Friday, October 19, 2007
Headlines--- Archives—October 19, 2000 ######## surrounding the article denotes it is a “press release”
------------------------------------------------------------------------------- Archives—October 19, 2000
American Business Leasing (gone) ------------------------------------------------------------------------------- Classified Ads—Legal/Leasing Attorneys
San Diego, CA Experienced in-house corporate, equipment leasing and financial services attorney seeks position as managing or transactional counsel. Willing to relocate. Cell Phone: 760-533-4058; Attorneys specializing in leasing seeking clients:
------------------------------------------------------------------------------- Editor's Notes:
Would like to thank Maria Martinez-Wong for serving as editor during my almost month long vacation without my lap top. Thanks should also go to her husband Brian Wong, who posts Leasing News after he leaves his regular job at midnight, plus Gretchen Gabriel for her administrative work and help with graphics. It is great to be back in the U.S. of A. Christopher Menkin, editor
------------------------------------------------------------------------------- Hot Firecracker Sale: NetBank Business Finance by Christopher Menkin
FDIC spokesman David Barr in Washington, DC, said bids for NetBank Business Finance will be opened next Tuesday, October 23, 1pm EDT. He said during the attempt to sell the bank there were many inquiries and much interest in purchasing the leasing and finance division by itself from all over the country. Several mentioned Leasing News. He believes the FDIC is going to receive top dollar for the transaction. NetBank Business Finance is the jewel of the operation. Depositors are protected up to $100,000 by the FDIC and ING Bank has taken over these “liabilities” to the bank in receivership. ING Bank is soliciting depositors directly, too.
While a date has not been chosen to close the bidding, Barr says they can accept the best combination, meaning for the portfolio, for the staff operation, or the company itself, or a combination with other assets and/or liabilities. The FDIC is the sole decider of the best offer or offers from the sealed bids. NetBank Business Finance CEO Dwight Galloway said the transition from NetBank to the FDIC control did not stop the leasing company operation for one minute; the approval, processing, funding of transactions. He said the FDIC representatives were highly competent and have seen his company in operation. Despite the complications of the process, it went surprisingly smooth, he said.
“We have highly skilled, hard working, and very knowledgeable staff with high production rates, “he said. “This is a company, not just a portfolio. It has a twenty year track record.” He believes the company will be sold as a whole unit. “You wouldn't want to buy the car without an engine, “he explained, adding. “I want your readers to know how really remarkable the FDIC is making this difficult process work so smoothly. They wil l make the final decision and I think it will be the best for all involved.” Leasing News has asked Bruce Kropschot, Kropschot Financial Services, on our advisory board, to write an article regarding the sale of employees without the portfolio, as it may apply to NetBank Business Finance, LaSalle National Leasing, and perhaps some other leasing companies that are also up for sale. Kropschot Financial Services has been for many years the leading provider of merger and acquisition advisory services for equipment leasing companies, having initiated the sale of more than 150 businesses. He has been active in the equipment leasing industry since 1972 and has been a senior executive of three large leasing companies. Here is the FDIC offering from their web site:
From this site: More information on the bidding procedure: Recent NetBank Business Finance Stories:
-------------------------------------------------------------- Marlin skids below $15, but recovers
Once the darling of the small ticket leasing market, Marlin Business Services has let go its main sales staff, now adding new personnel in the direction of unsecured business loans, according to their SEC report, while trying to also hang on to a new division in factoring and keep leasing brokers happy, too. Many brokers are leaving to join those who left Marlin recently. By December, investors will realize how much broker business Marlin was counting on. Stockholders have contacted Leasing News regarding rumors that Marlin is for sale. No one at Marlin is talking to Leasing News, but their NASDAQ report basically says it all, sliding again below $15, but managing to go above the line at closing.
