Puget Sound Leasing has Packed Up & Moved

After the verdict of First Sound Bank, Seattle, Washington to pay the Secords, it appears the finalization is the lease portfolio collection of Puget Sound Leasing. The leasing web site is down and telephone calls are referred to the bank. Extension numbers by names for former employees of the leasing company are not found in the telephone system.

An insider told Leasing News "First Sound Bank has effectively closed the Puget Sound Leasing operation and has dispensed with brokers. They are only booking direct deals generated by bank sales people."

Meanwhile, a hearing regarding prejudgment interest to be calculated and awarded as well as attorney fee issues opening briefs is due by Friday, October 28, 2011 with response briefs due by Friday, November 11, 2011. The various attorney taxi cab meters continue to run, along with a reported request to the FDIC on how the bank is going to pay for the awarded judgment.

Previous Puget Sound Leasing/First Sound Bank stories:
http://www.leasingnews.org/Conscious-Top%20Stories/puget.html

Leasing Companies Out of Business
plus No Longer taking Broker/Discounting Business
http://www.leasingnews.org/Pages/Out-of-broker-bus.htm

 

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Classified Ads--- Sales

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

California Aggressive, competitive self-starter with vendor/direct equipment leasing and asset-based lending experience. Success in business banking sales and financial planning. Email: dsp559@hotmail.com | Resume

Colorado Award winning and strategic leasing sales professional with eleven years experience in Technology, Medical, Furniture, and Office Automation. Will consider positions with full benefits only. anderson_678@earthlink.net

Garfield, NJ 15 years experience small to large ticket sales exp. All types of equipment industries. Vendor & direct. Self motivated. Work with leasing company or broker. Tony Lio tonylio@optonline.net

Montgomery, AL Individual with 10 years advertising sales exp. & 7 years insurance sales exp. Wants independent contractor situation in Alabama. Work with leasing company or broker. 334-590-5133 E-mail: billmcneal2003@yahoo.com

Orange County, CA 20+ years in leasing sales & sales management. Have estab. existing remote office with Lessee /Vender following. Looking for a partnership w/funding source. shermbp@gmail.com

Pittsburgh , PA Aggressive self starter looking for leasing position w/10 plus yrs sales exp., plus banking experience 814-227-4592 mwiser500@hotmail.com

San Francisco Bay Area: Business Development “Hunter” with transferable book of business in multiple segments: commercial construction, technology, fitness, etc. Years of managerial experience: can also be a “player/coach”. E-mail: VdrPgmBizDev@aol.com

Stuart, FL Lease professional seeking bank sub, captive or other self-funded lessor. Sales position or other. Mid ticket large territory experience. David34983@att.net

Texas/Oklahoma 15 year lease vet looking for plact to take business.great references. all major equipment types. open to compensation. please contact if interested. E-mail: bankingdallas@yahoo.com

  

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

 

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

 

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ELFA 50th Anniversary Report
by Shawn Halladay, The Alta Group

Fifty years as an association! Not a bad number, although insignificant compared to the 4,000 years that leasing has been used as a financing tool. Still, it is an accomplishment that should be celebrated, and being celebrated it is, by over 900 leasing and financial professionals gathered in San Antonio for ELFA’s 50th Annual Convention.

The number of companies represented at the Convention is about the same as last year, but there are more people per company, thereby increasing last year’s attendance by about 100 people. Reflective of this trend, ten percent of the attendees are from only six organizations, most of which are major banks. Foreign participants also are well represented, with over 50 attending from 15 different countries.

As would be expected, many things have changed at the ELFA Convention over the years, while, at the same time, many have not. One of the changes is the number of women in managerial roles, a topic that was discussed in the first-ever “Women in Leasing” reception on Sunday night (a gathering previously held as a breakfast). One factor identified as partially driving this change has been the advent of telecommuting opportunities in the industry.

There still is, of course, golf and recreation on Sunday, but the day’s highlight has to be the opening reception, where everyone takes advantage of the social and business networking opportunities. The mood varies between years, but definitely was positive again this year.

Attendees have concerns, of course, with the economy and increasing regulation being the top two mentioned, but, overall, business appears to be strong for most lessors, at least based on the conversations around the tables.

Yes, business is good, but it has its downside in that competition is tight and rates are low. This situation would not be so bad if it was just low rates, which can be explained by margin pricing on low cost of funds. Some lessors, however are reporting that margins are being squeezed, something the industry had hoped was in its past.

This margin degradation is being explained as the result of some lessors buying business now, hoping it will remain with them (it won’t).

Another popular explanation over cocktails was that the squeeze is nothing more than the classic response to lower demand and higher supply. Lessors are loosening investment criteria (increasing supply) while customers, fearing a double dip, or at least continued austerity, are delaying investment (decreasing demand). The result is thinner margins.

Overall, however, everyone was very upbeat and the reception was filled with positive energy.

Everyone I spoke with is looking forward to that attitude continuing and the next two days of the convention being very productive.

Shawn Halladay, Managing Director
www.thealtagroup.com
801 322 4499 direct
801 322 5454 fax
shalladay@thealtagroup.com
Global Experience Provides Direction

Shawn's biography:
http://thealtagroup.com/north-america/about/shawn-d-halladay

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Leasing Hiring Surprise: Increase in Q3
-- ZRG Partners---

The ZRG Equipment Leasing and Finance Hiring Index showed a meaningful Q3 jump in overall hiring, ending the quarter at 525. This represents the second highest index level in two years.

Some of the big names that have been on the sidelines in 2009/2010 are back in the hiring game. Driving the growth numbers, GE Capital, CIT and De Lage Landen all posted relatively robust hiring figures. All three companies had more overall employment opportunities this quarter than they have had in any quarter over the past two years.

But, all is not well in the overall hiring arena. While many positions were posted in Q3, some major banks have retreated on filling these roles due to the impacts of the economic challenges in the period. Several Bank Lessors are now operating with hiring freezes, leaving many posted roles unfilled and delayed.

About the ZRG Partners and the Hiring Index

ZRG Partners is a global authority on talent management issues within the equipment finance and leasing markets. ZRG provides its clients with specialized market expertise in executive recruitment, consulting and advisory work with a focus on data and analytics to drive great business decisions.

The index is published quarterly and is based on several key proprietary data sources. These data sources include hiring data that comes directly from benchmark firms that make up the Index as well as 20 different National Job Boards and several leasing industry specific job sites. The sample group includes banks, captives and independents. The next update will be January 2012.

www.zrgpartners.com

ZRG Third Quarter Report:
http://leasingnews.org/PDF/zrg_q32011.pdf

Gary DiLillo, President 216-658-5618 or gary@avptc.com Comprehensive personal property tax outsourcing services. Click here to see what our clients say about us.

-----------------------------------------

Career Crossroad “Been out of leasing, but want back in.”

Question: I was in a sales role in the equipment leasing industry, but over the last two years I have been in a different industry. I am interested in returning to the equipment finance / leasing industry as things seem to be picking up. What do you suggest I do?

Answer: Please understand that recruiters typically are utilized by companies to source and recruit Sales Leasing Reps within the industry, as most companies require deals (book of business) to bring. This is the typical requirement for independents and smaller institutions.

A good first step if you are interested in returning to the Leasing Industry is to reestablish client relationships that were successful in the past and determine their current or future needs … you may be able to use these relationships to get your foot in the door.

However, there are many LARGE corporations / banks that are open to Leasing Sales Reps / Loan Officers that have previous experience within the industry. They are interested in Candidates that have been successful within the industry, have formal credit training, good background checks, and have a track record of sales success regardless of industry. These companies have the time and resources to train (retrain) and can wait 120 days to see sales success (make a profit from you!).

