Leasing News

10+ years in equipment leasing/secured lending. Skilled in management & training, documentation, policy and procedure development & implementation, portfolio reporting. Strong work ethic. Email: dln1031@nyc.rr.com

Experienced in big ticket origination, syndication, valuation and workout. Twenty five years, MBA, CPA, JD, LLM (Tax), structuring specialist. Inbound and outbound transactions. Email:pal108381@comcast.net

20+ years all facets of lease/finance. Collection and credit management. Equipment & rolling stock structuring. $150k credit authority, $100 million portfolio management.

CFO w/20+ years leasing/financing. Respected by lenders/rating agencies full & fair financial reporting. Outstanding record restructuring debt. Adept at investor relations and mentoring people. Email:joemcdev@aol.com

Illinois Attorney, 18 years in IT equipment leasing, IT services contract assurance and contract litigation, seeks in-house position, metro Chicago or California (pay own relocation). Email: cadorff@sbcglobal.net

Experienced in-house corporate and financial services attorney seeks position as managing or transactional counsel. Willing to relocate. Email:sandidq@msn.com

Marketing: Orange County, CA. Seeking management opportunity to create/improve outbound call center new business marketing in leasing industry. Very experienced in all aspects of telemarketing, management, prospecting and closing. E-mail: princedm@pacbell.net

Operations: Experienced Credit, Collections, lease and Finance operations. Manager w/ expertise in improving bottom line performance, excellent trainer, manager, motivator. Get result/keep the customer coming back. Email:rgmorrill@comcast.net

20+ heavily experienced collection/recovery VP looking to improve someone's bottom line. Proven, verifiable track record. Knowledge of all types of portfolio. Will relocate Email:cmate@nac.net

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(This eMail is making the rounds of the leasing industry. Leasing News responded under three e-mail accounts, including one at Yahoo, but no response. It appears to be a “lead” generating advertisement.

There was criticism that the #1 was not named, and because he was a “friend.”

Brokers. Our policy is if the “dispute” is settled, there is no complaint. The check was returned to the applicant, so the complaint will not be printed.

a long time member of the National Association of Leasing Brokers and wanted to keep the advance fee for his time ( and expenses ), changed their mind at the last minute, returning the full amount by Airborne.

Before going into current “complaints,” there is a Bulletin Board Complaint posted that wants it removed. He states his is also a member of the National Association of Equipment Leasing Brokers, confirmed, who has offered to return the advance rental he has kept if we remove the complaint from the Bulletin Board. He is very well liked and respected, we are told, and let’s leave it at that.

His motivation: He states when his company is searched with the browser Google, the Leasing News complaint about his company is brought up as Number One. He says this is true on other internet browsers. It has affected his business, he claims.

As part of the “resolution,” the old complaint was removed with the stipulation that the “advance rental” be returned, and if such a situation should occur again, the old complaint will be posted along with the one that was settled. This was to give both a benefit of doubt, a new chance, and to get the money back to the applicant.

The archives were not amended or changed; just the weekly bulletin board complaint.

In this new situation, we will not amend the archives, but are considering the “offer,” and would like feed back from readers.

“You know (funder) extremely well and understand that we would never withhold a brokers fee. With our generosity and commitment to the ****** broker community and to UAEL you know that we would not try to “steal” $1000 from a broker. I would just like to give you our side of the story in advance.

“******** sent us a good deal with a company back east and we were able to put the deal together with a great team effort.

“During this process, on multiple occasions, we asked ******* to complete our application and Broker Agreement, which you yourself have completed and signed with no troubles whatsoever.

“After funding the deal ****** has crossed out essentially all of the reps & warrants in our agreement, I’d be happy to forward to you, and asked that we fund the rest of his fee. ****** has already received 80% of the fee in the form of a commitment fee he received from the lessee. We know that there is no way he will ever sign our agreement if we send him the remaining ****** prior to receiving the signed agreement.

“It is very troubling to us that he will not provide a copy of his credit bureau for the application, will not spend the time to thoughtfully consider our agreement especially after we funded the deal in good faith that he would sign and return our document.

“I’m sorry to bug you with this information however I would hate to have ******* attempt to leverage your newsletter against us as he’s threatened to do so below.”

“Gentlemen, the delays re: the payment of the outstanding portion of our commission have gone on long enough.

“I have been patient and reasonable and done everything you asked. I have signed the broker agreement, with a few minor changes, and faxed in a signed copy. I was not told that you needed an original until now and by now I should have the check. Guys I haven't invested this much time and energy in getting paid from a lender in years.

“Here is what I propose, you can FedEx my commission (please) and we can keep this on a friendly basis and hopefully do more business.

“If you chose not to pay me the money you owe me (please be aware that all the records show you funded the deal, your Tvalue and emails show my commission, the invoice and your emails show of the commission paid and some still due. However for some reason ******** is just stalling and not paying us the balance of the money owed) ... then I will have to ask Kit Menkin to publish this incident to warn other Brokers that ******* does not pay full Broker commissions, at least in this incident. I will also bad mouth you

If your argument, in response to that article, once published would be that I did not sign a Broker agreement, that would be false. I did. Do you want to be in a position where you are explaining to the broker community at large why you were trying to cheat Integrity out of a grand, based on the premise that you needed me to leave in the clause in your Broker agreement that enables you to come into our office without notice and be entitled to go through our records, when I explained to you that even GE waived that clause when we asked.

Guys I just want to get paid and move on. Please do the right thing and pay what you owe while there is still a chance we can all walk away happy and do business again.

as in others such as buying back the lease if default in first six months, etc.; and on

(One of the things that is not true is Leasing News just does not print a complaint. We look into it, and our first step of the ladder is to see if the complaint is justified. The

second, is to see if we can resolve the issue, which we thought we had, but instead other

(The California Department of Corporations Finance Lender’s Division can come into your office unannounced, look at all records, and you pay for their time and expenses for the investigation. If you have bank lines, the bank has the right to audit at any time. And if you haven’t been visited by the state for a sales tax audit or county for a personal property tax audit, you would welcome the funder much more, believe me.

(At last call, the broker was out $500 from the original “published rate,” and the funder

did not want to do business with him, despite the volume produced or years in business of the broker. Both were losers in this as the funding source would have been a valuable

Getting back to the original place, an exception was made for the funding to the vendor and lessee, another reason why “policy” should be followed. Sometimes trying to be a nice guy, does not pay off. Both parties should have agreed to the terms and conditions before proceeding. Remember: the person with the gold makes the rules. Editor)

A dentist in Southern California signed a $110,000 “sale/leaseback” January 14, 2004.

