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More on Shieman not at the Matsco Companies

by Christopher Menkin

As reported in Leasing News yesterday, Matthew D. Shieman is out as president of the Matsco Companies, originally founded by his family, and he is now part of Diversity Capital, working out of Moraga, California, a residential community across the bay from San Francisco.


Greater Bay Bancorp President/CEO Byron A. Scordelis returned Leasing News telephone call. He stated Keith Wilton, President of the Specialty Financing Group of Greater Bay Bancorp, was to contact me. This is correct, as Mr. Wilton's secretary called earlier to let me know he was out of town and would be contacting me next week about the Matsco Companies. Wilton is in charge of Matsco, CAPCO and Greater Bay Capital.

Scordelis said he could not discuss personnel matters, but the bank "greatly appreciates Matt's past contributions and we wish him well in any future endeavors he might undertake."

He said the Matsco Companies continues to do finance leases for dentists, veterinarians, and health care professionals. Much of the story in Leasing News yesterday covered 2001, before Scordelis's watch. The company for five years has been growing each year, he said, and in fact, according to the SEC filings, had a 14% growth rate in 2005 with nearly $900 million in assets.

"I would also say the loss record is pristine for a leasing company," he pointed out. "Look at the figures, last year $4.6 million in losses on $885 million, that's roughly a half percent. Pristine! "

The 10K Annual Report for Greater Bay Bancorp was filed March 23, 2006: