Colonial Pacific Leasing ( 12/2001) to close Portland office, move to Chicago to be under one roof with other GE purchases, 500 brokers paired down to top 75 producers/250 employees effected. No more business at Portland operation after December 14th. Merry Christmas. http://www.leasingnews.org/Conscious-Top%20Stories/CLP.htm (2/2001) closes former Tilden operation in Hauppauge, NY (11/98) purchased by GE Capital 5/2000 no more re-brokered applications, except from one or two sources, such as Steve Dunham's Leasing Associates (10/98) Pitney Bowes Inc. announces it has agreed to sell its lease finance unit to the General Electric Capital Corporation, a unit of the General Electric Company, for more than $800 million in cash. The move is the latest in a year-long restructuring by Pitney Bowes, based in Stamford, Conn., a maker of postage meters, mailing systems, copiers and other equipment. The unit being sold, the Colonial Pacific Leasing Corporation, is based in Portland, Ore., and finances equipment leases through a network of 355 brokers and agents, Pitney Bowes said.

    FNF Capital   (12/2001) the nation's largest provider of title insurance and real estate related products and services, today announced that it has discontinued the origination of small-ticket leases by FNF Capital, its wholly-owned leasing subsidiary.  The Company will take a one-time, after-tax charge of approximately $8 million in the fourth quarter to cover costs associated with this discontinued business.  FNF Capital will continue to service those leases currently in the portfolio.  FNF originally entered the leasing business through the February 1998 acquisition of Granite Financial, which was renamed FNF Capital (10/2001) /closes down Small Ticket Operation.


    Ampent (11/2001) Ampent's site back up, reportedly ; landlord is allegedly sueing them; VC has reportedly dropped them, may even be perusing legal action. appears they are operationg out of a PO Box. (10/2001) site is off line, looks like they are going "south." (8/2001) formerly Accesslease.com; There are rumors there have been serious cutbacks in sales and marketing here. Senior Marketing Manager Parker Trevin says it is minor, basically a change in strategy and denies the rumor.

    Crocker Capital, California-(11/2001)-Assets:only" purchased by Dimensional Funding,  creditors, reports that creditors and employees not being paid. Bill Booth (owner) put in $500,000.00  of his own money to try to keep afloat.   http://www.leasingnews.org/archives/November%202001/11-20-01.htm

    Equalfooting.com (11/2001) files for bankruptcy, going under.( 10/2001) having financial problems. We asked president this question and then sales manager a few months  ago when reported they let salespeople go. They denied any problems. Leasing News heard otherwise.

    Equipment Finance, Lancaster, PA (11/2001) Sterling Financial to purchase for $30 million ( 70% stock/30% cash )

    Powernet Financial Group., Boston, Ma. ( 11/2001) brokerage firm purchased by Madison Capital http://www.leasingnews.org/archives/November%202001/11-13-01.htm

    Westar, Tumwater, WA  (11/2001) a leading automobile e-finance company, seeking to sell the “rapidly growing and recently profitable” firm due to funding needs and problems.


    Advanta Leasing (10/2001 ) Advanta Leasing Division Net Loss $44 Million "These included a $44 million charge associated with discontinued operations, principally reflecting a revision to the valuation of leasing assets and a decrease in the estimated pretax operating results over the remaining life of the lease portfolio. The leasing revision results primarily from the impact of a former leasing vendor's bankruptcy. The Company also recorded asset valuation charges of $10 million on its venture capital portfolio due to the continued weakness in the current market for venture capital investments.  As a result of these charges, the Company reported a net loss for the quarter of $41.7 million or $1.59 per share for Class A and Class B shares combined on a diluted basis."  (7/2001) Advanta Corp: 2nd quarter shows $4 million loss in leasing biz (1/2001) Advanta ceases leasing business announcement Chris Ciarrocchi says "goodbye".  Mortgage Division sold, re-affirms Leasing Division still for sale (9/2000)  for sale, former prez now at eOriginals, others let go like Kaye Lee.

    Alliance Funding Group, Anaheim, CA ( 10/2001) Merger/purchase did not go through.AFG (La Habra) was always owned by Brij Patel, now based in Anaheim CA. Grown to 50+ employees, 4 offices nationwide and still expanding. Still large on small ticket leasing. GE Cap's 2nd largest broker.
3rd move in 6 months - new space 15,000 square feet to accommodate newly "acquired" sales people from Saddleback, American Express, and expansion of New Medical Funding Division etc. Expected to be 100+ by the end of 2003.( 5/2001 ) purchase/merger by MSM Capital,headed by Mike Cingari, formerly pres. of Col. Pacific Leasing.

    Lessors.com (10/2001) Lessors.com closes to become eLessors Networking Association Web site (http://www.elessors.com) URL up for sale. Perhaps the best leasing portal to date.

    SDI Capital, So.CA  (10/2001)  SDI Capital to move from Chapter 11 to Chapter 7,  reportedly Scott Daniels part of Compass One Leasing, Southern California  (7/2001) files BK 11, many investors caught holding the bag, reportedly the Daniels moving to Canada to open another business. Compass One decision Analysis Group incorporated on 6/7/2001. ( 6/2001) reportedly gong to file BK, investors to lose $20 M (6/2001) let's  employees go, owing payroll, 401k, medical/health (5/2001) reported has assets up for sale ( 5/2000 closed to broker programs)


    European American Bank  (09/2001)  American Bank Equipment Lease Finance Unit Closing Today.  Frederick Anderson new e-mail address, which is FrdA4@aol.com. Telephone #  516-822-2008 (8/2001) Fred Anderson announces as of Sept. 17, " We are looking to move as a group to another bank or finance company to start our operation up all over again". (7/2001) Citigroup finalizes acquisition of American European Bank whose subsidiaries include Fidelity leasing, Amercian Equipment Leasing and Wasco Funding. (7/2001) made the announcement official, Romoff will be leaving the Company at the end of the summer.  The company's leasing activities will be run by CitiCapital, with its Lease Lending Division headed by Dave Frankel at the head of the Leasing Lending Division. It is reported that within CitiCapital, Frank McCaughey will continue to head up the Vehicle Lease Financing unit. It is also reported that EAB's leasing subsidiaries in the U.S. will continue to originate equipment leasing and financing transactions for CitiCapital.  ( 6/2001)  to close brokerage operation end of month, Ira Romoff resigns, Fred Anderson will be on the streets shortly, along with Omar Diaz and Rich Illich).

    Old Kent Financial, Grand Rapids, Michigan (9/2001) Closes down, lets everyone go. (2/2001) Closes door to new broker business.  (11/2000) Fifth Third Bank, Cincinnati, Ohio announces acquirement, to close second quarter 2001-Gateway Leasing sold to Old Kent in 1997, small ticket leasing specialists

    Finova  (9/2001) Offer terminated. Berkshire Hathaway invoked an "Act of War" clause in order to terminate its offer to buy up to $500 million of Finova Group, Inc.'s 7.5% Senior Secured Notes.  Berkadia further stated that termination of this purchase offer does not affect Berkadia and Leucadia National Corp.'s joint rescue package for Finova.  (8/2001)  Finova Group won a judge's approval of a Chapter 11 recovery plan proposed by Warren Buffett's Berkshire Hathaway and Leucadia National, clearing the way for the finance company to emerge from bankruptcy.  The plan is based on a $6 billion loan from Berkadia LLC, a joint venture of Berkshire Hathaway and Leucadia.  Scottsdale, AZ based Finova will use the loan plus its cash reserves to pay $7.35.   (8/2001) for the second quarter 2001, reporting a net loss of $436.5 million (6/2001) wins bankruptcy judge's permission to proceed with a $7.35 billion recovery plan for the finance company proposed by Warren Buffett and Leucadia National Corp; hearing date August 11.  (3/2001) files Chapter 11 as per plan, many disputes from creditors, Finova former CEO  may get $9.3 million in severance, says Arizona Republic Newspaper (3/2001) Dow Jones questions take over plans (2/2001) Finova Bailed Out by Buffett-Led Group , Berkshire Hathaway and Leucadia National announced that they have entered into an agreement for a $6 billion loan to Finova Capital, however to clear up creditor issues, will have to file Chapter 7 and hope creditors don't push into Chapter 11, many guess stock manipulations and other "doings" going on. (2/2001) downgraded to "C" rating by Fitch "With  significant debt maturities due in May 2001 and Leucadia National Corp's $350 million  investment withdrawn, Finova's ability to operate as a going concern faces serious challenges." (1/2001) Deal of Leucadia National to Invest $350 Million in Finova falls apart  (1/2001) laid off 90 employees, or about 9 percent of its workforce, in an ongoing effort to cut costs.   The company continues to employ about 300 people in Phoenix and 940 nationwide. (12/2000) out of market place, many problems, raises $250 MM, but not enough  (11/2000) Announces they will discontinue business, sell units,  Suspends Dividend.  (11/2000)  Leucadia National to Invest $350 Million in Finova  (11/2000)  reports  $274 million loss)  (10/2000) Dow Jones notes stock falling and problems at Finova   (10/2000) Dow Jones headlines "Finova Stock Falls As Buyout Hopes Wanes.       


