FIRSTCORPT Sold to IFC Credit Corporation

            (It’s Official—Again we had the news first----

“You reported Jim Merrilees has left Firstcorp, but here is

the rest of the story, Firstcorp has been sold to IFG, in IL. John Estok

will be moving to Chicago. Len (Ludwig) of course has his new business

(venture leasing-Ven???) so this looks like the end of Firstcorp as a local

Pacific Northwest lessor.”

  January 22,2003 

Leasing News had several subsequent stories, but here is the official

press release: )

MORTON GROVE, Illinois- IFC Credit Corporation announced that it has signed a definitive agreement to acquire First Portland Corporation dba FIRSTCORP, based in Portland, Oregon.

FIRSTCORP is a leading small-ticket lessor of office equipment. The company serves equipment suppliers and end-users of equipment through a direct sales force, and through an advanced online lease processing system.

Rudolph D. Trebels, President and CEO of IFC Credit, commented: “The acquisition of FIRSTCORP is an excellent strategic fit for IFC Credit, and results in our becoming one of the largest independent lessors in the industry.”

Len Ludwig, Chief Executive Officer of FIRSTCORP commented, “Since the two companies have complimentary strengths and areas of expertise, the new combined entity will be in a position to offer customers a complete menu of products and services.”

Mr. Trebels concluded: “We expect a smooth integration of FIRSTCORP’s business into our operations, and will work to maximize the benefits of the expanded services and customer base. These factors, combined with greater financial resources and broadened management and service teams, should result in efficiencies and further growth.”

As a result of the acquisition, IFC Credit will have an expanded market presence through staffed offices in Chicago, Irvine, Dallas, Atlanta, New Jersey, Portland, and Morton Grove, IL.

The transaction is expected to close by February 10, 2003. Terms of the transaction were not disclosed.

IFC Credit Corporation is a national, independent equipment leasing company providing innovative services to manufacturing, wholesale, and professional service industries for both small-ticket and middle market leasing transactions. Headquartered in Morton Grove, Illinois, the company was founded in 1988 and serves a broad market from small businesses to Fortune 500 companies. The company also serves the healthcare market through Spectrum Medical Leasing, a company it acquired in 2002.

Contact:

Brian Cascarano

Vice President of Marketing

IFC Credit Corporation

(847) 663-6700

Len Ludwig

Chief Executive Officer

First Portland Corp. dba FIRSTCORP

503-598-4133

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