Additionally, reconnect with your previous colleagues / managers – they are aware of your track record of success and may be able to put in a good word for you.

Emily Fitzpatrick
Sr. Recruiter
Recruiters International, Inc.
Phone: 954-885-9241
Cell: 954-612-0567
emily@riirecruit.com
www.riirecruit.com

Previous Career Crossroad columns:
http://www.leasingnews.org/Conscious-Top%20Stories/crossroad.html

 

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Leasing Industry Help Wanted

Midwest Sales Representative (as far east as Michigan, as far west as Colorado, as far south as Texas, and as far north as Minnesota) Construction, Trucking, Machine Tools, Waste Equipment Credit application only up to $250K, vendor driven, fast approvals contact: Chris Chiappetta at chris@netlease.com  In the last 25 years National Machine Tool Financial has evolved into the premier outsource captive finance company for many major manufacturers. www.netlease.com

 

NATIONWIDE SALES POSITIONS AVAILABLE Medical app only to 200k, Commercial app only to 150k Superior COF’s-Superior Buying window-Superior back office Please contact Steve Schachtel at 973-339-9900 ext. 101 or email at sschachtel@usfunding.us

Business Risk Manager Extensive industry knowledge with strong technical/analytical skills. Relocation not required. For more information, please click here Western Equipment Finance, a subsidiary of Western State Bank established in 1901, solicits originations throughout the US and provides funding solutions for a wide range of industries

 

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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Leasing 102
by Mr. Terry Winders, CLP

“Consumer Leasing”

"Consumer lease" means a lease that a lessor regularly engaged in the business of leasing or selling to a lessee who is an individual and who takes under the lease primarily for a personal, family, or household purpose. Most commercial leasing companies get requested from time to time to lease to a consumer. This happens most often on computer equipment or automobiles and small trucks. On occasion, we may think it is for business, but it turns out it is for personal use. We are not in a position to lease to consumers because we would need a license to lend and we would have to follow Federal Regulation M.

Each State has different requirements to get a license to lend. The penalties for not having a license are severe, so contact your State’s department of banking or finance for the cost and current requirements.

The Consumer Leasing Act (CLA) (15 USC 1667 et. seq.) was passed in 1976 to assure that meaningful and accurate disclosure of lease terms is provided to consumers before entering into a contract. It applies to consumer leases of personal property. With this information, consumers can more easily compare one lease with another, as well as compare the cost of leasing with the cost of buying on credit or the opportunity cost of paying cash. In addition, the Consumer Leasing Act puts limits on balloon payments sometimes due at the end of a lease, and regulates advertising.

Originally, the CLA was part of the Truth in Lending Act, and was implemented by Regulation Z. When Regulation Z was revised in 1981, Regulation M was issued, and contained those provisions that govern consumer leases.

The Electronic Signatures in Global and National Commerce Act (the E-Sign Act), 15 USC 7001 et seq., was enacted in 2000 and did not require implementing regulations. On November 9, 2007, amendments to Regulation M and the official staff commentary were issued to simply the regulation and provide guidance on the electronic delivery of disclosures consistent with the E-Sign Act.1

A consumer lease is a contract between a lessor and a lessee that meets the following criteria:

• The lease is for the use of personal property by an individual (natural person),

• The personal property is to be used primarily for personal, family, or household purposes,

• The lease is for a period of more than four months (week-to-week and month-to-month leases do not meet this criterion, even though they may be extended beyond four months), and

• The property has with a total contractual cost of no more than $25,000.

Specifically excluded from coverage are leases for the following:

• Business, agricultural or made to an organization or government.

• Real property.

• Personal property which are incidental to the lease of real property, subject to certain conditions.

Credit sales, as defined in Regulation Z § 226.2(a) (16).

A lease meeting all of these criteria is covered by the Consumer Leasing Act and the Federal Reserve Board’s Regulation M. If any one of these criteria is not met, for example, if the leased property is used primarily for business purposes or if the total contractual cost exceeds $25,000, the CLA and Regulation M do not apply.

General Disclosure Requirements

Lessors are required by federal law to provide the consumer with leasing cost information and other disclosures in a format similar to the model disclosure forms found in Appendix A to the regulation. (Go to Reg. M and look at the forms). Certain pieces of this information must be kept together and must be segregated from other lease information. All of the information stated must be accurate, clear and conspicuous, and provided in writing in a form that the consumer may keep.

The lessor may provide the general disclosures required by Part 213 to the lessee in electronic form, subject to compliance with the consumer consent and other applicable provisions of the E-Sign Act. The E-Sign Act does not mandate that Lessors or consumers use or accept electronic records or signatures. It permits Lessors to satisfy any statutory or regulatory requirements by providing the information electronically after obtaining the consumer’s affirmative consent. The Lessor must provide consumers with the following information before they can give consent:

• Any right to have the information provided in paper.

• The right to withdraw the consent to receive information electronically and the consequences of doing so.

• The scope of the consent (for example, whether the consent applies only to a particular transaction or to identified categories of records that may be provided during the course of the parties’ relationship).

• The procedures to withdraw consent and to update information needed to contact the consumer electronically.

• The ways in which a consumer can obtain, after consent and upon request, a paper copy and whether any fee will be charged.

• The hardware and software requirements for access to and retention of the electronic information.

• The consumer must consent electronically or confirm consent electronically in a manner that “reasonably demonstrates that the consumer can access information in the electronic form that will be used to provide the information that is subject of the consent.”

• After the consent, if a Lessor changes the hardware or software requirements such that a consumer may be prevented from accessing and retaining information electronically, the Lessor must notify the consumer of the new requirements and must allow the consumer to withdraw consent without change.

Here are my references for you and I am sorry if this sounds complicated but welcome to government regulations.

REFERENCES
Laws
15 USC 1667 et seq. Consumer Leasing Act
15 USC 7001 et seq. Electronic Signatures in Global and National

Commerce Act
Regulations
Federal Reserve Board Regulation (12 CFR)
Part 213 Consumer Leasing – Regulation M

Mr. Terry Winders, CLP, has been a teacher, consultant, expert witness for the leasing industry for thirty-five years and can be reached at leaseconsulting@msn.com or 502-649-0448

He invites your questions and queries.

Previous #102 Columns:
http://www.leasingnews.org/Conscious-Top%20Stories/Leasing_102/Index.htm

 

Mr. Terry Winders, CLP Anaheim, California December 12-14th Two and One Half-Day Seminar sponsored by Commerce National Bank 4040 MacArthur Blvd. Suite 100 Newport Beach CA 92660 (Orange County Airport is a half-mile away) The seminar will contain information on how to approach leasing in 2012 with the following subjects: New lease language Proposed new accounting rules for lessee's Structuring and pricing for competition Income tax rules, Article 2A vs. Article 9 New reasons to lease Questions to ask lessee Vendor needs Credit enhancements Documentation issues and a take home assignment to see how to propose a lease. Cost $450 per person To request a complete outline contact: leaseconsulting@msn.com or for questions call 502-649-0448

(This ad is a “trade” for the writing of this column. Opinions
contained in the column are those of Mr. Terry Winders, CLP)

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Top Stories October 17--October 21

Here are the top ten stories opened by readers:

(1) "Application Only" versus Financial Statements?
http://leasingnews.org/archives/Oct2011/10_17.htm#versus

(2) PNC Equipment Finance Lays Off 20?
http://leasingnews.org/archives/Oct2011/10_21.htm#pnc

(3) NAELB Conference had 80 Attend, but more brokers by Dwight Galloway, CLP
http://leasingnews.org/archives/Oct2011/10_19.htm#naelb

(4) Pictures from the Past--February, 2002
"Top Gun" Richard Baccaro
http://leasingnews.org/archives/Oct2011/10_21.htm#past