Last Trade: 15.11
----------------------------------------------------------------- Subprime Credits in “Story Credit” List
The “Story Credit” list now includes leasing companies that specialize in “subprime leases.” This information was obtained from the company's footnotes or web site or direct information. There are other “story credit” leasing companies and funders who accept “subprime leases,” but do not appear to specialize in them. If a company notifies Leasing News that they want to be listed as doing “subprime leases,” this will be added to their listing: Story Credit Lessors These companies specialize in "C" and "D" credits, often new businesses, or businesses where the principal(s) have Beacon score around 600 or previous difficulties; meaning to become comfortable with the credit and financial situation you need to learn the "story" to make a positive decision, often requiring further security, shorter term, or additional guarantors. Many of these companies may also be a "B," but appear otherwise without the "story" to understand the full financial picture. Also listed below the dollar amounts are companies that who are known for accepting "subprime leasing." (To qualify for this list, the company must be a funder and not a "Broker/Lessor" or "Super Broker/Lessor", along with an acceptable Better Business Bureau Rating and no history of complaints at Leasing News. We reserve the right to not list a company who does not meet these qualifications.) We encourage companies who are listed to contact us for any change or addition they would like to make. Adding further information as an "attachment" or clarification of what they have to offer would be helpful to readers is very much encouraged. Business Reports: Companies listed may make any netiquette comment about their company or reports or other information in the footnote section of their listing. Leasing News recommends readers also view the footnote as well as the section itself or searching reports on the business. It also should be noted that if a BBB report listing is found by a reader, as there may not have been one when this was last up-dated, please send the link to maria@leasingnews.org so Leasing News may up-date this section. (for Broker/Lessors List "A," please click here, for list "B," pleae click here, Leasing Associations: All non-profit leasing associations are abbreviated. To see the full name and learn more about the association, please click here. BBB - Better Business Report | CBB - Leasing News Complaint Bulletin Board ( To apply to be listed, please fill in this form and fax to 408.374.3843 or you
Business Reports: Companies listed may make any netiquette comment about their company or reports or other information in the footnote section of their listing. Leasing News recommends readers also view the footnote as well as the section itself or searching reports on the business. It also should be noted that if a BBB report listing is found by a reader, as there may not have been one when this was last up-dated, please send the link to maria@leasingnews.org so Leasing News may up-date this section. BBB - Better Business Report | CBB - Leasing News Complaint Bulletin Board ------------------------------------------------------------------------------------- (A) Pawnee Leasing Corporation; Some times we go higher than $30,000, but our marketplace is from $1,000 to $30,000. Broker Qualify - One year time in business (B) * Allegiant Partners has expanded their maximum transaction size from $250,000 to $500,000 for the 5 western states of California, Oregon, Washington, Nevada and Arizona. (C) Mesa Leasing, Inc., Industries served: Titled vehicles (Trucks, trailers, OTR, etc.), Construction, Restaurants, and all the other "hard to get approved" industries. Broker Qualify - NAELB Members preferred but not required (D) ABCO Leasing, Inc. in Seattle area has been operating since 1974 serving the broker community. We required full financial disclosure on every transaction. We do story transaction, but do not like to refer to them as "C" of "D" credits. We think of therm as "A" type credits that have not been discovered yet. In actuallity, we do not really like to look at what most describes as "D" credits. Broker Qualify - Broker Qualification, contact: Rowan Clark, Credit Manager (E) Black Rock Capital comment: We book anywhere between $15 to 20 million per year. We do no "app only" business and require a full financial package for each transaction. Our average size transaction is approximately $250k and, although, we concentrate in printing, packaging (steel rule die industry) and road construction equipment we do not rule out anything that makes sense. More information can be found at www.blackrockcapital.com. Broker Qualify - Please Call (F) Black Rock Capital (Ireland) Limited and Black Rock Capital (UK) Limited provide the same services for small to middle market corporations in the European Economic Community and the United Kingdom. (G) Cobra Capital, LLC. Comments: Our registered trademark "Making impossible possible" is our central marketing tagline for both strong and weak credits. I have developed a 10 year history, (from Cobra and my prior company GALCO), with specialty, non-conforming transactions (story credits) and have a solid reputation for candidly responding to our originators and lessees and working diligently to mitigate deal risk rather than making excuses to turn deals down. Our originators prefer our underwriting approach to non-conforming transactions since unlike most non-conforming funders, we prefer to mitigate risk versus jacking our return. Both Originators