U.S. Business Funding Attorneys to Sue Leasing News
by Christopher Menkin, Editor/Publisher

(click image for larger view)

Mr. Asnen, Leasing News welcomes any comments or statements regarding the complaint from William Willis of Global Stone DBA Umpqua Stone, Roseburg, Oregon. Leasing News will print them in their entirety, without editing. As I wrote to US Business Funding Peter Ribeiro on February 20, 2015, “My role is to determine if the complaint is legitimate to be posted on the Leasing News Bulletin Board, as well as give the parties involved the opportunity to resolve the matter..."

William Willis has been pursuing getting his deposit back since June 26, 2013. He emailed:

"First let me say... My credit is excellent... not one late payment in 30
years...Umpqua Stone also has stellar credit... Pd off half a million off
in last 5 years.
 
"On June 25th 2013 Jerry Blanks, (Jerry was a loan officer for US Business Funding, but left the company) sent an e-mail to me that "Umpqua Stone was approved for a $150,000.00 + or - at 5.1% for 60 months...  just get the invoice." I told Jerry Blanks we could just pay anything over 150k if necessary.
 
"60 payments at 5.1% on $157,000.00 = $2,969.98 per month. When Peter Ribeiro asked me to fax a copy of our check for the first and last payment the math worked...   $2,969.98 x 2 = $5,939.96. (It changed to $159,029). He asked for $5,915.00. He never said he was going to cash the copy of our faxed check. (I still have the original check in my possession)”

What brought this Bulletin Board Complaint to my full attention was the Private Label Contract to be assigned to a funder was a Equipment Leasing Agreement (EFA) with a separate "purchase option" for "0" dollars.  First, EFA's are a finance agreement, where the debtor is the owner of the equipment, and at the conclusion, owes nothing. (1) There is no need for a "Purchase Option." In addition, in reading the contract, it is full of "Lease" and "Lessee", see paragraph 10, 11, and others. In an EFA contract the debtor is not referred to as a "Lessee" nor the document as a “Lease.”  Bottom Line: Didn't look like a legal Private Label Contract. Looked homemade. (2)

Also, and even more suspicious: the less than 1% EFA rate. With two advance payments of $2710 on $159,029, according to TValue, it was less than 1%: .093847%

Both Private Label Contract documents sent from US Business Funding and Umpqua Stone did not have a corporate resolution, unusual for this size of a transaction. The company also appears to be closely held, and perhaps a personal guarantee would have been called for. I don't know if US Bank was requiring that, but the main point was no corporate resolution. In summary, the absence of the resolution, the "purchase option" for an EFA, the rate, and apparent homemade contract were revealing. Any long time reader of Leasing News who looked at the Private Label Contract would have picked up the mistakes of having "lessee" and "lessor" in it. (3)

I also did not see any alterations in what US Business Funding sent to William Willis (copy sent to Leasing News by US Business Funding) and the signed copy sent to Leasing News by William Willis (see footnotes).

After acting as an Ombudsman for 15 years, perhaps 3700 complaints, something was not right.  In my first telephone conversation with US Business Funding Managing Director Chris Wilcox, I had LinkedIn.com open, so I looked him up while talking. He said he never heard of Leasing News, nor did he care. I asked him if he had heard of Kit Menkin, and he said, no, and didn't care. This really made me sit up, as LinkedIn showed he was on my "1st" list and was connected; therefore he knew about Leasing News, no matter how he denied it on the telephone.(4)

In addition, both Peter Ribeiro and Chris Wilcox were both adamant the Oregon Attorney General had declared that Mr. Willis provided fraudulent invoices, repeating it several times. US Business Funding’s Chris Wilcox even sent this February 20th email:

"...the state of Oregon has not only seen the complaint file against us but cleared us of any wrong doing based on the customer providing a fraudulent invoice to us. Unless you seem to think your opinion Is larger than the state of Oregon’s Justice Department I suggest you kindly back off of US Business Funding and focus your attention to companies who actually are acting on fraudulent practices."

The job of a journalist is to verify what is told to you. In contacting the
Oregon Attorney General's office, Kristina Edmunson, the media contact for Oregon Attorney General Ellen F. Rosenblum, sent the following email:

"We determined this was a business-to-business matter, and the Oregon Department of Justice is not the appropriate jurisdiction. Our file on this matter is closed."

Then the excuse about invoices being over the $159,029 figure. I know from my personal experience as a broker, discounter, and funder, when I was active in leasing, most, if not all, funders have a 10% edge that can go up from the approval. In addition, it would not be uncommon if the funder did not want to increase the approval, to allow the debtor to pay the difference in an EFA. Why would Mr. Willis not be willing to do this instead of going through the hardship he has encountered and been put through? And how were they making any commission if the interest rate was less than 1%?

In many of the complaints, the documents themselves, or the party involved, are aware of the funding source, and it common for me to contact the funding source to verify the approval and circumstances, as well to determine if the funder would give the 10% difference, or a higher dollar approval, or allow the debtor to pay the difference from the original dollar approval, to make the transaction work. The funding source was not revealed.

U.S. Business Funding was not licensed as a California Finance Lender: "In addition to the lending authority provided by the law, the California Finance Lenders Law provides limited brokering authority. A ‘broker’ is defined in the law as "any person engaged in the business of negotiating or performing any act as broker in connection with loans* made by a finance lender." Brokers licensed under this law may only broker loans to lenders that hold a California Finance Lenders license."
http://www.corp.ca.gov/Laws/Finance_Lenders/Default.asp
  *EFA is a loan.
Exceptions may be an operating lease, and the use of a bank document, not a private label contract, as I understand it.

An email dated February 20, 2015 by Leasing News asked Mr. Ribeiro to return the deposit because US Business Funding was not licensed as a California Finance Lender in California. In addition, the US Business contract stated the issue will be legally in California (Paragraph 10, section 12 "You expressly and unconditionally consent to the jurisdiction and venue of any court in the State of California and waive the right to that by jury for any claim or action arising out of or relating to the Agreement of the Equipment.")

Again, if there is any statement or comment that you or US Business funding would care to make, Leasing News would like to publish it in entirety without editing.

