"Top Gun" Richard Baccaro

Picture of Richard on his Harley

October 5, 2002 San Diego United Association of Equipment Leasing
Annual Conference and Exhibition -- "Top Gun" Workshop

Here is Richard Background:

1985-1995         EVP-Sales First Financial - Princeton NJ
1996-1998         President/CEO ICC - Bridgewater NJ
1998-1999         VP-Sales First Sierra Financial - Houston TX
1999-2000         SVP-Sales SierraCities formerly First Sierra Financial
2000-2001         EVP-Sales SierraCities/American Express       
2002-                President/CEO  American Equipment Finance LLC -
                         Warren NJ/Scottsdale AZ

 

Wife: Merryl
Children: Andrew, Valerie and Ashley
Resides: Warren, NJ (still looking to sell my Scottsdale home)
Passions: Golf, Coaching the kids, Riding my Harley, Saturday nights out with Merryl

TODAY

Richard A. Baccaro
Executive Vice President - Sales & Marketing
Ascentium Capital LLC

"I’ve been back in Scottsdale for just over 3 years."

"Sold the Harley this year and now stick to golf."

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Classified Ads---Credit

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

Credit, syndication, workout experience Exceptional work ethic, common sense coupled with practical experience in equipment finance, consumer, commercial. Can interact with all levels of borrowers and intermediaries. Not an originator – but can help sales team close – great up sell ability. Will relocate for the right opportunity AND can work remotely.aaacorrespondent@gmail.com

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

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

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

 

 

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Leasing Industry Executives React to
ELFA Report August New Business Down 7.7%

(Chart: Leasing News)

The Equipment Leasing and Finance Association MLFI-25 report shows leasing and finance business fell from July $7.8 billion to $7.2 billion in August, down 7.7%.

August 2013: $6.4
August 2012: $6.9
August 2011: $5.7
August 2010: $4.3
August 2009: $6.9
August 2008: $5.3
August 2007: $6.9
August 2006: $6.5

John Boettigheimer
President
Centra Leasing, Inc

"Our new Business continued its strong growth in August and we are having an extremely busy September.  I suspect you will see strong gains reported next month for most lenders due to two reasons: (1) Natural rising pattern of business once Summer Vacation season is over  (2) Effect of lower crude/gasoline prices since summer (crude has fallen over $10 since Summer)." 

Dwight Galloway, CLP
Senior Vice-President, Broker Division
RLC Funding

"RLC Funding experienced a significant increase in applications and fundings for the month of August; however, we attribute that to a published rate reduction rather than universal economic factors.  By type of collateral, the increase came across the board but particularly with soft collateral (software, energy upgrades, restaurants, IT) rather than machine tools or heavy equipment."  

Blake Johnson
Chairman & Founder
Enverto Investment Group
Prime Marketing
IMCA Capital

"Our volume is up significantly year over year, but I would agree with ELFA’s macro numbers and attribute most of our growth to our instant decisioning software (IMCA Express), not necessarily an increase in market demand.  Anecdotally, we are still seeing small business owners struggle to qualify to affordable financing, so there may be a modest of underserved demand, but much less than a year ago. 

"We anticipate to continued growth through Q1 2015."

Alan Levine
President
Madison Capital

"Although industry billings were down in July, the overall picture is pretty good. The up and down volume, has overall, been a positive with originations up from the lien years 2009 and 2010. Everyone has trimmed down; many have closed up shop, reduced forces, and/or retooled for growth. Albeit, maybe not dramatic, the last quarter of 2014 should be good. Madison has had a few slow months in 2014, but up year over year since 2009. Our growth probably mirrors most successful companies. I think the balance of the year will be very good. Our pipeline is strong and originators are busy. The temperature in Maryland is cooling down, but business remains 'hot'."

Paul Menzel, CLP
President, Financial Pacific

"ELFA report basically reflects flat demand. FP experienced a stall this summer in our heretofore rapid growth, which is typical for us historically. MTD September is showing a noticeable uptick in application volume marking the end of vacation season. We also slightly lowered our "A" rates which is likely contributing to activity. I am expecting CapEx to break out by the end of the year ... finally!? "

Brad Peterson
Managing Member
Channel Partners, LLC

“July was Channel Partners’ largest loan volume month ever and we expected (and saw) a drop off in August…September is up slightly (7%).  That said, I was interested in a recent survey of equipment finance brokers indicated 68% were growing their volume in 2014, which is great news.  More relevant to us, 91% of the companies involved in the working capital space expected increases in loan volume in 2015.”

Rick Remiker
Sr. Executive Vice President,
Director of Commercial Banking
Huntington National Bank

"Huntington experienced good activity in August.  Our pipelines for September and the 4th Quarter are trending positively year over year, yet discussions with financial decision makers show CapEx decisioning to be very fragile and subject to caution based on US and global economic and geopolitical events."

David T. Schaefer
Chief Executive Officer
Orion First Financial

"We experienced a bit of a slow summer, but still significantly up year over year. September is quite strong and we expect the last quarter to be even greater."

    ----------------

From ELFA:

William G. Sutton, CAE
ELFA President and CEO

"Continued strength in new business volume reflects the uptick in overall economic activity most economists forecast for the second half of 2014. Solid fundamentals—modest GDP growth; an improving labor market; increased consumer spending, as evidenced by strong auto sales; and low interest rates—all bode well for continued business investment in general, and the equipment finance sector, in particular. Credit quality appears manageable as well, although the index shows a slight uptick in delinquencies. Tempering this relatively good news is concern over recent geopolitical events relating to the fight against terrorism.”

Larry R. Stevens
President and Chief Executive Officer
Med One Capital

“The YTD-2014 metric measured by the MLFI-25 demonstrates a solid year in the equipment finance industry. If the month-to-month trends continue for the remainder of 2014, our industry will experience the strongest new business performance since well before the beginning of the recession. The industry seems to have recovered much of the strength and momentum that was lost during the financial meltdown and resultant uncertainties experienced in 2009 and 2010. This trend is largely consistent with what we are experiencing in healthcare equipment financing. The high quality reflected in the portfolios of the reporting companies demonstrates that in the face of increasing volume, credit quality remains a high priority within our industry. If this continues, it will serve us well as pressure grows to increase new business volumes in the years ahead.”

