Wednesday, October 22, 2008

Headlines---

Archives: Oct. 22, 2002 Trinity Capital
    Classified Ads---Senior Management
        KeyCorp Reports Third Quarter $36 MM Loss
We are making loans to everybody who qualifies
    Placard---Customer is King
        Advertising works at Leasing News
            Better Days Ahead
                New Hires---Promotions
Sales makes it Happen---by Steve Chriest
“Listening in a Forest”
    U.S Average Cardholder has 9.5 credit cards
        PACCAR earned $299MM Third Quarter
    Royal Bancshares of Pennsylvania $12MM Loss
Global stocks fall on earnings outlook
    Borrowers get lease squeeze at banks
        National City's 3Q loss widens/job cuts planned
            Bailouts spur calls to end tax dodges
                Agencies Counted Big Firms as Small
        Caterpillar's 3Q profit sinks 6% on higher costs
    Merrill exec to leave with big payout
What Industry Look the bleakest, Rolling Layoffs
    Notebooks would surpass desktops globally
        Yahoo to Cut 10% of Its Work Force
            News Briefs---
You May have Missed---
    California Nuts Brief---
        Sports Briefs---
"Gimme that Wine"
    Today's Top Event in History
        This Day in American History
Baseball Poem
    SuDoku
        Daily Puzzle
GasBuddy
    Weather, USA or specific area
        Traffic Live----

######## surrounding the article denotes it is a “press release”

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Archives: Oct. 22, 2002 Trinity Capital

From Jerry Newell: Bank of the West/Trinity Capital $180M R+ $900M Management:

“There has been speculation for several days in Leasing News regarding discussions between Trinity Capital Corporation and Bank of the West. I am pleased to confirm the following:

“Bank of the West and privately held equipment leasing company Trinity Capital Corporation have signed a letter of intent for an acquisition making San Francisco-based Trinity Capital a wholly owned subsidiary of Bank of the West. The parties are now negotiating a definitive agreement and expect to finalize this transaction within the next 30 days. Both companies view this combination as highly desirable.

“This transaction underscores Bank of the West's commitment to equipment leasing as a core product line. Bank of the West has operated a nationwide funding business for equipment leasing brokers for 30 years and provides direct equipment leases to bank customers. Bank of the West's equipment lease portfolio currently exceeds $400 million. The Bank will continue to strongly support and grow its broker funding business which represents more than three-quarters of its portfolio. In particular, we want our lease brokers to know that Bank of the West values their business and will continue to protect brokers' interests in their transactions. The addition of Trinity Capital will further expand the scope of the bank's equipment leasing product line, but is not intended to compete with the bank’s existing leasing businesses. Moreover, the market focus of Trinity Capital is sufficiently different from Bank of the West's broker funding business that we do not anticipate any overlap.”

Jerry Newell, CLP
Senior Vice President
Equipment Leasing
Bank of the West
jnewell@bankofthewest.com

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Classified Ads---Senior Management

Atlanta, GA
Strong sales and leadership skills; demonstrated with sales training and sales performance. Lead team in both regional and national operations and developed marking programs.
Email: mll1946@comcast.net

Europe
25+ yrs exper. management roles Chase, AT&T Capital, Heller Financial, SFS. Develop biz from “scratch to success”. Looking for challenging & pioneering job.
Email: frans@alliedproperty.net

Philadelphia, PA
27 yrs. exp. sales, ops., credit, strategy, P&L mngmet. Most recently created & executed the biz plans for 2 highly successful Bank-owned small ticket leasing subsidiaries.
email: mccarthy2020@comcast.net

Salt Lake City, UT
Exp. in financial documentation, contract negotiations, residual analysis, marketing, credit/collections, contract drafting, and asset remarketing. Position held VP of Remarketing.
dlynn71@gmail.com

Seattle, WA--Pacific Northwest
Results oriented CLP with 27 year background in all phases of Portfolio Management and underwriting. Contact for resume and references.
dcjohnr@comcast.net

For a full listing of all “job wanted” ads, please go to:
http://www.leasingnews.org/Classified/Jwanted/Jwanted.htm

To place a free “job wanted” Leasing News ad:
http://www.leasingnews.org/Classified/Jwanted/Jwanted-post.htm

ELFA Career Center: Job Seekers (free):
http://careers.elfaonline.org/search.cfm

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KeyCorp Reports Third Quarter $38 Million Loss

Key Corp, Cleveland, Ohio, parent of Key Equipment Finance, reports a $36 million loss for their third quarter, compared to a $224 million profit for the third quarter, 2007.