1. EFA Definitions by Barry Marks, Esq.
   http://leasingnews.org/archives/Feb2015/2_25.htm#efa
2. EFA Contract from Umpqua Stone
   http://www.leasingnews.org/PDF/USBusinessEFA_32015.pdf
3. EFA Contract provided by US Business Funding
   (Matches signed one from Umpqua Stone)
   http://www.leasingnews.org/PDF/US%20FundfingContractsent.pdf
4. Wilcox bio on LinkedIn Feb. 20, 2015.
   http://www.leasingnews.org/items/WilcoxLinkedIn.jpg

US Business Funding, Newport Beach, California
Bulletin Board Complaint $4,915 Deposit Made in 2013
http://leasingnews.org/archives/Mar2015/3_02_xx.htm#bbc

 

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Classified Ads---Credit

(These ads are “free” to those seeking employment or looking
to improve their position)

Will relocate for the right opportunity and can work remotely. I have (25+) years in making credit decisions, as well as helping sales team and third party originators close more transactions via understanding their applicant's financial abilities. I can create alternative or additional opportunities (and income) by knowing which type of loan is best for the borrower aaacorrespondent@gmail.com

Orlando, Florida As a Commercial Credit Analyst/Underwriter, I have evaluated transactions from sole proprietorships to listed companies, across a broad spectrum of industries, embracing a multitude of asset types. Sound understanding of balance sheet, income statement and cash flow dynamics which impact credit decisions. Strong appreciation for credit/asset risk.  rpsteiner21@aol.com  407 430-3917

Free Posting for those seeking employment in Leasing
http://www.leasingnews.org/Classified/Jwanted/Jwanted-post.htm

All “free” categories “job wanted” ads:
http://www.leasingnews.org/Classified/Jwanted/Jwanted.htm

 

 

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New Hires---Promotions in the Leasing Industry

 

Mainak Divan was hired as Chief Financial Officer at Blue Bridge Financial, LLC, Buffalo, New York.  Previously, he was Director, Finance, Ingram Micro (2000 – 2014); Assistant Vice President, Treasury, M&T Bank (1993 – 2000); Consultant, USAID (1992 – 1993); Senior Accountant, PwC (1988 – 1991). Certifications: Certified Public Accountant, New York State. Education: University of Pennsylvania, The Wharton School, B.S., Finance, Accounting (1984 – 1988). SUNY at Buffalo, Master of Business Administration (MBA), Financial Markets (1991 – 1993).
https://www.linkedin.com/in/mainakdivan

Shannon McCaffery was hired as Vice President of Credit, Blue Bridge Financial, Buffalo, New York. Prior she was at Vice Start Bank, starting out May, 2006, as Commercial Performance Analyst; promoted May, 2007, to Vice President, Business Banking Credit Officer; May,2014, Business Banking Unit Credit Manager. Previously, she was Commercial Performance Analyst, Five Star Bank (May, 2006 – May, 2007); Tax Research, First American Real Estate Tax Service (2005 – 2006); Mortgage Originator, America's Moneyline (2002 – 2004). Education:  Genesee Community College, Associate of Science (A.S.), Business Administration (1996 – 1998).
www.linkedin.com/pub/shannon-mccaffery/5b/74/45a/en

Heather O'Callaghan joins Blue Bridge Financial, Buffalo, New York
as VP of HR & Talent Acquisition; based in Washington, D.C. area.
Previously, she was Director of Talent Acquisition, FrontPoint Security
(July, 2013 – February, 2015); Recruiting Director, Primatics Financial
(March, 2010 – June, 2013); Owner, Sr. Recruiter & Researcher, Inclusion Consulting Services (December, 2004 – March, 2010); Business Manager, National Staffing Operations, E*TRADE Financial (March, 2000 – April, 2004); Organizations: YouFolio, Strategic Advisor (June, 2014 – December, 2014). Languages: Spanish, Limited working proficiency. Education: Radford University, BS, Communications, Public Relations (1990 – 1994).
https://www.linkedin.com/in/heatherocallaghan

 

 

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Leasing Industry Ads---Help Wanted

 

Collector Irvine, California Resolve Customer Billing Issues Reduce Receivable Delinquency Click here for full description.  Please send resume and cover letter to: acole@quickbridgefunding.com Senior Credit Analyst Irvine, California Underwrites larger, more complex transactions up to $250k in high volume faced paced environment. Works within credit and across departments to resolve issues and improve the credit submission process Click here for full description.  Please send resume and cover letter to: acole@quickbridgefunding.com www.quickbridgefunding.com Quick Bridge Funding has the financial products a business needs to grow!

 

For information on placing a help wanted ad, please click here:
http://www.leasingnews.org/Classified/Hwanted/Hwanted-post.htm 
Please see our Job Wanted section for possible new employees.

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True Leases and Agricultural Livestock Leasing
“What is the Economic Life of a Cow?”
by Tom McCurnin
Leasing News Legal Editor

As Leasing Moves to Farming, Equipment Lessors Lease Cows,
What Is The Test for a True Lease?  

In re Purdy 2014 WL 3953729 (6th Cir. 2014)

Here’s a short case which tries to apply the Uniform Commercial Code test for a true lease to a cow herd.  It’s a bit of a square peg in a round hole, and I’m not altogether sure that leasing is a good fit for agricultural livestock leasing.  The bankruptcy court, district court, and the Sixth Circuit Court of Appeals struggled with the definition of a true lease and trying to make if fit to a cow herd.  The facts follow. 

Sunshine Heifers is a lessor of dairy herds.  Lee Purdy is a farmer who leased the dairy herd, milked the cows and paid rent.  Purdy received a total of 435 cattle for fifty months in exchange for a monthly rent.  The lease was non-cancellable and there was no purchase option.  Purdy promised to replace any cows that were culled from the herd with newer, younger cows.  For you city folks, “culling” a herd means to replace those cows which have died or been slaughtered for meat.  The lease required Purdy to apply Sunshine's brand and a yellow ear tag to the original cows and their replacements. 

While the lease was ongoing, Citizens First Bank loaned Purdy money secured by Purdy's equipment, farm products, and livestock.  Their collateral was supposed to be tagged with white ear tags.  