and Lessee's prefer our candid approach as we are also frequently asked to advise lessee's and lessors on the best way to structure their bank loans and raise capital due to our 25+ year banking and accounting backgrounds as my partner and I are both former bankers and CPA's. (H) Barrett Capital Corporatio: Broker Qualify - Please Call (I) (J) Boston Financial & Equity Corporation, most of our leases are venture capital backed startups and turnarounds. We require full financial disclosures, CPA and internal statements, no tax returns. We do not required additional collateral, no PG's or RE needed. Do not send deals with large tax liens, especially if they are payroll taxes. Broker Qualify - A deal in hand and a full package (K) Dakota Financial is a collateral-based direct funding source that specializes in C & D level transaction for customers who are unable to receive funding from traditional sources. Our nationwide program provides funding for start-ups as well as credit profiles that have prior bankruptcies, judgements, tax liens, repossessions or slow pays. I would say that the average credit score of our transactions is in the mid 500s. We have done many deals in the sub 500 range. Although we do all kinds of equipment, we specialize in trucks (including over the road owner operators), trailers, yellow iron and logging equipment. I encourage you to go to our website, www.dakotafinancial.com to find out more information including examples of recent funded transactions. Broker Qualify - Call or visit www.dakotafinancial.com/ broker.html (L) IFC Credit Corporation also services on a regular basis "A" and "B" credits, but it also considers "story credits." "As you say, we need to become comfortable with the credit and financial situation and learn the "story" to make a positive decision, often requiring further security, shorter term, or additional guarantors. I would describe the B and C type credits we fund as companies having 'checkered earnings'." Broker Qualify - Please Call (M) Creative Capital Leasing Group: "We are able to fund tough deals, bad credits, BK's, past tax liens, start ups, used equipment, etc., because we look outside the transaction for real estate, and marketable securities to take as additional collateral." Broker Qualify - Please call Broker Manager, Todd or Jason (N) Blackstone Capital Partners, L.P. lends up to 50% of verified auction value for working capital and/or equipment financing requests (we of course include equipment to be acquired in our valuation). Using this formula, allows Blackstone to approve deals on the assets rather than the credit or cash flow that other lenders desire. Also being an asset lender, we are looking for hard assets i.e. yellow iron, machine tool, manufacturing lines, textile etc... We do not care for soft assets such as computers, furniture, restaurant, or "white elephants" (equipment that is too specific to the clients needs and was specially built for them - there would be no resell available and our liquidity if repossessed would be in jeopardy). If you have any questions, please feel free to call, we will do our best to help or seek the answer for you. Broker Qualify - Please Call (O) Bankers Capital " We will do ANY Type of Equipment, in ANY industry, in ANY state. We especially like 6-figure transactions with full financial packages no matter how good or bad they look. We look to structure the story C&D credits with any kind of additional collateral that makes sense. It could be with 2nd or 3rd mortgages on residential or commercial Real Estate, additional equipment, cash value life insurance, security deposits, vendor agreements. We look for any way to make the deal work instead of looking for any way to decline the deal." Broker Qualify - Please contact Larry LaChance (P) Financial Pacific Leasing supports a nationwide network of Brokers and Lessors. We specialize in "B" and "C" credits for established companies as well as companies under two years in business. Broker Qualify - Please Call or see "Prospective Broker" section on website (Q) American Leasefund, Inc. funds small hard to do transactions under $50,000.00. Most of the transactions are "app only". We look for additional collateral or larger first payments to help the weaker credits. We maintain and service our own portfolio. All of our lessee billings are done via ACH. Broker Qualify - Please Call (R) Dolsen Leasing has served the 11 Western States since 1958 and specializes in B & C Credits for established and new companies. We require a full financial package and offer both leases and financing for new and used equipment in the range of $10,000.00 to $250,000.00. Specialties include titled vehicles for both existing and new owner operators. Story credits are considered as long as credit has been reestablished and trends are positive. Credit decisions are based on old fashioned common sense, not credit scores, allowing us a very quick turnaround-often the same day. We accept broker business and also have in house salesmen. Broker Qualify - Please call or visit www.dolsenleasing.com (S) We at Summit Leasing consider ourselves to be primarily "B" credit lenders, working almost exclusively through brokers. Broker Qualify - Contact us (T) TechLease - due to previous experiences, TechLease is vertically focused on three primary sectors: Semiconductor, Media and Aerospace. We fund all deals and hold paper an all equipment under $250,000. Deals over $150,000 we typically want to meet the Lessee face-to-face. We prefer business in California, however we will fund nationwide. Broker Qualify - Please Call (U) Radiance Capital LLC, specializing