The List—Up-Dated and Re-Formatted
Maria Martinez-Wong has formatted both the alphabetical and chronological format into html with the ability to click to the month or the leasing company.
The List has not been up-dated since the first of the year, and perhaps
this should be viewed as a “Quarterly Up-Date:”
Bank of the West, San Francisco/Dublin, Ca.(3/04) BancWest to purchase CFBX in a cash transaction valued at $1.2 billion and is expected to close during third-quarter 2004 (3Q'04), at which time the CFBX franchise will be merged with BWE's subsidiary, Bank of the West. Fitch believes that the proposed transaction is a positive for CFBX investors, as CFBX becomes part of a larger franchise that is supported by a highly rated global banking company in BNP. (10/2002) purchases Trinity Capital.Sr.VP Jerry Newell says,” 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."
Manifest Group (3/04) Brian Bjella as Senior Vice President and General Manager, resigns to form a Company with Ken Noyes: Grandview Financial, which consists of Quest Resources, headquartered in New Jersey. Bjella will remain in Marshall, Minnesota, where the company will grow, keeping the current staff and operations in New Jersey. This is a 50-50 partnership, according to Brian Bjella, who said, " It has always been a dream of mine, but I never actively pursued anything because I love working for Manifest. The right opportunity never came around until now, and it is one that I need to follow. “I am excited to have the opportunity to grow my own company, “he added, “ but it is very difficult for me to leave Manifest - it is a great organization with great people.” (4/2002)Troy Molitor resigns as General Manager. He follows Don Polfiet...Chris Canavati. Good men, that Manifest does miss. (3/2001) changes name to U.S. Bancorp - Manifest Funding Services. Manifest Group- (9/1/2000) purchased by US Bancorp Leasing and Financial, "...a win for all the parties involved," Brian Bjella. (11/2000) Donald Polfiet leaves and no one knows where he went. If you know, please tell us.
UPS Capital, a subsidiary of the United Parcel Service-UPS (3/04) UPS Capital Closes Direct Leasing Business According to a UPS Capital spokesman, the direct leasing division was closed on February 26 with 30 employees let go.
Trinity Capital (2/04) Donna Halow named president and CEO. After 23 years as President and CEO of Trinity Capital Corporation, Jim Halow has retired (reported by Leasing News on February 11,2004.) Donna Halow, his wife and partner since 1982 in the San Francisco-based equipment leasing company, succeeds him in the role. Promoted from Executive Vice President and General Manager by the firm's board of directors, Donna Halow had been in charge of the company's operations and major client relationships. (10/2002) Purchased by Bank of the West ( Trinity Capital Stories )
Sky Financial, Bowling Green, Ohio (2/04) to Sell Dental Financing Affiliate to MBNA.“ Sky Financial Solutions was a strong performer for Sky in 2003 and has continued to show earnings improvement since it began retaining its loan originations in 2000, however, this was a great opportunity for both Sky and MBNA,” stated Marty E. Adams, chairman, president and CEO of Sky Financial Group.
Balboa Capital, Irvine, Ca.( 2/04) Surprise! Surprise! Surprise! --Shawn Giffin Back at Balboa Capital. Rumors float that company is up for sale that both owners not getting along; they deny it. Byrne had taken a two year sabbatical and came back to the helm in late September of last year. It was then Giffin's turn to take some time off, they both said. Since that date, Byrne was back in the swing of things, increasing originations, creating a more sales friendly environment, improving credit and funding processes using Six Sigma, cleaning house, increasing customer service, finding fraud from vendors and salesmen, starting a broker division, the first time in 15 year history, hiring Curt Lynse, formerly with GE-Colonial Pacific, working on a national vendor program division, and getting the company moving in a very competitive manner. “I'm thrilled to be back, “ Shawn Giffin told Leasing News. “My head is clear. I'm invigorated. This is a great company.” Asked about his ability to get along with the other major share holder, he said, ‘ Pat has a unique set of skills, as I do. I think we are very complimentary working together. The point is I am fired up and am really glad to be back at work. I love it! “ Asked about what his title would be, he said, “Titles aren't important to Pat or I. “ (2/04) Curt Lynse, formerly at GE Capital/Colonial Pacific Leasing, joining Balboa Capital to start a broker division, something the company has not done in sixteen years; they founded in 1988. (9/03) Patrick Byrne is back, Shawn Giffin goes on sabbatical. ( 9/2000) Founder Pat Byrne "...office available any time he wants to use it".
