9:22am

I did not realize we had two pictures of the famed Dallas Cowboy fan. The picture I wanted was labeled WAELOPLY. It was part of a promotion for the 1994 Western

Association of Equipment Lessors Conference ---“Go Directly to San Diego”---“Collect Dozens of Funding Sources & Supplies”---“Close a Dozen Deals as You Pass Go.”

Jim was the conference chair for the fall, 1994 conference. WAEL was planning to send out some clever invitations designed as WAELOPLY games (box, board, players, cards and all---- except Monopoly saw the preliminary advertising and told WAEL not to do this. The viewed it as an infringement on their trademark Monopoly. Barry Dubin of Cooper-White- Cooper defended the charge, but due to the time involved, it was agreed not to issue the “invitation games. They then became collectors items, including the

picture of the conference chairman.. (Unbeknownst to Barry Dubin, then executive

director Ray Williams gave some of the game-invitations to his friends.)

When the WAELOPLY picture was loaded yesterday, the introduction was left

out ( and the newsletter version left out the e-mail address). It was somewhat

corrected after I caught it in the afternoon.

Here is the correct version:

Pictures from the Past

(The results of becoming a Certified Leasing Professional

paid off for Jim Lahti of Affiliated Corporate Services)

Jim Lahti, CLP

Affiliated Corporate Services

Lewisville, Texas

(President CLP Foundation,

past president of United Association

of Equipment Leasing, taking bets on

whether Emmitt Smith will make 93 more

yards this weekend-contact him at: Jrl@acsitx.com )

http://secure1.esportspartners.com/store-cowboys/index.cfm?CFID=650627&CFTOKEN=32100111

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Fed Survey Finds Economy 'Sluggish'

By MARTIN CRUTSINGER, AP Economics Writer

WASHINGTON (AP) - The United States was struggling with a "sluggish" economy over the past two months with weak retail sales, tough times in manufacturing and a lackluster job market, the Federal Reserve reported Wednesday.

The Fed, releasing the findings of surveys done by its 12 regional banks, found an economy performing at sub-par levels as the country continues to struggle to mount a sustainable rebound from last year's recession.

The Fed's new survey clearly left the door open to further cuts in interest rates when Fed policy-makers next meet on Nov. 6, the day after Election Day.

The Fed has left a key interest rate at a 40-year low of 1.75 percent all this year, since an 11th rate cut last December, when the Fed was aggressively lowering borrowing costs in an effort to combat the country's first recession in a decade and the economic shocks from the terrorist attacks.

So far this year, the economy has grown in fits and starts with strong consumer spending for new homes and autos offset by a number of uncertainties, ranging from what a possible war in Iraq will do to oil prices, to what the plunge in stock prices will do to already weak consumer and business confidence.

Some analysts believe the Fed will cut rates for a 12th time at the November meeting to make sure that falling consumer confidence and worries about a possible war with Iraq don't push the country into another recession, the feared "double-dip."

Two Fed policy-makers cast rare dissents at the last meeting on Sept. 24, arguing that the majority decision to leave rates unchanged was wrong in light of growing signs of weakness.

However, some analysts remain unconvinced that the Fed will move to reduce rates in November. Many believe the central bank will be content to continue remaining on the sideline, preserving its ammunition in case it is needed should a possible war with Iraq further destabilize the U.S. economy.

In its latest survey, known as the "Beige Book" for the color of its cover, the Fed said, "Most districts reported that economic activity remained sluggish in September and early October."

The survey found that retail sales were weak in many districts with auto sales cooling off after a surge earlier this year triggered by attractive financing deals that automakers have been able to offer because the Fed has kept interest rates at such low levels.

The Chicago, Dallas, Kansas City and San Francisco districts all reported that retail sales had slowed in the past two months.

The Fed survey found that manufacturing, which has been the hardest hit sector of the economy for more than two years, continued to face tough times with various districts using such words as "tough," "stagnant" and "sluggish" to describe manufacturing conditions.

Richmond reported that shipments, new orders, factory operating rates and manufacturing employment all declined during the survey period while Dallas and Chicago reported weak demand.

Overall, the Fed survey found that the job market remained "lackluster, with only a few reports of increased hiring."

Because of the weak labor markets, wage pressures were found to be subdued and inflation overall was reported as stable, a development that would give the Fed room to cut interest rates further without worrying that it was sowing the seeds for price pressures down the road.

