Telemark, Syracuse, NY (12/2002) Wells Fargo Financial Leasing, Inc., Telmark LLC and Agway Inc. have signed a definitive agreement in which Wells Fargo Financial Leasing, Inc. would purchase substantially all of the assets of Telmark LLC, Agway's agricultural lease financing subsidiary. The purchase is expected to close by March 1, 2003. The acquisition includes approximately $650 million in lease receivables and is subject to obtaining appropriate approvals, including the approval of the U. S. Bankruptcy Court for the Northern District of New York. On October 1, 2002, Agway Inc. and certain of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Telmark was not included in Agway's Chapter 11 filing. (TFS) a subsidiary of Agway Inc. (7/2001)  discontinued its broker program in May.; TFS specialized in agricultural, turf and arbor and light construction industries. According to Mark Hartman, Manager of Broker Programs, the Parent made the decision to terminate its third party originations unit to concentrate its efforts on direct vendor markets.

    Sun Bancorp, Inc. (Nasdaq: SUBI) (12/2002) announced that it has reached a definitive agreement to acquire Bank Capital Services Corporation, a leasing company headquartered in Wilkes-Barre, Pennsylvania. Bank Capital is owned by Gary Cook, president, and Carol Phillips, chief financial officer, and provides outsourcing of major equipment and auto leasing for banks. Services provided by Bank Capital include data processing, administration, and marketing of leasing. Terms of the acquisition were not disclosed. "More and more businesses are utilizing leasing each year because it is a cost-effective way to increase efficiency, production and profits. The addition of Bank Capital to the Sun organization will enable us to bring our leasing program in-house. It complements our customer relationship management strategy and fits with our focus on diversifying revenue sources," commented Robert J. McCormack, president and chief executive officer of Sun Bancorp, Inc.

    Steelcase (12/2002) -Major capitive lessor reports Results $31M Loss for Third Quarter Fiscal 2003. "The economy has still not seen any meaningful improvement in business capital spending, which is key to our industry's recovery," said James P. Keane, chief financial officer. "Within our industry, it is typical to see a seasonal reduction in fourth quarter shipments, although the amount varies from year to year. Our order and bid activity remains volatile, but appears to be confirming we will see a modest decrease in fourth quarter shipments versus the third quarter, even with an extra shipping week. We are taking steps across our businesses that will help us stimulate additional demand and compete aggressively to win new business."

    M&I First National Leasing Corp. of Milwaukee, Wisconsin (12/2002-) Closes four offices in the states of Texas, Tennessee, Georgia and New York. The sales representatives located in these offices will be provided with severance packages based on their tenure with the company, according to President Tom Podewils. " We will be concentrating our efforts on the Midwest, " he explained. "This is not a cut back but a change in direction that will allow us to focus our resources on those areas that have provided us with the most success."

    United Airlines -(12/2002)- files bankruptcy, too many leasing companies to list those who will be affected by lack of payment, no payment, or picking up their collateral and moving to store in the desert with the thousand of other airplanes for sale or lease. Unfortunately they cannot be donated to organizations such as the Blind or Salvation Army, as the lessors don't need another "write-off."

    Omni Capital -(12/2002)- Stephen Klein, the Chairman and CEO of Omni National Bank ("ONB"), announces the formation. Omni Capital will be headed by Jule Kreyling, President, who previously formed and managed a middle market leasing division for American Equipment Leasing (a subsidiary of European American Bank) based in Reading, Pennsylvania. According to Kreyling, Omni Capital will focus on originating transactions in the $100,000 to $3 Million range: "Over the past few years, many equipment lessors have retreated from the middle market arena, either to focus on large, highly structured transactions or some have simply exited the market altogether." "We believe the middle market is underserved and while we will look at any transaction that makes sense, we will focus on our core, middle market customer constituency."


    Connecticut Bank of Commerce, Hartford---( 11/2002)--facing state fines of $2.3 million, regarding non-performing loans and equipment leases. Readers report it was known in the area they were being "real loose" with equipment leasing transaction.