Purdy filed bankruptcy.  Most of the cows did not have yellow tags, and instead had white tags evidencing collateral of Citizens First Bank.  The Bank first argued that the “leases” between Lessor Sunshine and Purdy were disguised security agreements, that Purdy actually owned the cattle, and that the subsequently acquired livestock were covered by the bank's security interest. The bankruptcy court ruled in favor of Citizens First, finding that the leases were per se security agreements.  Lessor Sunshine appealed. 

On appeal the Sixth Circuit looked at two tests to determine whether the lease of cattle was a “true lease.”  UCC § 1-203 which provides that a lease of equipment which is longer in time than the useful life of the goods is a disguised security agreement.  The bankruptcy court fixated upon the fact that the 30% of the herd would be culled every year, meaning the entire herd would turn over in forty months.   As a result, the bankruptcy court held that the lease term exceeded the economic life of the cattle and, therefore, that the lease was a per se security agreement. 

On appeal, the Sixth Circuit focused not upon the economic life of the individual cows, but instead focused on the life of the entire herd which would be supplemented with newer, younger cows.  Given the practice of replacing cattle, it was clear to the 6th Circuit that the relevant “good” is the herd of cattle, which has an economic life far greater than the lease term, in other words, a perpetual self-renewing asset. Thus, the lease was a true lease.  Also contributing to the holding was the fact that there was no purchase option. 

One of the Justices issued a rare dissent, arguing that a South Dakota case held that a cow herd is not a perpetual self-renewing asset. 

What are the lessons here for equipment lessors?

First, I’m not sure I follow the perpetual renewing asset analysis of the Sixth Circuit.  If new cars are added to the inventory of a car dealership, they are subject to the bank’s blanket lien.  If one wanted to scoop up new inventory into a lease, they would have to be separately identified and placed on schedule. 

Second, agricultural livestock leasing is a new business model, and full of uncertainty, as evidenced by the conflict between the bankruptcy court and the court of appeals, and the dissenting opinion within the Sixth Circuit Court of Appeals.  If readers desire to enter the foray of agricultural livestock leasing, do so at your own risk.  I’m not sure the Uniform Commercial Code’s definition and analysis of a useful life of “good” fairly encompasses cows in an economic analysis.  Agricultural livestock leasing is a bit of a square peg in a round hole.

Purdy Case
http://www.leasingnews.org/PDF/PurdyCase_32015.pdf

Tom McCurnin is a partner at Barton, Klugman & Oetting
in Los Angeles, California.

Tom McCurnin
Barton, Klugman & Oetting
350 South Grand Ave.
Suite 2200
Los Angeles, CA 90071
Direct Phone: (213) 617-6129
Cell (213) 268-8291
Email: tmccurnin@bkolaw.com
Visit our web site at www.bkolaw.com

Previous Tom McCurnin Articles:
http://www.leasingnews.org/Conscious-Top%20Stories/leasing_cases.html

Winter Spring CLFP Circular
Three Academy for Lease & Finance Professions

Circular
http://www.leasingnews.org/PDF/Circular_Winter.Spring2015.pdf

 

 

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Sales Make it Happen
by Christopher Menkin

The Zen of Selling

 "Don't laugh, but I think my customers can read my mind! When I meet with them, I try to have a positive thought. In my mind, I purposely think: 'This is the best I can do for you.' 'I like you.' 'I am proud to be helping you.' 'I am doing the best I can.'

"'---Never negative, never not doing the best I can, and when I leave, I always make it a positive thought to say, 'What a great guy.' 'What a great company.' 'I did the best I could for him.' Being positive in my thought as I really think my customers can read what I am thinking."

Zig Ziglar, Dale Carnegie, and the sales master’s talk about "positive thinking,"--- "look at the traffic light as being green, not red."

Perhaps what makes one salesperson better than another is their ability to "transmit" their thinking, their sincerity, their message.

Have you ever had the experience of talking with someone and you say to yourself, and perhaps out loud, "Did you read my mind?"

Books have been written about body language, and listening, which is trying to hear, feel, understand what the other party is communicating. Perhaps more important is what you are "transmitting."

While it is often thought the choice of words, or how you are dressed, the expression of your face, maybe it is much more. Maybe it is Zen, referred to as a special transmission outside of words.

The customer picks up you don't believe what you are saying. The customer may even pick up thoughts that you don't like them, or are trying to "trick" them, or can't wait to leave. Or you are only thinking about your commission, about yourself.

You are not being positive in what you are selling.

Expressions like "getting your head on straight," or "getting in the mood," thinking "positive" rather than "negative," believing you can do it rather than doubting, believing in yourself, your company, or what you are proposing is being transmitted.

How many top sales people have you heard who say? : "If I believe in it, I can sell it"--- and they do.

Why? It's Zen---They are transmitting positive emotions, positive thinking, no doubts, not negativity, wanting to be a friend, wanting to be helpful, believing this is the best deal I can offer, take it, almost as if they were speaking it---but better than words, the customer heard your thoughts!!! They were all positive.

Leasing Conferences – Update
Latest on NEFA, ELFA Funders List and NVLA

 

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2015 National Equipment Finance Assoc. Summit
3/18/2015 to 3/20/2015

Wednesday through Friday

Renaissance Long Beach Hotel
111 East Ocean Boulevard
Long Beach, California  90802
United States

Contact:
Kim King
KKing@NEFAssociation.org
Phone: 847-380-5053

Event Schedule:
http://www.nefassociation.org/events/Sessions.aspx?id=480181

Exhibitors to Date:
https://nefassociation.site-ym.com/?2015SummitExhibitors

Registration:
https://nefassociation.site-ym.com/?2015SummitPricing

The Women in Leasing LinkedIn Group would like to cordially invite you to our March luncheon at Parker’s Lighthouse in Long Beach, California, on Wednesday March 18th from 1:00pm – 3:00pm. The lunch is being co-sponsored by ECS Financial Services and Financial Pacific Leasing.

If you would like to attend please RSVP by March 9th to Shari Lipski at 847.897.1711 or via emailSLipski@ECSFinancial.com.