___

On the Net:

Federal Reserve: http://www.federalreserve.gov

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NetBank Announces Results for Third Quarter 2002

(Parent of Republic Leasing of South Carolina-Dwight Galloway, Charles Randall)

ATLANTA--

Earnings per Share Total $.17 for an Increase of 143%

Compared with Third Quarter 2001;

Company's Annualized Balance Sheet Turn Equals 4.2 Times

NetBank, Inc. (Nasdaq:NTBK), parent company of the country's largest independent Internet bank, NetBank(R) (www.netbank.com), Member FDIC and Equal Housing Lender, today released financial results for the third quarter of 2002.

The third quarter represents the first reporting period of normalized operations since the company's acquisition of Resource Bancshares Mortgage Group, Inc. on March 31, 2002. As expected, the company recorded no further significant acquisition-related charges.

Financial highlights of the third quarter include:

-- Net income of $8.5 million compared with $2.1 million in the

same period last year;

-- Earnings per share of $.17 versus $.07 in third quarter 2001,

representing an increase of 143% from last year;

-- $2.1 billion in deposits, representing a 53% increase since

September 30, 2001;

-- Mortgage production of $3.6 billion; and

-- Loan and servicing value sales into the secondary market of

$3.6 billion, representing a balance sheet turn of 4.2 times

on an annualized basis.

Net income totaled $17.8 million (or $.41 per share) for the nine-month period to date, exclusive of non-operating charges in the first and second quarters, compared with $3.7 million (or $.13 per share) in the same nine-month period in 2001, representing a net income increase of 377%.

The first and second quarters of 2002 included $73.8 million in non-operating expenses on a pre-tax basis related to the acquisition of Resource Bancshares Mortgage Group and subsequent repositioning of the company's overall balance sheet. Inclusive of these costs, the company reported a net loss of $28.4 million (or $.66 per share) for the nine-month period ending September 30, 2002.

Management Commentary

"With this quarter's results, our staff is pleased to deliver directly on the potential created by the acquisition of Resource Bancshares," said Douglas K. Freeman, chief executive officer. "Our corporate culture is built on a results-oriented philosophy. With the bulk of the integration work of the first two quarters behind us, it was particularly rewarding for our management team and associates to focus fully on what they do best -- serving our customers and running our businesses as efficiently and cost-effectively as possible."

"We saw improvement in key performance drivers in all of our business channels," said Steven F. Herbert, chief financial executive. "Production volumes and profit margins rose in our conforming mortgage business. Results at the bank also moved in the right direction following our effort to reposition the bank's balance sheet and exit non-core assets. The bank is well-positioned today to execute on our financial intermediary strategy of holding the majority of assets short-term until they can be sold for cash into the capital markets. We believe there is additional long-term upside potential at the bank as we gain traction in deepening customer relationships through cross-sell campaigns and in generating adjustable rate mortgages, second mortgages, home equity loans and other consumer lending products for the bank's long-term investment portfolio."

"We also continued to manage our physical and capital resources in a strategic, disciplined manner," Freeman concluded. "Our ongoing mission is to create greater value for our shareholders. We will not sacrifice the potential for sustainable future gains for short-term profits. Through a stock buy back program, the sale of non-core assets and other opportunities, we made substantial investments this quarter to strengthen the company's long-term profitability and earnings potential."

Strategic Transactions

During the quarter, the company advanced its business strategy and objectives by executing several transactions to increase operating efficiency and reduce fixed expenses. The sale of an unoccupied office building formerly owned by Resource Bancshares produced a pre-tax gain of $2.8 million. This gain was partially offset by one-time pre-tax charges of $1.0 million the company elected to incur through the consolidation of several smaller mortgage operating centers into regional centers located in Portland, Oregon, and Jacksonville, Florida.

The company continued to reposition the bank's balance sheet for future profitability. During the quarter, select securities were sold for a pre-tax gain of $7.6 million. Proceeds from this transaction were used to pay off certain high-rate term advances from the Federal Home Loan Bank, reducing the duration of the bank's higher-cost liabilities. The early payment of these advances resulted in pre-tax charges of $7.5 million.

Last, the company acted on its plan to purchase up to one million shares of its common stock. To date, 578,700 shares have been bought at a weighted average share price of $9.85. The company's board of directors has authorized the buy back of an additional one million shares. Today, the total number of shares available for repurchase is 1,421,300 shares. The company will continue to make periodic purchases in the public market or through private transactions.

Retail Bank Operations

The bank's financial performance improved significantly during the third quarter following the deliberate balance sheet repositioning that compressed the bank's net interest income margin in past months. Table 1 provides an overview of bank operations compared to second quarter results. In executing its financial intermediary strategy of turning over non-core assets on its balance sheet, the bank sold $83.8 million of fixed-rate second mortgages and $63.6 million of commercial loans for a pre-tax gain of $3.7 million.

