Balboa Capital, Irvine, Ca. (12/07) Curt Lysne, Senior. Vice President of Sales, who both started and headed the broker division, left the company last week (Lysne later in the month joins PFSC in Portland, Oregon )(12/08) Exits broker business badly with no time period notice, cutting off brokers, approvals, many report fundings not complete. Much more to follow. (03/07) takes on Marlin Leasing (03/07) completes its first term securitization by issuing $100,000,000 in contract backed notes through its subsidiary, BCC VI. (4/05) Enters internet fray with on line processing http://www.leasingnews.org/archives/April%202005/4-29-05.htm#toon (5/2004) Balboa Capital Corporation announces that Patrick Byrne has completed the acquisition of 100% of the company's stock and is now the sole shareholder of Balboa Capital, ending rumors that the company was listed for sale because the two owners were not getting along ( for quite some time, it is said ) and it was dividing employees on each side of the camp. ( 2/04) Surprise! Surprise! Surprise! --Shawn Giffin Back at Balboa Capital. Rumors float that company is up for sale that both owners not getting along; they deny it. Byrne had taken a two year sabbatical and came back to the helm in late September of last year. It was then Giffin's turn to take some time off, they both said. Since that date, Byrne was back in the swing of things, increasing originations, creating a more sales friendly environment, improving credit and funding processes using Six Sigma, cleaning house, increasing customer service, finding fraud from vendors and salesmen, starting a broker division, the first time in 15 year history, hiring Curt Lynse, formerly with GE-Colonial Pacific, working on a national vendor program division, and getting the company moving in a very competitive manner. “I'm thrilled to be back, “ Shawn Giffin told Leasing News. “My head is clear. I'm invigorated. This is a great company.” Asked about his ability to get along with the other major share holder, he said, ‘ Pat has a unique set of skills, as I do. I think we are very complimentary working together. The point is I am fired up and am really glad to be back at work. I love it! “ Asked about what his title would be, he said, “Titles aren't important to Pat or I. “ (2/04) Curt Lynse, formerly at GE Capital/Colonial Pacific Leasing, joining Balboa Capital to start a broker division, something the company has not done in sixteen years; they founded in 1988. (9/03) Patrick Byrne is back, Shawn Giffin goes on sabbatical. ( 9/2000) Founder Pat Byrne "...office available any time he wants to use it". sabbatical. ( 9/2000) Founder Pat Byrne "...office available any time he wants to use it".

    Bank of America Leasing, Charlotte , NC (12/08) Doug Bowers, former President of Banc of America Leasing and Capital LLC is no longer with the bank. May 27,2004 BofA announced "Doug Bowers, managing director of the Bank of America Leasing & Capital Group, has been chosen to replace Ron Chamides as head of the Bank of America Leasing unit. Chamides recently announced that he is retiring from the company for personal and family reasons." Bowers and 20-25 other executives at his level were let go in what appears to have been a cost cutting measure. Reportedly Rick Fleischer, Mr. Bower's right hand man, is now running the leasing unit from Charlotte , NC .

    Cambridge Partners (12/08) Seed investors in several leasing companies such as Pentech and Pinnacle Leasing reportedly having their difficulties, stories unconfirmed.

    Direct Capital Corporation, Portsmouth, N.H. (12/08) many cutbacks reported by readers as well] as nearby leasing company receiving applications from employees fired, but CEO Chris Broom says business is up 23%, $10 million put into the company and approaching banks to increase their lines of credit.(11/08) Readers report cutbacks, Broom says “normal.” (11/07) Mike Murray, co-founder with Dave Murray of company retires. (03/07) Allied Capital commits to $75 million to acquire a majority interest in Direct Capital.

    Global Funding LLC. Clearwater , FL (12/08) Jeff Maricle says just a "consultant" for Landmark Financial, not his company, returns all advance rentals before this company closes due primarily to publicity, it is claimed. (11/08) Jeff Maricle was found guilty of not returning an advance rental (10/08) Company out of business, founder Jeff Maricle, names SunBridge Capital truck deals not funding as prime cause.