 

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27th Annual National Funding Conference
4/21/2015 - 4/23/2015
Fairmont Hotel Chicago
Chicago, IL

Brochure:
http://www.elfaonline.org/cvweb_elfa/cgi-bin/documentdll.dll
/view?DOCUMENTNUM=1024

Registration Form:
http://www.elfaonline.org/cvweb_elfa/templates/eventsdll
/regforms/FUND2015_RegForm.pdf

Funding Source Exhibitors as of March 3, 2015
Acrecent Financial
Ascentium Capital LLC
ATEL Capital Corp
Banc of California
Bank of the West
Baytree Financial Group
BMO Harris Equipment Finance Company
Boston Financial & Equity Corporation
CapitalSource, Inc.
Chase Equipment  Finance
CBT Equipment Finance
CIT
Citizens Asset Finance, Inc.
EverBank Commercial Finance
Fifth Third Equipment Finance Company
Financial Pacific Leasing, Inc., an Umpqua Bank Company
First American Equipment Finance, a City National Bank Company
First Bank of Highland Park
Fuyo General Lease (USA) Inc.
GE Capital Markets
Huntington Equipment Finance
Key Equipment Finance
Lease Corporation of America
MB Financial Bank
Nations Equipment Finance LLC
NXT Capital
People's Capital and Leasing Corp
SCG Capital Corporation
Securcor Financial Group
Signature Financial
Societe Generale Equipment Finance
Sterling National Bank Equipment Finance
Stearns Bank NA-Equipment Finance Division
SunTrust Robinson Humphrey Equipment Finance Group
TCF Equipment Finance
VFI Corporate Finance
Wells Fargo Equipment Finance

 

For more information about this event, you may contact Lesley Sterling at (202)238-3435
or lsterling@elfaonline.org

 

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Talking Stick Resort
This year’s NVLA Conference will take place at Talking Stick Resort, a luxurious Four-Diamond resort set in the Sonoran Desert.

Scottsdale’s newest resort destination offers something for everyone, including Vegas-style gaming and entertainment, a relaxing spa treatment, world-class cuisine, and that famous Arizona sun.

Reserve your room today by calling 866.877.9897 by March 31, 2015. Please reference the booking ID #7773 to receive a discounted rate.

 Golf Outing

The 2015 NVLA Golf Outing will take place on Wednesday, April 22 at 11:30 a.m. This year’s event will be conveniently held at Talking Stick Golf Club, which is located on the grounds of Talking Stick Resort. Designed by Bill Coore and Ben Crenshaw, Talking Stick Golf Club has been recognized as a top public golf course in Arizona by Golfweek magazine.

Cost of the event is $95.00 per player, which includes green fee and cart. Rental clubs are available at the club for an additional fee.

If you’re interested in participating in this year’s outing, please contact Rick Damush (Miller Ford) at 609-261-6842 or via email at rdamush@millertransgroup.com.

 Exhibiting Opportunities

The NVLA Conference presents vehicle leasing industry partners with a unique opportunity to make and solidify relationships with independent lessors.

NVLA is pleased to offer exhibit tables for member and non-member companies at affordable rates. Each exhibit table package includes a 3’ x 6’ skirted table, complimentary conference registration, and listing on the NVLA website and conference program.

Mike Mathy 
Executive Director, 
National Vehicle Leasing Association
mmathy@nvla.org
ph 414.533.3300 ext. 1108

 

Program:
http://www.nvla.org/events/2015-annual-conference/program.aspx

Confirmed Speakers/Registration
https://nvla.wildapricot.org/event-1784380

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Brochure
http://www.naelb.org/NAELB_Docs/2015%20Annual%20Conference/
NAELB%20Registration%20Brochure%201.9.15.pdf

Registration
http://www.naelb.org/NAELB/Events/2015_Annual_Conference.aspx

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The Public Sector Finance Forum is a joint venture of the Association for Governmental Leasing and Financing and the Equipment Leasing Finance Association.  The 2015 Forum will be held at the Sheraton Denver Downtown Hotel in Denver, CO on May 6 through May 8, 2015.

 

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8th China Leasing Summit 2015
June 10-12, 2015
Crowne Plaza Beijing Chaoyang U-Town.

The event is strongly supported by leading companies 
and international leasing association.

The China Leasing Summit is based on over 10 years’ of research into the Chinese leasing industry and will provide an effective platform on which attendees can familiarize themselves with the current status of the market and the latest policies and regulations in order to gain a better understanding of China’s leasing market, thereby optimizing their development strategies. Furthermore, speakers from the government, as well as from the leading leasing companies, will share their invaluable experiences and opinions on the state of China’s leasing industry.

For more information, please go here:
http://www.duxes-events.com/lease15/index.html

 

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2015 Eastern Regional Meeting
September 11-12, 2015
Atlanta Marriott Marquis
Atlanta, GA

 

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2015 Western Regional Meeting
November 13-14, 2015
Doubletree by Hilton Anaheim - Orange County
Anaheim, CA

 

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2015 54th Annual Convention
10/25/2015 - 10/27/2015
JW Marriott Hill Country
San Antonio, TX

 

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CFA
71st Annual Convention
November 11 - 13, 2015
JW Marriott Austin
Austin, TX

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Top 50 US banks and thrifts in Q4'14
Special SNL Financial Report
By Zuhaib Gull

Asset growth; Citigroup Inc.'s ongoing restructuring; and the return of an old competitor, Royal Bank of Canada, from the north made a splash in SNL's fourth-quarter 2014 pro forma top 50 U.S. bank and thrift rankings.

The "Big Four" — JPMorgan Chase & Co., Bank of America Corp., Citigroup and Wells Fargo & Co. — maintained their positions quarter over quarter, but Wells Fargo closed some of its gap with Citigroup. Wells Fargo's total assets grew by 3.07%, or $50.30 billion, while Citigroup's assets fell 2.66%, or $50.04 billion.

Further down the list, SVB Financial Group moved up two spots to No. 38, buoyed by 9.17% quarter-over-quarter growth in assets. Gross loans, inclusive of held for sale loans, at the company jumped 16.46% to $14.38 billion in the fourth quarter, thanks in large part to higher-than-usual utilization of existing capital call facilities by private equity clients.

Signature Bank also enjoyed significant asset growth, 5.27% quarter over quarter, which helped it leapfrog Synovus Financial Corp. and take the No. 48 spot. The bank boosted its gross loans, inclusive of held for sale loans, by 9.24% to $18.41 billion as of Dec. 31, 2014, helped by an upswing in commercial real estate, multifamily loans and specialty finance.