    Oakwood Deposit Bank, Toledo, Ohio-(11/2002)---more embezzlement charges against president of this phony bank involved in money laundering, leases and loans. The Federal Deposit Insurance Corp. seized and closed the bank's two branches in Oakwood and nearby Grover Hill in February. The bank has reopened under the management of The State Bank and Trust Co., a northwest Ohio bank.

    Rave Financial Services, Sterling Heights, MI-(11/2002-) national, independent full service lessor specializing in the computer industry, portfolio or company for sale announces Rick Darter, President of Rave Computer Associations.

    Bankers Leasing ( 11/2002) Bankers Leasing, Illinois, New York, California, plus Softech Financial. Citibank can't sell these, so closes them down, over 300 now out of work. "Citibank already had a bankers leasing division when they bought EAB, and when they bought Bankers Leasing in Northfork, Illinois. Northfork also had as division Wilco,Soft Tech, as wells as Bankers Direct Leasing. So CitiCapital, not Citibank, decided that this was not the type of leasing they wanted to do, AKA ABC type leases, so they tried to sell them off since last February and when no one stepped up and consummated the relationship, they waited awhile and now the ax has fallen and everyone from Illinois down has been terminated. Rumors of "goofing off."
(Bankers Leasing stories)


    MSM Capital  (10/2002)It appears over $1.3 million in "advance rentals" were not returned as documented by 93 pages and 549 creditors. (read MSM story) (8/2002)  MSM Capital, Irvine, CA, Mike Cingari, former president starts another leasing Company.  (8/2002) to file ch. 7 BK.  Seven employees have judgements in excess of $192,000 for back commissions, as well as other employees have disputes over other benefits, plus many equipment dealers have not been paid, many applicants have not received their advance rentals back.  (7/2002) Close doors, let everyone go.  (6/2002) down to a skeleton staff (5/2002) MSM Capital makes Leasing News Bulletin Board for many complaints of not returning money. Cingari is "not available." (5/2002) Employees sue Mike Cingari for back pay and win, many advance rental payments not returned, it is reported, many problems here.   


    American Financial Holdings  (8/2002)  acquired by Banknorth acquires American Financial Holdings Portland, Maine/Banknorth Group Inc.  (NASDAQ:BKNG), and nearly quadrupled its size in Connecticut.  American Financial is the $2.9 billion parent company of American Savings Bank and recent acquirer of American Bank of Connecticut. The transaction is valued at approximately $709.3 million in cash and stocks. 

    Comdisco  (8/2002)  Comdisco expects QIII loss of at least $68 million.  (5/2002) re-organization plan filed with SEC.  (2/2002) Loses $216 Million in First Fiscal Quarter Comdisco To File.  Reorganization Plan by April 15, 2002 ( 2/2001) deal falls apart with Tyco Financial,  Wins Approval to Sell Leasing Units to GE Capital. (11/15/2001)Comdisco, Inc. and 50 domestic U.S. subsidiaries filed voluntary  petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy  Court for the Northern District of Illinois on July 16, 2001. The filing allows the company to   provide for an orderly sale of some of its businesses, while resolving short-term liquidity issues and enabling the company to reorganize on a sound financial basis to support its continuing businesses. Simultaneous with the filing, Comdisco also announced business to Hewlett-Packard Company for $610 million. Closing of that the proposed sale of substantially all of its Availability Solutions transaction is subject to a court-supervised auction process. (8/2001) Comdisco lays off 450 more, 3rd Quarter shows $168 million loss (7/2001) -Comdisco + Execs face bankruptcy, many left holding the bag, assets for sale  or sold, working on trying to get healthy by 2002, they say (7/2001) change of executive officers (6/2001) reportedly considering bankruptcy (5/2001) Lays off 10% of staff, further cuts to be made ( 5/2001 ) Reports Second Quarter: $8 Million Loss, CEO Pontikes takes early retirement a few weeks before formal announcement. Reports many losses follow due to leases and loans with Dot Coms, among others. (2/2001) deal falls apart with Tyco Financial, Wins Approval to Sell Leasing Units to GE Capital. 