The contract appears to be a generic form with a venue in Oregon. The president of the

Dana Point, California has not returned six telephone calls over the last few weeks,

There is an e-mail from the president in March,2004, stating the same thing. The

dentist cannot get anyone to return his telephone calls, he says, and the direct number

“I did get your file back, but unfortunately it was without what we are looking for. It’s time to make a decision as to how you want to proceed. It is ridiculous that funding has taken this long to wrap up your transaction. Our company recently took a seven figure hit on a sale-leaseback transaction due to fraud on behalf of the borrower. As a consequence every sale-leaseback is being checked and re-checked which is why this process has been so drawn out,

Regardless, this is not fair to you and I know it interferes with your business plans. But we have a few choices as follows:

“2.) Continue to wait out funding, as I know there is not any fraud involved in your

“The easiest choice is to refund your deposit, but after investing in so much time with each other I would prefer you not to exercise this option. What I would suggest is pursuing another approval, while waiting funding out. I will get your transaction funded, but your input is needed. I can only imagine how frustrating this is for you, as its

“I will be in a meeting for a few hours until lunch PST, but will call you as soon as l get out. Please let me know how you want to proceed.”

An applicant claims not to have received his commission from a funder (discounter/superbroker/lessor) who also advertises in Leasing News.

“I have a dispute with ********* . They are refusing to return my deposit of $5,000. I have an agreement with them to perform within 20 days to secure funding on a leasing sign. They did not. Please advise what shall I do.

the “other side to the story.” Whether they are an advertiser or not, friend of not,

we will be “independent, unbiased” to the best of our ability, and if the “dispute”

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This form is one of the most widely used in the leasing industry and covers most of the bases. Note: Last sentences about the signatures makes this more a “proposal,” than commitment. If required, these sentences may be removed.

This is for a “master lease,” when they will be other schedules, dates of delivery and acceptance, and interim rent is to be imposed on the “funded” portion(s.) Note: Last sentences about the signatures makes this more a “proposal,” than commitment. If required, these sentences may be removed.

This is a form that you can make into a template. First use “find, replace” to

This form was designed for use in the State of California, where arranging for a loan

requires a license. Real Estate and mortgage brokers may not need a California Financial Lender’s License, as well financial institutions. Any third party “agent” does need

You can make a template on this form very easily. It primarily purpose is for real estate secured loans , equipment finance agreements, and “sale/leaseback” type situations.

Gary Saulter
Chase Industries 109 Ottawa Ave.
Grand Rapids, MI 49503
(616) 459-6800

Lobbyist Kenneth Kies plans to send an alternative proposal to federal lawmakers later this week regarding restrictions on tax-advantaged sale-in, lease-out (SILO) deals on behalf of the Big-Ticket Leasing Coalition.

Proposals pending in the Senate and House would greatly limit the deals and the tax advantages associated with them, but the coalition's alternative proposal is designed to soften the blow of these pending curbs while still raising revenue for the federal government.

Instead of denying tax benefits for the leasing companies, the alternative proposal would increase the amount of risk associated with the deals, in response to criticism that the taxable entities involved shoulder no real capital or risk burdens.

Under the terms of SILO deals, a local government or other tax-exempt organization sells assets such as technology or equipment to a corporation, which then claims a federal deduction for the depreciated cost of the assets before leasing them back to the municipality.

While some local governments favor the deals because they help finance infrastructure projects, both Treasury officials and congressional lawmakers have criticized SILOs as tax shelters that deprive the government of income tax revenue.

A pending proposal in the Senate would cut federal tax benefits for SILO deals entered into by Nov. 18, 2003, while another proposal in the House would affect deals after Feb. 12, 2004.

Kies says that if lawmakers do not consider the coalition's alternative proposal, leasing firms would be forced to increase the costs of leasing deals with tax-exempt entities in anticipation of legislation curbing the tax benefits of such deals.

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A Federal Reserve survey shows a rise in loan demand for the first time in three years.

The Fed polled senior loan officers at 56 domestic and 21 foreign banks. Over 20 percent of domestic banks reported increased demand for commercial and industrial loans from small firms, and 11 percent reported increased demand from large and middle-market firms.

Meanwhile, 18 percent of domestic banks said they have lowered their lending standards on commercial and industrial loans for large and middle-market firms, and 11 percent said they have lowered their lending standards for small firms.

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Customers of Internet bank NetBank will now have access to more than 5,000 NetBank ATMs across the country.

The bank has announced that it is in the process of branding the ATMs that were purchased its acquisition of Financial Technologies, Inc. last year.

A bank representative says the expanded network, which now ranks as the fourth-largest of any bank in the country, will give retail and small business customers even greater access to their funds and will build more brand awareness.

The NetBank ATM network covers all 50 states and will be implemented in phases according to the regions with the highest concentrations of NetBank customers.

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(Loan Production "flat"---- The commercial equipment leasing business had production of $39 million, a decrease of $5.2 million or 12% )

ATLANTA----NetBank, Inc. (Nasdaq:NTBK), parent company of the country's first commercially successful Internet bank, NetBank(R) (www.netbank.com), reported earnings for the first quarter of 2004.

Net income totaled $9.4 million or $.20 per share for the first quarter, compared to $10.7 million or $.22 per share for the same period a year ago. Based on the company's strong financial position, the board of directors declared a dividend of $.02 per share payable to shareholders of record on May 15, 2004. The dividend will be disbursed on June 15, 2004.

Deposits totaled $2.6 billion, a quarter-over-quarter increase of $106 million or 17% on an annualized basis. Growth was centered in small business accounts and escrow funds for our mortgage servicing operations. Small business deposits grew by $6.6 million during the quarter or 100% on an annualized basis. The $47 million decrease in retail deposits was primarily in single-service or non-core CD account relationships. The bank continues to refine its pricing to attract and retain multi-product relationships that produce value for both the customer and the bank. Although overall retail deposits declined, average balances in core transactional accounts increased over the quarter. The average retail checking balance at quarter-end was $2,210, an increase of $147. The average retail money market balance totaled $15,858, up $81.

There have been no material changes in our litigation over leases originated by Commercial Money Center, Inc. (CMC). Based on legal expenses and unrealized income, the CMC matter affected first quarter earnings by $1.3 million, pre-tax, or $.02 per share, after tax. Our case against the CMC sureties remains strong, and we are in the process of amending our complaint to pursue fraud and unfair trade claims that would entitle us to treble damages. The sureties are Illinois Union Insurance Company, an affiliate of ACE INA Group (NYSE:ACE); Safeco Insurance Company, an affiliate of Safeco (Nasdaq:SAFC); and Royal Indemnity Company, an affiliate of Royal and Sun Alliance Group (NYSE:RSA).

Management repurchased 672,100 shares of the company's common stock during the quarter. The average price paid per share was $12.26. The board of directors has subsequently increased the buy back authorization by one million shares. Along with shares still available under previous authorizations, management currently has approval to repurchase approximately 1.3 million shares. Purchases may be made in the open market or through private transactions.

With this quarter's earnings announcement, the company introduced a revised financial format to break out results within its transaction processing operations as a segment. The mortgage segment was renamed "Financial Intermediary" to better reflect the scope of activity envisioned within this segment. In addition to mortgages and mortgage-backed securities, the company plans to originate and deliver non-mortgage assets into the capital markets as part of this operation. Financial results related to the company's mortgage servicing portfolio were moved into the banking segment since the company views its mortgage servicing rights (MSRs) as a strategic, long-term asset. The actual servicing operation was placed into the transaction processing segment since it services loans for third parties as well as intra-company businesses.

All segment tables within this release report results under the revised format to provide quarter-over-quarter comparisons. The company also updated the supplemental data that it posts to the Web site to conform to the new format.

"This quarter's results show the progress we're making in diversifying the company's revenue and only hint at the potential that lies ahead," said Douglas K. Freeman, chairman and chief executive officer. "We continue to work toward a balanced business model with counter-cyclical levers and stable, annuity-like income sources. Our banking segment reported impressive results that allowed us to manage through the difficult environment that we faced in our conforming mortgage operation as volumes declined and pricing pressures increased."

"The quarter shaped up fairly close to our expectations," said Steven F. Herbert, chief finance executive. "Profitability in our financial intermediary operations came under significant pressure as rates moved higher early in the quarter and mortgage lock activity diminished. Secondary market margins were also affected by aggressive pricing behavior within the correspondent channel. Improving fundamentals within the banking segment and an abatement of impairment charges within the servicing portfolio partially mitigated those challenges."

"We've shared publicly that our goal is to reach a point over the next few years where our earnings are comprised of equal contributions from our three primary operating segments -- banking, financial intermediary and transaction processing," Freeman concluded. "There is still a lot of work to be done, especially in executing our vision within our transaction processing operations. But, this quarter's solid results and a more varied earnings contribution mix between the segments should further encourage our investors and associates. It clearly indicates that we're gaining traction."

Pre-tax income, before gains on securities and net servicing results, grew to $3.5 million, an increase of $2.7 million or 330% from the previous quarter. This dramatic improvement resulted from two primary factors. Revenues rose by $1.6 million, driven mostly by growth of $339 million in the bank's earnings assets. And, expenses fell by $1.0 million, representing a return to more normalized levels from last quarter's high.

At the bottom line, segment results were affected by a $2.1 million loss, pre-tax, related to the company's mortgage servicing asset and a $3.2 million gain, pre-tax, on the sale of certain securities in the bank's investment portfolio. The sale was part of the company's proactive asset-liability management strategy. The company holds only saleable assets on its balance sheet that management routinely analyzes from a best execution standpoint. Assets are sold at opportune times to mitigate inherent risks.

NetBank, Inc. (Nasdaq:NTBK) operates with a revolutionary business model through a diverse group of complementary financial services businesses that leverage technology for more efficient and cost effective delivery of services. Its major subsidiaries include NetBank(R) (www.netbank.com), the country's first commercially successful Internet bank; RBMG, Inc., a wholesale mortgage lender that generates residential mortgages through a nationwide network of independent brokers and correspondent lenders; Market Street Mortgage Corporation, a retail residential mortgage lender that conducts business in 39 states; Meritage Mortgage Corporation, a wholesale mortgage lender that originates non-conforming residential mortgages through a nationwide network of independent brokers; Republic Leasing Company, Inc., a wholesale originator and servicer of commercial business equipment leases; NetInsurance, Inc., an online insurance agency representing some of the nation's leading insurance companies; and NetBank Payment Systems, Inc., a provider of ATM and merchant processing services to small institutions and non-bank retail businesses. NetBank is a Member FDIC. NetBank, RBMG(R), Market Street Mortgage(R) and Meritage(R) are Equal Housing Lenders. About NetBank, Inc.

Mona Janes-Capriglione, CLP was recently promoted from Vice President of Sales to Executive Vice President. Mona, with her sixteen years of experience in the equipment leasing industry, has been and is a driving force in the success of Wildwood Financial. Her promotion will give her additional responsibility in handling the overall daily operations of the company.

Wildwood Financial Group, Ltd. just completed the construction of their new corporate headquarters in St. Louis, MO. The new facility includes a state-of-the-art corporate training and technology center. Wildwood’s new facility is located at 2646 Highway 109, Suite 101 Wildwood, MO 63040. Phone (636)405-5100 Fax (877)235-0808.

NEWARK, N.J., -- Norvergence Inc., a Newark-based equipment systems and leasing company, recently named Robert C. Arnold to the position of Chief Financial Officer for Norvergence Capital, a wholly owned financial services subsidiary of Norvergence Inc.

Norvergence Capital, slated to begin operations in June of this year, will provide financing to Norvergence customers who have been approved for its MATRIX(TM) line of cost savings solutions.

Mr. Arnold comes to Norvergence Capital from HP Financial Services, where he was the Finance Director for North America. At HP Financial Services, he was responsible for all financial functions and was instrumental in integrating the HP and Compaq Financial services portfolios. Mr. Arnold was part of management team that launched Compaq Financial Services in 1997.

Prior to his employment at HP Financial Services, Mr. Arnold was the Chief Accounting Officer at Computer Leasing, Inc., a firm which grew to be one of the largest independent lessors during his 13-year tenure.

Mr. Arnold is a Certified Public Accountant and a member of the AICPA, New Jersey Society of Public Accountants, Financial Executives International and the Institute of Management Accountants.

Norvergence is a technology company providing advanced telecommunication and information technology solutions for growing businesses nationwide. Norvergence has current offerings that will drastically reduce customers' total telecommunication and information technology monthly expenditures. Founded in 2001, Norvergence currently has 1,800 employees in 32 offices nationwide. Norvergence Capital, LLC, will begin financing Norvergence customers in June 2004.

