Fisher-Anderson/Firerock Capital (12/04) While no confirmation from former president Bob Fisher, all e-mail comes back and only telephone goes to a salesman, who does not answer telephone. Let us assume they are no longer in business, until confirmed or denied by a former officer. (4/2003) Bob Fisher becomes sales manager for Douglas-Guardian, leasing service company. He remains a partner in Firerock Capital. Scott Anderson is president. http://www.leasingnews.org/archives/April%202003/4_29_03.htm#bob (2/2002) Bob Fisher resigns to form Firerock Capital; Scott Anderson stays behind to wind down portfolio; company was sold to MarCap, Fisher reveals; MarCap reportedly having problems with many of its leasing portfolio's and wants to get out of small ticket marketplace (8/2001) Many sales people let go the last few months, company cuts back, Don Shadel, former Commercial Vehicle Division Manager of Fisher Anderson L C, and several CVD staff members, have started a new company named Mark III Credit Corp. The focus will continue to be new and used work oriented vehicles in the small ticket range from $15,000 to $150,000. Our prior company, Atlas Funding Group, Inc. was acquired by Fisher Anderson L C in September of 1998 to market a national titled vehicle program for brokers and lessors." Our affiliation with Fisher Anderson L C the last three years has been a pleasant experience, however recent changes in the transportation industry dictated that we both move in different directions. " dshadel@markiiicredit.com

    American Express/Sierra Cities/Rockford (12/04) "AMEX turned over control to Key Bank last night and on the way out the door AMEX funded EVERYTHING in the system,.....verbals were not completed on many transactions, nor had delivery of the equipment occurred for many deals as well.....random attempts were made to complete verbals however after a message was left the deal was BOOKED.... "Nice to see Integrity rises to the upper levels of management in this industry!!" (10/04) American Express Business Finance Sold to Key Equipment Finance. (10/04)Former Sierra Cities President Thomas J. Depping reportedly raises $21 million from investors and buys bank in Texas to go back into the equipment leasing business. (9/04) The Gazelle is Back!
Registered for the October 27th Equipment Leasing Association Conference in Palm Desert, California:
Mr. Robert H. Quinn, Jr. MAIN STREET INVESTMENT PARTNERS (3/2004) 40 Amex Leasing Employees let go in Santa Ana, closing down the office imaging-copier processing center in Santa Ana, CA.---- where the old Rockford use to be in the Xerox building on Third Street. Much of the health operation went back to Parsippany (NJ), and some moved to the old Sierra Cities location in Houston, Texas. The main reason for the closing of the operation here--the building lease was originally to Rockford and it expired. Some HR and marketing amployees will remain in Santa Ana., about ten. All employees were offered jobs in other American Express locations. (11/2002) Lays off salesmen, rumors float they are about to get out of leasing business; Richard Anderson does not return telephone calls to confirm or deny. (09/2001) American Express Business Finance has closed down their broker division. We can submit deals until 10/12/01. All deals must be funded by 12/31/01. Unconfirmed rumors that salesmen are now going after the broker vendor accounts. We are seeking to confirm or deny this. (8/2001) Discovers up to $20 million write-off with RW Leasing portfolio, other portfolio's, alleged stock fraud, Amex declares they are investigating (7/2001) pretax write-down of $826 million that will pummel, second-quarter profits. The company also unveiled plans to cut as many as 5,000 more jobs because of the weak economy. Rumors abound about portfolio performance and major problems in the woodpile/going the way Rockford Industries went. (5/2001) New Name: "American Express Business Finance" (4/2001) Merger complete, Depping resigns as "gazelle" (3/31/2001) American Express completes purchase/merger (3/2001) Sierra Cities-Amex Merger gets green light by authorities (2/2001) offer from American Express for $5.68 per share in cash. We predicted this last week, naming the company and floor price. American Express active in equipment leasing, likes what it sees, and Sierra Cities is the vehicle, not Advanta or others that it has viewed to purchase. (1/2001) VerticalNet Merger falls apart. (1/16/01) Sells Off UK Assets. (7/2000) 2nd quarter loss, see report http://www.leasingnews.org/articles.doc/newsletter3.htm.


    Citigroup, New York (11/04) Citigroup Inc. announced that it has agreed to sell a unit that lends to the trucking industry to General Electric Co. for about $4.4 billion. The business provides financing, leasing, and asset-based lending. It has about 600 employees, two-thirds of whom are in Dallas. The rest are in Toronto. Citigroup stated the reason for the cash sale was to divest itself of a business that doesn't offer viable cross-selling opportunities. The deal is the last in a series of recent sales of leasing businesses at its CitiCapital unit.

