converged from British ports from Wales to the North Sea. Operation Overlord involved 2,000,000 tons of war materials, including more than 50,000 tanks, armored cars, jeeps, trucks and half-tracks. The US alone sent 1,700,000 fighting men. The Germans believed the invasion would not take place under the adverse weather conditions of this early June day, especially with their number one General George S. Patton employed elsewhere. But as the sun came up the village of Saint Mèere Eglise was liberated by American parachutists, and by nightfall the landing of 155,000 Allies attested to the success of D-Day. The long-awaited second front had at last materialized. General Patton joined the war with his tank brigade, pushing toward the Rhine River before the other generals told him he couldn't do that. http://memory.loc.gov/ammem/today/jun06.html ----------------------------------------------------------------
This Day in American History 1755- Birthday of Nathan Hale. The American Patriot was caught behind lines gathering troop movements by General William Howe, who ordered him to be hung in the morning, as he was a spy. His alleged last words have become a symbol of American Patriotism: “I only regret that I have but one life to lose for my country." They were attributed to a news story printed in the 19 th century, and were not heard by contemporaries of his time, nor commented upon. A 1777 newspaper article reported Hale as saying that ``if he had ten thousand lives, he would lay them all down, if called to it, in defense of his injured, bleeding country.'' Four years later another newspaper story quoted Hale's last words as: ``. . . my only regret is, that I have not more lives than one to offer in its service.'' Hull's 1848 memoirs give us the pithier version we know today: ``I only regret that I have but one life to lose for my country.'' According to Captain Frederick Mackenzie, a British officer who witnessed Hale's death, he may have been young and courageous, but he never said these words. According to Mackenzie's diary, he wrote that Hale's last words were: “ It is the duty of every good officer to obey any orders given him by his commander-in-chief” James A. Barnes,” Myths of the Bryan Campaign,” Mississippi Valley Historical Review (1947). Also see: NBA Finals Champions This Date 1976 Boston Celtics --------------------------------------------------------------
Baseball Poem 2050: The End The earth may end Written by Robert L. Harrison -------------------------------------------------------------- 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? |
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Ten Top Stories each week chosen by readers (click here) |
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Top Stories chosen by editor Kit Menkin (chronological order) |
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