    Icon Capital (New York, S.F.) (12/08) “Icon had a gala holiday party in SF this week then we found the doors locked and office permanently closed when we tried to get in the next morning. No mention or prior warning. Creepy! Christmas, too. (01/08) Filings with the Securities & Exchange Commission indicate that a "letter of intent" for the sale of the parent company of ICON Capital has been executed, which provides that the parent company will be sold to certain members of ICON Capital's management, led by two ICON Capital executives, Mark Gatto and Michael A. Reisner, and the resignation Thomas W. Martin as CEO and President of ICON Capital. (08/08) Cause of Beau Clarke death revealed—“Adult” rated: http://leasingnews.org/PDF/Tycoon_Died.pdf (3/07) President Beau Clarke passes away, cause not known. (3/07) President Beau Clarke passes away, cause not known.

    Southwest Credit , San Antonio , TX (12/08) sale of its equipment lease portfolio to Kapok Investment Group, LLC (02/08) Two Bulletin Board complaints keeping advance rentals, not being able to fund transactions tied to real estate.

    Textron Financial (12/08) Announce "... a complete exit of all commercial finance activity through a combination of orderly liquidation and selected sales, other than that portion of the business supporting the financing of customer purchases of Textron-manufactured products." (10/08) Textron Inc. is downsizing its commercial finance business to reflect "the sustained turmoil in world credit markets." Textron said that it will reduce the size of Textron Financial Corp., its commercial finance business, and the company will exit its Asset Based Lending and Structured Capital segments, along with several additional product lines, through an orderly liquidation over the next two to three years, as market conditions allow. The assets in the businesses to be liquidated represent approximately $2 billion in managed finance receivables within TFC's $11.4 billion portfolio, it said. (ADD: http://www.leasingnews.org/list_alpha_new.htm#tex ) ( 10/2001 ) Fitch lowers rating from stable to negative Textron Finance Division Down $6 million Finance segment revenues decreased $6 million due to a lower average yield reflecting a lower interest rate environment. Interest margin increased, reflecting higher fee income and higher average receivables. The higher interest margin more than offset the decrease in revenues. However, profit decreased $1 million as higher expenses related to new initiatives and a higher provision for loan losses offset the benefit of higher interest margin full press release: http://www.textron.com/newsroom/stories_04a.html  (9/2001) Manufacturing & Machine Tool Division is to close. It appears Textron did not get what they were looking for in this division. With FTC it's all ROE. I understand that Fred Hockman   (President of the Machine Tool Division) is looking to find another leasing company to sell his package to (8/2001) First Corp,Portland, OR, announces Jim Merrilees will join on Sept. 4 as executive vice-president www.firstcorp.com, has left Textron. (7/2001) small ticket equipment financing functions will be moved to its Small Business Direct group that was acquired in early June and is based in Little Rock, Arkansas. As a result, Textron Financial will eliminate its Lake Oswego, OR and Providence, RI   functions that previously handled small ticket equipment financing as support for these programs are migrated to the Small Business Direct operation over the next 30-60  days. The unofficial target date is August 1, 2001. Insider reports: ""Jim Merrilees of Colonial Pacific, Grayrock, Nations Credit fame, Randy Ernst, Denise Mann, and company have all departed TFC. Jim is on the payroll until the end of the year as he has a contract but I don't think he is working here anymore." (7/2001) reported to end broker business on August 1, 2001 (5/001) Textron announces a new division to serve the capital  requirements of independent, middle-market lenders. (4/2001) complaints Textron doing  repeat business with leases submitted to Nations, but now being serviced by Textron  (common in such situations.editor) (1/2001) complaints from brokers regarding getting information for NationsCredit and GrayRock Capital on FMV, payoffs, residuals from Textron who is servicing the portfolio (1/29/99) sold to Textron ***Textron does "broker business."   ( formerly on list as Nations Credit, Business Leasing Group ).