    Alpine Capital, Cincinnati, Ohio (11/04) acquired by National City Bank, a subsidiary of National City Corporation, announced that it acquired Alpine Capital Corporation, an equipment leasing organization. Alpine Capital will continue to be managed by Michael Morris, who will report to Vince Rinaldi, president and CEO of the National City leasing entity, National City Commercial Capital

    Monroe Capital, Chicago, IL.(11/04) Theodore L. Koenig forms company to originate, structure, and provide "customized financing to corporate, real estate and asset-based borrowers based in the U.S. and Canada in amounts of $3 million to $40 million, with an ability to agent and syndicate larger transactions."


    Universal Express (10/04) (OTCBB:USXP), sells 75% of Universal Express Capital Corp. its former subsidiary, to Capitalliance, a $350,000,000 insurance and funding operation. USXP will retain 10% of the shares of the new Company and 15% of the shares of the Company will be distributed to USXP shareholders.

    PDS Gaming Corporation dba PDS Leasing, Nevada PDS Gaming Corporation dba PDS Leasing, Nevada (10/04) the remaining requisite conditions to the merger of PDS Acquisition Sub, LLC and PDSG, with PDSG as the surviving corporation (the "Merger"), having been satisfied PDS Holding Co., Inc. is now the sole shareholder of PDSG. The common stock of PDSG is no longer publicly traded or quoted on the Nasdaq SmallCap Market (8/04) PDS Gaming 2nd Q Up $10 Million (4/2004) PDS Gaming $1.6M Net Loss for 4th But YE 2003 $659,000 Profit

    Bay4 Capital, LLC, Danbury, Conn. (10/04) The independent information technology lessor is acquired by GE Commercial Finance.




    Siemens Financial Services, Iselin, NJ. (9/04) Enters Small Ticket Fray "The current marketplace demands a provider who can allot as much attention to smaller client needs as it would a large-ticket contract," SFS President and CEO, Bill Zadrozny declares. "SFS now has the capabilities, dedication, and expertise to fulfill such a role."

    Adirondack Leasing Associates, Rensselaer NY. (9/04) Gerry Oestreich sells his company to First Niagara Bank, Lockport, NY.” I'm here for at least 4 more years and could be more. They say it's not work if you're having fun!” he declares.



    Leasing Institute of America (8/04) New Institute to train lease brokers, place deals http://www.leasingnews.org/archives/August_2004/8-18-2004.htm#lease

    Thalman Financial, Apple Valley, CA. (8/04) also known as NowLease, Andrew Thorn leaves leasing industry for www.telioscorp.com. http://www.leasingnews.org/archives/August_2004/8-03-2004.htm#andrew

    Corporate Capital Leasing Group (8/04) grows to 24 offices by advertising on eBay. http://www.leasingnews.org/archives/August_2004/8-02-2004.htm#corporate


    LPI Financial Services, Inc.,GA. (7/04) Charlie Lester sells his company, new name is LPI Healthcare Financial Services, Inc. owned by Kurt Hess and Kay Smith. “ I love it--I do credit, sales and consulting for them on an as needed basis. Goof off the rest of the time,” he says.


    CapitalPro Asset Management Fund, Arizona (6/2004) The Arizona Corporation Commission announced Gary G. Johnson, 50, of Peoria, who agreed to pay a $12,500 penalty and return $164,000 in commissions that he earned from selling unregistered long-term promissory notes issued by CapitalPro Asset Management Fund, a California-based company dealing in equipment leasing. The company should not be confused with Capital Pros Network. It was reported that Capitalpro filed bankruptcy in California, but this could not be confirmed.

    Northwest Capital Solutions, Portland, OR (6/2004) purchased by American Bank Leasing Corp., an independent commercial equipment financing company located in Atlanta, GA

    El Camino Leasing, Woodland Hills, California (6/2004) Harmon on his way back. http://www.leasingnews.org/archives/June%202004/6-01-04.htm#harmon ( 2/2001 ) GATX announces purchase of   portfolio, making ATEL Capital largest independent owned leasing company in the  world (1/2001)  reportedly winding down, sold portfolio, selling partner  relationships, selling off all assets 10/2000 No longer taking broker business 11/2000  struggling to stay in leasing business, according to insider reports



    Publish West Inc. (5/2004) stops publishing daily newsletter “Leasing Today.”



    Edwin C. Sigel , LTD, Northbrook, Illinois (4/2004), changes name “...to better reflect the broad range of services that we provide our clients. Our new name is ECS Financial Services, Inc. We believe that our new name better demonstrates the diversity of our services which have grown to include not only Lease Portfolio Management, Accounting and Tax Services, but also Consulting, Tax Planning, Business Valuations, Recruitment Services, Litigation Support, Web Design, Expert Witness Testimony, just to name a few. “


    VGM Leasing, Waterloo, Iowa (3/2004) $120 million portfolio acquired by TCF Leasing, who will also supply a major line of credit. TCF Financial Corporation, a Wayzata, Minnesota-based national financial holding company with $11.3 billion in assets. TCF has more than 400 banking offices in Minnesota, Illinois, Michigan, Wisconsin, Colorado and Indiana.