Although intra-company transfer pricing on warehouse loans to the bank's conforming mortgage lending subsidiaries will continue to affect the bank's stand-alone yield, management believes the margin will show steady improvement as the bank is able to invest in a more significant volume of ARMs and other desirable loans generated through these subsidiaries. The wholesale conforming mortgage channel now produces adjustable rate mortgages for the bank to hold as long-term investments. The wholesale conforming channel introduced the ARM products over the summer. The retail conforming channel began offering the product within the past few weeks.

The bank's financial performance continued to be adversely affected by the non-performing business equipment leases in the bank's portfolio. The leases were originated by the Commercial Money Center, Inc. and represent an outstanding principal investment of approximately $82 million. As reported previously, the bank has initiated litigation against Illinois Union Insurance Company, Royal Indemnity Company and SAFECO Insurance Company of America to guarantee performance of surety bonds these carriers issued on the leases in default. There have been no significant developments in the case since last quarter, but the company remains optimistic that the suit will ultimately be resolved in its favor.

CONTACT:

NetBank, Inc.

Matthew Shepherd

678-942-2683

mshepherd@netbank.com

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CFNB Reports 4% Increase in First Quarter EPS

(Cal First Leasing)

SANTA ANA, Calif.----California First National Bancorp (Nasdaq:CFNB) ("CalFirst Bancorp") today announced net earnings of $3 million for the first quarter ended Sept. 30, 2002, a 2% increase from the first quarter of fiscal 2002.

Diluted earnings per share for the first quarter increased 4% to $0.27 per share, compared with $0.26 per share for the first quarter of the prior year, benefiting from a lower number of shares outstanding during the period.

For the first quarter ended Sept. 30, 2002, net direct finance and interest income increased 30% to $4.3 million, compared with $3.3 million for the first quarter of fiscal 2002. This improvement is primarily due to a significant decrease in the provision for lease losses, as the credit quality of the lease portfolio remained stable over the period. Total direct finance and interest income was down 6%, when compared with the prior year, reflecting lower interest rates earned on the company's cash and investment balances.

Other income decreased 15% to $4.5 million, compared with $5.3 million during the first quarter of fiscal 2002. The decrease reflects a decline in income from sales of leased property at lease expiration and other income, which was offset slightly by higher income from lease extensions. As a result of the foregoing, gross profit of $8.8 million for the first quarter of fiscal 2003 increased 2% from $8.6 million reported for the first quarter of the prior year.

During the first quarter of fiscal 2003, CalFirst Bancorp's SG&A expenses increased by 3% to $3.9 million, compared with $3.8 million during the first quarter of fiscal 2002. As previously disclosed, over the past two quarters the company's leasing operation has expanded the sales organization through adding management and sales executives. These actions have, and will continue to, increase the company's overhead expenses when compared with fiscal 2002.

Commenting on the results, Patrick E. Paddon, president and chief executive officer, indicated that: "During the first quarter, our volume of lease originations continued to be stronger than during the comparable quarter of last year. Leases closed and booked during the quarter increased 9% from the first quarter of fiscal 2002, and CalFirst Bancorp finished the quarter with a backlog of approved but un-booked leases up 15% from a year ago.

"Residual realization contributed better than expected to our first quarter results, however, the volume of leases reaching their end of term during fiscal 2003 will be substantially lower than last year, and as a result, we expect income from sales of leased property and lease extensions to be lower for the balance of the year."

California First National Bancorp is a bank holding company with leasing and bank operations based in Orange County, California. California First Leasing Corp. leases and finances computer networks and other high-technology assets through a centralized marketing program designed to offer cost-effective leasing alternatives. California First National Bank is a FDIC-insured national bank that gathers deposits using telephone, the Internet and direct mail from a centralized location, and will lease capital assets to businesses and organizations and provide business loans to fund the purchase of assets leased by first parties.

California First National Bancorp, Santa Ana

S. Leslie Jewett, 714/436-6540

E-mail: ljewett@calfirstbancorp.com

SOURCE: California First National Bancorp

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“’Branding’ It Just Goes to Show You.”

Good Brand recognition is a great thing to have, believe me when I say this as my prior employer was AMEX . However, it is a double edged sword as it can turn people off just as easily as it can turn them on.

Getting deals funded on a timely manner, and treating the customers (both end users and venders) with respect and personal attention is what my commercial customers want from a leasing company and something that I have been able to deliver to them over the years.