Pro forma adjustments

In compiling rankings, SNL calculated pro forma assets for companies with pending M&A deals or deals that have closed since Dec. 31, 2014. To be used in calculating adjusted assets, the deal must be worth at least $200 million or involve assets in excess of $5 billion. Multiple companies in the top 50 ranking have pending deals that qualified for adjustments.

Citigroup continued its divestment drive in the fourth quarter of 2014 and in early 2015. Over the last six years, the company has reduced the size of Citi Holdings, home to the bank's "non-core assets," by more than $500 billion. According to a transcript of the company's March 2 presentation at the Raymond James Institutional Investors Conference, CFO John Gerspach said a further $30 billion in non-core assets was moved from Citicorp to Citi Holdings and would be mostly exited by the end of 2015.

On March 3, Citi announced that it was selling OneMain Financial Holdings to Springleaf Holdings Inc. for $4.25 billion in cash. This sale will remove almost $10 billion in assets from Citigroup's balance sheet.

Furthermore, Citi's deposits were adjusted down by slightly less than $3 billion due to the pending sale of its retail banking and credit card business in Spain to Banco Popular Español SA, which was announced June 2014.

On Jan. 22, Royal Bank of Canada announced that it would acquire No. 43 City National Corp. in a deal that is considered the most expensive U.S. bank transaction by price-to-tangible book ratio since the financial crisis. The deal puts Royal Bank of Canada back among the top 50 for the first time since 2011, before the company sold RBC Bank (USA) to PNC Financial Services Group Inc.

Huntington Bancshares Inc.'s pending acquisition of Macquarie Equipment Finance Inc., a unit of Macquarie Group Ltd., announced Feb. 24, boosted the buyer's assets to $67.20 billion, from $66.30 billion reported for Dec. 31, 2014. Huntington maintained the No. 32 spot in the fourth quarter.

BB&T Corp.'s $367.4 million deal for Crestview Hills, Ky.-based Bank of Kentucky Financial Corp. and $2.50 billion deal for Susquehanna Bancshares Inc. could push its assets up by $20.59 billion to $207.41 billion, based on pro forma adjustments by SNL. Bank of Kentucky Financial's 32 branches, mainly in the Greater Cincinnati area, would introduce BB&T Corp. to a new market. Meanwhile, the acquisition of Susquehanna Bancshares would add 252 branches split between Pennsylvania, Maryland, New Jersey and West Virginia. The company maintained its No. 12 spot from the third quarter.

SNL adjusted the assets of M&T Bank Corp. to depict the long-delayed acquisition of Hudson City Bancorp Inc., which was originally announced in August 2012 and is still pending. The deal would see M&T add Hudson City's $36.57 billion in assets as of Dec. 31, 2014, pushing the company's pro forma assets to $133.25 billion. M&T Bank Corp. fell to the No. 18 spot from No. 17 in the third quarter.

Meanwhile, CIT Group Inc.'s pending acquisition of IMB HoldCo LLC, announced July 22, pushed the buyer's pro forma assets up to $69.74 billion from the $47.88 billion reported for Dec. 31, 2014. The company moved up to the No. 30 spot from No. 31 in the prior quarter.

Notable exceptions

Some noteworthy deals were not considered in this analysis as they either did not meet the aforementioned criteria or did not disclose sufficient financial information to make pro forma adjustments. Citigroup announced in late December that it would sell the retail banking operations of Tokyo-based Citibank Japan Ltd. to Sumitomo Mitsui Banking Corp. in a transaction that involves the transfer of more than $20 billion in deposits. Also, in early September, Citi announced that it would sell 41 Texas branches to BB&T. Both deals did not meet our criteria for pro forma adjustments.

Late in the afternoon Feb. 27, the FDIC announced that it had entered into a purchase and assumption agreement with Banco Popular de Puerto Rico, a subsidiary of Popular Inc., to acquire the banking operations and all deposits of the failed Doral Bank. Banco Popular de Puerto Rico will operate eight of the failed bank's 26 branches and assumed $1.0 billion in deposits and $848 billion in Puerto Rico-based performing residential and commercial loans. The company entered into three separate agreements with two other banks and its fellow Popular subsidiary, Banco Popular North America, who served as alliance co-bidders in the failed-bank transaction.

FirstBank Puerto Rico, a unit of First BanCorp., will operate Doral's other 10 branches in Puerto Rico and assumed $600 million in deposits and a $300 million mortgage portfolio. Home BancShares Inc.'s unit, Centennial Bank, will operate Doral's five branches in the Florida Panhandle and assumed $466 million in deposits, $42.2 million in loans before discounts and a "significant cash settlement to balance the transaction," according to a press release from the parent company. Lastly, Banco Popular North America will operate all three of Doral's New York City locations and assumed $1.3 billion in deposits and acquired $931 million in performing commercial loans primarily in the New York City metro area.

Popular Inc.'s assets and deposits were not adjusted since the deal did not meet the minimum criteria for adjustment. Doral, First BanCorp. and Home BancShares Inc. were not large enough to be ranked in the top 50 list.

Methodology

SNL ranks the largest banks and thrifts operating in the U.S. with a deposits-to-assets ratio of at least 25% for each relevant quarter. Some financial institutions that are regulated as bank holding companies, such as Goldman Sachs Group Inc. and Morgan Stanley, did not meet this criteria and thus were excluded from the analysis.

In addition, industrial banks, such as UBS Bank USA, were not considered in this analysis.