(Tie) (5) Companies Who Do Not Notify Lessee regarding termination
nor have such a standard for their discounters
http://leasingnews.org/archives/Oct2011/10_19.htm#notify

(Tie) (5) Leasing Companies Out of Business
plus No Longer taking Broker/Discounting Business
http://leasingnews.org/archives/Oct2011/10_19.htm#out_business

(6) American Equipment Finance Merges with Ascentium Capital
http://leasingnews.org/archives/Oct2011/10_21.htm#merge

(7) Phil Dushey Visits Protestors in New York City
And lives to tell about it!
http://leasingnews.org/archives/Oct2011/10_19.htm#visits

(8) Marlin Leasing Officers Exercise a lot of Stock Options
by Christopher Menkin
http://leasingnews.org/archives/Oct2011/10_19.htm#stock

(9) Bank of America Clients Are Worrying -- You Should, Too
http://www.thestreet.com/story/11283827/1/bank-of-america-clients-are-worried-and-so-should-you-be.html

(10) Leasing 102 by Mr. Terry Winders, CLP
“Vendor Invoices”
http://leasingnews.org/archives/Oct2011/10_17.htm#vendor

Bank Beat---
Three Board of Directors Let Their Investors Down

The 40 branches of Community Banks of Colorado, Greenwood, Colorado were closed with Bank Midwest, National Association, Kansas City, Missouri, to assume all of the deposits. Founded June 26, 1973, the bank went from 387 full time employees in 2007 to 279 full time employees at their 5 offices in California (Placer, Sacramento, San Joaquin counties-gold country) and 37 in Colorado, June 30, 2011.

The bank web site (1) states the bank started in 1989 with the purchase of Rocky Ford National Bank in Pueblo, Colorado and then in 1997 expanded into Northern California. In 1997, the bank had a net equity of $4.1 million, according to FDIC record, as well as a profit of $452,000, compared to a June 30, 2011 Tier 1 risk-based capital ratio 2.49% and $27.4 million net equity (thier high $160.2 million in 200&) with losses of $33.2 million, 2009, $64.3 million, 2010, and $26.8 million June 30, 2011.

Again with the other failed banks tracked for the last three years, land and construction loans were the main culprit, as noted by these charges offs:

2008	$7.3 million
2009	$41.4 million
2010	$41.2 million
6/11	$16.5 million

Perhaps the board of directors, especially the Woods, and their guidance of the bank, has let their investors down:

• Donald McG. Woods, Chairman of the Board, President and CEO, Community Bankshares, Inc.

• Mark R. Brown, Managing Partner, Brown & Tedstrom (Wealth Management)

• Katherine Cattanach, PhD, CFA, General Partner (retired) , INVESCO Private Capital

• Jeff Johnson, (Advisory Director) Managing Director, MBH Enterprises, Inc. (strategic planning, "At MBH, we leverage our collective experience in company-building to achieve remarkable profits and service standards for our subsidiaries." prior co-founder/CEO full service contract for disaster recover firm. http://www.mbhe.com/our_team.html)

• Roger A. Parker, Manager - IEXCO, LLC. (Int. Exploration Consultants)

• Ken West, President and CEO, H.W. Houston Construction Company

• Edward (Ted) White 111, Partner, Moye White LLP (Law Firm)

• Michael Potts, CEO, Rocky Mountain Institute (innovations for energy and resource efficiency)

• Michael Van Gilder - (Advisory Director) CEO, Van Gilder Insurance Corporation

• John D. Woods, Sr. - (Advisory Director) Chairman Emeritus of Community Bankshares 1989-2006

For Questions about the Board
Ms. Kathy Woods, Executive Vice President
http://www.cobnks.com/cobanks/BoardofDirectors.aspx

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $224.9 million.

(in millions, unless otherwise)

Net Equity
2006	$120.6
2007	$160.2
2008	$152.6
2009	$110.7
2010	$54.6
6/30	$27.4

Profit
2006	$11.8
2007	$14.8
2008	$3.4
2009	-$33.2
2010	-$64.3
6/30	-$26.8

Non-Current Loans
2006	$11.8
2007	$17.5
2008	$56.4
2009	$108.5
2010	$162.7
6/30	$112.0

Charge Offs
2006 $412,000 ($173,000 1-4 family, $89 construction/ land, $82,000 other consumer, $30, commercial)
2007 $880,000 ($324,000 commercial, $259,000 nonfarm nonresidential, $121,000 individual, $115,000 other loans, $27,000 agriculture products)
2008 $7.3 ($7 construction/land, $166,000 individuals, $78,000 commercial, $29,000 other, -$26,000 ag. prod.)
2009 $41.4 ($37.6 construction/land, $6.7 nonfarm nonres., $3.5 commercial/Ind., $1.2 1-4 family, $740,000 multifamily, $164,000 other)
2010 $41.2 ($23.2 construction/land, $6.9 commercial, $5.9 nonfarm nonresidential $2.3 1-4 family, $625,000 loans to individuals, $625,000 loans to individuals, $596,000 multifamily, $217,000 other loans)
6/31 $28.1 ($16.5 construction/land, $6.2 commercial/industrial, $2.9 1-4 family, $1.6 farmland, $715,000 nonfarm nonresidential, $46,000 other loans, $29,000 loans to individuals)

Construction and Land, 1-4 family multiple residential, Multiple Family Residential, Non-Farm Non-Residential loans.

As of June 30, 2011, Community Banks of Colorado had approximately $1.38 billion in total assets and $1.33 billion in total deposits. In addition to assuming all of the deposits of the failed bank, Bank Midwest, National Association agreed to purchase essentially all of the assets.

The FDIC and Bank Midwest, National Association entered into a loss-share transaction on $714.2 million of Community Banks of Colorado's assets. Bank Midwest, National Association will share in the losses on the asset pools covered under the loss-share agreement.

(1) http://www.cobnks.com/cobanks/BriefhistoryCBC.aspx

The seven branches of Old Harbor Bank, Clearwater, Florida were closed with 1st United Bank, Boca Raton, Florida, to assume all of the deposits. Founded July 14, 2003, the bank had 48 full-time employees at their three offices in Clearwater, and one each in Belleair Bluffs, Dunedin, New Port Richey, Palm Harbor, and Trinity. 1st United Bank previously acquired two other failed banks – The Bank of Miami in December 2010 and Republic Federal Bank in December 2009. This increases United Banks branches to 18 and reportedly their first foray into the Tampa Bay market.

Clearwater, Florida

Old Harbor Bank completed a public stock offering in June 2006, selling 800,000 shares of common stock at $17.oo per share.

It is interesting to note that while other banks in Florida were doing well, Old Harbor had lost money, $127,000. In raising the money for additional capital, the bank stated:

"The Bank faced many challenges during 2006. Among these challenges was an increase in competitive pressures from new community banks that have opened recently, larger regional banks that have entered the market as a result of acquisitions and credit unions. The downward pressure on interest margins experienced in 2005 due to the flat yield curve continued throughout 2006. In addition, the opening of two new offices significantly impacted our operating expenses. Despite these challenges we were able to meet or exceed the goals that we had set for ourselves. We originated over $80 million in loans during the year increasing our net loan balances to $131 million, a $45 million (52%) increase over the previous year…We think that these are quite impressive growth results. On the earnings front, as expected, we had a net loss for the year."
http://problembanklist.com/old-harbor-bank-clearwater-fl-closed-by-regulators-0420/

The bank did make money in 2007, as seen below, but went down a spiral with its $80 million in loans. The bank president said he could cure the problem by raising more capital, but the numbers scared investors, as the original stockholders soon learned additional capital would not have saved this bank, as the June 30, 2011 Tier 2 risk-based capital ratio was -1.34%.Again, it was poorly chosen construction and land development loans that did the bank in.