    C and J Leasing Corp, Des Moines, Iowa (11/08) in business since 1982 has let go its 18 employees, stopped funding, and is not taking on any new business, according to its president C. Allen Rice. He says he has been in the business for over 26 years and has never seen anything like today's financing marketplace.

    CIT / Group (11/08) CIT becomes commercial bank to seek TARP funds.(10/08) CEO Peek calls CIT an underdog (05/08) to cut 1,000 employees.(03/08) Many problems dues to consumer loan side, attracted by current president, former Merrill-Lynch executive(01/08) CIT will lose between $125 MM & $135MM(10/08) CEO Peek calls CIT an underdog (05/08) to cut 1,000 employees.(03/08) Many problems dues to consumer loan side, attracted by current president, former Merrill-Lynch executive(01/08) CIT will lose between $125 MM & $135MM(10/08) CEO Peek calls CIT an underdog (05/08) to cut 1,000 employees.(03/08) Many problems dues to consumer loan side, attracted by current president, former Merrill-Lynch executive(01/08) CIT will lose between $125 MM & $135MM (4/07) CIT hit with $64 Million Insurance Class Action Suit (3/07) First Quarter: Top-line revenue grew 14% as a result of our 24% increase in new business volume. (10/06) to buy a Barclays Plc unit that provides financing to customers on behalf of manufacturers and construction firms in the U.K. and Germany. (12/05) Chief executive Jeff Peek told The Business he plans to double its European assets to $ 20bn (B£11.6bn, E17bn) in the next three years. (11/05) agrees to sell its micro-ticket leasing business unit (Lease Finance Group), to affiliates of Cerberus Capital Management, L.P. and Goldman Sachs. The sale is consistent with CIT's continued focus on freeing capital for redeployment into targeted strategic growth opportunities. (10/05)In campaign to optimize our portfolio of businesses, CIT to divest approximately $290 Million of Non-Core Assets: approximately $190 million older vintage, out-of-production aircraft as part of its strategy to maintain a modern fleet capable of contributing positively to the company's risk-adjusted returns, accelerate the liquidation of approximately $100 million in manufactured housing receivables, other real estate interests (7/05) will cut its work force by about 200 employees in North America, consolidating its units and technology, expecting a second-quarter charge of about $25 million for expenses related to the job cuts. (7/05) announced the sale of the majority of its corporate aircraft portfolio to GE Commercial Finance. (7/03) CIT Elects Jeffrey M. Peek President & COO, Reorganizes Senior Management Structure (8/2002) CIT Execs/Directors take stock Bonuses  (7/2002)  The 200 Million share offering, led by Goldman Sachs and Lehman Brothers went out at $23 each.  Tyco Intl in a bid to ease its heavy debt load, raised $4.6 billion from the sale of its CIT Group, accepting half of what it paid for the finance Company a year ago.  (6/2002) Tyco loses 30% of stock value, insider loans and shenanigans by directors  embarrassing to all, maybe illegal, too, says SEC, IRS, State Attorney General. (6/2002) CEO Dennis Kozlowski---Delusions of Grandeur: Tyco gets a lot worse, like a dark Opera, CEO resigns, directors taking private loans, and talk is they should all  resign (5/2002) Tyco to spin off CIT within 45 days (5/2002) Tyco to pay off $10 billion debt by selling CIT(4/2002)CEO Al Gamper says this is the "quiet period" to employees on  line.(3/2002)board member borrows millions, loans to insiders made. (2/2002) Tyco International pledged to accelerate its breakup plan, starting with a spin-off or sale of its Tyco Capital finance arm within 8 to 12 weeks. (2/2002) Participants at the Equipment Leasing Association Annual CEO Forum, Feb. 4-5, expressed doubt that Tyco can successfully spin off it financial unit, CIT,  through an IPO. Prez. Kozlowski says $10 billion- paid too much for CIT, analysts say will sell for  $7.7 billion to $12 billion. Stockholder suit against company. Says Kozlowski made too much money-finder fee to director Walsh too much. Trouble in River City, however Kozlowski  holding it together, But the shares remain 49% below where they started the year. (1/2002) Tyco to Separate Into Four Independent, Publicly Traded Companies.   (10/2001 ) Tyco Makes it Official: CIT Tyco Capital (8/2001) Many opt to move to Tempe, AZ, stay with CIT, become bold, challenge GE and others in the marketplace, morale up, company on the move. ( 5/2001) CIT Shareholders Approve  Proposed Tyco-CIT Acquisition (3/2001) Tyco International Ltd. makes offer for about $9.2  billion in cash and stock in a deal that would allow the manufacturer to finance purchases of its wide array of products. Bermuda Hq, N.H.. operation office. ( 2/2001) Closing Atlanta  office and others, "freeze" on  new broker business from this office (5/2001) Bruce Nelson,  Tempe, Arizona seeking broker business. "We are an asset based lender and provide equipment financing in the following industries: Construction, Transportation, Logging,  Material Handling, Corporate Aircraft, Mining, Energy, & Marine."