Before going more into the results of why, here are the leasing division numbers from the SEC filing:

Consolidated Average Balance Sheets From Continuing Operations
(dollars in millions)
Commercial Lease Financing

Nine Month/three quarter/totals Commercial Lease Financing
Average balance (dollars in millions)

Summary of Loan Loss Experience
(dollars in millions)

Nine Month Ending

Under the circumstances the commercial leasing division is doing better than most in the industry, and not far off the mark. The bank is also in a similar position, as expressed by its CEO.

Chairman and Chief Executive Officer Henry L. Meyer III
(photo: www.keycorp.com)

"We have experienced the most severe financial crisis any of us has known in our business lifetime," said Chief Executive Officer Henry L. Meyer, III. "However, in my 35 years in the banking industry, we have successfully managed through a number of troublesome credit cycles, each of which seemed daunting at the time. As I reflect back on those past cycles, I cannot recall a time when we were more prepared than today.

Key does not have a subprime mortgage portfolio, credit card portfolio, or consumer automobile loan portfolio -- the epicenters of consumer credit issues. Also, in both the second and third quarters we were aggressive in reducing our exposure to the homebuilder segment of our commercial real estate business. As of the end of the third quarter, our total residential property exposure in commercial real estate, including loans held for sale, has been reduced by $1.3 billion, or 34%, from one year ago, with the majority of this reduction coming from the weakest, or most susceptible, portion of the portfolio.

"Additionally, we have elected to reduce uncertainty surrounding our previously disclosed leveraged lease tax issue with the IRS. While we continue to believe that our initial tax position was correct, it would have taken years of effort and expense to resolve this matter through litigation. Consequently, Key has opted-in to the IRS' global settlement initiative, which is essentially an offer by the federal tax authorities to resolve all such disputed cases. We expect that the definitive settlement documents will be executed as soon as the fourth quarter and that Key should realize an after- tax recovery of between $75 million and $100 million for previously accrued interest on disputed tax balances."

Key is in the process of exiting direct and indirect retail and floor-plan lending for marine and recreational vehicle products and will limit new student loans to those backed by government guarantee. These actions are the result of a series of decisions made over several years that have seen the Company exit subprime mortgage and automobile financing, broker-originated home equity lending as well as dispose of a segment of its residential homebuilder portfolio.

"With respect to our relationship businesses, our Community Banking group continues to perform solidly, with higher revenue and deposit growth across our branch network. Despite the market turmoil, we are building a relationship-based, customer-focused business model which will serve us well as the economy ultimately recovers," Meyer concluded.

77 page 8-K SEC Filing (2.66mb):
http://leasingnews.org/PDF/10_21_08_8K.pdf

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“We are making loans to everybody who qualifies.”

U.S. Bancorp reported net income of $576 million for the third quarter of 2008, compared with $1,096 million for the third quarter of 2007

Net Income (in millions)

3rd 2nd Q 2007 3rd Q

$576 $950 $1,096

"Our capital position remains strong." Richard Davis, Chairman, President and Chief Executive Officer, said. "The Company's Tier 1 capital ratio at September 30, 2008, was 8.5 percent, on target and equal to the ratio at the end of the second quarter. Our strong capital position has enabled us to grow our businesses, while still returning a substantial portion of our earnings to shareholders, primarily through dividends. Year-to-date, we have returned 89 percent of earnings to shareholders."