When a company loses sight of personal attention and service, it is those negatives that turn customers against certain companies whether they have good brand recognition or not.

Generally commercial customers will remain loyal to the sales people who made it possible to get their deals done effectively and efficiently.

Because of my specialized market (providing commercial funding to the livery sector) to me it doesn’t really matter if I worked at an extremely large financial institution or more of a boutique financial institution. What this boils down to, in this business, is that a salespersons name is his brand and it should be treated as such.

Carol Suggs-Sr. VP

Brenner Leasing

209-742-5466 Voice 209-742-5469 Fax

limofunder@sti.net

(As Roseanne Roseannadanna would say,

“ It just goes to show you....never mind!” Editor )

-----

Having just read the recent opinions of Andrew Thorn and Bob Rodi on

branding, I thought I would add two cents from the value added side of

technology. I don't think anyone can argue that branding is an important

aspect of marketing. Bob Rodi's pragmatic opinion regarding the slight

significance of a Lessor’s Brand to the Lessee (as it relates to vendor

originated business) is painful, but right on the money. Because the

Independent Lessor/Broker is once removed from the front-line sale, the

brand that becomes critical is that of the vendor or manufacturer in their

marketplace. However, through this association, many recognized leasing

brands have been created, ie. Ford Motor Credit, IBM Credit Corporation,

Caterpillar Finance, and let’s not forget our friends at Pitney Bowes Credit

Corporation. So the important question should be – How can the Lessor best

use branding to its benefit.

As Andrew and other clients of ours will confirm, delivering a Private

Branded Leasing web interface to a vendor or manufacturer is a value added

marketing tool that helps promote the Vendor’s brand to their clients. At

the same time, it builds the Vendor’s reliance on the Lessor’s services. The

more value a Lessor brings to their Vendor's brand equity, the more

meaningful the Lessor’s brand becomes to that Vendor. The natural

consequence is more business for the Lessor who has the technology to

provide Private Branding tools.

Steve Lundergan

Vision Commerce, LLP

steve@visioncommerce.com

800-371-5432

www.visioncommerce.com

Association for Government Financing and Leasing Conference

I know all of you are planning or have planned your trip to Orlando

for the Annual Conference (Nov. 20-22), but I found some information

on things to do there outside of Disney as well as some other

information that may help during your stay, including the weather -

Located after Conference Sponsors. Remember, all our events are

Business Casual!

Graham Hauck

AGL&F Executive Director

*************************************************************

Again a special thank you to our 2002 Fall Annual Conference Sponsors!!!

As of October 22, 2002

Chairman's Club

Ambac

Siemens Financial Services/Siemens Building Technologies

President's Club

First Municipal Credit Corporation

LaSalle National Leasing Corporation

Orix Public Finance

Standard and Poor's Corporation

Transamerica Public Finance

Gold

Financial Security Assurance

Silver

Fifth Third Leasing Company

Fitch IBCA Duff & Phelps

Marquette Bank

Moody's Investor Services

Peck, Shaffer & Williams LLP

SunTrust

Bronze

Baystone Financial Group

Comvest, Ltd.

Koch Financial Corporation

MBIA Insurance

Morgan Keegan & Company

Old National Bank

***********************************************

Links and information courtesy of Hemispheres Magazine

(www.hemispheresmagazine.com)

ORLANDO ON THE WEB

Visit Orlando online at the Orlando/Orange County Convention &

Visitors Bureau's site, www.orlandoinfo.com. You'll get the scoop on

nightlife, recreation, arts and culture, and shopping. Other good

sites for news, events, and travel tips are www.go2orlando.com and

www.orlandosentinel.com. Get a sneak preview of Cirque du Soleil's La

Nouba at www.cirquedusoleil.com. If you can't wait to feast your eyes

on the Tiffany collection at the Charles Hosmer Morse Museum of

American Art, get a taste at www.morsemuseum.org. And to see what

awaits you at the Richard Petty Driving Experience, make tracks for

www.1800bepetty.com

GETTING GROUNDED

As the hub for the "vacation capital of the world," Orlando

International is easy to navigate. Taxis are readily available to

take you to the attractions, but Disney World is located 25 miles

away. Taxi fare is almost what it costs to rent a compact here ($29 a

day). The majority of visitors use a rental for their Orlando

vacation, and you should, too. On-site rental car firms are located

on the ground floor, and off-site operators send their continuous

fleet of buses for customer pickup.

GETTING ORIENTED

From Orlando International, take Highway 528 west to I-4; then go

right toward Orlando and the Portofino Bay Hotel at Universal

Orlando. I-4 is the main area thoroughfare, connecting the major

theme parks with each other and Orlando/Winter Park. Attraction and

exit signs are prominent and easy to follow. Keep in mind that

commuters flood I-4 going east in the morning and west in the

afternoon.

GETTING AROUND

A rental car is more necessity than luxury. Consequently, both Walt

Disney World and Universal Orlando have large parking lots. At

Disney, a tram normally has to ferry you from the lot to a particular

attraction. At Universal, all the attractions are a 10-15 minute walk

from the high-rise parking lot. Wear comfortable walking shoes

because you'll be walking several miles each day.

ORLANDO'S WEATHER

Greatly influenced by the nearby Gulf of Mexico and Atlantic Ocean,

Orlando's climate is generally warm year-round. However, there are

two distinct seasons: wet and dry. October and May are often

transition months, but November signals the start of that second,

more-pleasant season-a six-month period characterized by mild to warm

days, cool nights, and a minimum of rain.

On average, the sun shines about 65 percent of the time during

November, and it rains on only a handful of days. Average highs and

lows settle into the upper 70s and mid-50s, respectively, but some

variation occurs. Though temperatures cool a bit more in the heart of

winter and arctic air occasionally visits the region, the weather

generally remains pleasant. The main threat during this time of year

is the occasional line of strong thunderstorms that sweeps through.

Graham Hauck

Executive Director

Association for Governmental Leasing and Finance

1255 23rd Street, NW

Washington, DC 20037

202.742.AGLF (2453)

fax: 202.833.3636

email: gsh@aglf.org

http://www.aglf.org

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Streamline Sales Tax Meeting---Dennis Brown, Equipment Leasing Association

Individuals who wish to call-in should notify Ellen Marshall, Communications Liaison for the Streamlined Sales Tax Project (ellen_marshall@hotmail.com), by October 29, 2002. (Please include your name, organization, and telephone number in your email response.)

In addition, due to the large number of participants expected on the teleconference, participants are asked to designate one person per company/organization to participate verbally in the teleconference and take steps necessary to reduce or eliminate background noise during the call. Use of cell phones for this teleconference is strongly discouraged.

An agenda and dial-in instructions for this teleconference follows:

Subject: Streamlined Sales Tax Project October 2002 Project Meeting

Date: October 31, 2002

Time: 2:00 EST

Dial-in Number: 703-736-7228

PIN: 6277036

Agenda

1. Welcome, Introductions, and Roll Call

2. Issues for Discussion by Participants

a. Sourcing and Leasing

b. MPUs for Pre-written Software

c. MPUs and the Printing Industry

d. Telecommunications Bundling Issues

3. Public Comment

4. Adjournment

Members of the public who wish to address state representatives during the Project Meeting are requested to contact Diane Hardt (608-202-6798) to be included on the agenda. Time for each presentation will be limited depending upon the number of persons wishing to comment.

____________________________________________________________________

Postal Service lists recommended dates for sending holiday mail

By Associated Press

WASHINGTON (AP) In a sure sign that the Christmas season is nearing, the Postal Service issued its annual recommended dates for sending cards and letters for timely delivery overseas.

Fast approaching is the deadline for surface mail to Africa and the Middle East Nov. 1. Other areas have somewhat later deadlines.

Here are the recommended mailing dates:

Military APO, FPO and AE ZIP codes beginning 090-098, 340 and 962-966: Parcel post, Nov. 6; Space Available Mail, Nov. 27; Parcel Airlift Mail, Dec. 4; Priority Mail and first-class letters and cards, Dec. 11.

Africa: surface, Nov. 1; air parcels, letters and cards, Dec. 9.

Asia and Pacific rim: surface, Nov. 6; air parcels, letters and cards, Dec. 16.

Australia, New Zealand: surface, Nov. 6; air parcels, letters and cards, Dec. 16.

Canada: surface, Nov. 23; air parcels, letters and cards, Dec. 16.

Caribbean: surface, Nov. 20; air parcels, letters and cards, Dec. 16.

Central and South America: surface, Nov. 6; air parcels, letters and cards, Dec. 9.

Mexico: surface, Nov. 23; air parcels, letters and cards, Dec. 16.

Europe: surface, Nov. 13; air parcels, letters and cards, Dec. 16.

Middle East: surface, Nov. 1; air parcels, letters and cards, Dec. 16.

On the Net:

U.S. Postal Service: http://www.usps.com