(in millions, unless otherwise)

Net Equity
2006	$23
2007	$23.3
2008	$21.9
2009	$13.1
2010	$5.5
6/30	-$2.4

Profit
2006	-$127,000
2007	$122,000
2008	-$3.2
2009	-$8.6
2010	-$6.8
6/30	-$8.0

Non-Current Loans
2006	$257,000
2007	$8.0
2008	$9.8
2009	$12.3
2010	$20.4
6/30	$31.2

 

Charge Offs
2006 0
2007 $427,000 ($228,000 1-4 family residential, $199,000 commercial and industrial
2008 $4.4 ($2.9 construction/land, $524,000 commercial, $450,000 1-4 family, $233,000 multifamily) $129,000 nonfarm nonresidential)
2009 $3.5 ($2.5 construction/land, $300,000 multifamily, $279,000 nonfarm, $199,000 Commercial, $173,000 1-4 family)
2010 $7.1 ($2.4 construction/land, $1.8 commercial/industrial, $1.5 nonfarm/nonresidential, $937,000 multifamily, $469,000 1-4 family, $30,000 individuals)
6/31 $4.3 ($1.9 construction/land, $992,000 1-4 family, $844,000 commercial/industrial $323,000 nonfarm nonresidential, $244,000 multifamily Construction and Land, 1-4 family multiple residential, Multiple Family Residential, Non-Farm Non-Residential loans.

As of June 30, 2011, Old Harbor Bank had approximately $215.9 million in total assets and $217.8 million in total deposits. In addition to assuming all of the deposits of the failed bank, 1st United Bank agreed to purchase essentially all of the assets.

The FDIC and 1st United Bank entered into a loss-share transaction on $155.6 million of Old Harbor Bank's assets. 1st United Bank will share in the losses on the asset pools covered under the loss-share agreement.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $39.3 million.
http://www.fdic.gov/news/news/press/2011/pr11169.html

 

Georgia accounts for 22 of the nation’s 84 banking failures as of October 21, 2011

The three branches of Community Capital Bank, Jonesboro, Georgia were closed with State Bank and Trust Company, Macon, Georgia, to assume all of the deposits. State Bank and Trust Company has now acquired a total of 12 failed banks in Georgia since 2009.

Community Capital Bank founded August 5, 2002, the bank went from a high of 90 full time employees December 31, 2010 to 35 full time employees at their two offices in Jonesboro and one in Fayetteville, June 30, 2011.

On the “Texas Ratio” scale, July 13, 2011, Community Capital Bank was 1.51 with 36 other Georgia banks rated lower. In the list, only one bank, First Commerce Community Bank, Douglasville, Georgia was above five, and the rest below. Below 1 is trouble and there were 9.
http://georgiaconsumerbanking.com/2010/07/13/is-your-georgia-bank-in-danger-of-failing.html

Community Capital Bank June 30, 2011 Tier 1 risk-based capital ratio 2.38%. The charge off of $6.2 million in construction and land development did them in, with very little chance of recovering, or raising additional capital, particularly in the state of Georgia.

(in millions, unless otherwise)

Net Equity
2006	$15.5
2007	$19.3
2008	$17.6
2009	$15.1
2010	$5.0
6/30	$3.2

Profit
2006	$1.9
2007	$917,000
2008	-$2.9
2009	-$3.5
2010	-$9.5
6/30	-$1.2

Non-Current Loans
2006	0
2007	$5.4
2008	$16.5
2009	$17.3
2010	$17.7
6/30	$19.9

Charge Offs
2006 $260,000 ($260,000 nonfarm nonresidential properties)
2007 $65,000 ($65,000 construction and land development)
2008 $609,000 ($497,000 construction/land, $$102,000 1-4 family, $10,000 commercial/ind.)
2009 $587,000 ($308 1-4 family, $178,000 construction/land, $90,000 nonfarm/$11,000 consumer)
2010 $6.2 ($5.9 construction/land, $300,000 1-4 family)
6/31 $529,000 ($$356,000 construction and land, $148,000 nonfarm, -$118,000 multifamily)

Construction and Land, 1-4 family multiple residential, Multiple Family Residential, Non-Farm Non-Residential loans.

As of June 30, 2011, Community Capital Bank had approximately $181.2 million in total assets and $166.2 million in total deposits. In addition to assuming all of the deposits of the failed bank, State Bank and Trust Company agreed to purchase essentially all of the assets.

The FDIC and State Bank and Trust Company entered into a loss-share transaction on $141.3 million of Community Capital Bank's assets. State Bank and Trust Company will share in the losses on the asset pools covered under the loss-share agreement.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $62.0 million.
http://www.fdic.gov/news/news/press/2011/pr11171.html

The five branches of Decatur First Bank, Decatur, Georgia were closed with Fidelity Bank, Atlanta, Georgia, Assuming all of the Deposits. of Decatur First Bank, Decatur, Georgia. Founded September 2, 1997, the bank had 36 full time employees at their three offices in Decatur and one each in Greensboro and Madison. Year-end the bank had lost $8 million and by June 30, 2011 it was a loss of $4.4 million. September 30, 2011 numbers were not available at this time, but the trend was obvious as net equity had gone from a high of $15.5 in 2008 to $1.6 million by the middle of this year.

Land and construction loans again were the demise of another Georgia bank, making it the 21st to fail this year in the state.

June 30, 2011 Tier 1 risk-based capital ratio 1.24%

(in millions, unless otherwise)

Net Equity
2006	$13.8
2007	$15.4
2008	$15.5
2009	$11.7
2010	$4.0
6/30	$1.6

Profit
2006	$1.0
2007	$952,000
2008	-$606,000
2009	-$6.27
2010	-$8.0
6/30	-$4.4

Non-Current Loans
2006	0
2007	0
2008	$5.9
2009	$10.8
2010	$10.3
6/30	$19.9

Charge Offs
2006 $40,000 ($39,000 consumer, $1,000 other loans)
2007 $56,000 ($47,000 1-4 family, $10,000 commercial)
2008 $2.0 ($1.3 land/construction, $$305,000 1-4 family, $54,000 commercial, $50,000 individuals)
2009 $3.6 ($2.4 land/construction, $604,000 nonfarm nonresidential, $188,000 commercial, industrial, $44,000 other loans
2010 $4.1 ($2.3 land/construction, $1 1-4 family, $669,000 commercial/industrial, $162,000 nonfarm)
6/31 $2.2 ($1.1 nonfarm/nonindustrial, $$553,000 land/construction, $200,000 1-4 family, $347,000 commercial/industrial)

Construction and Land, 1-4 family multiple residential, Multiple Family Residential, Non-Farm Non-Residential loans.

As of June 30, 2011, Decatur First Bank had approximately $191.5 million in total assets and $179.2 million in total deposits. In addition to assuming all of the deposits of the failed bank, Fidelity Bank agreed to purchase essentially all of the assets.

The FDIC and Fidelity Bank entered into a loss-share transaction on $111.5 million of Decatur First Bank's assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $32.6 million.
http://www.fdic.gov/news/news/press/2011/pr11170.html

List of Bank Failures:
http://www.fdic.gov/bank/individual/failed/banklist.html

Bank Beat:
http://www.leasingnews.org/Conscious-Top%20Stories/Bank_Beat.htm

### Press Release ############################

Ivory Consulting New Web-Based Supertrump

WALNUT CREEK, CA – - Ivory Consulting Corporation (www.ivorycc.com) is pleased to announce that SuperTRUMP, its flagship lease and loan pricing software product, is now available as an online, browser-based application.