For more information on all of the NorVergence Matrix(TM) solutions, please visit us at: www.norvergence.com or www.norvergencematrix.com

For information on the NorVergence 800 Direct Solutions, please go to: www.norvergencephonesystems.com or www.norvergencepbx.com

For information on integrated telephone systems, please visit us at: www.norvergencesoho.com or www.norvergencesolutions.com

Norvergence Matrix(TM) CCS, Matrix(TM) SOHO and Matrix(TM) ATM Voice Gateway are all registered trademarks of Norvergence, Inc. in the United States and other countries. The names of actual companies and products mentioned herein may be trademarks of their respective owners.

TOKYO----ORIX Corporation (TSE:8591) (NYSE:IX), a leading integrated financial services group, announced that revenues for the fiscal year ended March 31, 2004 increased 6% year on year to 720,773 million yen, income before income taxes(1) rose 126% to 102,157 million yen, and net income grew 79% to 54,020 million yen.

Revenues for "direct financing leases" and "interest on loans and investment securities" were down compared to the same period of the previous fiscal year as ORIX continued to focus on the profitability of each transaction and carefully selected new assets. However, revenues from "operating leases" increased due mainly to improvements in the precision measuring equipment rental and automobile rental businesses, "residential condominium sales" grew due to the increase in the number of condominiums sold to buyers, while "brokerage commissions and net gains on investment securities" also increased as a result of improvements in the stock and bond markets. In addition, lower "interest expense" and fewer "write-downs of long-lived assets" and "write-downs of securities," and an increase in "equity in net income of affiliates" contributed to the significantly higher earnings.

The "Equipment Operating Leases" segment had higher segment profits thanks to improved profitability of the precision measuring and other equipment rental operations, while the "Real Estate" segment also did well with contributions from gains from the sale of office buildings and the condominium development business. The "Life Insurance" segment posted higher earnings as a result of the continued shift to highly profitable insurance-only life insurance products. In the "Asia and Oceania" segment, the contribution from an equity method affiliate and the strong performance of the automobile leasing operations of a number of companies in the region added to segment profits, while "The Americas" segment posted higher profits largely as a result of lower provisions and fewer write-downs of securities.

Operating assets were down 6% to 4,849,194 million yen and total assets were also down 5% to 5,624,957 million yen compared to March 31, 2003 due to our continued attempt to grow profits without increasing assets. Shareholders' equity increased 12% on March 31, 2003 to 564,047 million yen and the shareholders' equity ratio was 10.0% compared to 8.5% at March 31, 2003. ROE rose from 6.0% to 10.1% and ROA improved from 0.49% to 0.93% compared to the fiscal year ended March 31, 2003.

For details on the annual earnings announcement please access "Annual Results 2004/3" and "Analysis of Annual Quarter Results 2004/3" from ORIX's web site at: www.orix.co.jp/grp/ir_e/data/report/index.htm.

ORIX Corporation (TSE:8591) (NYSE:IX) is an integrated financial services group based in Tokyo, Japan, providing innovative value-added products and services to both corporate and retail customers. With operations in 23 countries worldwide, ORIX's activities include: leasing, corporate finance, real estate-related finance and development, life insurance, and investment and retail banking. For more details, please visit our web site at: www.orix.co.jp/grp/index_e.htm.

These documents may contain forward-looking statements about expected future events and financial results that involve risks and uncertainties. Such statements are based on our current expectations and are subject to uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Factors that could cause such a difference include, but are not limited to, those described under "Risk Factors" in the Company's annual report on Form 20-F filed with the United States Securities and Exchange Commission.

CONTACT:ORIX Corporation Leslie Hoy, +81-3-5419-5102 email: orixir@orix.co.jp URL: www.orix.co.jp/grp/index_e.htm

SAN FRANCISCO----UnionBanCal Corporation (NYSE:UB) and its principal subsidiary, Union Bank of California, announced that Vice Chairman Philip B. Flynn was elected to the Board of Directors at the company's annual stockholders' meeting on April 28. Flynn, 46, formerly executive vice president and chief credit officer, was named successor on April 1 to Vice Chairman Robert Walker, 62, who earlier announced his retirement. Flynn oversees Union Bank's Commercial Financial Services Group.

President and Chief Executive Officer Norimichi Kanari said, "Phil brings a wealth of experience in both commercial lending and credit management and will be a great asset to the board. As head of commercial banking activities, Phil and his team are crucial to our future as we continue to evolve to meet the diverse financial needs of our corporate banking, investment and commercial clients."

Flynn joined Union Bank in 1980 after graduating from Claremont McKenna College. After completing the bank's management training program, he joined the energy department as an account officer on the utilities team. He was promoted to vice president in 1984 and named senior vice president and manager of the energy capital services division in 1987.

Flynn assumed additional responsibilities for the syndications department and the commercial finance division in 1996. He was promoted to executive vice president in September 1996 and in 1998 became head of the reorganized commercial banking group. In May 2000, Flynn was named head of the specialized lending group. In September 2000, he was appointed chief credit officer and head of the Credit Management Group. At the same time he was appointed a member of the bank's Executive Management Committee.

In his newly appointed vice chairman position, Flynn oversees the following operations: Commercial Deposits and Treasury Management; Commercial Banking; Energy Capital Services; Equipment Leasing; Real Estate Industries; Corporate Capital Markets, which includes National Banking, Communications, Media and Entertainment; and Investment and Merchant Banking. The group's customers include middle-market companies, large corporations, real estate companies and other specialized industry customers. Specialized depository services are offered to title and escrow companies, retailers, domestic financial institutions, certain trustees and other corporate customers with significant deposit volumes.

Based in San Francisco, UnionBanCal Corporation (NYSE:UB) is a bank holding company with assets of $46.1 billion at March 31, 2004. Its primary subsidiary, Union Bank of California, N.A., had 298 banking offices in California, 4 banking offices in Oregon and Washington and 21 international facilities at March 31, 2004. The company's Web site is located at www.uboc.com.

CONTACT:UnionBanCal Corporation Public Relations: Stephen L. Johnson, 415-765-3252 Joanne C. Curran, 213-236-5017 or Investor Relations: John A. Rice, Jr., 415-765-2998

WOBURN, Mass.---MicroFinancial Incorporated (NYSE-MFI) announced today its financial results for the first quarter ended March 31, 2004.

First quarter revenues for the period ended March 31, 2004 were $18.0 million, compared to $25.6 million during the same period in fiscal 2003. The net loss for the quarter ending March 31, 2004 was $4.7 million, versus a net loss of $0.8 million for the same period last year. Loss per share for the year was ($0.36) on 13,179,548 shares, versus ($0.06) on 12,854,642 shares for the same period last year. The reduction in revenues is directly related to the Company's suspension of virtually all new originations beyond October 2002.