EFLA MLFI-25 Charts:

MLFI-25 New Business Volume (Year Over Year Comparison)
click to make larger

Aging of Receivables:

click to make larger

Average Losses (Charge-offs) as a % of net receivables
(Year Over Year Comparison)

click image to make larger

Credit Approval Ratios As % of all Decisions Submitted
(Year Over Year Comparison)

click image to make larger

Total Number of Employees
(Year Over Year Comparison)

 

ELFA MLFI-25 Participants

BancorpSouth Equipment Finance
Bank of America
Bank of the West
BB&T Bank
BMO Harris Equipment Finance
Canon Financial Services
Caterpillar Financial Services
CIT
De Lage Landen Financial Services
Dell Financial Services
Direct Capital Corporation
EverBank Commercial Finance
Fifth Third Equipment Finance
First American Equipment Finance, a City National Bank Company
GreatAmerica Financial Services
Hitachi Credit America
HP Financial Services
Huntington Equipment Finance
John Deere Financial
Key Equipment Finance
LEAF Commercial Capital
M&T Bank
Marlin Leasing
Merchants Capital
PNC Equipment Finance
RBS Asset Finance
SG Equipment Finance
Siemens Financial Services
Stearns Bank
Suntrust
Susquehanna Commercial Finance
TCF Equipment Finance
US Bancorp Equipment Finance
Verizon Capital
Volvo Financial Services
Wells Fargo Equipment Finance

 

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New Hires---Promotions in the Leasing Industry

Bob Ackerly, CLP, was hired as Senior Equipment Leasing Business Originations Executive, Sumitomo Mitsui Finance and Leasing Co., Ltd., working out of the San Francisco Bay Area.  Previously, he was SVP, National US Vendor Sales, RBS Asset Finance, Inc. (2010–2012); Senior Vice President, Banc of America Leasing, Global Vendor Finance (2001–2008); Director of Finance, Network, Associates/McAfee (2000–2001). Education: CLP Foundation, CLP: Equipment Leasing & Finance, The King's College, Business Administration.

Heather Adamson was hired as Lease Administrator/Funder Balboa Capital, Irvine, California.  Previously, she was Sales Assistant / Lease Administrator, AXIS Capital, Inc., Dana Point, California (August 2013–March 2014); Sales Support / Front Office Administrator, Provident Equipment Leasing (March 2013–July 2013); Customer Service Elite Global Solutions (March 2012–November 2012); Assistant to Regional Vice President / Sales Support / Office Assistant, Relational Technology Solutions (September 2005–November 2009); Lease Administrator, Churchill Technology Finance (January 2005– August 2005); Portfolio Manager (End of Lease “EOL”), Pacific Rim Capital
(April 2004–August 2004); Administrative Assistant/ Lease Administrator, California First National Bank (September 1994–August 2003). Education: Golden West College, Liberal Arts, General Business Studies (2003–2005). La Quinta High School (1985–1988). Activities and Societies: Volunteer Work at Saddleback Church

Umesh Choksi was appointed Senior Vice President, Chief Financial Officer and Treasurer, American Railcar Industries, Inc., St. Charles, Missouri."Mr. Choksi has 30 plus years of experience in the railcar industry, with a majority of this experience in the railcar leasing market. Mr. Choksi has served American Railcar Leasing LLC (ARL) and ACF Industries, LLC in various capacities since 1977, including roles as both CEO and CFO of ARL."

Darren Durocher was hired as Sales Executive at Mercado Capital Corporation, Ontario, Canada. He is working out of Toronto, Canada. Previously, he was Business Development Manager, CLE Leasing (February, 2008–August, 2014); Business Development Manager, Account Manager, Leasecor Equipment Finance Inc. (2006–2008)

Peter Eaton now doing Sales & Collections at m2 Lease Funds LLC
Madison, Wisconsin. Previously, he was Sales Consultant, Objective Third Party Consulting November 2010–June 2014). In 2007, left Pentech Financial Service, Campbell, CA, to join OFC Capital Corporation out of Roswell, Georgia. In Palo Alto, California, he first headed the First National Leasing Corp West Coast Office. He then went on his own with Sevilla Leasing and Associates in Palo Alto, Ca. In 1993, he joined Leasing Associates in Mountain View, California, to help build the established broker program. When Leasing Associates main line Colonial Pacific Leasing (CPL) moved to GE Commercial, things changed, and in fact, Leasing Associates was the last discounter GE funded in the Pegasus program. Steve Dunham, the founder Leasing Associates moved to the East Coast, continued the operation, and Eaton joined Pentech Financial as Executive Vice President. He continued working with brokers and also developing the venture leasing program at Pentech until the dot.com bust hit the area. He is past president of the Western Association of Equipment Leasing and was one of the original Certified Leasing Professionals (CLP).

Robin Feldman was hired as Vice President Vendor Relations at Somerset Capital Group, Ltd., Milford, Connecticut; covering greater New York City area.  Previously, he was Senior Territory Manager, Element Financial Corporation (April 2013–October 2013); Enterprise Financing Executive, Microsoft Financing (December 2008–July 2012); Regional Sales Manager, CIT Equipment Leasing (July 2006–April 2008); Account Executive, Mellon US Leasing (April 1988–June 2001). Education: SUNY Oneonta, Bachelor of Science (BS), Business Administration and Management (1984–1987).
www.linkedin.com/pub/robin-feldman/15/251/3a2 

Barney Giunta was announced as Senior Credit Analyst at LCA Financial, Park City, Utah. He is located in North Babylon, New York.  He joined the firm May, 2014.  Previously he was self-employed as a consultant (March, 2009-May, 2014.  "Barney has over 30 years of experience in the financial industry having worked the Wall Street arena and then in credit management capacities with US Bank Leasing, ICB Leasing and New World Equipment Finance. 'I had worked with Barney at New World and knew I wanted him on my team as our volume of new business has dictated additional support,' says John Martella, LCAF President.  'As we grow the wholesale division, we seek to add expertise that brings value to our originators and positions LCA Financial as a leader in this segment.'  Division Vice President Mike Coon adds, “We are excited to have Barney Giunta along to support our growth initiatives.  His ability to manage risk and structure transactions with a business development focus puts us in a very solid competitive position.”
www.linkedin.com/pub/barney-giunta/60/29a/923

