Element Financial (Toronto, Canada) (12/11) Steve Hudson takes the company public.
Puget Sound Leasing (12/11) First Sound Bank Investor Pleads to Keep Bank Open as negotiations continue regarding settlement with Secords.
Navitas Lease Corp. dba Navitas Leasing, Ponte Verde Beach, FL. (RLC Leasing Division, Columbia, South Carolina (11/11) Obtains California Finance Lender license. (11/11) Blue Mountain invests $22 million. Also reports $50 million expansion of its credit facility with Wells Fargo Capital Finance.
Pawnee Leasing, Fort Collins, Colorado (11/11) “...posted another successive quarter of growth in its portfolio, which now exceeds US $125 million for the first time. Net charge-offs during the quarter were also modest at US $1.1 million, contributing to the strong results."
First American Equipment Finance, Fairport, NY (11/11) William “Bill” Verhelle, CEO, First American Equipment Finance, past president of the Equipment Leasing and Finance Association, goes against the trend to build his company's business. He has been consolidating his offices to his Fairport, New York office, and in addition, a plan to add more employees with his company’s approach that has been bringing them success using Cisco's Show and Share and other internet/software programs.
Puget Leasing, Bellevue , WA (10/11) An insider told Leasing News "First Sound Bank has effectively closed the Puget Sound Leasing operation and has dispensed with brokers. They are only booking direct deals generated by bank sales people." Website down, people let go. ( (10/11) Puget Sound Leasing/First Sound Bank gets delay on $2.3M verdict, as they can't pay it, as well as attorney fees. (10/11) Jury ruled in favor of First Sound Bank once "on its breach of contract claims against Larasco, Inc., Louis Secord, and Richard Secord based on the Asset Purchase Agreement" rewarding damages of $1,244,751. However, they also ruled against the "breach of fiduciary duty" and "breach of contract claims" in favor of Larasco and the Secords, but they did rule in favor of Louis Secord breach of contract against First Sound Bank based on "employment agreement," awarding $2,077,767, and the same with Richard Secord, awarding $1,484,767.
Triple Point Capital, Menlo Park, CA (10/11) "...provider of customized debt financing, leasing and direct equity investments to high growth venture capital-backed companies, announced today that it has closed on $1 billion of private capital funds."
Chase Industries, Grand Rapids, Michigan (09/11) The story regarding Chase Industries, Grand Rapids, Michigan, closing its doors due to embezzlement may not be true. There is no police report filed, nor does the owner of the company intend to file such a report, he told Leasing News. Today he, and his sales crew, are now working for Ascentium Capital, Tom Depping’s new company, who evidently is gearing up to go after the healthcare industry, among others.
ABCO Leasing, Bothell, Washington (09/11) Calls it quits; "Unfortunately, the U.S. economy remains weak and has yet to meaningfully and substantially improve. Due to the perceived instability in the U.S. economy, we don't expect to provide leasing or lending services in the foreseeable future."
Barklay Capital, Costa Mesa, CA (09/11) Costa Mesa Police Department arrested Ashwani “Matt” Hingorani, age 32, Barklay Capital, after they received over 40 complaints of his keeping advance rentals. It started with three local business complaints, but grew as they began to look more into the leasing brokerage company. The dollar amounts were between $400 to one at $15,000, but in all, added up to over $200,000.
American Bank, Atlanta, Georgia (08/11) No longer funding leases. Jeff Schubert purchases interest from founder Jim Doster and is now president/CEO." I am currently only using the ABL name as a dba for my new company. I am not booking or funding any new business at ABL."
LEAF Financial, Philadelphia, PA (08/11) June 30, 2011 financial statement "On Page 12, the “CASH FLOWS FROM FINANCING ACTIVITIES” shows a large drop in principal payments, but as important, Resource America used $15.2 million proceeds from issuance of LEAF preferred stock that enabled them to pick up from the cash of $11.2 million at the beginning of the year.