| Orix (1/04) On February 13th, forty people will be let go in Orix's New York Office and twenty-five in Kennesaw with layoffs continuing every two weeks from then on through the end of the fiscal year (3/31). “The layoffs will hit IT and Accounting the hardest but they will be across the board (SFG, EFG, RPG, Operations, HR).“Also, apparently there is an internal memo among the Dallas Executives that has a timeline for vacating Kennesaw entirely (1/04) “We Need Your Help!” Orix Employee Cries Out Loud ( http://www.leasingnews.org/archives/January%202004/01-16-04.htm#we ( 1/04) Orix Capital Markets will announce that they are shutting down the NY office. Major layoffs will hit the Kennesaw, Georgia office either mid or late February. Nothing is certain yet but it is probably safe to say that Orix will be out of the leasing business altogether at this time in 2005. (1/04) “ They have also already told the CIO, Chief Legal Officer, EFG Group President, and some other senior level people when their last day will be (1/04) Gary Gusoff is Gone---Five More to Follow (12/03) Despite the press releases and hoopla, according to a highly reliable source, Gary Gussoff last day will be December 31, with more officers to follow, with rumors Orix may be getting out of the leasing business in the USA (11/03)Fitch Withdraws ORIX Financial's Senior Debt Rating (11/03) " Holmes had four businesses reporting to him, the ones run by Hidder, Crain, Neptune and Fite. Today after the reorganization Corr gets only one of those businesses, the old Credit Alliance portfolio run by Fite. The other three organizations that Holmes recruited and nourished at OFS are all reporting elsewhere. How long will those guys stay around, they jumped ship from elsewhere to follow Holmes? And what is the fate of Fite, is he really necessary if all Corr has is the Equipment business?" (11/03)Fitch Places ORIX Special Servicer Rating Watch Negative| (10/03) http://two.leasingnews.org/loose_files/Orix_Motivational_Posters.ppt (10/03) Beyond comedy. (10/03) Holmes gone! (10/03) Orix floundering, Holmes to going, going... (9/03) US team in trouble, look for shake-up on top. (8/2001) "Orix Corporation was raised to "outperform" from "hold" by analyst Tomotaka Ohio at UFJ Capital Markets Securities". In a related story, Orix was reiterated "hold" by analyst Edward Gordon at WestLB Panmure. Insider tells us not much action happening at Orix. Shows what a press release about a new president coming on board and new credit manager. Hype still works on Wall Street. (7/2001) Hires Donald Cox as Exec.VP/CFO-30 years exp. at BofA. Many predict he will be a "figure head" and the company will not be around in two to three years---history will tell if this is correct or not. (4/2001) Orix to "consolidate;" close offices, moving to Atlanta, GA. (2/2001) Closes re-discount center, Steve Geller says "goodbye." Geller joins Leasing Advisory Board, receives many accolades from readers. (11/10 First six months profits up 14% at Orix! ) (11/8) New President at Orix appointed. 10/2000 "long-term Outlook has been revised from Stable to Negative". Credit Alliance has changed its name to ORIX Financial Services, 9/2000 Japanese Bank President commits Suicide (Orix is a 14.7% shareholder in bank having problems), (8/2000) closes small ticket vendor division in Portland Oregon, "Business as usual in New Jersey and with Brokers" says Steve Geller.
Matsco Financial (1/04 ) According to three highly reliable sources at Cupertino National Bank, Cupertino, California, where Matsco was banking ( a Greater Bay Bank,) Matsco gave the bank its highest loan write-off in 2003, resulting in restructuring both at the bank and Matsco. The matter is now resolved, the sources said, and changes have been made. The account is also no longer domiciled at the bank, they reported. Steven C. Smith, Executive Vice President and Chief Financial Officer Greater Bay Bank, said that since Matsco is not a separate segment of the business there will not be a separate financial statements in the bank 4th quarter report. He stated there will be information on segment loan growth and loan charge-offs. adding that he thought it was a very detailed disclosure. He stated the bank always does a full disclosure and it is in compliance with all of the latest SEC required disclosures ,- which he added they have been doing well before all of the focus on accounting issues from the Worldcom and Enron's of the world. He did not want to be quoted directly and did not comment, nor confirm nor deny, any loan write-offs at Cupertino National Bank, referring all information to the SEC filing. (1/04)Matt Shieman, president of Matsco, a Greater Bay Bank company, Emeryville, California, told Leasing News last year "was the best ever. We may have let some people go last year, as many companies were forced to do, but everyone is happy here, business is good... No broker business. We cut down on the commercial sector, but any rumor to the contrary that business is not very good here is definitely not true." (7/03) Greater Bay Bancorp Reports Net Income of $48 Million for the First Six Months of 2003; Credit Quality Stable and now in compliance. Greater Bay Bank telephone conference:" Didn't sell any Matsco loans (securitizations last quarter due to operational problems, these loans are in the 1 ½ million to 2 million dollar range---problem is primarily due to a front system conversion, not complete, that will allow Matsco to save a quarter million a month in operation expenses when it is