John Handelsman was appointed Chairman of the Board of Directors for Epipheo, Cincinnati, Ohio.  He remains Executive Chairman, Great Nursing Care, Inc (January 2013-Present) and Managing Principal, Present Values, LLC (June 2003-Present).  Previously, he was Chief Executive Officer, Al. Neyer (August 2011–August 2012); Operating Partner, Orchard Holdings Group (August 2011–January, 2012); Chief Executive Officer, Axon, LLC (October, 2008–December, 2009); Executive Pastor, Vineyard Community Church (October 2004–December 2005); Interim CEO, STAR Financial Equipment Finance (September 2003–October 2004); Chief Executive Officer, CBI Leasing - The Vaughn Group, Inc. (February 1995–June 2003). Volunteer: Regional Director, JH Ranch (January 2012); City Chairman and National Board of Directors, Outback America (October 2008–Present); Entrepreneur of the Year - Emerging Category, Ernst & Young (November 1999). Organizations: Outback America, Director. National Board Member and Cincinnati, Chairman, JH Ranch. Regional Director, Malibu Group. Member, Advisory Board (January 2008–October 2013). dba Direct, Inc., Director (January 2007–May 2013). Knovation (f/k/a Thinkronize, Inc.) Chairman (January 2004–January 2009). Vineyard Community Church, Chairman, Board of Trustees (March 2004–March 2006). Equipment Leasing and Finance Association, Executive Advisor, Lease Accounting Project (January 2010–April 2011). Education: Albion College, Economics and Management (1980–1984). Member, Sigma Chi Fraternity. Activities and Societies: Sigma Chi Fraternity.        
www.linkedin.com/pub/john-handelsman/41/70b/851

Elizabeth Hastings  was promoted to Senior Consultant - Business Development Officer, Veritas Financial Partners, Boca Raton, Florida; working out of the Dallas/Fort Worth, Texas, area.  She joined the firm June, 2014.  Previously, she was Principal, Hastings Financial /E -Capital Advisors, LLC. (January 1992–Present); Vice President, Regional Director, BofI Federal Bank (February 2013–April 2014); Senior Vice President/ Regional Sales Manager, Republic Business Credit (June 2011–January 2013); Senior Vice President, FGI Finance (February 2008–June 2011); Vice President, Presidential Financial (November 2006–February 2008); Vice President, Presidential Healthcare Credit (2006–2008); Vice President, PFC (2006–2008); Regional Director, Medical Capital (2003–2006); Relationship Manager, The Chase Manhattan Bank (October 1998–October 2003). Languages: Spanish. Organizations:   CFA, Dallas Chapter, Marketing and Communications Chairperson. Education: The University of Texas at Dallas, Finance (2007). University of Pittsburgh, Finance.
www.linkedin.com/pub/elizabeth-hastings/4/3a7/493 

Jeffrey S. Hollister was appointed President and Chief Executive Officer American Railcar Industries, Inc., St. Charles, Missouri as the Company's President and Chief Executive Officer. The Board of Directors had appointed Mr. Hollister as President and Interim Chief Executive Officer on October 9, 2013.

William (“Bill”) Mattocks has been hired as Senior Vice President, Director of Program Management, Sumitomo Mitsui Finance and Leasing Company, New York, New York. He is based in Savannah, Georgia, and "... will be responsible for developing deep vendor relationships with program partners in both the construction and transportation segments and for managing a team of five (5) Regional Sales & Marketing Managers."  Previously, he was National Program & Sales Manager, Bank of the West Equipment Finance (2005–August 2014); Marketing Manager, JCB (January 2003–October 2005);
Marketing Manager, JCB (January 2003–October 2005); Account Executive, Astec Financial Services (June 2001–December 2002). Education: Clemson University, Bachelor of Science (B.S.), Economics
www.linkedin.com/pub/bill-mattocks/8/592/2b2

Stavros Moisiades as vice president of Direct Originations at Nations Equipment Finance, Norwalk, Connecticut; covering the greater New York City area.  Previously, he was Account Executive, Indeed.com
(January, 2014 – July, 2014); Finance Intern, TPI Real Estate, Investment Services Corp. (May, 2012 – July, 2012). Certifications:
Bloomberg Essentials Training Program; Bloomberg LP, License Equity Essentials (December 2013 – Present). Languages: English.
Greek. Education: Seton Hall University Stillman School of Business
Bachelor's Degree, Finance, Economics (2009 – 2013).
Activities and Societies: Zeta Psi Fraternity of North America
www.linkedin.com/pub/stavros-moisiades/45/ab0/0 

Thomas J. Pagnotti has been hired as Vice President and Northeast Region Sales Manager, Sumitomo Mitsui Finance and Leasing Company, New York, New York for construction and transportation leasing and finance. "Tom comes to SMFL from Susquehanna Commercial Finance. Tom’s career in the industry spans 28 years including working for Furnival Machinery Company (a Komatsu dealership), Ingersoll-Rand Finance, Citi Capital Commercial Corporation, De Lage Landen Financial Services, Co-Activ Capital Partners, and Penn Jersey Machinery (a Volvo Construction Equipment dealer). Tom will be located in the New York branch office. His territory includes ME, NH, VT, MA, RI, CT, NY, NJ, DE, MD, VA and WV."

