Republic Leasing of South Carolina to Become Division NetBank April 1

 

This is not a pre-April Fool's joke.  Dwight Galloway, President of Republic Leasing of South Carolina, who started this enterprise way back when, referred Leasing News to the bank public relation's department.

We have a call into Rich Jeffers of the NetBank Public Relations company to learn the significance, and if there are any changes.

It is our understanding that loans and leases are serviced by the bank, although most of the mortgage business is “sold off” or serviced elsewhere, very similar to the Advanta operation.

Net Bank is the largest internet bank, and perhaps the most successful.

Republic Leasing of South Carolina was one of the first that went to the
securization market primarily from sales generated by leasing brokers.

July 26,2002 Dwight Galloway wrote a letter to over 100 brokers, basically saying it wasn't profitable for his company to continue to do business with them.

http://two.leasingnews.org/archives/July2002/7-31-2002.htm

November 22,2001, he announced the acquisition of our long time parent, Resource Bancshares Mortgage Group, Inc. by NetBank, Inc.

http://www.leasingnews.org/Conscious-Top%20Stories/dwight.htm

 

"Dwight Galloway is the President of Republic Leasing Company, Inc., a full service, small ticket lender based in Columbia, SC.  He has over 17 years experience in equipment sales and finance.   After leaving the U.S. Army in 1978, he worked for two years as a sales manager for an equipment vendor.

   “During the 1980's, he began providing financing for start-up businesses, and buying/selling large ticket, tax-oriented operating leases before “graduating” to small-ticket leasing.

  “ He started Republic Leasing in 1988 as a subsidiary of Resources Bancshares after selling the small-ticket operation to that firm.”

    United Association of Equipment Leasing Newsline, Jan/Feb 1997