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The Matsco Companies by Christopher Menkin "When you work with Matsco you receive the practice
financing that you need – plus you have access to business consulting
experts that will help you keep your practice strong and healthy. We
understand your needs as a healthcare practitioner – and even more so
as a business owner, so we’ll work with you to tailor a finance program
that meets your individual needs. "Plus, you have the confidence of knowing that you’re
working with the best – Matsco is the only practice finance company
to have the exclusive support of ADA Member Advantage and the American
Animal Hospital Association. This comes from our long track record of
successfully funding the dreams of dentists and veterinarians and delivering
expert tools, education and support that build prosperous practices. "We’ll work with you to build your future and your success." “A principal in the lending market, Matsco is one of the
top 50 commercial lenders in the United States and is a member of the
Greater Bay Bancorp family. Backed by extensive, in-depth lending expertise
and a 20-year track record of providing financing for healthcare practices,
Matsco has been the leader in professional practice lending for the
dental community since 1983. Working with the veterinary community since
1999, Matsco has already established itself as the premier specialty
lender in that market. As a specialized lender focused on the healthcare industry,
Matsco’s key to success is a consultative approach to business. By listening
to clients and working with them to understand their specific needs,
Matsco is able to deliver customized and fully-supported financing programs
throughout a doctor’s career or for a single project. Matsco’s broad
range of financial products and services are designed to meet growth
challenges at any stage of a practice’s life cycle, including: “Equipment loans & leases Practice acquisition & start-up financing Expansion & improvement financing Commercial real estate Business lines of credit Business refinancing programs “Matsco is also the only practice financing company to have
the exclusive support of ADA Member AdvantageSM and the American Animal
Hospital Association.” CONTACT US The Matsco Companies 2000 Powell Street, 4th Floor Emeryville, CA 94608 PHONE: 800.326.0376 FAX: 800.318.8601 EMAIL: info@matsco.com ( An outgrowth from the company started by Fred Shieman,
who died tragically and left the business for his son to continue, Matt,
who grew it into a major entity, then running into the changing securitization market, sold
to Greater Bay Bank, a conglomeration of San Francisco Bay Area banks, originally
in San Mateo and Santa Clara County, now growing into other counties. Shieman
reportedly has a large bonus hanging to meet projections. Rumors regarding real estate transactions, SBA transactions,
and the rapid growth have affected the sale of stock, plus reportedly
increased outside bank audit activity. It is alleged this has also affected
the Matsco Companies ability to seek low rate funds and reportedly has affected the operation. http://finance.yahoo.com/q?s=GBBK&d=t A year ago, the stock was selling for a high of $33, but
Friday was $18.48. The low was
$12.83 on March 10,2003, a little over two months ago. http://table.finance.yahoo.com/d?a=4&b=10&c=2002&d=4&e=10&f=2003&g=w&s=gbbk Latest Quarterly report: “Net income declined 9.1% during the first quarter of 2003
as compared to the first quarter of 2002. The decline was due primarily
to lower net yield on interest- earning assets reflecting the continual
reduction in market interest rates and increases in operating expenses
due to the ABD acquisition and our increased emphasis on enhanced enterprise-wide
risk management.” http://biz.yahoo.com/e/030509/gbbk10-q.html Ex-employees have been telling Leasing News about "down
sizing," "tight credit criteria," and "shifts in management." http://finance.yahoo.com/q?s=GBBK&d=t Reports for the last month about people being let go, and other changes. A
key player at Matsco recently “retired,” Hy Bren, who’s last e-mail came from Warren Capital in Novato, California.
hy@warrencapital.com Among the inquiries and e-mail from ex-employees, this was
recently received from a very
high reliable source: “I have been told by *******
( a former employee) that Greater
Bay Equipment Finance (the old Matsco) has let go most of their
sales and documentation people and are in the process of closing the
commercial operation. It is reported
that they want to focus on three areas: dental, CPA practices and nursing homes. Strange mix! I will advise
if I hear of anything else. If
you hear anything that needs to be confirmed, please let me know. I will try to find out for you.” It appears the Matsco company is getting out of the “broker”
business, plus changing its emphasize to concentrate more in the health
market field, which recent Equipment Leasing Association and Equipment Leasing and Finance Foundation reports state is a growing
“niche market place.” Matt Shieman responded last Friday morning (May 9): “Kit, appreciate you providing me the opportunity to address
the issue. I would like to send you an email on Monday that would provide you
a better summary of what has happened and where Matsco is going. “What I can say is
that the rumor statement is far from being accurate and that the financial performance of the Company this year
has never been better in its 20 year history. “Hope all is well with you and I will send response on Monday.” Matt |
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