Nate Pfeifer was hired as Credit Officer at AXIS Capital, Inc. Grand Island, Nebraska. Previously, he was Regional Sales Manager Blue Bridge Financial, LLC (September, 2012 – December, 2013); Credit, AXIS Capital, Inc. (October, 1998 – August, 2012). Education: University of Nebraska at Kearney, Bachelor's degree, Business Administration and Management, General (1988 – 2003).
www.linkedin.com/pub/nate-pfeifer/59/158/aa0 

David Rivers was hired as Director of Sales, River Capital Finance, Westlake, Ohio. Previously, he was Regional Vice President, First Financial Corporate Services, Inc. (March, 2012 – July, 2014); Regional Vice President, LaSalle Solutions (January, 2010 – May, 2011); National Account Manager, Macquarie Equipment Finance (September, 2005 – March, 2010). Education: King College, BA, Finance (1984 – 1988). Activities and Societies: Tennis, Soccer
www.linkedin.com/pub/david-myers/15/836/6b1

Jeffrey "Jeff" Scott Whitcomb was announced as Senior Vice President and Executive Director at Sumitomo Mitsui Finance and Leasing, New York, New York.  He joined the firm June, 2014, "... with the intent of entering the construction and transportation segments just as industry growth kicks into high gear. The business has an initial team of 25 people and will grow to 85 over a three year period. The business will focus primarily on vendor originated business and will participate in syndications and portfolio acquisitions. Started his career as one of three founders at Captive Capital Corporation – one of the first web platforms for managing multi-lender vendor finance programs. He then led business development for the C&I team at De Lage Landen Financial Services. Finally, Mr. Whitcomb helped lead continued growth at People’s Capital and Leasing Corporation as they expanded their construction and transportation portfolios coming out of the financial crisis." Previously, he was EVP & Director of Sales, AMP Americas, LLC (May, 2012 – June, 2014); Vice President, People's Capital & Leasing Corp. (May, 2009 – May, 2012); former CEO, Covenant Lease & Finance, LLC (December, 2008 – December, 2009); VP, Director of New Business Development, De Lage Landen Financial Services (April, 2006 – December, 2008); VP Sales, eMarket Capital (January, 2000 – April, 2006); Consultant, Cambridge Technology (1995 – 1999); Director - MCS Consulting, PriceWaterhouseCoopers (1996 – 1998); Senior Analyst, The Thomson Corporation (1995 – 1998); Analyst, Thomson (1995 – 1997); Auditor, Rhone Poulenc (1993 – 1996).  Organizations: AEM; ITA; SC&RA; AED; ARA, Chairman; GUMC Annual Golf Tournament, President; GUMC Council. Certificate of Commercial French Language, Paris, Chamber of Commerce and Industry – CCIP (May, 1990 – Present). Honors & Awards: 2003, ELFA Convention Presentation "From Good to Purple."2002, ELFA Convention Presentation "Leading the Captive from Farmer to Hunter." Education: Thunderbird, MBA, Finance, Russian, Economics (1991 – 1992). Bucknell University, BSBA, Management, French, International Relations (1987 – 1991). Activities and Societies: Crew, Ice Hockey, Kappa Delta Rho Fraternity (founder, Treasurer). Bucknell en France. Wheaton Central (1984 – 1987).
www.linkedin.com/pub/jeff-whitcomb/0/159/828 

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Leasing Industry Help Wanted
 

 

Collector, Atlanta, GA Experienced, calling 11-90 day delinquent customers, assisting Asset Re-marketer with delinquency reporting, weekly reporting to home office. Sales, Chicago, Atlanta Work out of main office and satellite. Heavy phone sales calling on both independent dealers and end users (cold/warm calling), marketing, weekly reporting to management. Outside territorial salespeople will also be considered. Contact: Michael Testa 312-881-3133 mtesta@secondcityleasing.com www.secondcityleasing.com Financing for Commercial Truck & Trailer, Exotic, High Line, Vintage & Classic Automobiles, Taxi, Livery & Paratransit

 

 

For information on placing a help wanted ad, please click here

Please see our Job Wanted section for possible new employment

 

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Ollie the Golden Retriever Solves Murder Case

By Tom McCurnin
Leasing News Legal Editor

 

Hiker’s Dog Finds Head of Missing Man, Computer Forensics
Prove Guilt of Roommate

People v Gabriel Campos Martinez LASC Case No. BA 422 242  (Los Angeles County Criminal Court 2014).

I’m a banking lawyer, not a criminal lawyer, so when asked to represent a financial institution which was a witness in a murder trial, I accepted the engagement, but with some trepidation.  The case is right out of the CSI television series. 

During the two days at the Preliminary Hearing, I learned a great deal about dogs, investigative techniques, and computer forensics.  This case has nothing to do with leasing, but if you’re a dog lover, it certainly is interesting. 

Lauren Kornberg was walking dogs in Griffith Park, Los Angeles,
California, including a whacky Golden Retriever by the name Ollie in January, 2012.  Suddenly, the dog started acting hyper, broke the leash and went racing up the trail, far head of the hikers.  He ultimately ended up on a cliff area above the hiking trail, where he frantically started barking and digging.  After several minutes of barking and digging, Ollie uncovered a human head, and gleefully presented the find to the hikers.  Ultimately, Ollie tossed the head down the slope where it landed near the hikers. 

The hikers called police who uncovered the head’s matching hands and feet.  Using a special technique, the police were able to obtain prints from the hands, and identified the head the next day.  The body was never located. 

A search warrant was issued for the victim’s apartment, where the victim lived with his male roommate, who claimed that the victim was in Tijuana.  The roommate claimed that he was in touch with the victim by phone and would be coming back shortly.  However, the Detectives noticed that the roommate had the victim’s cell phone and that the victim did not take his heart medicine with him.
TSA was contacted and it was ascertained that the victim did not cross into Tijuana during the applicable time period. 

Detectives seized the roommate’s computer, and using forensic analysis, they ascertained that the roommate made several google searches, on the day before the victim went missing.  The computer searches included buying bone saws, butchering techniques, and making sausage.  The roommate worked for a catering company. 

During the two days I was present at the Preliminary Hearing, representing the bank, I was impressed at the detailed police work, and the ability to track down google searches from a month earlier.  Finally, I was very impressed with the Golden Retriever, “Ollie” without whom this case would probably not been solved. 

I can just imagine the look on my retriever, who would have an ear to ear grin, a wagging tail, and would say, “Look what I found, Daddy!” 

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

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

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

 

 

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GoBank’s Future Revealed: It’s Bank of Walmart
By Philip Ryan, Bank Innovation

Wondering what happened to GoBank? It turns out Walmart happened.