Richard Davis, Chairman, President and Chief Executive Officer,

In the telephone conference call, Mr. Davis stated, "As the strong growth in average loans and average deposits demonstrates, we continue to find our company is benefiting from the uncertainty in the financial markets. Customers seek stability as well as a financial services provider that is willing to provide the products and services that they need. Our bank has been and is a beneficiary of the flight to quality aspect of this challenging economic environment.

"We have a strong capital structure and are in the position to provide our customers with high quality banking products and services. We can and we will continue to compete for the best customers nationwide.

"We are making loans to everybody who qualifies and I’ve got to say, even on a large syndicated basis I haven’t come across customers that have been unable to find enough large banks to take care of their needs. So while I know the vocal minority is out there with the stress in the marketplace and people can’t find loans, I think it might be a bit overrated to the extent that there’s a lot of money and a lot of banks like ours to make loans to small businesses and to consumers and to middle market companies that are performing well and they were prepared for this downturn and they’ve managed their businesses or their personal circumstances quite well.

"The most important message we want to deliver today is that this management team and all of our 54,000 exceptional employees remain engaged and focused. Focused on capitalizing on this window of opportunity to grow our businesses by keeping our customer relationships and acquiring new customers. Focused on serving our communities through business partnerships and employee volunteerism, and focused on creating value for our shareholders by maintaining our prudent approach to risk while sustaining and enhancing U.S. Bank’s position of strength.

Full Press Release with financial statements and slide presentation:
http://leasingnews.org/PDF/Q3_USBancorp.pdf

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Advertising works at Leasing News

Banner advertising works at Leasing News not just because of the number of hits, and more articles actually read here--- more than all the leasing internet trade publications combined, but because the advertiser is hitting their marketplace as the “banner ads” are "placed."

In all printed media, and in most internet publication, an extra charge is made for the placement of a “display ad” (called a “banner ad” in internet jargon.) When given a specific location, it is called "position ad," meaning located on the front, back, inside cover, outside cover, by a specific column or section, or in a specific order. Google’s claim to fame was placing ads in subjects that were opened by the marketplace the advertiser was trying to reach.

In print ads, most ads are placed in "space available," more a random order as to the layout of the page. Larger ads may get a better position, more for their size in relation to where placed, as well as it is thought the more money an advertiser spends, the better they should be treated. In the print trade, more money is required for specific ad placement. The concept also works on the internet.

The purpose of the Leasing News format is to allow the editor to specifically place the ad in or near a specific story. This occurs after Leasing News is written. The last step before the edition is posted on the web site and then sent out to the mailing list, is the placing of the banner ads. It is the most important to get ads noticed and read. It is not done at random or by the person who puts the edition in html format, but by the editor, after the edition is complete to be loaded on line. It is the last step and the most important for the advertiser’s benefit.

First, stories that may have an adverse affect to the advertiser are avoided. These may be too negative stories or include one of the advertisers current or potential customers.

Second, stories that customers or potential customers of the advertiser are chosen according to availability. This gives an automatic higher chance of not only being noticed, but read.

There are readers who just use the headlines to go to articles, so the advertiser has a higher chance of being noticed and read with the proper placement. In addition, many readers scroll through the news edition, thus getting exposed to all stories, and all banner advertising. In digital and printed editions, only when the reader goes to a specific page is the advertising seen. Thus the Leasing News format promotes all advertising to obtain better chances at exposure and to be not only noticed, but read.

Banner headlines also appear under the headlines on a chronological basis, although not guaranteed, but most often two to three times during the 21 day period of the ad. These positions are not for
sale. The attempt is to highlight an advertiser on a chronological basis at no extra charge.

There is not only “more bang for the buck, “but the smallest banner price is aimed for smaller companies or companies who want to give a try to see results. Often they turn into six and twelve month advertising contracts, and larger ads.

Banner Ad Sizes
$395, $595, $750

Help Wanted ads are in one specific area for employers to view.
They are also rotated chronologically on top of the headlines,
in addition to appearing in the "Help Wanted Section."

Leasing News is presently offering a one-half off as
a "Thanksgiving Special" for "Help Wanted" ads only.

For banner ads or “help wanted,” please contact: advertising@leasingnews.org

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Better Days Ahead

(This article not only applies to those in the commercial product business, but also to those in all phases of granting credit and working with lessee applicants, distributors, brokers, discounters, lessors, service provides; those who provide business. It is not only worth reading, but remembering. editor)

There's no question that much of the construction supply industry is in desperate straits right now. Nor is there much question that the industry will come roaring back when construction resumes to meet postponed demand. And it will be the decisions credit managers are making today that determine which suppliers survive and thrive.

Credit Today
www.creditToday.net

"Back in the early 90s, while cutting my credit teeth, I cut off some of the wrong people, and they never forgot. I was new in credit and just going by the book. I learned my lesson."

Speaking is Credit Manager Kathleen Hernandez of the E. B. Bradley Company, a construction industry supplier. The "lesson" which she's applying today in a market far worse that that of the early 90s, is that all things end-even markets as difficult as this one-and that the real challenge of credit management is to somehow protect today's receivables assets while ensuring future business growth and profitability. You can't do that, she insists, by going strictly "by the book."

"I decided that I'd better attack this like I do everything else-attack it with my gut and my heart," she says. "After that lesson in the early 90's, I started working with people who no one else would work with. To this day they're still loyal to us. One, that everyone else was discarding at that time, has grown to be one of our largest customers."

Gut + Metrics
Hernandez emphasizes that "gut" credit management doesn't mean dispensing with all of the standard metrics. She still draws agency reports and analyzes financial statements. But, even if an account checks out extremely poorly, "if you have experience with them you may have faith that they're going to pull out of it somehow," she says. It can come down to a question of credibility. She will meet with the customer and say:

• Let's hear what you're situation is.
• Let's hear what went wrong in your business decisions.
• Let's hear what you can do to improve things.
• Let's hear what you have in mind for the future.

If what she hears sounds like a well-thought-out, sincere plan, she's inclined to support them. Her confidence is bolstered if the customer has his or her whole family involved. "How could someone not make this happen with their whole heart and soul in the business?" she asks.

Credit Manager Mary Moore of Carlson Systems Corp,. an Omaha headquartered construction supplier selling nationally, agrees on the payback in long-term loyalty in taking some risk.

"We're very much willing to work with our customers as long as they're willing to work with us," she says. "We've had some who were burned on jobs that set them back but who later become very good customers."

Moore cites the case of a customer who called to say they couldn't pay because they'd been defrauded by their own controller. "We asked how long they thought it would take them to get the problem under control. They told us, and they worked it out as they'd promised."

Confidence

"We didn't even bother to verify their story," she says. "We'd been dealing with them since 1991. You get to know who tells you the truth and who doesn't. Sticking with someone you have confidence in pays off."

Doing "everything possible" to protect Carlson Systems' receivables in the present difficult economy means filing lots of preliminary lien notices. "There are customers we've had for many years whom we've never filed prelim notices on, even though we know it's the law in their state." she says. "We haven't because they've been such good customers. But now we've had to."

Customer reaction has been mixed. "Some of them expect it ," she says. "They know we're in a situation where we have to be protected. And they know they'll get more product if we file because we're secured. In fact, they'll get whatever they need so it's in their interest to go along with this. But some play games. They say they have other suppliers that don't require prelims."

Denise Alberts, who manages credit and collections in Carlson Systems' Phoenix office "sells" the required prelim notice as a value-added service. When a customer objects, believing that it's a bad mark against them, she points out that it creates a team with collection leverage.

"Helps You, Helps Us"

"This piece of paper helps you get paid and helps us get paid," Alberts tells them. "In case you don't get anywhere collecting, I can call the general contractor and say, 'What's going on?'"

Personal guarantees also have greater emphasis at both E. B. Bradley and Carlson Systems in the current strained economic climate. As with preliminary lien notices, however, there's often considerable strain in requesting them from long-term customers.

Alberts notes that personal guarantees present special problems in community property states where they're of no value unless signed by both spouses.

"Often, the customer has a lot of trouble getting the wife to sign," she says. "The customer comes back as says, 'We've dealt with you forever and a day, why do you need this?' But I tell them that this doesn't help us anymore. We have no leverage. We have nothing to lean back on. We need a safety net. They usually understand."

Hernandez refers to personal guarantees as her "best friends", but she acknowledges their limitations. "You don't know if they're worth anything when things go wrong," she points out.

"You might have to sue the guarantor three or four years down the road when things are bad. A personal guarantee that you counted on when things were rosy and all the bills were paid may be worthless when you need it. I guess the most you can say it that it adds to the chase when things go bad."

Alberts recalls one personal guarantee she secured from one partner of a company that had gone bankrupt. The partner had left the company a year before, but he'd never revoked the guarantee. "He'd joined another company that was a customer of ours. We didn't recognize that at first, but when we got into litigation with the first company, we noticed him and realized he still had an account with us. He was responsible for a third of what we were owed, and he paid it."

Some Wiggle Room

Hernandez notes that it probably does make sense the allow a customer who looks good on paper more wiggle room than the one operating on a cell phone and appearing a bit desperate. "This customer may come in hat in hand and explain he can only offer to exchange dollars for dollars until his next draw comes in. But you have to keep in mind that this customer is dealing with you on a gut level, whereas the customer who looks very professional might turn around and all of a sudden say, 'We're going to close this down and start up something else' and you're left holding the bag. Some companies have grown their businesses based on 'front.' It might have been a realistic front for a very long time, but it's still a front.

"When I'm dealing with a customer on a gut level, I want a definite time frame. I'll say, 'Can we wrap this up in three months?' knowing they'll probably say, 'No, but I can wrap it up in six months.'

"I'll want to know how they're going to wrap it up. They might say they've already signed up for jobs with this particular general contractor, that they have a contract, or that they've put out bids and they're coming back very favorably.

"I want to be there to make it happen. I'm not going to be foolish and get the company into a pickle. But I love helping people stay in business."

copyright 2008 Credit Today, reprinted with permission:" www.CreditToday.net

(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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New Hires---Promotions

Martha Ahlers has been promoted to Vice President & Chief Operating Officer, United Leasing, Inc.,Evanston, IL. She is a long-time employee and most recently the Manager of Corporate Accounts. She has 20 years of commercial leasing experience and holds a Bachelor’s Degree in Economics from the University of Illinois.

Paul T. Bossidy chosen as CEO of Clayton Holdings, Shelton, CT, an investment fund managed by Greenfield Partners, LLC. Bossidy has served as president and chief executive officer at numerous GE divisions including: GE Capital Solutions; GE Commercial Equipment Financing; GE Vendor Financial Services; and GE Lighting North America. More recently, Bossidy was a senior operating executive at the private equity firm Cerberus Capital Management.

Diane Reeve has been appointed corporate controller for Affiliated Investment Group, Inc., Cedar Park, Texas. She was Chief of Accounting for the US Department of Defense (D0D) in an overseas office; with the DOD for 18 years.

Raymond Sisson named president and chief executive officer Titan Aviation Leasing, Ltd. (Titan), Dublin, Ireland. He joins the company from GE Commercial Aviation Services (GECAS). Previously, he served GECAS as senior vice president of sales and marketing for Asia/Pacific and as vice president and legal counsel. Prior to joining GECAS in 1995, Sisson was a corporate attorney specializing in general corporate, project, aviation finance and banking law. He is a graduate of Bucknell University and earned his law degree from Georgetown University. He has a master's degree in business administration from the University of Chicago.

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

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U.S Average Cardholder has 9.5 credit cards

By Leslie McFadden • Bankrate.com

Whether you're gearing up to apply for a major loan, or just want to keep your credit card rates from escalating, it helps to have a great credit score.

With all the advice offered to consumers about improving their credit score though, it's easy to get confused about the actions that help or harm that powerful three-digit number.

We spoke with a variety of experts to get their take on popular but conflicting credit score-improvement tips.

Learn the truth about contradictory score-boosting advice.

How many cards should you have?
The short answer: As many as you need, but no more than you can handle.