    Bank of the West, San Francisco/Dublin, Ca.(3/04) BancWest to purchase CFBX in a cash transaction valued at $1.2 billion and is expected to close during third-quarter 2004 (3Q'04), at which time the CFBX franchise will be merged with BWE's subsidiary, Bank of the West. Fitch believes that the proposed transaction is a positive for CFBX investors, as CFBX becomes part of a larger franchise that is supported by a highly rated global banking company in BNP. (10/2002) purchases Trinity Capital.Sr.VP Jerry Newell says,” This transaction underscores Bank of the West's commitment to equipment leasing as a core product line. Bank of the West has operated a nationwide funding business for equipment leasing brokers for 30 years and provides direct equipment leases to bank customers. Bank of the West's equipment lease portfolio currently exceeds $400 million. The Bank will continue to strongly support and grow its broker funding business which represents more than three-quarters of its portfolio. In particular, we want our lease brokers to know that Bank of the West values their business and will continue to protect brokers' interests in their transactions. The addition of Trinity Capital will further expand the scope of the bank's equipment leasing product line, but is not intended to compete with the bank's existing leasing businesses. Moreover, the market focus of Trinity Capital is sufficiently different from Bank of the West's broker funding business that we do not anticipate any overlap."

    UPS Capital, a subsidiary of the United Parcel Service-UPS (3/04) UPS Capital Closes Direct Leasing Business According to a UPS Capital spokesman, the direct leasing division was closed on February 26 with 30 employees let go.


    Trinity Capital (2/04) Donna Halow named president and CEO. After 23 years as President and CEO of Trinity Capital Corporation, Jim Halow has retired (reported by Leasing News on February 11,2004.) Donna Halow, his wife and partner since 1982 in the San Francisco-based equipment leasing company, succeeds him in the role. Promoted from Executive Vice President and General Manager by the firm's board of directors, Donna Halow had been in charge of the company's operations and major client relationships. (10/2002) Purchased by Bank of the West ( Trinity Capital Stories )

    Sky Financial, Bowling Green, Ohio (2/04) to Sell Dental Financing Affiliate to MBNA.“ Sky Financial Solutions was a strong performer for Sky in 2003 and has continued to show earnings improvement since it began retaining its loan originations in 2000, however, this was a great opportunity for both Sky and MBNA,” stated Marty E. Adams, chairman, president and CEO of Sky Financial Group.


    Greater Community Bancorp, Totowa, N.J (not to be confused with Greater Bay Bank in California) (01/04)In 2003, we charged off $1.3 million in problem leases. Excluding these leases, our 2003 charge-offs were $31,000. "We also implemented our new leasing strategy this past year, and are positioned with a new management team to expand on a solid foundation of vendor relationships. We now retain high-quality leases in portfolio; this will also contribute to a higher and more stable level of income as the portfolio builds over time," said Anthony M. Bruno, Jr., Chairman and CEO of Greater Community Bancorp.

    PureMarkets, San Francisco, Ca. (1/04) Co-founder, president and ceo Jay Fudemberg departs Pure Markets

    LeaseNow, Warrendale, PA (1/04) Acquires Motor Coach Financial, Guilford, Connecticut. Raymond J. Murphy, the president and principal shareholder of Motor Coach will serve as the Executive Vice President of LeaseNOW, Inc. Bob Rodi will continue as President and CEO of the merged companies while Marina Rodi will continue to remain as Secretary/Treasurer and CFO.

    Capital Stream, (1/04) " a leader in front office automation solutions for commercial and equipment finance operations, today announced that it has acquired CapitalThinking Inc., a leading vendor of process automation and risk management software products for the commercial lending and commercial mortgage industry. The combined companies will continue operating under the CapitalStream name,” stated the press release.(8/03) Loses bid to purchase Decision Systems/IDS-USA. (8/03) John Kruse, Jim Brady, Cliff Monlux Open New Company: MAINSTREET FINANCE. Kruse and Monlux were original founders of CapitalStream, originally System 1 and Capital Advantage (6/03) Raises money for acquisitions, first move is to Buy Decision Systems International American operation. (1/2003)John Kruse has left the building. (10/2002) Corporate take-over by Wired Capital, complete new management team and officers, John Kruse now "salesman." For a full story click here (3/2002) Steve Campbell Resigns as CEO,  (8/2001) John Kruse, VP, Account Development, announces another reduction of staff as  "... precautionary measures because we don't see an immediate resolution to the economic  downturn. We still remain financially healthy, and believe that reducing our capacity is a prudent business decision." Hal Hayden, Jim Buckles, Randy Anderson, many sales people  gone.

Back to list index