    El Camino Resources International Leasing and Financing, Chatsworth, California (11/08) Not funding deals in Mexico ; suit along with ePlus Group against Huntington Bank, Columbus , Ohio is preceding to a trial, perhaps by July of next year.

    Greystone Equipment Finance , Massachusetts (11/08) Founder Donald Synborski let go by board reportedly over direction of company. Also there is a $1 million group of leases with Acropolis, with four in default, more to follow. Several Alerts were posted in Leasing News, and looks like PFF and Balboa also had write offs. Original vendor group reportedly working under another name in another state.

    International Lease Finance Corp . (part of AIG) (11/08) Founder trying to sell unit off of AIG (09/08) Gets stung as a unit of insurance conglomerate AIG, which was effectively taken over Tuesday by the federal government, the jet-leasing company owns 1,000 jets built by Boeing and Airbus and has more than 100 Boeing jets still on order.

    Huntington Equipment Finance , Vendor Finance Group, Bellevue, Washington (11/08)Laurie A. Bakke, Vice President, confirmed that Huntington Bank, Columbus, Ohio, is discontinuing funding for her 12 employee division that specialized in vendor finance and leasing programs. She says Huntington will continue to accept credit submissions through December 31, 2008 and will honor all backlog.

    PFF Bancorp, Inc, Pomona, CA (11/08) sold to US Bank, Minneapolis , Minnesota . PFF Bank had total assets of $3.7 billion and total deposits of $2.4 billion. Besides assuming all the deposits, U.S. Bank will purchase virtually all their assets. The FDIC will retain any remaining assets for later disposition. (06/08)--Ron Lear leaves for OTC and Steve Tidland to join Commercial Commerce, PFF basically out of leasing, in trouble. Bank direct active in state, indirect many warehouse loans and lines to "C" and "D" leasing operations. (04/08) Expects $200 million loss (01/08) Wins assets on major lease from Creative Capital. (11/05) It may very well be that IFC Credit, Morton Grove, Illinois, is the largest third party lessor to hold NorVergence "Equipment Rental Agreements," and it is reported $9 million comes from a line at PFF. Bank executive Ron Lear has "no comment."


    M&T Credit (Bank)(10/08) Effective October 1, 2008, M&T Credit Services, LLC (M&T Credit) will no longer offer equipment lease and finance services for business and professional banking customers. “M&T will honor approved applications up to 90 days after the approval date, and existing contracts will continue to be serviced through their expiration dates.” Alfred Luhr M&T Business Banking Market Manager

    National City , Cleveland , Ohio (10/08) Sold to Pittsburg based PNC Financial Services Group, a retail bank serving the East Coast. (10/08) cuts employees, divisions, in verge of failure (06/08) OTS issues memorandum of understanding, starts closing down leasing operation. (05/08) complete $7 billion capital raise.