Leasing News Advisory Board 2015

Chairman, Advisory Board
Bob Teichman, CLFP	Teichman Financial Training, Sausalito, CA.
Advisory Board
Ben Carlile	Marin County, CA
Ed Castagna	InPlace Auction, Melville, NY
Steve Crane, CFLP	BSB Leasing, Englewood, CO
Dale Davis	Endeavor Financial Services, Costa Mesa , CA
Phil Dushey	Global Financial Services, Manhattan, NY
Ken Greene, Esq.	Kenneth Charles Greene Law Offices, Westlake Village,Ca.
Shawn D. Halladay	Amembal & Halladay,  Salt Lake City, UT
Robert S. Kieve	Empire Broadcasting, San Jose, CA
Bruce Kropschot	Kropschot Financial Services, Naples, FL
Allan Levine	Madison Capital, LLC., Owings Mills, MD
Bruce Lurie	Douglas-Guardian Services Corporation, Houston, TX
Ralph Mango	ComScore, Reston, Virginia
Tom McCurnin	Barton, Klugman & Oetting, Los Angeles, CA
Armon L. Mills, CPA	San Diego Business Journal, CA
Don Myerson	BSB Leasing, Colorado, Hawaii
Hugh Swandel	The Alta Group, Canada
Paul Weiss	Panthera Leasing, San Francisco, CA
Rosanne Wilson, CLFP, B.P.B.	1st Independent Leasing, Beaverton, OR
Ginny Young	former Brava Capital, Orange, CA

Publisher/Editor-in-Chief
Christopher Menkin	Saratoga, California

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Fernando's View
By Fernando F. Croce

A smooth con-artist comedy-drama ("Focus") and a Russian sci-fi epic ("Hard to Be a God") come to theaters, while DVDs provide nominees and winners from this year's Oscars ("Foxcatcher, Big Hero 6") along with an underrated French New Wave classic ("The Soft Skin").

In Theaters:

Focus (Warner Bros.): Recovering from the box-office flop of "After Earth," Will Smith is in suave fine form in this enjoyable comedy-drama, which follows in the same con-artist vein as "The Sting" and "House of Cards." Smith stars as Nicky Spurgeon, a veteran grifter who takes a young cheater named Jess (Margot Robbie) under his wing. Despite their romantic feelings for each other, they realize that true emotion can become a liability in their world of professional lying, so they go separate ways. Three years later, however, they meet again when Nicky is in the middle of his biggest job yet and Jess has blossomed into an experienced vamp. Will their renewed connection interfere with their current schemes? Directors Glenn Ficarra and John Requa ("Crazy, Stupid, Love") keep the numerous plot twists tart and elegant, enormously helped by the sexy, witty chemistry between Smith and Robbie.

Hard to Be a God (Kino Lorber): Based on the 1964 novel by Arkady and Boris Strugatsky, this one-of-a-kind Russian sci-fi epic is the final film completed by the late director Aleksei German. Taking place in a faraway planet that resembles a dank medieval land, the story follows a batch of scientists from Earth conducting a study. Among them is Don Rumata (Leonid Yarmolnik), whose outrage at the cruelties all around him clash with the group's decision to remain detached observers. When he goes on a rescue mission against the local tyrant, however, Don finds himself sinking deeper and deeper into this bizarre world. Creating its own unforgettably visceral universe, German's film mixes past and future in a vision worthy of Russian sci-fi classics like "Solaris" or "Stalker." With subtitles.

Netflix Tip: From rock concerts to isolated rural eccentrics, documentarian Albert Maysles (1926-2015) tackled a varied, fascinating array of subjects over the course of his career. So check out some of his most renowned work, which includes "Showman" (1963), "Gimme Shelter" (1970), and "Grey Gardens" (1975).

On DVD:

Foxcatcher (Sony): Having previously studied real-life crime ("Capote") and sports ("Moneyball"), acclaimed director Bennett Miller combines the two elements in this absorbing account of the true-story Schultz-Du Pont case. Taking place in the 1980s, the film focuses on the relationship between troubled, gold medal-winning wrestler Mark Schultz (Channing Tatum) and his new sponsor, reclusive millionaire John du Pont (Steve Carrell). Obsessed with restoring Olympic glory to the country, du Pont takes the younger man and his brother David (Mark Ruffalo) under his wing, with tragedy just beyond the horizon. Meticulously crafted and featuring impeccable performances, the film is a low-key document that builds to a shattering conclusion.

Big Hero 6 (Disney): Disney serves up another animated treat with this imaginative blend of futuristic adventure and humor. Set some time ahead in the American-Japanese metropolis of San Fransokyo, the story focuses on the growing friendship between young Hiro (voiced by Ryan Potter) and a doughy, inflatable robot named Baymax (Scott Adsit), an example of the latest, cutting-edge technology. When a mysterious villain disrupts this world's peaceful veneer, however, Hiro, Baymax and their friends find themselves unexpectedly in the role of action heroes. Made by directors Don Hall and Chris Williams with a combination of creative visuals and big-hearted charm, the movie follows in the steps of "Wreck-It Ralph" with its kinetic, animated charm. This year's Oscar winner for Best Animated Feature.

The Soft Skin (Criterion): One of the guiding lights of the French New Wave in the 1960s, François Truffaut could combine technical wizardry with humanistic curiosity, as seen in such films as "The 400 Blows" and "Jules and Jim." This 1964 drama, although not as famous as his other hits, shows an even keener eye for the complicated affairs of people. The plot follows Pierre Lachenay (Jean Desailly), a respected publisher who, while traveling for one of his lectures, falls in love with a young flight attendant named Nicole (Françoise Dorléac). They embark on a romantic affair kept secret from Pierre's wife (Nelly Benedetti), though it's not long before thorny situations and misunderstood emotions point to a tragic conclusion. With a sense of tension that would have impressed his idol Alfred Hitchcock, Truffaut charts these characters' braided paths with empathy and irony. With subtitles.

 

German Pinscher Cross
Novato, California Adopt-a-Dog

Bullet
ID: 199364

Male
Color Black / Tan Points
Weight       20.4 lbs.
Neutered    Yes
Age   Adult
Size   Medium

“My health has been checked.
My vaccinations are up to date.
My worming is up to date.
I have been microchipped.

“Our very handsome friend here is Bullet. This rock star wants to please, loves bouncing toys and stuffed, fuzzy, squeaky play things. Bullet takes his time getting to know people, especially men, but once he's decided you're A-OK, he shows you his sweet side with snuggles and cuddles.

“Bullet will benefit greatly from crate training. Dogs who find even the mundane worthy of scrutiny often take refuge in a crate - it's their happy, go-to place (sort of like this writer in a cruise ship state room). Another benefit of crate training is the reinforcement of good house training. Bullet hasn't always been the best at this and we feel strongly that a solid routine that includes a crate will help him be his best indoor self.