The long answer: The average number of credit cards per U.S. cardholder is 9.5, according to David Robertson, publisher of The Nilson Report, a payments industry newsletter.

The number that experts recommend is somewhat lower.

"One or two is adequate. I'd say more than one for most people," says Curtis Arnold, founder of CardRatings.com and author of "How You can Profit from Credit Cards."

4 common questions about credit scores

1. How many cards should you have?
2. Should you close credit card accounts?
3. What's the ideal credit card utilization?
4. Does spreading your debt around help?

Having more than two, however, could provide options for people should one issuer begin making unfair changes to your account, notes Emily Davidson, a financial expert for Credit.com.

As for your credit scores, "simply having a large number of credit cards is not going to have a negative impact on your FICO score," says Ethan Dornhelm, a senior scientist in the scoring solutions division at Fair Isaac, the creator of the popular FICO scoring model.

In the latest versions of the FICO Classic scoring model, the number of credit cards a consumer holds is not a factor in the calculation, even though it was a factor in some of the previous versions of the model.

In fact, having multiple credit cards that you use sparingly can boost your credit scores by lowering your overall balance-to-limit ratio, or utilization. Amounts owed makes up 30 percent of your FICO credit score.

Scott Bilker, author and creator of DebtSmart.com, provides a good, albeit extreme, example of someone with a lot of cards. He says that including the accounts he shares with his wife, he possesses 80 credit cards. His credit score fluctuates between 795 and 819, he says, and his credit limit total is around $572,000.

He doesn't recommend people get that many, but says having numerous cards gives him options. "When I had fewer cards, I was at the mercy of those few banks," Bilker says, adding that if an issuer charged a late fee or reduced his credit line, he was trapped.

While experts interviewed for this article disagreed over the ideal number of cards people should carry, they did agree that consumers should not have more cards than they can manage.

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

PACCAR earned $299MM Third Quarter

BELLEVUE, WashPACCAR (Nasdaq:PCAR - News) reported good earnings and revenues for the third quarter and first nine months of 2008. “There are over 1.5 million PACCAR commercial vehicles in service worldwide, the largest population in our history,” said Mark C. Pigott, chairman and chief executive officer.

“These vehicles generate steady aftermarket revenues and many of them also contribute financial services income, which partially offset reduced truck build rates worldwide. In these turbulent times, PACCAR is experiencing lower truck demand in Europe, Mexico and Australia, and continued softness in the U.S. and Canada, which will reduce financial results in the fourth quarter of 2008 and into 2009.”

Pigott added, “As in previous cyclical downturns, the company is rigorously aligning operating costs with market conditions while selectively investing in capital projects and new products that will generate excellent customer benefits. PACCAR’s products, manufacturing facilities and distribution centers are the best in our 103-year history and position the company strongly when the industry returns to a normal vehicle replacement cycle. I am very proud of our 20,000 employees delivering third quarter profits comparable to the same period last year.”

PACCAR earned $299.0 million ($0.82 per diluted share) for the third quarter of 2008 compared to $302.3 million ($0.81 per diluted share) earned in the third quarter last year. Third quarter net sales and financial services revenues were $4.00 billion. Net sales and financial services revenues for the first nine months of 2008 were $12.06 billion. PACCAR reported nine-month net income of $904.8 million ($2.47 per diluted share), compared to $966.2 million ($2.58 per diluted share) in 2007. “PACCAR’s financial strength, global diversification, high-quality products and strong distribution network are critical elements that contribute to its profitable results, especially in an uneven economy,” said Mike Tembreull, PACCAR vice chairman.

Global Truck Markets

DAF’s premium vehicles are the quality and resale value leaders in Europe. “Industry truck sales in Western and Central Europe above 15 tonnes are expected to be comparable this year to the 340,000 units sold in 2007,” shared Aad Goudriaan, DAF Trucks president. “After robust growth for a number of years, the European economy and truck markets are now slowing. As a result of the recent slowdown in customer demand, DAF will reduce its build rate during October and anticipates the 2009 commercial vehicle market will reflect the slower economy. European industry truck sales in 2009 are difficult to predict due to economic uncertainty, but they could be at a level of 260,000-300,000 units.”