in B Credits, Story Credits, & More. Radiance Capital currently operates in AK, AZ, CA, CO, ID, OR, WA. Click here to read our product overview and Press Release. (V) Agility Solutions; we fund all equipment used by Wireless Internet Service Providers. (W) Forum Financial Services, Inc., prefer venture capital backed start-ups and middle market to large corporate turnaround companies including companies in bankruptcy and post bankruptcy. Our absolute minimum sales for an established business with financial problems are $10.0 million. (this does not include venture capital backed start-ups). Broker Qualify - Please visit our website at www.forumleasing.com or call 972-690-9444 ext. 225 (X) Advantage Funding - While we also consider quality equipment leasing as a funder, in the title vehicle leasing business, we consider all types of situations and credits and speciality vehicles for commercial use. We have a history of understanding all types of title vehicle leasing. Broker Qualify - Please Call (Y) Gonor Funding specializes in hard to fund leases with D credit. Collateral based with good rates and commission program. Broker Qualify - Please Call (Z) TEAM Funding Solutions is a structured lender for brand new businesses or for older companies with previous credit problems. We do not credit score. The secret to producing an approval for C-Credits starts with interviewing your customer." Broker Qualify - Click here for Broker Enrollment Form. (AA) Calfund, LLC finances 18 wheelers and some trailers for owner operators with substandard credit. (BB) North South Leasing - We offer a second chance leasing option for Semi's. We install GPS on every truck and the customer pays $400; the unit is unique to that truck so it is non-refundable. Borkers earn a 5% commission. --------------------------------------------------------------------------- CIT takes subprime hit/takes action
"Net loss attributable to common shareholders was $46.3 million for the current quarter, versus net income of $290.8 million last year." Despite the home lending segment, the CIT Group, NY, said their “... results were driven by improved finance revenue on higher earning assets, stable net finance revenue as a percentage of average earning assets, continued strong commercial credit quality, lower expense levels and a lower effective tax rate. “We made good strategic progress this quarter in a very challenging market environment which highlights the value of our model and the resilience of our franchise,” said Jeffrey M. Peek, Chairman and Chief Executive Officer of CIT. “CIT's commercial businesses continued to perform well with strong asset growth, increased revenues and stable credit quality. We also advanced our home lending liquidation strategy and mitigated risk through plans to sell $875 million worth of non-performing loans, all while raising $10 billion in asset backed financing.” In addition, CIT Group announced that it has made plans to sell 24 million equity units with a stated amount of $25 for a total stated amount of $600 million. The net proceeds will be used for general corporate purposes. The Company has also granted the underwriters a 30-day option to purchase up to 3.6 million additional equity units, or an additional stated amount of $90 million to cover over-allotments. The equity units will initially consist of a contract to purchase CIT common stock and a 2.5% beneficial ownership interest in a $1,000 principal amount senior note due November 15, 2015. Under the purchase contract, holders are required to purchase CIT common stock no later than on November 17, 2010. Morgan Stanley & Co. Incorporated and Citigroup Global Markets Inc. are the joint bookrunners for the offering and Banc of America Securities LLC, Goldman, Sachs & Co. and Lehman Brothers Inc. are co-managers. It is not secret regarding the subprime mortgage write-offs of major banks and financial institutions, such as CIT. According to CIT other action they have taken includes: § Closed the orig ination operations (as previously announced) and recorded a pre-tax charge of $39.6 million (EPS decrease of $0.12); § Retained $9.7 billion of the portfolio to be liquidated under contractual terms over time (now classified as held-for-investment), of whi ch approximately $7.5 billion of collateral was securitized (proceeds of $4.3 billion in September and $0.8 billion in October, accounted for as on-balance sheet non-recourse, secured borrowings); § Contracted to sell approximately $875 million of non-perf orming and delinquent loans in October at prices approximating the September 30, 2007 adjusted carrying value. Continuing to market the balance of loans in held-for-sale; and § Generated $23 million of income in the home lending segment, excluding the afo rementioned charges, (EPS contribution of $0.12). Full press release with financial statement and conference call:
-------------------------------------------------------------- Ahsan: UAEL Volunteer of Month