Investors have expressed anxiety over Green Dot’s future lately. The prepaid leader was set to renew its contract with notoriously tough negotiator WalMart in 2015. At the same time, Green Dot’s mobile bank account, GoBank, appeared to be foundering, changing its terms and conditions and going dark on its social media channels.

Now much is made clear. The New York Times reports that GoBank will be WalMart’s bank, offering checking accounts “to almost anyone over 18 who passes an ID check.” That’s quite a turnaround for GoBank, which has restricted access to its accounts all summer.

The accounts, currently being piloted in Texas, will be available nationwide by the end of October, according to Walmart.

It’s not clear what this will mean for Walmart’s own Bluebird prepaid account, offered with American Express.

From the Times:

Walmart has been eyeing financial services for some time. Two years ago, the company announced a partnership with American Express to offer a prepaid card and debit accounts. Retailers like Target and 7-Eleven also offer prepaid cards.

But the new Walmart initiative will be the first full-blown, off-the-shelf checking account. To help attract customers, Walmart and Green Dot will forgo a screening system many banks use to vet potential customers and rely instead on a proprietary system. The model is expected to allow almost any consumer who passes an identification check to open an account in minutes, according to Green Dot.

In the past, Walmart has tried to secure a federal bank charter to become a deposit-taking bank, but abandoned that effort in 2007 in the face of opposition from the banking industry. Since then, the retailer has assembled an array of services that could be offered without a charter, as well as partnerships with financial service companies like Green Dot.

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

ICBA Statement on Wal-Mart Offering Checking Accounts

Washington, D.C. —Camden R. Fine, president and CEO of the Independent Community Bankers of America® (ICBA), issued this statement today following Wal-Mart’s announcement that it’s preparing to offer checking accounts in stores nationwide.

“The nation’s community banks have offered low-fee and no-fee basic checking accounts for decades. Meeting the financial needs of citizens in thousands of communities across America is at the heart of the community banking business model.

“So the message is simple: if a retailer like Wal-Mart is going to serve as a conduit for offering checking accounts and other traditional banking services, they need to know their customer and protect the customer’s financial health just as is required of all banks. This means that these accounts should be subject to the same legal and regulatory framework, consumer protections, and oversight as traditional checking accounts offered by banks.

“Federal and state regulators need to take appropriate steps to ensure Wal-Mart banking services comply with all appropriate banking laws and regulations, including consumer protection and federal deposit insurance. Further, policymakers should insure that Wal-Mart is in compliance with all state consumer-protection and other applicable laws.

“Our nation’s policy makers have separated the business of retail from the business of banking for a reason, for which the wisdom of such policies became crystal clear during the Great Recession. If consumers are interested in checking accounts, they can look to their local community bank for the best possible customer service that’s based on the time-tested community bank relationship business model.”

About ICBA
The Independent Community Bankers of America®, the nation’s voice for more than 6,500 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit www.icba.org.

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

John Kenny  Receivables Management • End of Lease Negotiations & Enforcement • Fraud Investigations • Credit Investigations • Asset Searches  • Skip-tracing • Third-party Commercial Collections john@jkrmdirect.com | ph 315-866-1167| www.jkrmdirect.com

(Leasing News provides this ad as a trade for investigations
and background information provided by John Kenny)

 

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

Quick Bridge Funding Ranked No. 1 Fastest Growing
Private Midsize Company in Orange County, California

Quick Bridge Funding, one of the country’s leading alternative lending working capital providers for small and medium-sized businesses, announced today it ranked No. 1 on the Orange County Business Journal’s Fastest Growing Private Midsize Companies List for 2014

Orange, CA. ---Quick Bridge Funding, a privately-held financial services firm specializing in short-term alternative lending for small to medium-sized businesses, is pleased to announce it ranked No. 1 on the Orange County Business Journal’s September 22, 2014 Fastest Growing Private Midsize Companies List.

Founded in 2011, Quick Bridge Funding achieved the No. 1 rank based on a 2,236 percent increase from $1.5 million to $34.7 million revenue. The Business Journal took the percentage increase in revenue for the 12 months through June 30, 2014 compared with the same period two years earlier. To be considered for the list, companies needed to be privately held, based in Orange County and have annual sales of at least $300,000 for the 12 months through June 30, 2012. The list of 174 fastest growing companies was divided by company size: small - under $10 million, midsize - $10 million to $99 million; larger - $100 million and above. The midsize category had 73 entries that grew on average 74.1 percent.

Quick Bridge Funding’s cofounders David Gilbert and Brij Patel are primary equity owners with cofounders Ben Gold serving as president and Jason Osiecki as vice president of sales. The founders attribute Quick Bridge’s strong portfolio performance and growth in loan originations to the mutually beneficial relationships it has established with its third party broker partners, as well as its dedicated team of quality leaders and team members. The following individuals have been with Quick Bridge since its beginning: Rahul Lavingia, Lead Credit Analyst; Albert Lopez, IT Support; Pooja Nene, Account Manager; and Elizabeth Viramontes, Controller. Leadership team members include: Jim Grant, Vice President of Portfolio Management; Hamlet Khodaverdian, Vice President of Technology; Luke O’Dell, Director of Sales; Nick Roberto, Senior Vice President of Credit and Operations; Jay Shaw, Director of Operations; and Rob Weening, CFO.

When asked how the company achieved its recent growth, Cofounder and President, Ben Gold said, “We focus specifically on user experience and efficiency. We’re customer focused, and that’s a real driver to our growth.” Cofounder and Vice President, Jason Osiecki added, “We’ve had disciplined growth, it was by design. We set up processes and systems and created our own software.”

Looking to the future, Gold mentioned that the alternative lending industry is five times what it was in 2008, and it’s exponentially growing as small-business owners transfer their allegiance and trust from bank lending to private funding sources such as Quick Bridge Funding. The company plans on reaching 100 employees over the next three quarters.

For more information on Quick Bridge Funding call (888) 233-9085 or visit http://www.quickbridgefunding.com.

About Quick Bridge Funding Quick Bridge Funding is a privately-held financial services firm headquartered in Orange County, California. It provides a diverse variety of working capital and short-term debt financing products for small to medium-sized businesses nationwide. Launched in 2011 Quick Bridge Funding differentiates itself from traditional lending sources by evaluating a business’ cash flow versus credit. It prides itself on its ability to quickly and efficiently fund and close transactions. The firm has grown from two to nearly 70 employees – from 1,000 square feet to 10,000 square feet of office space. Working capital loans are used for various purposes, such as purchasing inventory and bridging gaps due to seasonal changes. Quick Bridge is able to fund close to all Standard Industrial Classification (SIC) and North American Industry Classification (NAICS) code business in all 50 states. Experience, technical knowledge, strong capitalization and creativity make it possible for Quick Bridge Funding to help small to medium-size businesses achieve the American Dream. Visit http://www.quickbridgefunding.com. 

 

 

 

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

Amembal Offers Back-to-Back Events
Budapest & Istanbul

Amembal & Associates is pleased to announce, for the first time ever, that its three most popular events are being held back to back in November

Our WINNING WITH LEASING seminar will be held in Budapest, Hungary on November 11 and 12. 

"Winning with Leasing" has been, and is, our flagship seminar.  Over 35,000 leasing professionals have attended!  It will be held in conjunction with the Leasing Association of Hungary who requested that the seminar outline be blended with that from another popular seminar "Managing a Leasing Company - Learning from Mature Markets".  The seminar promises to be an absolute winner!

Our OPERATING LEASES - MAXIMIZING BENEFITS, MINIMIZING RISKS seminar, will then be held in Istanbul, Turkey on November 18 and 19.

"Operating Leases - Maximizing Benefits, Minimizing Risks" is currently our most well-attended seminar, as a multitude of leasing companies in emerging markets have either recently launched the product or are contemplating doing so.  The seminar also addresses the needs of leasing companies from mature markets who are familiar with the product, but would like their skills to be enhanced.

Our 3rd ANUAL OPERATING LEASE CONFERENCE, will be held in Istanbul, on November 20 and 21, following the above-mentioned seminar.

The first and second conferences were sell-outs!  The 2014 conference will provide a multiplicity of talented speakers from both mature and emerging markets.  All presentations will be relevant to one and all.  Leasing companies new to the product will gain tremendous insight into the complexities of operating leases; leasing companies already engaged in the product will fine tune their skills. 

A new feature has been added.  Roundtable discussions will be facilitated by experienced leasing professionals and/or service providers.  Attendees will benefit from meaningful dialogues with peers enabling the attendees to gain tangible and implementable benefits. 

Those seeking to attend all of the above events will participate in the industry’s most well accepted training as well as avail of a generous back to back discount!

Contact:
Kelly Farnham
General Manager
Amembal & Associates
kelly@amembalandassociates.com

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

Fernando's View
By Fernando F. Croce

Action ("A Walk Among Tombstones") and drama ("Stray Dogs") clash at the box-office, while new DVD releases serve up frat-house comedy ("Neighbors"), high-school sensitivity ("Palo Alto"), and Shakespearean madness ("Macbeth").

In Theaters:

A Walk Among Tombstones (Universal Pictures): Ever since he starred in "Taken," Liam Neeson has had an unexpected but sturdy transformation into an action hero, becoming in the years since something like this generation's Charles Bronson. His muscular rise continues with this crackerjack thriller, in which Neeson plays Matthew Scudder, a former cop turned private detective. His latest case pushes him into dangerous zones, however, when he's contacted by a drug dealer who lost his wife to kidnappers. Though at first he refuses to get involved, Scudder soon finds himself knee-deep in the underworld as he becomes determined to not let an innocent woman suffer the same fate. Directed by veteran screenwriter Scott Frank with a flair for gritty characterizations and New York locations, this is an utterly satisfying pulp drama for Neeson's fans.

Stray Dogs (Cinema Guild): Known for his stylized, languid studies of isolation in Taiwan, director Tsai Ming-liang always creates beguiling cinematic worlds that viewers won't soon shake off. So is the case with his new film, a leisurely stroll through the darkest corners of Taipei that's among the year's most challenging releases. Lee Kang-sheng, Tsai's usual leading man, stars as a nameless family man doing his best to watch over his two small children, from working long hours holding a sign in rainy streets to finding makeshift homes in alleys and supermarkets. There's a glimmer of hope when he crosses paths with a lonely grocery clerk (Chen Shiang-chyi), but can they overcome their alienation? Filmed in the director's trademark long takes, the movie may be difficult viewing for audiences looking for mainstream excitement. Yet the mastery style, combined with Tsai's concern for the characters, make it a ride worth taking. With subtitles.

Netflix Tip: A familiar, welcome face for decades, Polly Bergen (1930-2014) left behind a string of likable roles on both big and small screens. So check out some of her best films, which include "Cry of the Hunted" (1953), "Cape Fear" (1962), "Move Over, Darling" (1963), and "Cry-Baby" (1990).

On DVD:

Neighbors (Universal): One of the summer's most satisfying hits, this uproarious comedy takes a look at the balance between youthful abandon and mature stability. Mac (Seth Rogen) and Kelly (Rose Byrne) are a married couple with a baby daughter and a quiet home in the suburbs. Their peaceful family life takes a sharp turn, however, when they learn that the house next door is being occupied by raucous frat boys led by Teddy (Zac Efron). The feud between the family and the students quickly escalates, and soon these neighbors are setting up bigger and more complicated schemes against one another. How far can they go before things get out of hand? Directed by Nicholas Stoller ("Forgetting Sarah Marshall"), this rowdy crowd-pleaser is a perfect showcase for its talented cast, with special props for Byrne.

Palo Alto (Peach Arch Trinity): A dynasty that doesn't stop providing cinematic talent, the Coppola family adds yet another notable director to its ranks with this sensitive directorial debut from Gia Coppola. Based on a series of short stories by James Franco, the film stars Emma Roberts as April, a timid high-school student who's torn between her crushes on a sweet-natured pothead (Jack Kilmer) and her coach (Franco). April's shyness is contrasted with the brashness of her colleague Emily (Zoe Levin), whose precocious ways click with the recklessness of Fred (Nat Wolff). As they float from one class and party to the next, the film's various characters and storylines merge in a fragile balance of yearning and anxiety. With a sympathetic eye to young emotions and a dreamy flow reminiscent of her older sister Sofia, Coppola's promising feature is a tender coming-of-age story.