“Bullet's new family members should be thirteen years old or older, mature enough to handle his concerns with sensitivity. He is too interested in cats - not in a good way - to live with one right now, and he would also do best as the only resident dog. Training classes are one of the best ways to insure you and your new dog are on the same page about rules and manners. The bonus is the bond that forms when you are working with your dog and it's all clicking (pun intended for those into clicker training). Training is fun for dogs and that fun translates into a great relationship. We think Bullet has so much to offer an active, loving family. Get to know this playful, gorgeous, sweet dog and you'll know what all the fuss is about.

Video
https://www.youtube.com/watch?v=2qgUAJlXuDY

Marin County Humane Society
Phone (415) 506-6225
Fax (415) 382-1349
Address 171 Bel Marin Keys Blvd. Novato

Adopt a Pet
http://www.adoptapet.com/

 

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Attorneys Who Specialize in 
Banking, Finance, and Leasing

Birmingham, Alabama The lawyers of Marks & Associates, P.C. have over 30 years experience in dealing with virtually every type of equipment financing and are recognized throughout the industry for prompt, practical solutions and exemplary service. They offer cost-conscious, effective lease enforcement and good counsel.  Email: Barry@leaselawyer.com Website: www.leaselawyers.com	California, National: city: Riverside  Ellen Stern - get results, reasonable pricing; numerous industry contacts, nearly 30 yrs exp.in SoCal, 20 yrs equip.: CFL license specialist, documentation, work-outs, litigated collections, recoveries; deal-maker.  Email: leaselaw@msn.com
Kenneth C. Greene California & Nevada Leasing and Financial consultant, active in several leasing associations, as well as involved in music and film productioncin LA.  Mention "Leasing News" for a free consultation. 818.575.9095 Skype: 424.235.1658 ken@kengreenelaw.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
Los Angeles/Santa Monica Hemar & Associates, Attorneys at Law Specialists in legal assistance, including debt collection, equipment recovery, litigation for 35 years. Fluent in Spanish.  Tel: 310-829-1948  email: phemar@hemar.com
Los Angeles, Southern CA  Seasoned attorney representing secured creditors in auto finance and truck/equipment lease industry.  Bankruptcy and State Court litigation.   Vincent V. Frounjian (818) 990-0605or email: vvf@pacbell.net.	Encino, California: Statewide “ELFA”  Hemar, Rousso & Heald, LLP 30 yr excellent reputation Lessor representation commercial litigation, debt collection, and bankruptcy. Call Stephen E. Jenkins Esq (818) 501-3800
Los Angeles, Statewide: CA.     "ELFA" Aggressive creditors rights law firm specializing in equipment leasing handling collection matters on a contingency, fixed fee or hourly cbasis. email:RGarwacki@prodigy.net	Los Angeles, Statewide: CA      "ELFA" 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 Lawyer specializing in banking and leasing issues statewide. Documents and litigation.  Tom McCurnin, Barton, Klugman & Oetting. Voice: (213) 617-6129  Cell:(213) 268-8291 Email:  tmccurnin@bkolaw.com	California & National Paul Bent – More than 35 years experience in all forms of equipment leasing, secured lending, and asset based transactions. Financial analysis, deal structuring, contract negotiations, documentation, private dispute resolution, expert witness services.  (562) 426-1000 www.paulbentlaw.com pbent@paulbentlaw.com
Illinois Trabaris, P.C.: Finance attorney with 24 years’ experience with transactional, documentation, secured financing and workouts /restructurings.  Kevin Trabaris Phone:(847)840-4687  Email: kevin@trabaris.com Website: www.trabaris.com.    Blog: trabaris.com/info/blog/	Law Firm - Service, Dallas, TX. "ELFA" Mayer regularly practices in leasing, secured financing, project development and finance and corporate finance.  email: dmayer@pattonboggs.com Website: www.pattonboggs.com
Massachusetts (collection/litigation coast to coast)  Modern Law Group focuses its practice on collections, lease enforcement and asset recovery. For the past five years, our attorneys have helped clients recover millions of dollars. We are able to cover your needs coast to coast. Email phone 617-855-9085www.modernlawgroup.com	Michael J. Witt, experienced bank, finance, and leasing attorney, also conducts Portfolio Audits. Previously he was Managing Counsel, Wells Fargo & Co. (May, 2003 – September, 2008); Senior Vice President & General Counsel, Advanta Business Services (May, 1988 – June, 1997) Tel: (515) 223-2352 Cell: (515) 868-1067 E-mail: witt-legal@outlook.com  Web: www.witt-legal.com
National:  The OMEGA Network Group-nationwide legal representation of small and mid ticket equipment lessors-flat fee bankruptcy & replevin, contingent collection,  billable litigation (704-969-3280) tong_92@yahoo.com	National: Coston & Rademacher: Business attorneys serving the lease-finance industry since 1980. Transactional, documentation, corporate/finance, workouts, litigation, bankruptcy, portfolio management. Chicago-based national practice. Jim Coston, CLP (Members: ELFA, NEFA).  email: Jcoston@costonlaw.com Website:www.costonlaw.com
St. Louis County , MO. - statewide:  Schultz & Associates LLP., collections, negotiation, and litigation. Also register and pursue recovery on foreign judgments. Contingency and reasonable hourly rates.  Ronald J. Eisenberg, Esq. (636) 537-4645 x108  reisenberg@sl-lawyers.com www.sl-lawyers.com	NJ,De,Pa: Specializing in leased equipment/secured transactions. Collections, replevins/workouts reasonable rates. Sergio Scuteri/Capehart & Scratchard, PAsscuteri@capehart.com / www.capehart.com
New York and New Jersey Peretore & Peretore, P.C. documentation, portfolio purchase & sale, replevin, workouts, litigation, collection, bankruptcy.  Aggressive. Over 25 years experience.www.peretore.com	Thousand Oaks, California:  Statewide coverage Spiwak & Iezza, LLP 20+ years experience,Representing Lessors banks in both State/ Federal Courts/ all aspects of commercial leasing litigation. Nick Iezza 805-777-1175 niezza@spiwakandiezza.com

 

Receivables Management LLC John Kenny • End of Lease Negotiations & Enforcement  • Third-Party Commercial Collections john@jkrmdirect.com | ph 315-866-1167 www.jkrmdirect.com