QuailCap CEO Mohammed Ahsan has been in the leasing industry for over 26 years; the majority of that time with major banks and financial companies such as Crocker Bank, Westinghouse Credit, Atlantic Financial Bank, Mitsubishi Bank, Bank of California and First Sierra Financial. In 1999, Mohammed culminated his career in which he has been responsible for over a billion dollars worth of lease fundings by co-founding Quail Capital Corp. He has served as its President ever since. Mohammed Ahsan has served twice as Regional Chairman for United Association of Equipment Leasing Los Angeles/Southern California Region and on the UAEL Board of Directors Nom ination Committee. He has also addressed conventions and seminars for UAEL. Mohammed is also active in the community. He is President elect of the U.S.-Bangladesh Business Forum and Vice President of the City of Los Angeles Lotus Festival Advisory Board. In 2006, he traveled to China as a member of a business delegation lead by LA's Mayor's Office and the Latin Business Association (LBA). He received his MBA in 1980 from California State University. Mohammed Ahsan -------------------------------------------------------------- ***announcement************************************* Dear friends and associates: It is our pleasure to announce the promotion of Rick Rodman to the position of Vice President – Credit. Rick as been a key member of our team since inception. Please join us in congratulating him. Sincerely, Quail Capital Corp ****announcement**************************************** -------------------------------------------------------------- Classified Ads---Help Wanted
Leasing Industry Help Wanted Funding/Lease Processor
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------------------------------------------------------------------------------- ELFA Conference: Register at Door Available
Registration on line is now closed for the 46th Annual Equipment Leasing and Finance Association (ELFA) Convention, October 28 – 30, Orlando, Florida. Registration is available at the convention site. There are now a limited number of rooms available at the Walt Disney World Dolphin Hotel. Please call the ELFA group coordinator, Nadia Rodriguez, at 407-934-4861 for assistance, if need. A full slate of breakout sessions covering crucial industry issues. Unparalleled networking opportunities. If neither of those are enough to pique your interest over ELFA's 2007 Annual Convention, perhaps the fact that this year's convention features prominent speakers selected to both inform and entertain. And if you want specifics… Winner of the 1978 Pulitzer Prize for distinguished commentary and a member of the Pulitzer Board from 1995 to 2004, William Safire has a long and distinguished career in American letters. Working as a senior White House speechwriter for President Nixon, Safire went on to write a political column on the Op-ed pages of The New York Times from 1972 to early 2005, and continues to write a Sunday column, "On Language," which has appeared in The New York Times Magazine since 1979. In addition to his duties at the Times, he has also published 14 books and received the Presidential Medal of Freedom in 2006. Mr. Safire's keen observations and insights involving nearly thirty years of American and world politics, as well as his longstanding association with the publishing industry makes this an opportunity not to be missed. All of which adds up to just one more reason we can count on seeing you in Orlando! Those attending— by name: by company:
-------------------------------------------------------------------------- First South Bancorp, Inc. Reports September 30, 2007 Earnings
Washington, North Carolina - First South Bancorp, Inc. (NASDAQ: FSBK) (the “Company”), the parent holding company of First South Bank (the “Bank”), reports its unaudited earnings for the quarter ended September 30, 2007, the third quarter of its fiscal year ending December 31, 2007, and its unaudited earnings for the nine months ended September 30, 2007. Net income for the quarter ended September 30, 2007 was $4,258,258 compared to net income of $4,317,013 earned in the quarter ended September 30, 2006. Diluted earnings per share were $0.42 per share for the quarter ended September 30, 2007 and $0.43 per share for the quarter ended September 30, 2006. Net income for the nine months ended September 30, 2007 was $12,867,342 compared to net income of $12,827,219 earned in the nine months ended September 30, 2006. Diluted earnings per share were $1.28 per share for the nine months ended September 30, 2007 and $1.29 per share for the nine months ended September 30, 2006.
“The relatively flat yield curve between short-term and long-term interest rates, combined with the Federal Reserve Bank's rate cut and intense competition provided a challenging interest margin environment during the current quarter,” Tom Vann, President and Chief Executive Officer of the Company, stated. ”Looking forward to the fourth quarter and to next year, we are cautiously optimistic as intense competition and pricing pressures continue on both deposits and loans, and will continue to challenge asset and liability and interest rate risk management. Although we are pleased with our current quarter and year-to-date performance, we do anticipate some volatility ahead.” Full press release at: #### Press Release ############################ McFadden Launches New Company Robert McFadden, Ex VP of GE Capital's Office Imaging Division has formed the McFadden Consulting Group (MCG). MCG will be providing assistance to OEM's, Distributors and VARs with all their equipment leasing decisions. The services will range from streamlining vendor's internal leasing processes, to helping them determine the right leasing partners to assistance in program agreement negotiations. MCG will assist equipment / bank finance companies in several areas as well, such as ; the formation of vendor leasing divisions, developing compensation structures, value proposition & product segmentation as well as sales force training. McFadden has over 20 years of experience in the vendor leasing industry in various senior level roles. #### Press Release ############################## U.S. Bank Equipment Finance Names New Vice Presidents In Vendor Finance Group.