    Saddleback Financial  (8/2002) Precom "rescinds" acquisition of Saddleback Financials Assets, down to skelton staff, confirmed they are closing doors.  Lets more people go.   (6/2002) Sold to Precom Technology; many salesmen leave, citing backlog of deals not funded. " New owners will give us more resources, "Philip Walden, CEO of Saddleback told Leasing News. ( 2/2001) the management team of Orange, CA.-based Saddleback Financial, headed by co-founders Warren Emard and Stuart Kennedy, survives with new investors, and does not do broker business.  (1/2001) Prez. Warren Emard announces ..."still in business... We are still originating business through vendors and directly to lessees.  Does not accept broker business.  


    1Lease, Fresno, CA  (6/2002) While no web site or e-mail, seems back in the news again, as Commercial Equipment seeks former president Sean Wheeler. To learn more why Sean Wheeler is back in the news, call John Nice, Commercial Equipment Lease in Eugene, Oregon, Credit & Special Assets Mgr, (800) 234-1884. (7/2001) 1Lease exits broker application business to focus on vendor and "buying" lease portfolio's: will be at UAEL San Antonio Conference. (6/2001) Sean Wheeler announces he is leaving leasing to run three "Wet Pets" stores, Steve Ballard, operations/finance for Michael's Floral to take his place.


    United Capital (4/2002) Michael Wagner of Dimension can get no response, Leasing News calls, too. Looks like they are gone. Austin Texas (8/2001) Telephone not answered, Steve Dallas new e-mail address: sdallas@sfgllc.com; appears all United Capital e-mail addresses changed to Spectrum Leasing. (4/2001) founder Robert New dies in plane crash in Aspen, Colorado  (12/2000 files bk)** series of company that may be affected, end of report  (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."


    BancPartners/First Commerce Leasing (3/2002) Lahit makes it official resigns, and opens up Affiliated Corporate Services again. (3/2002) It is reported that Jim Lahti, formerly president of Affiliated Corporate Services and past president of the United Association of Equipment Leasing, along with several staff members will resign from BancPartners of Lewisville, Texas. Chairman/CEO Rick Galtelli says,” this news way too premature." Jim Lahti says," some changes are under way. We are excited about the new changes are under way. We are excited about the new opportunities will be issuing a press release." (1/2002) Affiliated Corporate Services, Lewisville, Texas Merges with First Commerce Leasing.

    First International Bank  (3/2002)to concentrate on its parents customers as part of  UPS Capital, to focus on UPS 1.8 million customers for equipment leasing business.  First International Bank was formerly named First National Bank of New England. It was sold to UPS Capital, a UPS Capital Company. The web site is www.firstinterbank.com. Spokesperson denies out of "broker business," yet brokers report otherwise.

    TotalFundings (3/2002) telephones do not answer...The office number was (818) 889-7979. Alan Collier has confirmed the company has lost a $150,000  arbitration with Jack P. Winsten, former president of Winsten & Associates, Inc dba  Corona America Financial. Alan Collier says his company has “scaled down.” Winsten states  Total Funding has gone through $3 million investor money as a dot.com company. In a  second interview, he stated he will make “no comment.”  (5/2001) Corona America Financial,  So.CA. CA (5/2001) purchased by Total Funding.com, although called a merger..Corona Pres. Jack Winsten worked at SDI Capital, as did TotalFunding president Alan Collier.  TotalFunding to become soley an "application service provider" and utilize Corona direct sales force.  Certain assets were purchased from SDI.  No more broker business,  except on "case by case" basis, Collier says.


    Citicorp/City Capital (2/2002)  Machine Tool Group of Citicorp/CitiCapital closes.  This was originally part of the old Copelco run by Phil Meyers, based in Atlanta, Georgia.

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