    Popular Finance (10/08) Division of Popular Bank, portfolio is reported for sale as bank starts selling off US Divisions, broker business cut back to direct selling.(01/08) announces sale of consumer divisions and looking to sell other units.

    Sandy Springs , Olney, MD (10/08) Lou Caceres Executive Vice President Caceres confirms that the leasing operation is no longer accepting broker business, adding “we are not 100% out of this.” It appears they still have a few broker relationships, although he did not specifically state this nor expand upon the previous statement. For the record he said Sandy Spring Bank Leasing is not accepting any new broker business.

    Wachovia Bank (10/08) sold to Wells Fargo, let's go its leasing operation. (05/08) May Take $1B Charge Tied to Leases


    Lehman Bros , New York (09/08) files for BK, syndicator for many leasing companies.

    Merrill Lynch Financial (09/08) sold to BofA (04/08) Reveals serious losses(12/07) GE purchases most of Merrill-Lynch Finance Division, officers given notice to look for other employment. (11/05) Parent to Acquire WordWave, Inc., a leading provider of litigation support, court reporting, captioning and transcription services for law firms, courts, governmental agencies and corporations worldwide.This acquisition is Merrill's single largest strategic business transaction to date. WordWave is currently owned by Berkshire Partners LLC and Highland Capital Partners, both Massachusetts-based private equity firms. Specific details of the agreement have not been disclosed. The deal is expected to complete by December 31, 2005 and is subject to submission and approval of the governing regulatory agencies. (7/03) Merrill Lynch Capital To Be a Major Player: Remiker appointed John Settano as Director of Syndications to Merrill Lynch Capital Equipment Finance. Mr. Settano, a veteran of US Leasing for twenty-eight years, has extensive transaction structuring, pricing, documentation, tax leasing, credit underwriting, and product distribution experience with a solid reputation in the leasing industry. (4/03) Robert E. Radway, Managing Director and President, Merrill Lynch Capital, announced the appointment of Richard J. Remiker as Managing Director of its Equipment Finance Group (3/2003) Merrill Lynch Business Financial Services is working with De Lage Landen Financial Services, Inc. of Wayne, PA., enters online lease financing from $10,000 to $2 million-plus for a wide range of commercial equipment. This includes computers, software, telephone and voice-mail systems, medical, dental and diagnostic equipment, construction and materials handling/industrial equipment, and more.

    Washington Mutual Financial (09/08) Had closed direct and indirect leasing business the previous year, winding down operation, bank fails and is purchased by Chase. (2/05) Bruce Kropschott negotiates to bring full WAMu team to All Points Capital (08/04) Announces exiting the leasing business(12/03) Commercial lending operation purchased by Citigroup.


    Irwin Financial (08/08) Irwin sells US operation.” I know that you've reported on the portfolio sale and closure of Irwin in the US and the sale of Irwin in Canada . You may not be aware of how Irwin has completely dropped the ball on any type of conduit to accommodate vendors and lessees during the wind down. In many cases they are not honoring purchase orders after lessees have received equipment (stating that they are contingent) or credit approvals. They have sent lessee executed lease documents and checks to the former sales reps to find a home, but without accompanying credit packages. Headquarters ( Bellevue WA ) has all but abandoned any cooperation with their former sales reps by not answering phones, emails, etc. I do not want my name used but thought that you might find this interesting in light of Irwin Union Bank, Irwin Franchise and Irwin Technology still having ongoing operations.” (07/08) cuts off brokers.

    LEAF Third Party Funding in Southern California (formerly Pacific Capital Bank Leasing, Santa Barbara Leasing, (08/08) closes operation, lets everyone go.