CHICAGO and JACKSONVILLE, Fla. — U.S. Bank Equipment Finance has named Lou Altobelli and Brian Phelps as vice presidents of sales and business development in its vendor finance group, with a primary focus on building and managing vendor programs with dealers and manufacturers of equipment applied in the healthcare industry. Altobelli has 25 years of success developing and managing vendor programs tailored for the changing business needs of the industry's vendors. He was most recently a program general manager with GE Healthcare Financial Services, where he managed its largest vendor program. Prior to that he was with HPSC, Inc.'s Medical Group, American Express Business Finance-Healthcare Finance group, GE Capital's Vendor Financial Services, and Trans Leasing. With more than 22 years of lease finance experience, Phelps has held senior level positions in sales, marketing, operations and asset management. Most recently he served as senior vice president business development with Heartland Business Credit, Inc. and prior to that held leadership positions with Wells Fargo Financial Leasing, Inc., Innovative Financial Solutions, Inc. and Tokai Financial Services, Inc. “Both Lou and Brian have successful track records which they established during their many years in senior sales and management roles with leading companies,” said Kyin Lok, senior vice president of vendor finance and to whom both report. “Their combined relationship management skills and healthcare expertise will contribute greatly to business growth for us and further our goal to be the vendor finance lender-of-choice in healthcare.” Altobelli, based in Chicago, earned a bachelor's degree from Northern Illinois University. He can be reached at 800-860-5199. Phelps, based in Jacksonville, Florida, earned his bachelor's degree from the University of Delaware, Newark. He can be reached at 800-764-4543. U.S. Bank Equipment Finance, one of the largest bank-affiliated equipment finance companies in the nation, has been providing quality equipment finance solutions for more than 35 years. It's a major funding source for companies in virtually every industry sector nationwide. The vendor finance group specializes in developing formal vendor program relationships targeting vendors in a wide range of industries. Visit U.S. Bank Equipment Finance online at www.usbank.com/leasing. U.S. Bank Equipment Finance is part of U.S. Bancorp (NYSE: USB). With $228 billion in assets, U.S. Bancorp is the parent company of U.S. Bank, the 6th largest commercial bank in the United States. The company operates 2,512 banking offices and 4,870 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com. #### Press Release ########################### Zions reports $132 MM profit SALT LAKE CITY, – Zions Bancorporation (Nasdaq: ZION) (“Zions” or “the Company”) today reported third quarter net earnings applicable to common shareholders of $132.0 million, or $1.22 per diluted common share, compared to $153.7 million or $1.42 per diluted common share for the third quarter of 2006. The return on average common equity was 10.50% compared to 12.50% for the second quarter of 2007 and 13.41% for the third quarter of 2006. Comparisons to 2006 include the impact of the Company's acquisition of The Stockmen's Bancorp, Inc., which became effective January 17, 2007. Third Quarter 2007 Key Performance Highlights Compared to Second Quarter 2007 • Loan growth of $1.0 billion. Full press release at: http://www.snl.com/Cache/5035366.PDF?FID=5035366&O=PDF&T=&D=&IID=100501&Y = ### Press Release ############################ Huntington reports $138.2 MM Profit COLUMBUS, Ohio – Huntington Bancshares Incorporated (NASDAQ: HBAN;www.huntington.com) reported 2007 third quarter earnings of $138.2 million, or $0.38 per common share. Earnings in the year-ago third quarter were $157.4 million, or $0.65 per common share. (The press release discusses Sky Financial acquisition, but not recent filings by leasing companies or NorVergence and similar problems. editor.) Full press release here: http://www.investquest.com/iq/h/hban/ne/finnews/hban37.pdf ### Press Release ############################ Willis Lease Adds Alaska Airlines to North American Lease Pool
SAUSALITO, Calif., -- Willis Lease Finance Corporation (Nasdaq:WLFC), a leading lessor of commercial jet engines, today announced that Alaska Airlines (NYSE:ALK) has joined the North American engine sharing agreement previously established with American Airlines (NYSE:AMR), Southwest Airlines (NYSE:LUV) and WestJet (TSX:WJA) covering CFM56-7B engines used to power Boeing 737 Next Generation aircraft. The North American pool, now with the addition of Alaska Airlines, represents over 500 aircraft to be serviced by the pool. "The addition of Alaska Airlines to the North American engine sharing program further demonstrates the appeal of this program for airlines seeking to efficiently manage assets," said Charles F. Willis, President and CEO. "We are delighted to welcome Alaska Airlines into the pooling program." Alaska