Macbeth (Criterion): The brutal power-plays depicted in Shakespeare's classic portrait seem tailor-made for the sardonic worldview of Roman Polanski, so it's no surprise that the controversial Polish director's 1971 adaptation hits all the right notes of betrayal and madness. Shot on location in majestic, forbidding Welsh locations, the story chronicles the ambitious path of Lord Macbeth (Jon Finch), who, following a prophecy from a trio of witches and aided by his ambitious wife (Francesca Annis), bloodily seizes the crown. Increasingly haunted by guilt, however, he sees his place on the throne challenged by the son of the king, who's planning revenge. Acted by a superb cast and filmed with a palpable sense of claustrophobia, Polanski's version of the oft-told tale is a masterly example of theater turned into pure cinema.

Terrier, Cairn/Mix
Scottsdale, Arizona  Adopt-a-Dog

Hugo

Animal ID: 22536436
Breed: Terrier, Cairn/Mix
Age: 2 years 5 months 8 days
Sex: Male
Size: Medium
Color:        Tan
Neutered
Declawed: No
Housetrained: Unknown
Site: Foothills Animal Rescue
Location: foster
Intake Date: 6/4/2014
Adoption Price:    $175.00

Foothills Animal Rescue
23030 North Pima Road
Scottsdale, Arizona 85255

Shelter-480-488-9890     Fax:  480-513-8128
support@foothillsanimal.org

Shelter Hours:
Monday- Saturday: 11:00 am-5:00 pm

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

[headlines]
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In largest-ever US bank IPO
Citizens Financial seeks a turnaround

SNL Financial Feature Article
By Kiah Lau Haslett

The biggest-ever U.S. bank initial public offering will give investors an opportunity to buy into the turnaround of one of the largest financial institutions in the nation.

The IPO of Providence, R.I.-based Citizens Financial Group Inc. makes good on a promise from parent company Royal Bank of Scotland Group Plc to take the bank public and should at least temporarily cease speculation about Citizens as an acquisition target. The bank still has a ways to go in achieving peer-level performance and addressing regulatory concerns, as evidenced by its profitable but lagging earnings and a recent stress test failure; at the same time, those issues could serve as potential share price catalysts for interested bank investors.

Citizens is the largest-ever U.S. bank IPO, excluding mutual to stock conversions and companies that SNL does not currently cover as banks. The $130.28 billion bank filed for an IPO in May under the ticker CFG; the offering size is 140 million shares of common stock with an anticipated price range between $23 and $25 per share. RBS will beneficially own about 75.0% of Citizens' outstanding common shares, or 71.2% if the underwriters' overallotment option is exercised in full after the offering. The IPO could raise $3.5 billion at the top end of its expected price range, according to SNL, excluding the overallotment option. At the midpoint of the estimated price range, the deal is expected to raise $3.36 billion, excluding the overallotment — still far surpassing BankUnited Inc.'s $900.5 million IPO in 2011, which was the previous record-holder, according to SNL data.

There have been 17 bank IPOs since 2012, excluding mutual conversions and companies that SNL does not currently cover as banks. Before Citizens, the largest offering since 2012 was Talmer Bancorp Inc.'s debut in February 2014, which raised $232.56 million including overallotment, followed by the IPO of thrift EverBank Financial Corp in 2012, which grossed $221.03 million including overallotment.

While profitable, Citizens has faced regulatory hurdles and trails peers in some areas. The bank reported first-half 2014 net income of $479 million, compared to a net loss of $3.72 billion for the six months ended June 30, 2013, according to an amended registration statement filed in August. Included in those figures was a $180 million after-tax gain from the bank's divesture of its Chicago franchise, and $72 million in after-tax charges related to efforts to improve its processes and efficiencies. Net interest margin for the six-month period was 2.88%, compared to 2.83% for the year-ago period.

Over the last 12 months, Citizens' return on average equity was 3.98% and its efficiency ratio was 66.35%, according to data from SNL. A peer group of eight super-regional banks had significantly higher ROAE over the same period — the lowest was SunTrust Banks Inc.'s 6.68%, and the highest was Huntington Bancshares Inc.'s 10.69%. Citizens' efficiency ratio was more comparable to peers, coming in below SunTrust's, Comerica Inc.'s and KeyCorp's.

Another important chapter in the Citizens story is the bank's recent stress test result. The Federal Reserve objected to Citizens' first Comprehensive Capital Analysis and Review submission on qualitative grounds. In mid-September, Citizens released results of its company-run mid-cycle stress test as required under the Dodd-Frank Act, projecting net losses of $900 million over the course of a nine-quarter horizon under hypothetical severely adverse economic conditions.

Citizens spokeswoman Lauren DiGeronimo declined to comment for this story, citing the company's quiet period before the offering.

GBT Capital Management Founder and Chairman Gary Townsend, speaking of industry conditions generally, said sector valuations remain below 2007 highs and that the "poor" regulatory environment has forced banks to grow in order to achieve success.

"You need heft if you're a bank. You need size in order to be able to support the expense of the compliance costs. If you're bigger, you potentially have the wherewithal to cover your expenses and still give an adequate return on capital," he told SNL. "It's better to be diversified than not, which is another thing I disagree with the Fed on. The diversity of the operations I think it is a strength, not a weakness. I like the larger banks for that reason, too, they have more operations and they're not solely dependent on interest income for their earnings."

Citizens' story has some resemblance to that of another struggling financial company that went public to great fanfare — Ally Financial Inc. The offering was pitched to investors in April as a "large" and "complex" turnaround, but CEO Michael Carpenter also acknowledged that Ally's returns were "not what you would expect," and that the company's plan would lead it down a path of "improving return on equity from unacceptably low levels." Ally reported a return on tangible common equity of 4% in 2013, excluding one-time charges, according to an amended IPO registration statement.