On a sequential basis, the net loss for the first quarter of 2004 improved $3.3 million from a loss of $8.0 million last quarter. This increase was primarily driven by a reduction in the provision for credit losses of $6.5 million.

The Company remains in full compliance with the terms and conditions of its securitizations and senior credit facility. The Company has made or exceeded all scheduled payments on these debt instruments in a timely manner. During the quarter, MicroFinancial was able to reduce its bank debt by $14.8 million to $40.5 million.

Net cash provided by operating activities decreased 33.5% to $17.1 million, compared to $25.7 million in the first quarter of 2003. The Company repaid debt of $17.4 million on its senior credit facility and securitizations during the quarter. Receivables due in installments, estimated residual values, loans receivable, investment in service contracts and investment in rental equipment at March 31, 2004 was $210.9 million, or a decrease of 41% from March 31, 2003.

Total operating expenses for the quarter decreased 3.7% to $25.8 million compared to $26.8 million in 2003. Interest expense declined 69.2% to $0.8 million as a result of lower average debt balances. Selling, general and administrative expenses decreased $1.9 million to $7.3 million for the quarter ended March 31, 2004, versus $9.2 million for the same period last year. The decrease was driven in part by a reduction in personnel related expenses of approximately $1.0 million, as management reduced headcount from 203 to 136, as well as a reduction of $0.7 million in rent expenses resulting from the consolidation of various office facilities. Depreciation and Amortization expense remained flat at $4.3 million for the quarter ended March 31, 2004. The provision for credit losses increased $2.6 million to $13.4 million for the quarter ended March 31, 2004 from $10.8 million for the same period last year. Gross charge-offs increased 29.9% to $21.2 million while recoveries decreased 38.5% to $1.6 million.

Richard Latour, President and Chief Executive Officer said, "I am pleased that the Company repaid debt balances on its senior credit facility and securitizations of $17.4 million in the quarter ended March 31, 2004. The Company has continued to outperform the financial expectations of our bank agreement by accelerating its required repayments."

MicroFinancial Incorporated continues to operate without the use of gain on sale accounting treatment and a balance sheet with total liabilities less subordinated debt to total equity plus subordinated debt of 0.9 to 1

MicroFinancial Inc. (NYSE:MFI), headquartered in Woburn, MA, is a financial intermediary specializing in leasing and financing for products in the $500 to $10,000 range. The company has been in operation since 1986.

### Press Release ########################

Sterling Financial Announces 15.2% Increase in First Quarter Earnings

Sterling Financial Corporation (Nasdaq: SLFI) announced earnings for the quarter ending March 31, 2004.

Results of Operations

Sterling's net income was $7.629 million for the quarter ended March 31, 2004, an increase of $1.004 million, or 15.2% from the first quarter 2003. Diluted earnings per share totaled $0.35 for the first quarter 2004 versus $0.31 for the same period 2003, an increase of 12.9%. Return on average realized equity for the first quarter of 2004 was 14.78%, compared to 14.52% in the first quarter of 2003.

Despite a challenging interest rate environment for the financial services industry, Sterling has been able to improve net interest income, from $20.571 million for the first quarter of 2003 to $22.567 million in 2004, a 9.7% increase. The improvement is primarily the result of a shift in the composition of Sterling's interest earning assets, away from lower yielding federal funds and securities, to higher yielding loans, particularly commercial loans and finance receivables. Sterling's net interest margin was 4.65% for the first quarter of 2004, which matches 2003 levels.

Despite growth in loans receivable, Sterling's provision for loan losses was $714 thousand for the quarter ended March 31, 2004, compared to $1.035 million in 2003. The decrease in the provision was the direct result of improving asset quality ratios, combined with minimal net charge-offs during the period.

Noninterest income, excluding securities gains, was $12.686 million for the quarter ended March 31, 2004, an 11.0% increase over $11.428 million earned in 2003. Mortgage banking income declined $386 thousand as mortgage loan origination volumes have declined as 2004 interest rates have increased over 2003 levels. Offsetting this decline was trust and investment management income and brokerage fees and commissions, which increased from $1.307 million for the first quarter of 2003 to $2.982 million in 2004. The acquisition of Church Capital Management LLC, a registered investment advisor, and Bainbridge Securities, Inc., a NASD registered broker dealer, in the fourth quarter of 2003 contributed to the 128% increase in trust and investment management income and brokerage fees and commissions.

During the first quarter of 2004, Sterling recognized securities gains of $517 thousand. These gains were primarily the result of two separate equity investment strategies, including sales of insurance industry positions acquired as a result of demutualization, and gains that were taken through liquidation of certain bank stocks given our belief that these stocks were fully valued. It is anticipated that the proceeds from the securities sold will be used to capitalize Sterling's entrance into the New Castle County, Delaware market, with its separately chartered Delaware Sterling Bank.

Noninterest expenses were $24.972 million for the quarter ended March 31, 2004 compared to $21.912 million in 2003, a 14.0% increase. The increase in noninterest expenses can be attributed to the growth that Sterling has experienced, both organic and through expansion into new geographic regions, including Berks County, Pennsylvania, Carroll County, Maryland, and New Castle County, Delaware. In addition, new and enhanced financial services products are being offered to Sterling's customers, including brokerage services and registered investment advisor consultation. As a result of new markets served and product expansion, increases were noted in virtually every noninterest expense category, including a full quarter's worth of expenses for Church Capital Management and Bainbridge Securities in 2004, compared to no similar expenses in 2003.

Sterling's efficiency ratio for the quarter ended March 31, 2004 was 62.1%, which was higher than the first quarter 2003 ratio of 58.8%. As a result of Sterling being an acquisitive and growing financial services company, the efficiency ratio has slipped slightly in the short term, as we have incurred expenses in trying to assimilate new affiliates into the Sterling family with little disruption to our customer base. Additionally, as our banking segment expands in to new geographic markets, the additional office locations also negatively impacts Sterling's efficiency ratio in the short-term.

Financial Position

Total assets were $2.335 billion at March 31, 2004, an 8.0% increase over March 31, 2003's total assets of $2.162 billion. Total assets decreased slightly from December 31, 2003's totals of $2.344 billion.