up and running (said in question and answer session at end of conference). Basically Greater Bay Bank is a "business bank" and should not be compared to peers who are more into consumer finance; they are a relationship bank and want to continue in that manner. Personal guarantees are important in real estate because in many instances the president of the bank can go to the person directly and ask them to stand up; the bank plans to be tight on operations and even more so, the local economy has been one of the toughest, especially the last couple of years, but the bank is in a strong position when the bay area turns around, capital levels very strong, although loans have been sluggish recently, but perhaps will move soon as there are some signs, less commercial real estate loans, no residential mortgages on balance sheet, loans were "flat," didn't sell any Matsco loans this last quarter due to operational problems, but plan to soon in the 1 ½ to 2 million dollar range (7/03) Having problems with vendors (Patterson Dental), real problem with operation system, while parent Greater Bay has their own with their last audit. Shieman to make announcement (but does not.) (5/2003) Reliable sources report commercial and broker division shut down, people let go, company to work solely on captive vendor, dentistry, veteran,CPA marketplace. President Matt Shieman was to give a statement on this at the beginning of this week, but has apparently changed his mind. (12/2000 purchased by Greater Bay Bank)
Greater Community Bancorp, Totowa, N.J (not to be confused with Greater Bay Bank in California) (01/04)In 2003, we charged off $1.3 million in problem leases. Excluding these leases, our 2003 charge-offs were $31,000. "We also implemented our new leasing strategy this past year, and are positioned with a new management team to expand on a solid foundation of vendor relationships. We now retain high-quality leases in portfolio; this will also contribute to a higher and more stable level of income as the portfolio builds over time," said Anthony M. Bruno, Jr., Chairman and CEO of Greater Community Bancorp.
PureMarkets, San Francisco, Ca. (1/04) Co-founder, president and ceo Jay Fudemberg departs Pure Markets
LeaseNow, Warrendale, PA (1/04) Acquires Motor Coach Financial, Guilford, Connecticut. Raymond J. Murphy, the president and principal shareholder of Motor Coach will serve as the Executive Vice President of LeaseNOW, Inc. Bob Rodi will continue as President and CEO of the merged companies while Marina Rodi will continue to remain as Secretary/Treasurer and CFO.
HPSC, Boston, MA (1/04) GE Healthcare Financial Services HPSC Conversion takes place.HPSC, Inc., with headquarters in Boston, MA, is a leading non-bank financial services company engaged primarily in financing licensed healthcare providers throughout the United States. HPSC provides financing, in the form of leases and notes due in installments, to the dental, ophthalmic, chiropractic, optometry, veterinary, podiatry and other medical and healthcare professions. HPSC markets its financing services to healthcare providers in a number of ways, including direct marketing through trade shows, conventions, advertising, cooperative arrangements with equipment vendors, and through its sales staff located in 22 offices throughout the United States. GE Healthcare Financial Services, a unit of GE Commercial Finance, is a premier provider of capital, financial solutions and related services for the global healthcare industry. With $12 billion in assets and nearly 700 employees, GE Healthcare Financial Services offers a full range of financing capabilities from equipment leasing and real estate financing to working capital lending and vendor finance programs.(11/03) reports a 14% decrease in net income for the third quarter ended September 30, 2003 of $1.5 million compared to $1.8 million in restated net income in the same quarter last year (11/03)GE Healthcare Financial Services to Acquire HPSC, Inc.; Transaction Strengthens Medical and Dental Practice Offerings. GE will acquire all of the issued and outstanding common stock of HPSC for $14.50 per share or a total consideration of approximately $72.4 million.
Capital Stream, (1/04) " a leader in front office automation solutions for commercial and equipment finance operations, today announced that it has acquired CapitalThinking Inc., a leading vendor of process automation and risk management software products for the commercial lending and commercial mortgage industry. The combined companies will continue operating under the CapitalStream name,” stated the press release.(8/03) Loses bid to purchase Decision Systems/IDS-USA. (8/03) John Kruse, Jim Brady, Cliff Monlux Open New Company: MAINSTREET FINANCE. Kruse and Monlux were original founders of CapitalStream, originally System 1 and Capital Advantage (6/03) Raises money for acquisitions, first move is to Buy Decision Systems International American operation. (1/2003)John Kruse has left the building. (10/2002) Corporate take-over by Wired Capital, complete new management team and officers, John Kruse now "salesman." For a full story click here (3/2002) Steve Campbell Resigns as CEO, (8/2001) John Kruse, VP, Account Development, announces another reduction of staff as "... precautionary measures because we don't see an immediate resolution to the economic downturn. We still remain financially healthy, and believe that reducing our capacity is a prudent business decision." Hal Hayden, Jim Buckles, Randy Anderson, many sales people gone.