“Declining housing starts and auto production have impacted U.S. and Canadian Class 8 truck sales throughout 2008,” said Dan Sobic, PACCAR executive vice president. “Industry retail sales are expected to be approximately 150,000 vehicles this year. Industry retail sales are projected to improve slightly in the second half of 2009 and are expected to be in the range of 170,000-210,000 as fleets replace vehicles after several years of lower purchases. Several of our major customers are reporting increased third quarter income due to good freight traffic and lower fuel prices.” Sobic noted, “Kenworth and Peterbilt continue to achieve a strong share of industry sales due to their superior quality, reliability and industry-leading resale value.”

Export Sales

PACCAR International delivers Kenworth, Peterbilt and DAF vehicles to customers in over 100 countries. “Despite the current global economic environment, PACCAR is experiencing good demand from Latin America and Middle East customers, particularly for Kenworth off-highway and oil well servicing vehicles,” said Claire Hargrave, PACCAR International general manager.

Full Press Release:
http://biz.yahoo.com/bw/081021/20081021005364.html?.v=1

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

Royal Bancshares of Pennsylvania $12MM Loss

NARBERTH, PA-- -- Royal Bancshares of Pennsylvania, Inc. ("Royal") (RBPAA - News), the holding company for Royal Bank America and Royal Asian Bank, announced results for the third quarter of 2008. (Parent of RBA Leasing and RBA Capital.Editor)

Net loss for the three months ended September 30, 2008 was $12.0 million, compared to a net loss of $9.2 million for the same period in 2007. Net loss for the nine months ended September 30, 2008 was $10.8 million or $0.81 basic compared to a net loss of $2.9 million for the same period in 2007. Consolidated total assets ended September 30, 2008 were $1.2 billion, compared to $1.3 billion at December 31, 2007.

Comments from Robert R. Tabas, Chairman, Royal Bancshares of Pennsylvania, Inc.:

Despite results for this quarter, we remain significantly "well-capitalized" and confident regarding the safety and soundness of our institutions. We continue to enjoy an enviable capital position, which has allowed us to weather the impact of the current economic climate better than a broad number of financial institutions.

A significant portion of our loss for the quarter was the direct result of specific market events, namely the demise of Lehman Brothers and Washington Mutual, which impacted many financial institutions. Setting aside these impairments, income levels were comparable to prior year's numbers in many categories, a sign that our core business model remains strong.

About Royal Bancshares of Pennsylvania, Inc.

Royal Bancshares of Pennsylvania, Inc., headquartered in Narberth, Pennsylvania, is a two-bank holding company operating the Royal Bank America and Royal Asian Bank brands throughout Pennsylvania, New Jersey and New York. As The Region's Premier Commercial Real Estate Lender, Royal Bank America has played a lead role in the growth and development of our area for the past 40+ years. Royal Asian Bank enjoys a distinctive niche serving the financing and banking needs of the growing Asian-American population. Additional subsidiaries include RBA Leasing, engaged in equipment leasing solutions for small and mid-sized businesses, and RBA Capital, a lender finance company. More information on Royal Bancshares of Pennsylvania, our banks and subsidiaries is available at www.royalbankamerica.com.

Full Press Release with financial statements:
http://biz.yahoo.com/iw/081020/0444728.html

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### Press Release ###########################
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News Briefs----

Global stocks fall on earnings outlook, U.S. dollar firm
http://news.yahoo.com/s/nm/20081022/bs_nm/us_markets_global

Borrowers get lease squeeze at banks
http://www.financialweek.com/apps/pbcs.dll/article?AID=/20081012/REG/810109954

National City's 3Q loss widens, job cuts planned
http://news.yahoo.com/s/ap/20081021/ap_on_bi_ge/earns_national_city_2

Bailouts spur calls to end tax dodges
http://www.boston.com/business/articles/2008/10/21/bailouts_spur_calls_to_end_tax_dodges/