Airlines began studying the benefits of the Willis Lease engine pooling in the summer of 2006, joined the program in September 2007 and immediately leased an engine through this program. "Pool membership is an effective tool to help us hold down spare engine costs while providing nationwide emergency support," said Chris Shams, Manager-Engine Vendor Maintenance Programs for Alaska Airlines. "Willis has been a good supplier of spare engines to Alaska over the years, and this new pooling program is a welcome advancement in engine support," said Fred Mohr Alaska's V.P. Maintenance. "By better utilizing each pool member's spare CFM56-7B engines, we can collectively improve spare engine productivity by as much as 30% to 50%. Additionally, we anticipate that availability of spare engines will be equal to or better than any single member working independently," said Dave Tegeler, V.P. North America for Willis Lease. "As the CFM engines mature, we expect demand for spares to increase substantially over the next few years." About Willis Lease. Willis Lease Finance Corporation leases spare commercial aircraft engines, parts, and aircraft to commercial airlines, aircraft engine manufacturers and maintenance, repair and overhaul providers. These leasing activities are integrated with the purchase and resale of used and refurbished commercial aircraft engines. ### Press Release ############################# SNL Financial's Bank Deposit Market Share Ranking Shows Bank of America as No. 1 JP Morgan Chase retains hold on second, while Wachovia bests Wells Fargo
Charlottesville, Va. – SNL Financial's newly released 2007 bank branch deposit data shows that, on a pro forma basis including the LaSalle deal, Bank of America Corp. is quickly nearing the 10% national market share threshold, with 9.92% of total U.S. deposits. This is based on SNL's analysis of deposit market share for more than 97,000 branches of FDIC-insured institutions. SNL exclusively tracks market share on a pro forma basis, accounting for pending and completed mergers. Among other highlights from SNL's pro forma analysis of the FDIC's 2007 summary of deposits: Wachovia returned to No. 3 in the deposit rankings with 5.86% of U.S. market share, after falling behind Wells Fargo & Co. in 2006. JPMorgan Chase & Co. held on to second place with 7.01% of U.S. market share. Capital One's purchase of North Fork Bancorp. Inc. helped it move into the top 25 this year. “The release of this data shows that with the recent LaSalle deal, Bank of America is quickly approaching the 10% national market share deposit threshold. The data highlights this fact and puts BofA under a microscope. We will continue our tracking as we may see BofA divest its branches in slower growth markets in the near future,” said Kris Niswander, SNL's senior industry analyst SNL released 2007 deposit data only 72 hours after the issue of the latest FDIC Summary of Deposits data and months ahead of any other commercial service. The data is essential for updating market share, M&A and demographic models. SNL tracks the opening of new branches, as well as closed and proposed branches. Historical market share and deposit trending of an institution, as well as imputed loan compositions, are all available at the branch level. Updated demographic data shows income, population growth and various other metrics that help institutions assess the underlying strength of the markets of their branch network. SNL's 2007 bank branch deposit data is available exclusively as part of SNL Unlimited service for Financial Institutions. To find out more about SNL Unlimited, contact sales@snl.com or 866-296-3743. About SNL Financial SNL collects, standardizes and disseminates all relevant corporate, financial, market and M&A data — plus news and analysis – for the Energy, Banking, Specialized Financial Services, Insurance, Real Estate and Media & Communications industries. For more information, visit www.SNL.com . ### Press Release ##########################
News Briefs---- Earnings Fall 32 Percent at Bank of America Financial One sees China leasing market surging http://beta.malaysia.news.yahoo.com/rtrs/20071015/tap-financialone-china-c3bb44c.html Provident Bank 3Q profit falls/Alan Fabian lease at fault? Capital One posts 3Q net loss on charges Rates on 30-year mortgages unchanged at 6.40% Home Building slowest since 1993 Massachusetts toughens rules on mortgages Wal-Mart cuts price on 15,000 items ahead of the holiday Crude oil futures surpass $90 a barrel for the first time on speculative buyi Google's 3rd-quarter profit hurdles expectations Southwest Airlines profit rises as demand remains strong Joey Bishop dead at 89 -------------------------------------------------------------------------------
You May have Missed--- On the seventh day of Cheshvan, fifteen days after the conclusion of the festival [of Sukkot], one begins to pray for rain. This is to allow the very last Jew to reach the Euphrates River http://www.leasingnews.org/Pages/YouTube_Video2.htm Click play twice!!!