    Studebaker Worthington Leasing (08/08) State Bank of Long Island sells long time leasing operation to Main Street National Bank, who will then take over the broker operation, reporting to Bob Fisher, CLP, and EVP. Main Street Bank expanding leasing operations, also franchise fundings and direct healthcare service division (05/08) Insiders tell Leasing News "due diligence" is being conducted as S-W to be sold to Tom Depping's Main Street National Bank, Kingwood, Texas (04/08) S-W in escrow, name of buyer not known at this time (02/08) According to Omar Diaz, Studebaker is still actively accepting and funding business. He could make no comment, referring to Ken Paston, who was not available for comment (02/08) Reports of company being sold. (01/08) State Bank of Long Island announced that they plan to divest themselves of their leasing subsidiary, Studebaker-Worthington leasing Corp. (01/07) Parent State Bank of Long Island pays $65 MM settlement ( 2/2001) sold to State Bancorp


    New World Equipment Funding , LLC, Lake Success , New York (07/08) Cuts off many brokers/discounters, denies problems with SunBridge Capital truck portfolio.


    Citibank, New York (06/08) starts closing leasing operations, has several units for sale. (04/08) Citigroup reveals serious losses.

    Diversified Financial Service , Omaha , NE (06/08) exits the broker funding business.


    Bankers Healthcare Group , Weston , FL. (05/08) Cuts off brokers, "...will honor all outstanding approvals (30) days from the original approval date and respond to all outstanding applications currently in credit throughout the month of May, however no new credits will be accepted."


    Creative Capital Leasing Group , LLC, San Diego , CA. (04/08) Goes Chapter 7, portfolio's placed for sale. (12/007) Perhaps the first equipment leasing company to file bankruptcy because of the subprime mortgage market problems. A hard line leasing company, well-known for taking both consumer and commercial real estate, the company filed for Chapter 11 Bankruptcy in the Southern California Bankruptcy Court on September 10, 2007. They listed up to 99 creditors, which may exceed to $100 million, but most likely is perhaps $75 million, including PFF Bank and Trust.

    LaSalle Systems Leasing (04/08) To be absorbed into Bank of America Leasing, with the Towsend, MD closed down and Edward A. Dahlka, Jr. let go. (09/07) Employees fear job losses, leasing division employees to be let go. ( add: http://www.leasingnews.org/list_alpha_new.htm#las ) (7/2002) purchased by MB Financial Bank, N.A. a $3.3 billion subsidiary of MB Financial Inc.  (Nasdaq:MBFI), including its affiliated company LaSalle Equipment Limited Partnership.  (LaSalle Systems Leasing) for $39.7 million.


    GMAC Financial Services (02/08) Net Loss $724 Million compared to net income of $1 billion in 4th quarter of 2006.

    Heritage Pacific Leasing , Fresno , CA (02/08) Owner John Otto lets entire sales staff including Rick Gatelli, CLP, the president, and Charlie Litt, Senior Vice-President. Ron Mitchell, too. John Otto, the owner, CEO, confirmed that he has rejected an offer to sell the company to Rick Gatelli, CLP, Charlie Litt, and John Estok, CLP, formerly of IFC Credit Corporation and First Portland Corporation (please see archives above.) Otto says he has another suitor and is considering it, but does not need to sell the company. He divested himself of his investment in Pentech Financial, Campbell , California , last year, he confirmed, and as readers know closed down Centerpoint Leasing after Gordon Roberts was convicted of theft. Otto was the major investor in the company.

    Southwest Credit , San Antonio , TX (12/08) sale of its equipment lease portfolio to Kapok Investment Group, LLC (02/08) Two Bulletin Board complaints keeping advance rentals, not being able to fund transactions tied to real estate.


    First Republic Bank , San Francisco , Ca. (01/08) Paul Knowlton, CLP, Managing Director, First Republic Equipment Finance, 2008 president of the United Association of Equipment Leasing (UAEL), confirmed that First Republic Bank, San Francisco , California is closing its leasing division that Knowlton heads. First Republic Bank was purchased by Merrill-Lynch and in recent news about selling off more of its assets, which previously included Merrill-Lynch Commercial Finance Lease division. May 20, 2006 Republic announced that it had purchased Bank of Walnut Creek, across the San Francisco Bay in Walnut Creek , the hub of Contra Costa County .

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