Agencies Counted Big Firms As Small
http://www.washingtonpost.com/wp-dyn/content/article/2008/10/21/
AR2008102102989.html?hpid=topnews

Caterpillar's 3Q profit sinks 6% on higher costs
http://www.chicagotribune.com/business/chicago-caterpillar-cat-earns-oct21,0,4737350.story

Merrill exec to leave with big payout; others stay
http://news.yahoo.com/s/nm/20081021/bs_nm/us_merrill_kraus

What Industry Look the bleakest, Rolling Layoffs
http://www.247wallst.com/2008/10/credit-crisis-i.html

Notebooks would surpass desktops globally in total shipments
http://www.echannelline.com/usa/story.cfm?item=23834

Yahoo to Cut 10% of Its Work Force
http://www.nytimes.com/2008/10/22/technology/companies/22yahoo.html?_r=1&hp&oref=slogin

Toni Braxton booted from ‘Dancing with the Stars’
http://www.accessatlanta.com/entertainment/content/entertainment/stories/
2008/10/22/dancing_stars_tv.html

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You May have Missed---

Wal-Mart sees shifts in shoppers' buying habits
http://www.usatoday.com/money/industries/retail/2008-10-21-walmart-sales_N.htm

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Sports Briefs----

Dallas Cowboys' Romo says he won't play Sunday
http://www.dallasnews.com/sharedcontent/dws/dn/latestnews/stories/
102208dnsporomoblog1.13703a5b5.html

49ers introduce Singletary ... and Jed York
http://www.sacbee.com/static/weblogs/49ers/archives/016311.html

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California Nuts Briefs---

Furloughs planned as Sacramento budget crisis grows
http://www.sacbee.com/1089/story/1329311.html

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“Gimme that Wine”

Wine: Silver Oak rises again; Opus One in Japanese comic
http://www.pressdemocrat.com/article/20081020/BUSINESSJOURNAL/810170207

Sonoma Winemakers Clash Over Proposed Appellation Expansion
http://www.winespectator.com/Wine/Features/0,1197,4661,00.html

How Bills Will Affect California Wineries
http://winesandvines.com/template.cfm?section=news&content=59479

Santa Barbara Crush time – Wineries rush to process smaller grape harvest
http://pacbiztimes.com/index.php?option=com_content&task=view&id=388&Itemid=1

(This is a free “ad” for our good friends the Bateman’s,
proprietors of Thunder Mountain Kona coffee)

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
The London International Vintners Exchange (Liv-ex) is an electronic exchange for fine wine.
http://www.liv-ex.com/

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Today's Top Event in History

1928 -- President Herbert Hoover speaks of "American system of rugged individualism". "We in American today are nearer to the final triumph over poverty than ever before in the history of any land. The poorhouse is vanishing from among us. We have yet reached the goal, but, given a chance to go forward with the policies of the last eight years, we shall soon with the help of God be in sight of the day when poverty will be banished from this nation." In November he would be elected in a Republican landslide with 444 electoral votes to Alfred E. Smith 87: 21,392,190 votes to 15,016,433 for Smith.  In congressional elections the Republicans increased their majorities in both houses, leading in the Senate 56-39 with one seat going to a minor party, and controlling the House 267-167, with one seat held by a minor party.

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This Day in American History

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Baseball Poem

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SuDoku

The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler?

http://leasingnews.org/Soduku/soduko-main.htm

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Daily Puzzle

How to play:
http://www.setgame.com/set/puzzle_frame.htm

Refresh for current date:
http://www.setgame.com/set/puzzle_frame.htm

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http://www.gasbuddy.com/
http://www.gasbuddy.com/GB_Map_Gas_Prices.aspx
http://www.gasbuddy.com/GB_Mobile_Instructions.aspx

[headlines]

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Weather

See USA map, click to specific area, no commercials

http://www.weather.gov/

[headlines]

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Traffic Live---

Real Time Traffic Information

You can save up to 20 different routes and check them out
with one click, or type in a new route to learn the traffic live.

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[headlines]