“We are excited to now offer our customers the ability to quote a deal in an easy and fast manner using a tablet while in their customer’s office or in the field without having to boot up a laptop or log onto a network,” said Scott Thacker, Chief Operating Officer. “With this new solution, we have enhanced our client’s mobile capabilities and have given them two choices for leveraging the power of SuperTRUMP.”

The Web version also supports SuperTRUMP’s integration with Salesforce.com.

Key features of using SuperTRUMP on a tablet include:

· Accessibility: Provides a sophisticated pricing capability instantly anywhere the Web is available.
· Speed: Provides information to close a transaction quickly at the point of sale.
· Ease of Use: Mobile screens are streamlined while retaining the power of the standalone version.

SuperTRUMP will be demonstrated on a tablet and in Salesforce at the Equipment Leasing Finance Association’s (ELFA) (www.eflaonline.org/) 50th Annual Convention in San Antonio, TX, October 23-25 at Booth #104.

For more than 28 years Ivory has pioneered the development of lease pricing and analysis software, delivering accurate results and providing exceptional customer service.

ABOUT IVORY CONSULTING CORPORATION
For more than 28 years, Ivory Consulting Corporation has been the leading provider of sophisticated lease and loan pricing and analysis software to the asset finance industry. Ivory’s flagship product, SuperTRUMP, performs pricing, structuring and financial calculations for both simple and highly complex leases and loans. Ivory’s Portfolio Analytics is a business intelligence tool that helps anticipate, analyze and optimize leasing and lending operations. The Company is privately held and headquartered in Walnut Creek, CA. For more information about Ivory, please visit us at
http://www.ivorycc.com.

#### Press Release #############################

[headlines]
--------------------------------------------------------------

Baltimore, Maryland -- Adopt-a-Dog

Animal ID: 65839

Breed: Labrador Retriever Cross
Sex: Female Color Black
Spayed
No Age Young Adult
My health has been checked.
My vaccinations are up to date.
My worming is up to date.

"Hi, I'm Kitty and I am a "Break Dancer"! I'm looking for an active owner who can give me the exercise (and attention!) I need. Is that you? Please contact the Maryland SPCA if you are interested."

Email adoptme@mdspca.org
Phone 410-235-8826
Address 3300 Falls Road Baltimore, MD 21211

http://www.mdspca.org/about/index.html

Adopt-a-Pet by Leasing Co. State/City
http://www.leasingnews.org/Conscious-Top%20Stories/Adopt_Pet.htm

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

John Kenny Receivables Management www.jrkrmdirect.com • End of Lease Negotiations & Enforcement • Fraud Investigation • Credit Investigations • Asset Searches • Skip-tracing • Third-party Commercial Collections The Solution to Your Credit & Accounts Receivable Needs John Kenny 315-866-1167 |  John@jkrmdirect.com

News Briefs---

Former Georgia FirstCity Bank president pleads guilty
http://www.ajc.com/news/henry/former-firstcity-bank-president-1208270.html

$1 Trillion in student loan debt sparks furor
http://www.nypost.com/p/news/business/class_warfare_DaPpGFniGcU0Z3ryUvXSOO

 

-----------------------------------------------------------------

 

You May Have Missed---

Biographer says Steve Jobs saw himself as 'chosen'
http://www.mercurynews.com/business/ci_19179351?nclick_check=1

60 Minute Interview with Steve Job's Biographer
http://mashable.com/2011/10/23/steve-jobs-walter-isaacson-60-minutes-video/

 

 

---------------------------------------

 

Sports Briefs----

 

Rangers even World Series with a pitching gem
http://www.latimes.com/sports/la-sp-1024-cardinals-rangers-20111024,0,7315901.story

Saints set points record against Colts
http://www.usatoday.com/sports/football/nfl/story/2011-10-23/saints-beat-colts-set-record-in-points/50887070/1

Falcons win with defense in 23-16 win over Lions
http://www.ajc.com/sports/atlanta-falcons/falcons-win-with-defense-1208509.html

Bears topple Bucs in London
http://www.chicagotribune.com/sports/football/bears/ct-spt-1024-bears-bucs-chicago-london--20111024,0,4351399.story

Oakland Raider Quarterback Tryout Day is ugly
Kyle Boller, Carson Palmer throw 3 interceptions each in Raiders' loss
http://www.contracostatimes.com/raiders/ci_19178628?nclick_check=1

Tim Tebow leads late comeback, Broncos beat Dolphins 18-15 in OT
http://www.denverpost.com/broncos/ci_19177633

Chargers fall to Jets: 'This is our fault'
http://www.sandiegouniontribune.com/news/2011/oct/23/rested-chargers-underway-against-lt-jets/

Murray, Cowboys trample Rams 34-7
http://www.stltoday.com/sports/football/professional/rams-report/article_da8a63b8-fda8-11e0-8cd8-001a4bcf6878.htm

 

California Nuts Briefs---

The power of one: Perez controls Assembly with money
http://www.sacbee.com/2011/10/23/4000137/the-power-of-one-perez-controls.html

 

 

“Gimme that Wine”

Mexico Lifts 20 Percent Tariff on California Wine
http://wineinstitute.org/resources/pressroom/10212011

How wine can suddenly taste worse
http://www.telegraph.co.uk/foodanddrink/wine/8838294/How-wine-can-suddenly-taste-worse.html

Canadian wines poised to be contenders
http://www.montrealgazette.com/life/Canadian+wines+poised+contenders/5582496/story.html

Mount Pleasant Winery plays important role in World Series
http://www.ksdk.com/news/article/282051/6/Mount-Pleasant-Winery-plays-important-role-in-World-Series