    Heller Financial Corporation (8/2001) GE to close by September First, according to an inside source. No real word on how many will end up on the street in this exchange.   (7/2001) General Electric Capital Corp. buys for $5.3 billion, plus Connecticut Avenue. Is Microsoft next?


    Amresco Inc., ( 7/2001)which lends to small and mid-sized businesses, said Monday it has filed for bankruptcy and agreed to sell its assets for $309 million to investors including Goldman Sachs

    BrokerWare, Inc., of Tampa, Florida (7/2001 ) acquired by Funder OnLine

    Centaur Financial Services, Inc, Aliso Viejo, California-( 7/2001) HPSC has hired the two principals, Gary and Dorren ( Leonard) Kropp, of Centaur Financial Services, Inc, Aliso Viejo, California (http://www.centaurinc.com ). HPSC will purchase some of the portfolio, it is reported. HPSC has a website (HPSC.COM) and is located in Boston,  MA, specializingin the healthcare industry

    XTRA ( (7/2001) to be acquired by Berkshire Hathaway for $587.9M, Warren Buffett calls for everyone to have a round of Margarita's.


    eLease ( 6/2001) Paragon, S.F.Tom Williams/LeaseExchange buys eLease assets ( 2/2001 )employees Let Go, Prime Street is "History." (12/2000) purchase by Primestreet (June/July/2000) senior management changes.

    First Capital Group, Albuquerque (6/2001) purchased by First Bank of St. Louis, the largest privately owned (non-public ) bank in the country with around $7BB in asset purchases. Founded by Gary Millhollon 1955, specializes in $250m to $10mm market/ cash flow drive with 2000 customers in 45 states and 3 foreign countries.

    Mellon Leasing-Manufacturer and Dealer Services ( 6/2001 ) closes offices, employees let go (5/20001) GE Capital makes formal announcement, confirms Jan. report.(1/2001) key employees told company is sold


    Bancorp Financial Services, Sacramento, CA (5/2001) Humboldt Bancorp closes Bancorp Financial, citing second quarter loss "...not at this time expected to exceed $8 million on an after-tax basis; Kevin Cochrane let go, Security Exchange Commission, Sacramento looking into disclosures, reportedly other activity (4/2001) Humboldt Bancorp says "closing Bancorp Financial Services "in press release and report to Security Exchange Commission, but CFO Pat Rusnak says "company is  for sale" and statement made for "accounting purposes."

    Centura Leasing (5/2001) Centura Bank/Centura Leasing was a major player in rolling stock and  non-titled equipment in North & South Carolina. Centura was recently  purchased by the Bank of Canada. The leasing division was closed for business.   Commercial Lease Officers are being relocated within the Commercial Loan Division of the Bank.

     CORONA AMERICA FINANCIAL,  So. CA (5/2001) purchased by Total Funding.com, although called a merger.. Corona Pres. president, Jack Winsten worked at SDI Capital, as did Total Funding president Alan Collier. TotalFunding to become soley an   "application service provider" and utilize Corona direct sales force. No more broker  business, except on "case-by-base" basis, Collier says.

    Fidelity Leasing, PA (5/2001)
No more Broker Business accepted.

( 5/2001) Fleet is consolidating Sanwa and the Chicago operation. ILC (Cincinnati, sub of Provident Bank) may likely take over the Sanwa sales team.

    Golden Eagle Leasing , Phoenix, Arizona ( 5/2001 )takes $13.3 million Loss in quarter

    Imperial Credit Industries (ICII) (5/2001) Charles F. O'Hara, "We discontinued lease originations through our Imperial Business Credit (IBC) ....( last year ) ICII decided that it could not compete effectively in the small-ticket leasing arena. IBC, however, continues to service the portfolio that they originated and have expanded their servicing options to include middle- market leasing.

    LeaseExchange.com (5/2001) hiring salesmen, Tom Williams making it work, as he did at Paragon (4/2001) "on a 'Slim Fast' diet." (3/2001) Tom Williams to give it a 90 day trial run, also trying to raise money (2/2001) reported on "auto-pilot" (1/2001) Closes Irving office, cuts staff Aaron Ross starts training for Triathlon.

    Terminal Marketing, NY,NY (5/2001) Announcement all assets for sale by creditors on May 31, 2001 at 2:00 p.m (3/2001) Brokers report deals not being funded, commissions not paid, appears out of money.