Ascentium Capital, Kingswood, Texas (08/11) Tom Depping announces Ascentium Capital with loan/lease portfolio from Main Street Bank, which is being sold. He brings key management from bank as well as from former First Sierra. https://ascentiumcapital.com/news.aspx
Heritage Pacific Leasing , Fresno , CA (08/11)A class action case against the officers and others thought liable in the HL Leasing the president, Dan Ramirez, and Andy Fernandez, chief financial officer, liable and ordered to pay $46.5 million to more than 1,200 who claim to be victims. Kathleen Otto, the late John Otto's wife, even though accounting was done at their home, was not found guilty by the jury, as reportedly they did not find evidence that her actions caused any financial harm to the victims. Case still being investigated by the FBI.
Financial Pacific, Federal Way, WA (08/11) Financial Pacific, licensed in California, doing business with unlicensed companies in California, including Benchmark Financial Group, in top list of funders for last two years in Southern California, despite many Bulletin Board Complaints, loses in small claims court, many complaints on the web, including web sites outlining their complaints against Benchmark. Similar companies supported by Financial Pacific fundings.
Radiance Capital, Tacoma, Washington (07/11) Tom Price who purchased Radiance Capital was charged with $400 million scam. He and his partner have filed bankruptcy, but there are several lawsuits and other claims. The announcement in January, 2009 was “The company will continue to manage and service the existing portfolio. For the foreseeable future, there are no plans to fund or originate new finance transactions.”
CHG-Meridian, Woodland Hills, CA. (07/11) Wants to be off "Looking for Broker list."
AMC Funding, Charlotte, North Carolina (07/11) Found guilty of check fraud, ordered to pay $21,425.76, dissolve AMC Funding Group, take his website down and not own or operate a "similarly situated business."
Benchmark Financial Group, Aliso Viejo, CA (07/11) pressure from victims and their web sites forces company to create Cobalt Funding Group and Partners Capital, whose website pictures funding its 10,000 customer. http://leasingnews.org/archives/Jul2011/7_20.htm#name_filing
Heritage Pacific Leasing/HL Leasing, Fresno, Ca (07/11) HL leasing Class Action Case in Fresno, Ca. begins in Fresno. One in New York against funders of Heritage Leasing is finding most leasing companies named being dismissed from the case.
Kingsbridge Holdings, LLC, Lake Forest, Illinois (07/11) Acquires Trilogy Leasing, Cranbury, NJ, increasing Kingsbridge’s Total Assets in excess of $420 MM; bringing the total original equipment cost financed in their portfolio to approximately $600 MM.
GreatAmerica Leasing, Cedar Rapids, Iowa (07/11) purchases the “One GreatAmerica Plaza” building in downtown Cedar Rapids, a major building that also houses their operation. http://leasingnews.org/archives/Jul2011/7_06.htm#greatamerica
ACC Capital/Amembal Capital, Midvale, Utah (06/11) Loni Lowder, 100% owner says company in “pay down” to creditor. He is now manager of Stalwart Contract Finance doing $1+ million service contract loans.
Navitas Lease Corp.,Ponte Verde, Florida (06/11) Gary Shivers announces his company has new division for "brokers only" to be headed by Dwight Galloway, CLP, ex-LEAF Speciality President, called RLC Funding.
CIT Group, New York (03/11) announces it has renewed its $1 billion committed U.S. Vendor Finance conduit facility.
AdvanceMe, Inc., (03/11) Settles California suit for $23.4MM; doesn't hold California Finance Lender's License. http://leasingnews.org/archives/Mar2011/3_30.htm#update_settlement
Business Leasing Northwest, Seattle, Washington (03/11) Promises broken, many made repeatedly since November 15, 2010. New complaints received from original. BBB is "F". Michael Palmer, former Colonial Pacific officer questions about if he resigned or was let go.
International Lease Finance Corp. (part of AIG) (03/11) Forbes labels Steven Udvar-Hazay 132 richest in United States (also the the richest man in leasing.) http://leasingnews.org/archives/Mar2011/3_14.htm#richest
Sunrise International Leasing (SILC), Golden Valley, Minnesota (03/11) Sunrise International/King Capital Founder Peter John King passed away: http://leasingnews.org/archives/Mar2011/3_21.htm#king
One World Leasing (03/11) Announces they have been approved as a "Preferred Service Provider for community bank equipment leasing and financing for members of Independent Community Bankers of America (ICBA).