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/

Winery Atlas
http://www.carterhouse.com/atlas/\

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

    1742--With the outbreak of war between Britain and Spain in 1740 the British authorities decided to capture the Spanish colony of Cartagena (today the nation of Columbia) in South America. Two colonies, Georgia and South Carolina, were too involved in their own ‘war’ against Indian raids coming from Spanish Florida to aid in the Cartagena campaign. From the remaining 11 colonies a huge regiment numbering almost 3,500 men was organized. It was known by several designations as the 61st Regiment of Foot, the American Regiment and probably most frequently as “Gooch’s Regiment” after Virginia’s Governor, William Gooch, who served as its colonel. Keeping with the regional composition of the regiment, the 1st Battalion was composed of men from New England, the 2nd from New Jersey and New York, the 3rd from Pennsylvania and Delaware and the 4th from Maryland, Virginia and North Carolina. Commanding a Virginia company in the 4th Battalion was Captain Lawrence Washington, older brother of George. The expedition proved an utter failure, due to incompetence in leadership and poor planning which had the men involved in a siege operation during the height of the malaria and yellow fever season. Only about 600 men survived the expedition. Perhaps the most lasting effect of the entire venture was when Lawrence Washington returned home he named his plantation “Mount Vernon” in honor of Admiral Edward Vernon, the British naval commander of the expedition. When Lawrence died in 1752 and George inherited the property he retained the name, which it still carries today.
    1755 - A British expedition against the French held Fort Niagara in Canada ended in failure. British Governor William Shirley determined that this makeshift navy had been unable to prevent French reinforcement and resupply of the fort and decided to delay the planned attack on Niagara until 1756.
    1785 - A four day rain swelled the Merrimack River in New Hampshire and Massachusetts to the greatest height of record causing extensive damage to bridges and mills.
    1788--Birthday of Sarah Josepha Hale, for 40 years co-edited the fashion and literary magazine Godey's Lady's Book, 150,000 circulation, which vigorously promoted women's causes, particularly college for women and women doctors.
    1839-Biurthday of Belva A. Lockwood, an educator, lawyer and advocate for women's rights, born at Royalton, NY. In 1879, she was admitted to practice before the US Supreme Court—the first woman to do so. While practicing law at Washington, DC, she secured equal property rights for women. By adding amendments to statehood bills, Lockwood helped to provide voting rights for women in Oklahoma, New Mexico and Arizona. In 1884, she was the first woman formally nominated for the US presidency. Died May 19, 1917, at Washingotn, DC.
    1861-Transcontinental telegraph line was placed in operation when Stephen Johnson Field, chief justice of California, sent a message to President Abraham Lincoln. On October 25, 1861, telegrams were exchanged between Mayor Fernando Wood of New York City and Mayor H.F. Teschemacher of San Francisco, CA. Rates during the first week were $1 a word between San Francisco and the Missouri River. Later the rates were reduced: 10 words from San Francisco to New York City cost $6, and each additional word cost 75 cents. The obstacles to building the line over the sparsely populated and isolated western plains and mountains were huge. Wire and glass insulators had to be shipped by sea to San Francisco and carried eastward by horse-drawn wagons over the Sierra Nevada. Supplying the thousands of telegraph poles needed was an equally daunting challenge in the largely treeless Plains country, and these too had to be shipped from the western mountains. Indians also proved a problem. In the summer of 1861, a party of Sioux warriors cut part of the line that had been completed and took a long section of wire for making bracelets. Later, however, some of the Sioux wearing the telegraph-wire bracelets became sick, and a Sioux medicine man convinced them that the great spirit of the "talking wire" had avenged its desecration. Thereafter, the Sioux left the line alone, and the Western Union was able to connect the East and West Coasts of the nation much earlier than anyone had expected and a full eight years before the transcontinental railroad would be completed.
http://memory.loc.gov/ammem/today/oct24.html
    1861 - West Virginia seceded from Virginia. Residents of thirty-nine counties in western Virginia approved the formation of a new Unionist state. The accuracy of these election results have been questioned, since Union troops were stationed at many of the polls to prevent Confederate sympathizers from voting. At the Constitutional Convention, which met in Wheeling from November 1861 to February 1862, delegates selected the counties for inclusion in the new state of West Virginia. From the initial list, most of the counties in the Shenandoah Valley were excluded due to their control by Confederate troops and a large number of local Confederate sympathizers. In the end, fifty counties were selected (all of present-day West Virginia's counties except Mineral, Grant, Lincoln, Summers, and Mingo, which were formed after statehood). The Baltimore and Ohio Railroad, which ran through the Eastern Panhandle, was extremely important for the economy and troop movements. Inclusion of these counties removed the entire railroad from the Confederacy.
    1878 - A hurricane produced widespread damage across North Carolina, Virginia, Maryland, New Jersey and Pennsylvania. At Philadelphia PA, the hurricane was the worst of record.
    1892-Black workers strike in New Orleans, LA
    1908 -Baseball's anthem, Take Me Out to the Ballgame, is introduced by Bill Murray. The song writing team of Albert Von Tilzer (music) and Jack Norworth (words) who created the immortal tune have never seen a game. The story goes Jack Norworth one was riding a New York City subway train, he spotted a sign that said "Ballgame Today at the Polo Grounds." Some baseball-related lyrics popped into his head, that were later set to some music by Albert Von Tilzer, to become the well known baseball song, "Take Me Out To The Ballgame." Despite the fact that neither Norworth or Tilzer had ever been to a baseball game at the time the song was written, it is one of the most widely sung songs in America. Here is the most adopted 1927 version:
http://www.niehs.nih.gov/kids/lyrics/ballgame.htm
http://www.discoverynet.com/~ajsnead/alpcond/alpha_20/midi/ballgame.mid
    1914-birthday of alto sax player Jimmie Powell, New York City, NY
    1915--DALY, DANIEL JOSEPH (Second Award) Medal of Honor
Rank and organization: Gunnery Sergeant, U.S. Marine Corps. Born: Glen Cove, Long Island, N.Y., 11 November 1873. Accredited to: New York. Other Navy awards: Second Medal of Honor, Navy Cross. Citation: Serving with the 15th Company of Marines on 22 October 1915, G/Sgt. Daly was one of the company to leave Fort Liberte, Haiti, for a 6-day reconnaissance. After dark on the evening of 24 October, while crossing the river in a deep ravine, the detachment was suddenly fired upon from 3 sides by about 400 Cacos concealed in bushes about 100 yards from the fort. The marine detachment fought its way forward to a good position, which it maintained during the night, although subjected to a continuous fire from the Cacos. At daybreak the marines, in 3 squads, advanced in 3 different directions, surprising and scattering the Cacos in all directions. G/Sgt. Daly fought with exceptional gallantry against heavy odds throughout this action.
    1915--OSTERMANN, EDWARD ALBERT Medal of Honor
Rank and organization: First Lieutenant, U.S. Marine Corps, 15th Company of Marines (mounted). Place and date: Vicinity Fort Liberte, Haiti, 24 October 1915. Entered service at: Ohio. Born: 1883, Columbus, Ohio. Citation: In company with members of the 15th Company of Marines, all mounted, 1st Lt. Ostermann left Fort Liberte, Haiti, for a 6-day reconnaissance. After dark on the evening of 24 October 1915, while crossing the river in a deep ravine, the detachment was suddenly fired upon from 3 sides by about 400 Cacos concealed in bushes about 100 yards from the fort. The marine detachment fought its way forward to a good position, which it maintained during the night, although subjected to a continuous fire from the Cacos. At daybreak, 1st Lt. Ostermann, in command of 1 of the 3 squads which advanced in 3 different directions, led his men forward, surprising and scattering the Cacos, and aiding in the capture of Fort Dipitie.
    1915-UPSHUR, WILLIAM PETERKIN Medal of Honor