Net loans outstanding were $1.534 billion at March 31, 2004, a 3.5% increase over the year end balance of $1.481 billion, and a 17.6% increase over March 31, 2003's balance of $1.305 billion. Sterling continues to experience strong loan growth that has resulted from an improving local and national economy, particularly in the commercial and finance receivable portfolios. Sterling's newer markets have also contributed to the growth in loans receivable.

Sterling has utilized several funding sources to grow its loan portfolio, including internal sources, such as retained earnings and deposit growth, maturing investment securities and reallocation of short-term investments and federal funds sold. Deposits were $1.772 billion at March 31, 2004, a $57 million increase, or 3.3% from March 31, 2003. Deposits were down slightly from year-end. Although Sterling continues to promote its existing deposit products and develop new products, management anticipates near term deposit growth may be slower than in the past several years as investors migrate back to the equity market.

Long-term debt and subordinated notes payable related to trust preferred securities were used to supplement Sterling's internal funding sources. Long-term debt increased $42.745 million from March 31, 2003 to March 31, 2004, and subordinated notes payable increased $36.083 million. Net repayments of long-term have totaled $4.652 million since December 31, 2003.

"Coming off an outstanding year in 2003, it is encouraging to begin 2004 with such rock-solid performance," said J. Roger Moyer, President and Chief Executive Officer of Sterling Financial Corporation. "Market conditions in the first quarter provided challenges, but Sterling continued our trend of improving on virtually every aspect of our business. The sustained performance of Sterling reflects the dedication and commitment of our people, who focus intently on meeting the needs of our customers and our shareholders."

Sterling Financial Corporation is a family of financial services organizations that operates 56 banking locations in south central Pennsylvania and northern Maryland, through its affiliate banks, Bank of Lancaster County, N.A., Bank of Hanover and Trust Company, First National Bank of North East, Bank of Lebanon County, and PennSterling Bank, located in Berks County, PA. In addition to its banking affiliates, Sterling's affiliates include Town and Country Leasing, LLC, Lancaster Insurance Group, LLC, Equipment Finance LLC, a specialty commercial finance company, Sterling Financial Settlement Services Company, Sterling Financial Trust Company, which manages over $1 billion in assets, Church Capital Management, a Registered Investment Advisor with assets under management of nearly $700 million and Bainbridge Securities, a NASD securities broker/dealer. In January 2004, Sterling announced its plans to acquire StoudtAdvisors, Inc., an employee benefits brokerage and consulting company.

This news release may contain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those set forth in such statements due to various factors. Such factors include the possibility that increased demand or prices for Sterling's financial service and products may not occur, changing economic and competitive conditions, volatility in interest rates, technological developments, and other risks and uncertainties, including those detailed in Sterling's filings with the Securities and Exchange Commission.

SOURCE Sterling Financial Corporation

CONTACT:

J. Bradley Scovill,

Senior Executive Vice President and Chief Financial Officer of Sterling Financial,

+1-717-581-6030

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OCÉ Selects Key Equipment Finance as Leasing Partner

SUPERIOR, Colo. – – Key Equipment Finance, one of the nation’s largest bank-affiliated equipment leasing companies and an affiliate of KeyCorp (NYSE: KEY) has announced that it has acquired a $35 million equipment leasing portfolio from Océ Financial Services, Inc., the North American captive leasing subsidiary of Océ, a global leader in digital document management and delivery solutions. Additionally, Key Equipment Finance has been selected by Océ as one of three primary financing partners to help support their ongoing equipment leasing program.

The relationship with Key Equipment Finance provides Océ a high degree of flexibility in managing the financing of the lease obligations of its captive leasing company. "We believe equipment financing options are an important facet of providing our customers a total solution," said Stewart Schulein, president of Océ Financial Services, Inc. "Key Equipment Finance is a leader in the equipment leasing industry, and it’s clear that their people are committed to helping us meet the needs of our customers."

By partnering with Key Equipment Finance, Océ can submit customer lease applications online and secure a credit decision in minutes. In addition to this added convenience, the program helps improve Océ’s cash flow and optimize its revenue recognition.

"Océ takes great pride in the products and services it offers and recognizes the importance of a lease option as part of the customer service package," said Karen Larson, president and COO of Key Equipment Finance’s global vendor services unit. "We are looking forward to utilizing our global financing expertise and our broad product scope to support the needs of Océ and its customers."

About Océ

Océ is a leading supplier of digital document management and delivery technology. Océ's solutions are based on advanced software applications that deliver documents and data over internal networks and the Internet to printing devices and archives locally and around the world. Supporting the workflow solutions are Océ digital printers and scanners, considered the most reliable and productive in the world. Océ also offers a range of display graphics, consulting and outsourcing solutions. Based in the Netherlands, Océ N.V. maintains research and manufacturing centers in the Netherlands, the United States, Germany, France, Belgium, the Czech Republic and Japan. Océ's North American headquarters are located in Chicago, Illinois. North American revenues were $1.2 billion for fiscal 2003. For more information about Océ, visit www.oceusa.com. Outside the U.S., consult www.oce.com.

About Key Equipment Finance

Key Equipment Finance is an affiliate of KeyCorp (NYSE: KEY) and provides business-to-business equipment financing solutions to businesses of many types and sizes. They focus on four distinct markets:

· businesses of all sizes in the U.S. and Canada (from small business to large corporate);

· equipment manufacturers, distributors and value-added resellers worldwide;

· federal, provincial, state and local governments as well as other public sector organizations; and

· lease advisory services for manufacturers' captive leasing and finance companies.

Headquartered outside Boulder, Colorado, Key Equipment Finance oversees a $9 billion equipment portfolio with annual originations of approximately $3.9 billion. The company has major management and operations bases in Toronto, Ontario; Albany, New York; London, England; and Sydney, Australia. The company, which operates in 24 countries and employs more than 600 people worldwide, has been in the equipment financing business for over 30 years. Additional information regarding Key Equipment Finance, its products and services can be obtained online at KEFonline.com.

Cleveland-based KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $84 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. The company's businesses deliver their products and services through KeyCenters and offices; a network of nearly 2,200 ATMs; telephone banking centers (1.800.KEY2YOU); and a Web site, Key.com,® that provides account access and financial products 24 hours a day.