Marlin Leasing, Mount Laurel, NJ (03/11) Evergreen Leasing Continue Marlin's Sole Net Profit http://leasingnews.org/archives/Mar2011/3_21.htm#marlin (03/09) Marlin Officers Acquire Stock Before 4th Q Announcement http://leasingnews.org/archives/Mar2011/3_07.htm#marlin_stock
Main Street Bank, Kingwood, Texas (03/11) Depping no longer CEO, remains as chairman, no CEO or new president appointed, it appears, but from loss of $1.85 million the year before, Main Street had a profit of $4.8 million and improved its Tier 1 risk-based capital to a very strong 16.15% and Total risk-based capital to 17.43%
Sun National Bank, Vineyard, New Jersey (03/11) Lent Allied Health Care Services and Charles K. Schwartz over $15 million, allegedly didn't tell creditors who called asked him to move his account as was in work out, also allegedly had officers working on getting moved to other banks, reports lost $182.8 million December 31, 2010 after $79.7 charge off (Allied Charged off previous year, it appears).
Reliant National Finance, Jacksonville, Florida (03/11) Founder announces "no longer doing business in the United States," also no longer in leasing but "investments" business.
Snowflake Financial, Orange County, CA (03/11) New angle "professional engagement pricing," Bulletin Board Complaint about experience
Panthera, San Francisco, Ca (03/11) Enters $2MM to $50MM fray, includes former ICON president Paul Weiss.
GreatAmerica, Cedar Rapid, IA (03/11) Completes 10th securization for $362.4 million, total securitization in 18 years $2.5 billion.
Capital Source, Chevy Chase, Md. (03/11) New unit led by leasing veteran Laird Boulden finds after his 11 month hire. approvals for over $450 million in loans/ leases and funded $260 million (with another $110 million on backlog for 2011). Its largest loan was $35 million, and the top sectors for their equipment finance/leasing deals were:
Balboa Capital, Irvine, Ca. (03/11) Calif. A.G. files regarding Church Kiosks
Business Leasing Northwest, Seattle, Washington (02/11) Bulletin Board Complaint, not paying brokers, returning advance rentals, since November 15, 2010
AMC Funding Group, Charlotte, North Carolina (02/11) Brendan Job Messenheimer arrested for felony worthless check.
CHG-Meridian Group, Woodland Hills, CA (02/11) Expands in US, continues leasing in US, Europe, South America: http://leasingnews.org/archives/Feb2011/2_24.htm#chg_joins
iFinancial Group, San Clemente, CA (02/11) Bulletin Board Complaint
Marquette Equipment Finance, Midvale, Utah (02/11) Continues aggressive growth in middle market with hiring of Kirstin Patterson of ACC Capital as Vice-President of Syndication. Dorran Sampson had moved up to vice-president of broker relations.
Bank of the West, San Francisco/Dublin, Ca. (02/11) Bank posts a fourth-quarter profit that reversed the bank's losses of a year ago. All leasing divisions continue to grow and aggressively seek business.
Latitude Equipment Leasing LLC, Wayne, New Jersey (02/11) Appears out of business, no web site, telephone: http://leasingnews.org/archives/Feb2011/2_04.htm#latitude
ACC Capital Corp., Midvale, Utah (01/11) Complaint from GeNESISCommercial Capital non-payment of $48,000, their share of $120,000 residual collected by ACC Capital. Loni Lowder, President-CEO says "One time situation, no comment."
Benchmark Financial Group, Aliso Viejo, CA (01/11) Eight Bulletin Board Complaints plus law suits: http://leasingnews.org/archives/Jan2011/1_06.htm#bench_complaint
LEAF Financial, Philadelphia, Pa. (01/11) LEAF Commercial Credit under way, looks like LEAF Financial in limbo.
Key Equipment Finance/American Express/Sierra Cities/Rockford (01/11) Year-end 2010 lease charge offs $88.1 million; 2009: $106.5 million, 2008: $62.4 million, according to FDIC filings.