Rank and organization: Captain, U.S. Marine Corps. Born: 28 October 1881, Richmond, Va. Appointed from: Virginia. Citation: In company with members of the 15th Company of Marines, all mounted, Capt. Upshur left Fort Liberte, Haiti, for a 6-day reconnaissance. After dark on the evening of 24 October 1915, while crossing the river in a deep ravine, the detachment was suddenly fired upon from 3 sides by about 400 Cacos concealed in bushes about 100 yards from the fort. The marine detachment fought its way forward to a good position which it maintained during the night, although subjected to a continuous fire from the Cacos. At daybreak, Capt. Upshur, in command of one of the 3 squads which advanced in 3 different directions led his men forward, surprising and scattering the Cacos, and aiding in the capture of Fort Dipitie.
    1920- bassist Wendell Marshall born St. Louis, Mo, with Duke Ellington 1948-1955.
    1926 – Birthday of Y.A. (Yelberton Abraham) Tittle, Jr. , born Marshall, TX. (Pro Football Hall of Famer: NY Giants, San Francisco 49ers, Baltimore Colts: quarterback; UPI Player of the Year [1957, 1962]; AP Player of the Year [1963])
    1927-Surrealist poet Philip Lamantia born in born in San Francisco, California. Expelled from a junior high school for “intellectual delinquency,”
    1929- Black Thursday---after several weeks of a downward trend in stock prices, investors began panic selling on Black Thursday, October 24, 1929. More than 13 million shares were dumped. Desperate attempts to support the market brought a brief rally. By December 1 stocks on the New York Stock Exchange had dropped in value by $26,000,000. the day after the crash, Pres. Herbert Hoover said, " The fundamental business of the country...is on a sound and prosperous basis." In actuality, the Great Depression of the 1930's began.
    1930—Singer Big Bopper ( J.P. Richardson) Birthday
http://www.fiftiesweb.com/crash.htm
http://www.geocities.com/SunsetStrip/Stage/5867/mainpage.html
    1931 - The George Washington Bridge was opened, linking New York City with New Jersey. The bridge became a famous New York landmark and has been featured in many movies and TV shows. The toll to cross the bridge was to be temporary -- just to cover costs. But it costs and costs and costs when you have to keep repairing and painting a bridge that big -- so, the bridge toll continues. And the bridge is still being painted.
    1931- Alphonse Capone, better known as "Scarface" , was sentenced in a federal court in Chicago for 11 years imprisonment and a $50,000 fine for failing to pay $231,000 in federal income taxes. After years of local and state alleged efforts to get this mobster, the feds were able to collect enough accounting information to sentence him. Capone, who ruled Chicago's illicit beer and liquor trade during Prohibition had a crime organization netting him an estimated $100 million a year in the late 20's, little of which he declared to the government.
    1935- Mike Riley-Eddie Farley record " The Music Goes Round and Round," Decca.
    1935-Langston Hughes' “Mulatto” opens, the first Black-authored play to become a long-run Broadway hit.
    1937-Birthday of sax player/composer Odean Pope, Ninety-Six, SC
http://www.odeanpope.com/
    1939 - Women's nylon hosiery went on sale for the first time -- at Wilmington Dry Goods in Wilmington, DE. Why Wilmington? The Dupont Company, the inventor of nylon, is based there.
    1939- Benny Goodman records "Let's Dance"
    1944--McCAMPBELL, DAVID Medal of Honor
Rank and organization: Commander, U.S. Navy, Air Group 15. Place and date: First and second battles of the Philippine Sea, 19 June 1944. Entered service at: Florida. Born: 16 January 1 910, Bessemer, Ala. Other Navy awards: Navy Cross, Silver Star, Legion of Merit, Distinguished Flying Cross with 2 Gold Stars, Air Medal. Citation: For conspicuous gallantry and intrepidity at the risk of his life above and beyond the call of duty as commander, Air Group 15, during combat against enemy Japanese aerial forces in the first and second battles of the Philippine Sea. An inspiring leader, fighting boldly in the face of terrific odds, Comdr. McCampbell led his fighter planes against a force of 80 Japanese carrier-based aircraft bearing down on our fleet on 19 June 1944. Striking fiercely in valiant defense of our surface force, he personally destroyed 7 hostile planes during this single engagement in which the outnumbering attack force was utterly routed and virtually annihilated. During a major fleet engagement with the enemy on 24 October, Comdr. McCampbell, assisted by but l plane, intercepted and daringly attacked a formation of 60 hostile land-based craft approaching our forces. Fighting desperately but with superb skill against such overwhelming airpower, he shot down 9 Japanese planes and, completely disorganizing the enemy group, forced the remainder to abandon the attack before a single aircraft could reach the fleet. His great personal valor and indomitable spirit of aggression under extremely perilous combat conditions reflect the highest credit upon Comdr. McCampbell and the U.S. Naval Service. 
    1944--O'KANE, RICHARD HETHERINGTON Medal of Honor
Rank and organization: Commander, U.S. Navy, commanding U.S.S. Tang. Place and date: Vicinity Philippine Islands, 23 and 24 October 1944. Entered service at: New Hampshire. Born: 2 February 1911, Dover, N.H. Citation: For conspicuous gallantry and intrepidity at the risk of his life above and beyond the call of duty as commanding officer of the U.S.S. Tang operating against 2 enemy Japanese convoys on 23 and 24 October 1944, during her fifth and last war patrol. Boldly maneuvering on the surface into the midst of a heavily escorted convoy, Comdr. O'Kane stood in the fusillade of bullets and shells from all directions to launch smashing hits on 3 tankers, coolly swung his ship to fire at a freighter and, in a split-second decision, shot out of the path of an onrushing transport, missing it by inches. Boxed in by blazing tankers, a freighter, transport, and several destroyers, he blasted 2 of the targets with his remaining torpedoes and, with pyrotechnics bursting on all sides, cleared the area. Twenty-four hours later, he again made contact with a heavily escorted convoy steaming to support the Leyte campaign with reinforcements and supplies and with crated planes piled high on each unit. In defiance of the enemy's relentless fire, he closed the concentration of ship and in quick succession sent 2 torpedoes each into the first and second transports and an adjacent tanker, finding his mark with each torpedo in a series of violent explosions at less than l,000-yard range. With ships bearing down from all sides, he charged the enemy at high speed, exploding the tanker in a burst of flame, smashing the transport dead in the water, and blasting the destroyer with a mighty roar which rocked the Tang from stem to stern. Expending his last 2 torpedoes into the remnants of a once powerful convoy before his own ship went down, Comdr. O'Kane, aided by his gallant command, achieved an illustrious record of heroism in combat, enhancing the finest traditions of the U.S. Naval Service. 
    1945 - The United Nations charter took effect on this day -- at the San Francisco Conference -- establishing the United Nations. 51 countries came together determined to save succeeding generations from the scourge of war; to reaffirm faith in human rights; to promote social progress and better standards of life; to practice tolerance and live together in peace and unite their strength to maintain international peace and security. Since 1971, by unanimous request of the U.N. General Assembly (the world's forum for discussing matters affecting world peace and security), this day has been observed throughout all UN member nations as a public holiday, United Nations Day.
( lower half of:http://memory.loc.gov/ammem/today/oct24.html )
    1947 - The Bar Harbor holocaust occurred in Maine when forest fires consumed homes and a medical research institute. The fires claimed 17 lives, and caused thirty million dollars damage.
    1951 - Sacramento, CA, reported a barometric pressure of 29.42 inches, to establish a record for October
    1951 - The largest air battle of the Korean War occurs at 150 MiGs attack a formation of B-29s escorted by 55 F-84 Thunderjets. Four of the bombers were destroyed and three others seriously damaged and one F-84 was lost. Eight MiGs were destroyed (an additional two probably destroyed) and 10 others heavily damaged.
    1952 - Gen. Dwight D. Eisenhower in Detroit, delivered his famous speech about Korea. He promised to go to Korea and seek “an early settlement to the war” if elected President. He was -- and he did.
    1956-the first Presbyterian female minister, the Reverent Margaret Ellen Towner, was ordained in her home church in Syracuse, NY. She was appointed minister of Christian education of the First Presbytery Church, Allentown, PA. She had received a Bachelor of Divinity degree form Union Theological Seminary, New York City, in 1954.
    1956---Top Hits
Honky Tonk (Parts 1 & 2) - Bill Doggett
Love Me Tender - Elvis Presley
The Green Door - Jim Lowe
Hound Dog/Don't Be Cruel - Elvis Presley
    1956-Elvis receives his first letter from the local draft board concerning his draft status.