    Atel Capital Group ( 4/2001 ) A.J. Batt retires, world's richest leasing owner, Dean Cash, his "partner for twenty years" now owns almost 75% and takes on the title.

    FlexLeasing (4/2001) ( a subsidiary of Griffin and Associates), Albuquerque, New Mexico,  Merger falls apart, Chuck decides to take early retirement. (3/2001 ) closing office to merge with another company,  "announcement soon,"  say Chuck Griffin. 

    U.S. Capital, Santa Barbara, CA. (4/2001) Principal Ken Nelson commits suicide, cannot;handle loss of company and reputation, he tells relatives, the day after he turned 40.(3/2001) Many brokers, super brokers, discounters left holding the bag, rumor that U.S.Capital is filing bk.


    Center Capital (3/2001) acquired by Webster Bank, Farmington, Conn. Center Capital finances commercial and industrial equipment through installment sales and leasing  programs to customers in all 50 states. The firm employs a staff of 60 and will continue to operate under the Center Capital name.

    Safeco, Seattle, Wash. (3/2001) announces they are seeking a buyer for its commercial credit and leasing subsidiary, Safeco Credit. Sanwa-Tokei (4/2001) Major bank/leasing  merger on West Coast, as Sanwa Bank and Tokei merge to become United California Bank.

    Security Financial, San Jose, CA ( 3/2001) To close San Jose office, ceased application March,1998, only going to do secured mortgage transaction from San Francisco office.

    Spectrum Leasing, Austin, Texas (3/2001) sister company to United Capital ( see United Capital information on this list ) Spectrum Leasing (3/2001) reports from readers that customer base, leasing deals, being given to "sister company", Spectrum Leasing, same building; United Capital still not taking new deals, many employees let go, looks dark.   1/2001 ½ employees let go,portion of portfolio sold, discounters not paid, vendors not paid,  it is alleged. 1/2001,selling off portfolio, problems ahead with vendors not paid, brokers not paid, sinking in quicksand 12/2000 no new deals until after the 1st of year, Steve Dallas trying to hold it together. Dallas says, " We will survive."


    Dana (2/2001) reports huge 4th quarter loss ( 7/2000) sold off portfolio, active as captive lessor.  (2/2001) posts a  fourth-quarter net loss, eliminates 10,000 jobs ( 7/2000) sold off portfolio, active as captive lessor

    Efinanceworks (2/2001) lays off 27 employees, says will return $150 million to investors,  and is shutting down.

    FedFinancial (2/2001) Universal completes its planned purchase more information available at www.usxp.com    http://www.leasingnews.org/archives/December%202001/12-13-01.htm

    First Commercial Capital Corp ( 2/2001) to be acquired by TCF Leasing )  

    Keystone Leasing (2/2001 ) the former management team of K.L.C., Inc. (dba Keystone  Leasing), headed by its co-founder Alan Kaufman, formerly a Unicapital, has formed a  new equipment leasing business, Keystone Equipment Finance based in West Hartford, CT

    Linc Capital (2/2001) Comstock files BK as part of Linc Capital (3/2000) files motion in bankruptcy court requesting more time to file certain schedules (2/2000) creditors file for Chapter 7 (9/2000) out of vendor and broker business, Nasdaq halts stock sales, $13.4 loss last quarter, (10/2000) assets for sale (2/1998) sold for cash to Linc Capital, Inc., in Chicago, IL.

    Lyon Credit (2/2001 ) founder John Bowes leaves,  the company has reportedly not received any new business since last August, and is dissolving ( 10/2000 ) operating as United Capital, a Division of Hudson United Bank, closes Dallas, Texas office (6/2000) closes Atlanta and Irvine, Calif. office (9/99) Hudson United Bancorp buys Lyon Credit

    Monarch Capital ( 2/2001) sales completed to Interchange Financial( 12/2001) assets and liabilities sold to Interchange Financial Services.

    U.S. Mellon,San Francisco (2/2001) Brian Madison Leaving, reportedly U.S.Mellon for sale


    BSB Leasing (1/2001)  Don Meyerson bought back the company and they are back in business at 303-329-0927. Official announcement to be made soon. They are notifying brokers to start sending them business again. (12/2000)  Don Meyerson says to be "re-born" ( 11/2000) closed to accepting new business.

    JDR Capital, Sewell, NJ (1/2001)  Bob Wayne says, "out of the broker business as JDR Capital, but we are still functioning as FORINT Financial, and working with select brokers at JDR Capital who when we get the leases approved, they get them signed."

    Union Bank, Los Angeles (1/2001) Out of broker-discounting leasing business.

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