Like Ally, Citizens has detailed how it plans to boost its financial performance and achieve a return on average tangible common equity of more than 10% by the fourth quarter of 2016, up from an adjusted baseline of 5.1% for full year 2013. The 2013 figure excludes a goodwill impairment, restructuring charges and special items. The IPO calls for aggressive expansion of business lines and geographies, including indirect auto lending. Citizens' commercial bank, RBS Citizens, has separately launched a technology and services banking group and extended its MidCorporate business into geographies outside the New England, Mid-Atlantic and Midwestern markets into Washington, D.C.; Charlotte, N.C.; Atlanta; Dallas; and Los Angeles. But Citizens has also pulled back from some markets as it reshapes itself, notably with the sale of its Charter One franchise in Chicago to U.S. Bancorp.

Citizens' offering and expansion efforts could end, at least temporarily, long-running speculation that it would sell to a super-regional or a foreign bank with a large presence in the U.S. The notion of a sale was always a long shot, complicated by a steep price, rumored to be around $10 billion, and a small list of potential suitors that has included Canadian bank Toronto-Dominion Bank and Japanese banks Sumitomo Mitsui Financial Group Inc. and Mitsubishi UFJ Financial Group Inc. over the years.

But even as rumors about a sale swirled around Citizens, analysts who followed RBS believed an IPO was the most likely choice for the company, given that it would precede a potential tightening in U.S. monetary policy in 2015. Mike Trippitt, of Numis Securities, told SNL in April that he was optimistic an IPO would meet with strong investor demand barring a sudden change in the outlook for monetary policy.

"You've basically got a fairly sizable retail and commercial business here that is very much a geared play on U.S. recovery and rising rates," he said. "I would have thought that the prospects of a clean, mainstream commercial business with an improving ROE would be attractive."

 

((Please Click on Bulletin Board to learn more information))
(Leasing News provides this ad “gratis” as a means
to help support the growth of Lease Police)

  

News Briefs----

Federal Regulars Fine U.S. Bancorp $9MM, Must return $48MM to Customers
http://blogs.wsj.com/totalreturn/2014/09/25/check-your-credit-card-bills-for-these-added-fees/

Here's Why the Biggest Banks Are Pushing Apple Pay
http://www.businessinsider.com/the-biggest-banks-are-pushing-apple-pay-2014-9

Made in the U.S.A., but Banked Overseas
http://www.nytimes.com/2014/09/26/business/made-in-the-usa-but-banked-overseas.html?ref=business&_r=0

Bad U.S. roads force "just in time" manufacturers to plan for 'just in case'—Leasing Increases
http://www.reuters.com/article/2014/09/25/us-usa-roads-workarounds-idUSKCN0HK17A20140925

 

[headlines]
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--You May Have Missed It

Putin plays chicken with US farmers—and loses
http://www.cnbc.com/id/102030391


[headlines]
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SparkPeople--Live Healthier and Longer

10 Reasons You Eat When You're Not Actually Hungry
And What You Can Do About It!
http://www.sparkpeople.com/resource/nutrition_articles.asp?id=1660

[headlines]
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Baseball Poem

Talking Baseball

Bring your cap and cushion and thermos
Jacket for the cool spring evenings
Most of all, bring the wide-eyed kids
Wearing gloves for the fouls our way

Teach 'em to enjoy batting practice
The pregame rituals in the smell of grass
Let them snag autographs down by the dugouts
Before the anthem
Even the batboy might be Cooperstown-bound!

Teach ' em how to keep score
How to appreciate the fine art
Of the pickoff throw
The squeeze bunt
Or the block of the wild pitch
That saved a base
And maybe the game

Teach 'em how to care
To hoot and holler and whoop
For the sparklers
That rate little stars
Beside the numbers you jot down
After each play.
How to boo the calls that go against
How to win with grace
And lose with dignity.

How to root
And put down roots
That might grab and hold
Forever
Bloom into a place to go
Where you're a kid
No matter how old

Walk away now
Slowly in the stadium's glow
Talking about the game you saw
Talking baseball

Written by Gene Carney,
"Romancing the Horsehide," Baseball
Poems on Players and the Game
Published by McFarland & Company

 

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Sports Briefs----

Career Cap-per, Jeter gets walk-off in final AB
http://www.nydailynews.com/sports

Fans fill the seats, no matter the cost
http://www.nytimes.com/2014/09/26/nyregion/a-shortstop-and-the-creator-of-the-jeter-superfan.html

One for the ages
http://nypost.com/2014/09/25/mlb-wont-let-rain-stand-in-way-of-derek-jeters-stadium-farewell/

San Francisco Giants clinch National League wild-card berth
http://www.contracostatimes.com/giants/ci_26605606/san-francisco-giants-clinch-national-league-wild-card

Former Oakland Raiders can pinpoint downfall: Hue Jackson's dismissal
http://www.mercurynews.com/raiders/ci_26562180/former-oakland-raiders-can-pinpoint-downfall-hue-jacksons

Picked off and blown out, Redskins demolished
http://www.washingtonpost.com/sports/kirk-cousins-has-five-turnovers-eli-manning-has-five-tds-and-giants-top-redskins-45-14/2014/09/26/cf6b8294-450a-11e4-b437-1a7368204804_story.html

 

[headlines]
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California Nuts Briefs---

King fire containment grows to 37 percent, but wind poses threat
http://www.sacbee.com/2014/09/23/6729309/containment-of-king-fire-grows.html 

Groundwater rules will force change
http://www.sonomanews.com/groundwater-rules-will-force-change/#.VCIbTfldWVN

Litigation allies of Drakes Bay Oyster Co. appeal to higher court
http://www.marinij.com/marinnews/ci_26585474/litigation-allies-drakes-bay-oyster-co-appeal-higher

[headlines]
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“Gimme that Wine”

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

It's a Vineyard Seller's Market
http://www.winesandvines.com/template.cfm?
section=news&content=139268K

In France, Inhumane Conditions for Champagne Pickers
http://www.wine-searcher.com/m/2014/09/inhumane-conditions-for-champagne-pickers

Oregon growers face ‘epic’ grape harvest
http://www.capitalpress.com/Oregon/20140924/oregon-growers-face-epic-grape-harvest

Early-harvest spot market prices soften for all but one North Coast wine grape variety
http://westernfarmpress.com/grapes/early-harvest-spot-market-prices-soften-all-one-north-coast-wine-grape-variety

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

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

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

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

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