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Sports Briefs---- Torre Rejects offer from the Yankees Dilfer to start Sunday for 49ers -------------------------------------------------------------------
“Gimme that Wine” The Six Bucks-an-Hour Gardener Who Became a Top Dollar Pinot Wiz Pinot on the Russian River Winemakers look to hardy hybrids for solutions to environmental challenge Winery employees charged with stealing wine Red Wine Ingredient -- Resveratrol -- Fights Diabetes In Mice Gore on climate change and wine Wine Prices by vintage US/International Wine Events Winery Atlas Leasing News Wine & Spirits Page The London International Vintners Ex change (Liv-ex) is an electronic exchange for fine wine. --------------------------------------------------------------------
7 Cheshvan, 5768 Chung Yeung Festival Look Back On Your Life Day National Mammography Day Yorktown Day Saint feast Days
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The average person makes 1,140 phone calls a year. (Doesn't include teenagers or leasing brokers. editor)
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Today's Top Event in History 1917 - The first doughnut was fried by Salvation Army (who would found the United Service Organization) volunteer women for American troops in France during World War I. The first of a group of 250 Officers and Soldiers of The Salvation Army to be posted to France to serve with General John Pershing's American expeditionary force sailed from New York on August 12th 1917. General Pershing was far from convinced that The Salvation Army's presence at the Front Line would benefit his troops and at first the Salvationists were treated with total indifference. At Demange, in the American first division sector, Salvationists toiled in pouring rain to build a hut 25 feet wide by 100 feet long for the troops benefit. No one gave them the time of day, much less a hand. What swung the troops to The Army's side was their practical example. No task was too menial, none too dangerous or difficult. But The Salvation Army won pride of place in American hearts by a brain wave born of sheer necessity. At Montiers, after 36 days of rain, supplies were almost exhausted. Only flour, lard and sugar remained. Ensign Margaret Sheldon, from the Chicago slums made a suggestion which was to go down in history. "Why don't we make them doughnuts?" They had no rolling pins or cake cutters and gales had blown down their tent but Salvationists thrive on challenges. Along with Ensign Helen Purviance, Margaret Sheldon crouched in the rain to prepare the dough. An empty bottle did duty as a rolling pin and in place of a cutter they used a knife to twist the doughnuts into shape. The first doughnuts cooked over a wood fire were triumph of improvisation. On the first day they served up some 150 doughnuts. The following days batch topped 300. The traditional hole now being punched out with the inner tube of a coffee percolator. The doughnuts made by The Salvation Army Lassies were an instant success with the troops. Some lining up for hours in appalling conditions for their daily supply. Soon the troops came to realize that even in the firing line The Salvationists would not neglect them. When Lassies like Ensign Florence Turkington crawled under shell fire to deliver coffee an doughnuts to troops in the trenches, letters praising the work of The Salvation Army began flooding back home. Over night the bewildered lassies found themselves national heroines. Although often in great danger The Salvationists displayed tremendous courage. At Baccarat they worked so close to the German lines that they couldn't even whisper for fear of being heard by the listening posts. The sermon that came with the coffee and doughnuts was a friendly squeeze on the shoulder.The Doughnut became a symbol of The Salvation Army in the U.S.A. Outside many of The Army rest rooms and hostels were hung giant "doughnuts". The Army, by selfless example, had won the hearts of a nation. At the end of the war the American people subscribed an unprecedented 13 million dollars to meet the debts incurred by The Salvation Army in its' war work. -------------------------------------------------------------------------------
This Day in American History 1739 - England declared war on Spain over borderlines in Florida. The War is known as the War of Jenkins' Ear because a Member of Parliament waved a dried ear and demanded revenge for alleged mistreatment of British sailors. British seaman Robert Jenkins had his ear amputated following a 1731 barroom brawl with a Spanish Customs guard in Havana and saved the ear in his sea chest. ---------------------------------------------------------------------------- Baseball Poem
With sincerest apologies to Stephen Porter… THE ROCKIES MACHINE by Dana Prescott ‘ Tis the greatest group of men, ever to play, There is Todd, there is Tulo, and then there is Matt, Down at first there is Helton, always catching them square, Tulo's at short, never missing a ball, The outfield is anchored, God's answered our prayers - Individually the best, well maybe not quite, All who watch, those 8 play the game, And sure enough, two sweeps back to back, Are they truly the best group, ever to play, It isn't for sure, no one can agree, But one thing I know, as other Rox fans do,
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