 

News Briefs----

Willis Lease Finance Reports $7.2MM Profit
http://globenewswire.com/news-release/2015/03/11/714288/10124191/en/Willis-Lease-Finance-Reports-Net-Profit-of-7-2-Million-or-0-89-Per-Share-in-2014.html

2015’s Best Banks for Record Keeping
http://wallethub.com/edu/best-banks-for-record-keeping/10997/

Texas Lender Details His Reluctant Move to Shadow Banking
(Requires registration--free trial—Story about Tom Depping)
http://www.americanbanker.com/news/community-banking/texas-lender-details-his-reluctant-move-to-shadow-banking-1073185-1.html

U.S. Banks Pass Stress Tests, Some With an Asterisk
http://www.nytimes.com/2015/03/12/business/dealbook/us-banks-pass-stress-tests-but-not-without-some-checkmarks.html?ref=business&_r=0     

This is historic:
The dollar will soon be worth more than the euro
http://www.washingtonpost.com/blogs/wonkblog/wp/2015/03/10/at-this-rate-it-wont-be-long-before-the-dollar-is-worth-more-than-the-euro/

Cut U.S. Rates, Launch Territorial Tax System, Reports Contend
http://ww2.cfo.com/tax/2015/03/cut-u-s-rates-launch-territorial-tax-system-reports-contend/

Collector Irvine, California Resolve Customer Billing Issues Reduce Receivable Delinquency Click here for full description.  Please send resume and cover letter to: acole@quickbridgefunding.com Senior Credit Analyst Irvine, California Underwrites larger, more complex transactions up to $250k in high volume faced paced environment. Works within credit and across departments to resolve issues and improve the credit submission process Click here for full description.  Please send resume and cover letter to: acole@quickbridgefunding.com www.quickbridgefunding.com Quick Bridge Funding has the financial products a business needs to grow!

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--You May Have Missed It

Consumers still watching the same old channels
http://www.rapidtvnews.com/2015031037518/consumers-still-watching-the-same -old-channels.html

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SparkPeople--Live Healthier and Longer

Diet Plan
Find the Perfect Sustainable Eating Plan for You!
http://www.sparkpeople.com/resource/nutrition_articles.asp?id=2011

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Winter Poem

Beware the ides of March.

 

Men at some time are masters of their fates:
The fault, dear Brutus, is not in our stars,
But in ourselves, that we are underlings.
But, for my own part, it was Greek to me.
Think you I am no stronger than my sex,
Being so father'd and so husbanded?
These things are beyond all use,
And I do fear them.
Cowards die many times before their deaths;
The valiant never taste of death but once.
Of all the wonders that I yet have heard,
It seems to me most strange that men should fear;
Seeing that death, a necessary end,
Will come when it will come.

— Cæs. The ides of March are come.
Sooth. Ay, Cæsar; but not gone. Act iii. Sc. 1.
The Ides of March: In the Roman calendar the days of the month were not numbered sequentially. Instead, each month had three division days: kalends, nones and ides. Days were numbered from these divisions: e.g., IV Nones or III Ides. The ides occurred on the 15th of the month (or on the 13th in months that had less than 31 days). Julius Caesar was assassinated on this day in 44 BC. This system was used in Europe well into the Renaissance. When Shakespeare wrote "Beware the ides of March" in Julius Caesar his audience knew what he meant. Beware of what was to happen on March 15th

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Sports Briefs----

How much every NFL team can spend in free agency
http://sports.yahoo.com/news/much-every-nfl-team-spend-181900114.html

Chip Kelly explains why he's not trading up to draft Marcus Mariota
http://finance.yahoo.com/news/chip-kelly-explains-why-hes-185408348.html

The rest of the NFL is baffled by what Chip Kelly is doing to the Eagles
http://finance.yahoo.com/news/rest-nfl-baffled-chip-kelly-134500679.html

Wide receiver Torrey Smith signs five-year deal with 49ers
http://sports.yahoo.com/news/wide-receiver-torrey-smith-signs-five-deal-49ers-205024164--nfl.html

Frank Gore, Andre Johnson sign with Colts
http://www.sbnation.com/nfl/2015/3/10/8182983/andre-johnson-frank-gore-indianapolis-colts-free-agency

NFL Experts Weigh in on Fox Sports’ Pam Oliver About-Face:
   There Was a ‘Drumbeat of Bad Press’
https://www.yahoo.com/tv/s/nfl-experts-weigh-fox-sports-pam-oliver-face-134101476.html

New Charger Statium in Mission Valley
http://www.utsandiego.com/news/2015/mar/11/chargers-stadium-task-force-picks-mission-valley/

Bears Commit to Cutleras Starting Quarterback
http://www.usatoday.com/story/sports/nfl/bears/2015/03/11/bears-commit-to-jay-cutler-as-starting-quarterback/70171678/

 

 (Leasing News provides this ad “gratis” as a means
to help support the growth of Lease Police)

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California Nuts Briefs---

California drought: Big water rate hikes considered
by Bay Area agencies
http://www.mercurynews.com/science/ci_27668436/california-drought-bay-area-water-agencies-considering-big

Buyer Nixes Purchases of South Bay Hospitals;
Daughters of Charity Mulling Next Step
http://patch.com/california/losgatos/buyer-nixes-purchases-south-bay-hospitals-daughters-charity-mulling-next-step

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“Gimme that Wine”

http://www.youtube.com/watch?v=EJnQoi8DSE8

Napa County examines ways to regulate winery expansion
http://www.pressdemocrat.com/business/3638895-181/napa-county-examines-ways-to

Monterey Wants Conjunctive Wine Labels
http://www.winesandvines.com/template.cfm?
section=news&content=147652

Mike Wolf Named Napa Valley Grower of the Year
http://www.winebusiness.com/people/?go=getPeopleArticle&dataid=147628

Free Mobile Wine Program
http://leasingnews.org/archives/Feb2010/2_26.htm#mobile

Wine Prices by vintage
http://www.winezap.com
http://www.wine-searcher.com/

US/International Wine Events
http://www.localwineevents.com/

Leasing News Wine & Spirits Page
http://two.leasingnews.org/Recommendations/wnensprts.htm