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Antinori rocks the boat by taking its flagship Sangiovese out of Chianti Classico

1749- Benjamin Franklin on the banks of the Shuylkill River, Philadelphia, PA, became the first person to cook by electricity. In a letter dated this day in 1749,

he wrote: A turkey is to be killed for our dinner by the electrical shock and roasted by the electrical jack, before a fire kindled by the electrified bottle

1845-Macon B. Allen becomes the first African-American lawyer
admitted to the bar in Massachusetts. http://www.jtbf.org/inter_fed_jud.htm

1854- the first college for African-American students was the Ashmun Institute, Chester County ,PA. It was named after Jeshudi Ashmun, the reorganizer of the colony of Liberia. In 1966, the college name was changed to Lincoln University. http://www.lincoln.edu/

1873-Eli Hamilton Janney of Alexandria, VA, obtained a patent on an “improvement in car-couplings.” Eventually every railroad coupler with which every railroad car in the United States, Canada, and Mexico was equipment

with his invention.’` http://www.sdrm.org/history/timeline/1901-for the first and only time, the Kentucky Derby was run in April instead of May. The winning cold was “His Eminence,” ridden by Jimmy Winkfeld. Sannazarro finished second, a length-and-a-half back.

1910 - The temperature at Kansas City, MO, soared to 95 degrees to establish a record for the month of April. Four days earlier the afternoon high in Kansas City was 44 degrees, following a record cold morning low of 34 degrees.

1913-the zipper was invented about 1906 by Gideon Sundback of Hoboken, NJ, an inventor of Swedish ancestry, who obtained a patent on this day for his “separable fasteners.” His design consisted of two flexible tapes, each of which carried a row of metal teeth with tiny hooks, and a slider that locked the two rows of hooks together. This fastener was improved upon by later patents on March 20 and October 16, 1917, which were assigned to the Hookless Fastener Company of Meadville, PA, under the name “Talon.” The first manufactured garments to incorporate zippers were rubber boots made by the B.F. Goodrich Company in 1923. Prior to this all clothes used buttons exclusively. The term “zipper” was coined by the English novelist Gilbert Frankau, who saw the device at a promotional luncheon and explained “Zip! It’s Open! Zip! It’s closed!” The first fashion designer to use zippers was Elsa Schiaparelli, who added them to garments in her 1930 collection.

1918-Ace of Aces Captain Edward Vernon Rickenbacker of Columbus, OH first victory took place in the Baussant region, in the Toul sector, France. He was credited with 26 victories, including 22 airplanes and four balloons. http://www.lib.auburn.edu/archive/flyhy/101/eddie.htm

1931- British skiffle musician Lonnie Donegan birthday. His biggest North American hit was 1961's "Does Your Chewing Gum Lose Its Flavor (On the Bedpost Over Night)." Died November 3,2002.

http://www.blueflamecafe.com/index.html http://www.concertedefforts.com/Otis%20Rush.htm

1941 - The Boston Bees agreed to rename the National League team the Braves, the name they used prior to 1935.

1945 - The 522nd Field Artillery Battalion, part of the most decorated regiment in the history of the U.S. military (the 442nd regimental combat team), added another first to the history books. They liberated the remaining prisoners of the infamous Nazi death camp, Dachau. The 522nd was made up entirely of second generation Japanese-Americans (Nisei).

1951-Marguerite Higgins won the Pulitzer Prize for international reporting. journalism. Her book, “War in Korea,” became a best-seller Among the many the many newspaper articles she wrote were the first report of the German death camps at the end of World War II, won the Pulitzer Prize for journalism in 1951. She was the first American to enter the Dachau death camp on 04-29-1945, in advance of military troops. From her dispatch filed that day: "Tattered, emaciated men, weeping, yelling and shouting `Long Live America' (in about 16 languages) swept toward the gate in a mob. Those who could not walk limped or crawled... at least a thousand prisoners were killed the night before... the barracks like those at Buchenwald (which she had also entered early) had the stench of death and sickness... the starving and dying lay virtually on top of each other in quarters where 1,200 men occupied a space intended for 200...in the crematorium itself were hooks on which the S.S. men hung their victims when they wished to flog them or to use any of the other torture instruments... Many of the living were so frail it seemed impossible they could still be holding on to life." More women were killed by the Germans in the concentration camps than men - and women were subjected to rape and other sexual tortures as well. So many of the Nazi doctors seemed fascinated by women's reproductive abilities and performed unspeakable horrors on pregnant women. She died in Washington, D.C. on January 3, 1966 of a disease which she apparently contracted while in Vietnam.

1952-birthday of Dale Earnhardt, stock car racer, born Kannapolis, NC, Apr 29, 1952. He was one of NASCAR's most popular personalities, winning the Winston Cup seven times. He was killed while driving in the Daytona 500 at Daytona Beach, FL, Feb 18, 2001 http://www.daleearnhardt.net/

1953 - "Coke Time with Eddie Fisher" began its TV and radio run on NBC-TV and Mutual radio. Fisher, a popular performer, was seen and heard on more TV and radio stations in 1954 than any other entertainer. Oh, my! (Papa)

1954 - Ernest Borgnine made his network television debut in "Night Visitor" on "Ford Theatre" on NBC-TV. The versatile film ("Marty") star would later become a sitcom sensation in "McHale’s Navy" with comedian Tim Conway on CBS and, later, as a helicopter owner in "Airwolf".

1958 -Ted Williams becomes the tenth major league player to get 1,000 extra-base hits.

1958-"The Witch Doctor" goes to No. 1 on Billboard's pop charts. The singer's voice was recorded at various speeds, mainly very Fast. Songwriter and singer Ross Bagdasarian (who recorded under the name David Seville) topped the charts again at the end of the year with "The Chipmunk Song," sung by his dubbed voice at very fast speed, and this time the singers were: the Chipmunks.

1959 - UNIVAC, the electronic computer that was the size of a house, actually picked four out of six winners at Churchill Downs in Louisville, KY. The electronic brain set a record for right choices in horse races. Of course, the winners all paid 2-1 or even odds, so it didn’t win much. But, most of us don’t...

1960 - Dick Clark told a House of Representatives investigating committee looking into the payola scandal that he, the host of "American Bandstand", never took payola for records featured on his daily TV show. Clark would, however, relinquish rights to music publishing that he owned. The value of those rights, Clark indicated 30 years later, amounted to about $80 million. http://www.history-of-rock.com/clark.htm http://www.dickclarkproductions.com/

1961 - “Spanning the globe ... to bring you the constant variety of sport, the constant variety of human competition, the thrill of victory and the agony of defeat. This is ABC’s Wide World of Sports.” A Saturday afternoon sports program began its long run on ABC-TV. The show, featuring Jim McKay as host, along with Howard Cosell, Frank Gifford, Al Michaels, Jack Whitaker, Heywood Hale Brun and others, was not an immediate hit. Although Roone Arledge’s vision of a worldwide window on televised sports got off to a slow start, "ABC’s Wide World of Sports" became one of TV’s most popular and enduring programs.