    1958-One of my favorite mystery writers, Raymond Chandler, starts working on his last novel this day, The Poodle Springs Story, but he will die before completing it. Chandler was born in 1888 in Chicago. He was raised in England, where he went to college and worked as a freelance journalist for several newspapers. During World War I, Chandler served in the Royal Flying Corps. After the war, he moved to California, where he eventually became the director of several independent oil companies. He lost his job during the Depression and turned to writing to support himself at the age of 45. He published his first stories in the early 1930s in the pulp magazineBlack Mask and published his first novel, The Big Sleep, in 1939. He published only seven novels, among them Farewell My Lovely (1946) and The Long Goodbye (1953), all featuring tough, cynical detective Philip Marlowe. William Faulkner wrote the screen version of The Big Sleep, which starred Humphrey Bogart as Philip Marlow. Chandler also wrote Hollywood screenplays in the 1940s and early 50s, including Double Indemnity (1949) and Strangers on a Train (1951). He died in March 1959. There was a desert wind blowing that night. It was one of those hot, dry, Santa Ana's that come down through the mountain passes and curl your hair and make your nerves jump and your skin itch. On nights like that, every booze party ends in a fight. Meek little wives feel the edge of the carving knife and study their husbands' necks. Anything can happen."
http://www.kirjasto.sci.fi/rchandle.htm
http://www.america.net/~davdmock/chandler.htm
http://www.bookreporter.com/authors/au-chandler-raymond.asp
http://www.usatoday.com/weather/wsanta.htm
http://www.britannica.com/eb/article?eu=114902&tocid=10134&query=seth%
20carlo%20chandler
    1960 - Brenda Lee hit #1 for the second time in the year with "I Want to Be Wanted". 1960 was a very good year for the young (age 15) songstress. In addition to her first #1 smash, "I'm Sorry" (July 18), Lee had two other songs on the charts: "Sweet Nothin's" (#4, April 18) and "That's All You Gotta Do" (#6, July 4).
    1960- Neil Sedaka records "Calendar Girl", which will reach #4 in the US early the following year.
    1960-Frank Sinatra had the #1 LP on the US album chart with "Nice 'n' Easy". 
    1962- James Brown's appearance at the Apollo Theatre in New York was recorded for a live album called "Live At the Apollo". The LP would go on to sell over a million copies and earn a reputation for being one of the finest concert albums ever made and was listed at #24 in Rolling Stone Magazine's 2003 list of the 500 greatest albums of all time. 
    1962 - The U.S. blockade of Cuba during the missile crisis officially began under a proclamation signed by President Kennedy. Atlantic Fleet begins quarantine operations to force Soviet Union to agree to remove ballistic missiles and long range bombers from Cuba. On the day the quarantine was to take effect, the alignment of Soviet and free world nations continued to develop rapidly.
    1963-- Bob Dylan records "The Times They Are A-Changin'," "One Too Many Mornings"
    1964—Top Hits
Do Wah Diddy Diddy - Manfred Mann
Last Kiss - J. Frank Wilson & The Cavaliers
We'll Sing in the Sunshine - Gale Garnett
I Don't Care (Just as Long as You Love Me) - Buck Owens
    1964-- The Santa Barbara, CA Civic Center hosts the historic Teenage Music International Show (later known as TAMI), featuring Chuck Berry, The Supremes, The Beach Boys, James Brown, Marvin Gaye, The Rolling Stones, The Miracles, Jan and Dean, Lesley Gore, Gerry and the Pacemakers, and Billy J. Kramer and the Dakotas.
    1966--The Yardbirds and Country Joe and the Fish appear at the San Francisco Fillmore.
    1968 - At the National Air and Space Administration test pilot Bill Dana was at the controls of the North American X-15 rocket-propelled research aircraft when it made the 199th--and what turned out to be the final--flight of the X-15 program. He was flying the X-15-1, which had been the first of three aircraft to participate in a series of tests that spanned a decade and resulted in major advances for America's space flight program. In the course of that research, the X-15s spent 18 hours flying above Mach 1, 12 hours above Mach 2, nearly 9 hours above Mach 3, almost 6 hours above Mach 4, one hour above Mach 5 and a few short minutes above Mach 6. The X-15 was hailed by the scientific community as the most successful research aircraft of all time.
    1969 - Unseasonably cold air gripped the northeastern U.S. Lows of 10 degrees at Concord, NH, and 6 degrees at Albany NY established October records
    1972—Top Hits
My Ding-A-Ling - Chuck Berry
Burning Love - Elvis Presley
Nights in White Satin - The Moody Blues
Funny Face - Donna Fargo
    1973-Art Garfunkel is awarded a gold album for his first solo L.P. "Angel Clare" which contains the hit, "All I Know". 
    1977- the first jockey to win more than $5 million in purses in one year was Steve Cauthen of Kentucky, whose purses this day amounted to $5,009,692.
    1980-The British government presented Paul McCartney with a rhodium-plated medallion for being named "the best selling songwriter and recording artist in history", by The Guinness Book of Records. Since 1962, McCartney wrote or co-wrote 43 million-selling songs and sold over 100 million records. 
    1980—Top Hits
Another One Bites the Dust - Queen
Woman in Love - Barbra Streisand
He's So Shy - Pointer Sisters1988
Groovy Kind of Love - Phil Collins
What's on Your Mind (Pure Energy) - Information Society
Wild, Wild West - The Escape Club
Gonna Take a Lot of River - The Oak Ridge Boys
I Believe in You - Don Williams
    1987-Michael Jackson held the top spot on the Billboard singles chart with "Bad"
    1987 - Snow fell across northeast Minnesota and northwest Wisconsin overnight, with five inches reported at Poplar Lake MN and Gunflint Trail MN. Thunderstorm rains caused flash flooding in south central Arizona, with street flooding reported around Las Vegas NV. Strong northwesterly winds gusting to 50 mph downed some trees and power lines in western Pennsylvania and the northern panhandle of West Virginia.
    1989 - A storm in the western U.S. produced up to three feet of snow in the mountains around Lake Tahoe, with 21 inches reported at Donner Summit. Thunderstorms in northern California produced 3.36 inches of rain at Redding to establish a 24 hour record for October, and bring their rainfall total for the month to a record 5.11 inches. Chiefly "Indian Summer" type weather prevailed across the rest of the nation. Fifteen cities in the north central U.S. reported record high temperatures for the date as readings soared into the 70s and 80s. Record highs included 74 degrees at International Falls MN, and 86 degrees at Yankton SD.
    1989-- The Rock and Roll Hall of Fame announces its 4th annual inductees: The Who, Simon and Garfunkel, The Kinks, The Platters, Hank Ballard, Bobby Darin, The Four Seasons, The Four Tops, the Holland-Dozier-Holland songwriting team, Carole King, and Gerry Goffin.
    1991- The final frontier for Gene Roddenberry, writer, best known for the creation of
“Star Trek.”
    1992 -- The Toronto Blue Jays defeated the Atlanta Braves, 4-2, in 11 innings in Game 6 to become the first non-US-based team to win the World Series. Forty-one year old Dave Winfield's 11th inning double is the key hit in Toronto's victory.1996-- Berry Gordy is awarded a star on the Hollywood Walk of Fame at 7000 Hollywood Blvd.
    1996-- Berry Gordy is awarded a star on the Hollywood Walk of Fame at 7000 Hollywood Blvd.
    2000- Orlando Hernandez (8-0, 1.90) losses his first postseason game as the Mets defeat the Yankees on a tie breaking eight inning double by Benny Agbayani, 4-2. New York native John Franco gets the win ending the Yankees' record 14-game World Series winning streak.
    2000- Roger Clemens is fined a reported $50,000 for throwing the jagged barrel of a shattered bat in the direction of Met catcher Mike Piazza in the first inning Game 2 of the World Series
    2002 - John Allen Muhammad (41), an Army veteran who recently converted to Islam, and John LeeMalvo (17) were arrested near Frederick, Maryland, in connection with the sniper shootings that left 10 dead and 3 wounded. In 2003 a judge ruled that Malvo could be tried as an adult. Muhammad began to argue his own defense on Oct 20.
    2005 - Hurricane Wilma reached the U.S. coastline near Everglades City in Florida with maximum sustained winds near 120 mph. The hurricane accelerated across south Florida and the Miami/Fort Lauderdale area, exiting the coast later the same day. There were 10 fatalities in Florida, and nearly 6 million people lost power, the most widespread power outage in Florida history. Preliminary estimates of insured losses in Florida were over $6 billion, while uninsured losses were over $12 billion.
    2007- In a 13-1 rout of the Rockies, Red Sox second baseman Dustin Pedroia becomes the second player, and first rookie to hit a leadoff home run in a World Series opener. The 24-year old freshman, the 31st major leaguer to homer in his first Fall Classic appearance, joins Orioles' outfielder Don Buford who went yard in 1969 as a leadoff batter in Game 1 off Tom Seaver of the Mets.

World Series Champions This Date

1992 Toronto Blue Jays