1963-Andrew Loog Oldham signed the Rolling Stones to a management contract. He had seen them peform the previous night at the Crawdaddy Club in Richmond, England.

1967-Muhammad Ai was stripped of his world heavyweight boxing championship when he refused to be inducted into military service. Said Au, “I have searched my conscience, and I find I cannot be true to my belief in my religion by accepting such a call.” He had claimed exemption as a minister of the Black Muslim religion. Convicted of violating the Selective Service Act but the Supreme Court reversed this decision in 1971

1968 - "Hair" made its way from Greenwich Village to Broadway. The show certainly opened eyes. It was the first time that actors appeared nude in a Broadway musical. "Hair" ran for 1,844 shows on and off Broadway. It was even more successful in its London run later. Big songs from the show: "Hair" (The Cowsills) and "Aquarius/Let the Sunshine In" (The 5th Dimension). http://www.cowsill.com/cowsills/discography/music-hair.html http://www.orlok.com/hairpages/hairfaq.html

1969 - Sir Duke, Duke Ellington, celebrated his 70th birthday. He was honored with the presentation of the Medal of Freedom, the U.S. government’s highest civilian honor.

1973 - The Mississippi River reached a crest of 43.4 feet, breaking the previous record of 42 feet established in 1785.

1974 - Phil Donahue’s TV show was on the move. "Donahue" was moving to Chicago, IL, where it would remain until 1985. The show was originally based in Dayton, OH. Following more than a decade in the Windy City, the show again moved, this time to New York City. During its stay in Chicago, "Donahue" earned nine Emmy Awards.

1981 - Steve Carlton, the Philadelphia Phillies pitcher, became the first left hander in the major leagues to get 3,000 career strikeouts. He fanned Montreal Expos’s Tim Wallach in the first inning of a game that saw the Phillies beat the Expos 6-2. Carlton was only the sixth major leaguer to strikeout 3,000 batters. He finished with 4,136.

1985-“Challenger” was launched from Kennedy Space Center, Florida, piloted by the first African-American to enter outer space, Col. Frederick Gregory, who became a veteran of three space missions, logging in 455 hours. This flight had a crew of seven and a full animal menagerie of monkeys and other animals to learn about the effects of space. After 111 orbits of Earth, Challenger landed on May 6, 1985, at Edwards Air Force Base, Ca. http://www.jsc.nasa.gov/Bios/htmlbios/gregory-fd.html

1985 - George Steinbrenner, owner of the New York Yankees, fired manager Yogi Berra. Berra was canned after only 16 games into the young baseball season. In his place, Steinbrenner brought Billy Martin back ... for the fourth time.

1986 - Roger Clemens of the Boston Red Sox set a major-league baseball record by striking out 20 Seattle Mariner batters on the way to a 3-1 win. This record for the Red Sox hurler surpassed the 19 strikeouts for a nine-inning game held by Nolan Ryan when he pitched for the California Angels. Tom Seaver of the New York Mets and Steve Carlton of the St. Louis Cardinals also held a piece of the previous 19-KO record.

1987 - A storm off the southeast coast of Massachusetts blanketed southern New England with heavy snow. Totals of three inches at Boston MA, 11 inches at Milton MA, and 17 inches at Worcester MA, were records for so late in the season. Princeton MA was buried under 25 inches of snow.

1988-the 1988 Baltimore Orioles finally won a game after losing the first 21 games of the season. They beat the Chicago White Sox, 9-0, on a combined four-hitter by pitchers Mark Williamson and Dave Schmidt. The Orioles’ streak, lasting from April 4 to 28, set an American League record but fell two losses short of the National League mark.

1988 -thunderstorms produced large hail and damaging winds throughout central Texas with baseball size hail reported at Nixon, Texas and wind gusts to 70 mph recorded at Cotulla, Texas. In contrast, a late winter storm dropped up to a foot of snow over northern West Virginia and western Maryland.

1989- Porter Wagoner joined Dolly Parton on stage for the first time since Parton split with her mentor in 1976. The duet sold out four shows at Parton's Dollywood theme park in Pigeon Forge, Tennessee.

1990 - A storm system crossing northern New Mexico blanketed parts of the Rocky Mountain Region and the Northern High Plains with heavy snow, and produced blizzard conditions in central Montana. Much of southern Colorado was buried under one to three feet of snow. Pueblo tied an April record with 16.8 inches of snow in 24 hours. Strong canyon winds in New Mexico, enhanced by local showers, gusted to 65 mph at Albuquerque. Afternoon temperatures across the Great Plains Region ranged from the 20s in North Dakota to 107 degrees at Laredo TX

1992-a jury in Simi Valley, CA, failed to convict four Los Angeles police officers accused in the videotaped beating of Rodney King, providing the spark that set off rioting, looting and burning at South Central Los Angeles, CA, and other areas across the country. The anger unleashed during and after the violence was attributed to widespread racism, lack of job opportunities and the resulting hopelessness of inner-city poverty.

1992- State Farm Insurance was ordered to pay $157 million to hundreds of California women who were not offered or given jobs as State Farm agents because of their sex. It was the largest sex-discrimination settlement in US history to that time. The settlement was shared by more than 814 women. The case that began in June, 1979 when Muriel Kraszewski sued because she was turned down repeatedly for agent jobs at State Farm offices in South California because she was a woman. As a result of the suit, the ratio of women agents with State Farm has increased from less than 1% in 1979 to more than 50% today. Women make up more than 50% of the population.

1995 -severe thunderstorms moved across Tarrant County in Texas. Hail up to 3.5 inches in diameter did an

enormous amount of damage. 100 aircraft were damaged at DFW airport. Damages in the county totaled $220 million. This was the second major hailstorm to hit the area in a month.

1997- the US House of Representatives voted to bestow Congress's highest civilian award, the Congressional Gold Medal, on Frank Sinatra. In 1985, President Ronald Reagan had presented the singer with the Medal of Freedom, the highest civilian award in the US.

the National Hockey League,. The NHL mandated helmets at the start of the 1979-80 season but allowed players then active to refrain by signing a waiver absolving the league of responsibility in case of head injury. MacIavish was the last remaining player of those who signed the waiver. He retired from the St. Louis Blues after a 16-year career during which he scored 213 goals. Despite his personal choice, he admitted, “Certainly, it’s very dangerous out there without a helmet. “