Wednesday, April 19, 2006
Statue of Capt. Parker, Lexington, Massachusetts John Parker Day Remembering John Parker's order, at Lexington Green, April 19, 1875: "Stand your ground. Don't fire unless fired upon; but if they mean to have a war, let it begin here." Park, revolutionary soldier, captain of the minutemen, born at Lexington, MA, July 13, 1729. Died Sept.17, 1775. (See Today's Top Event in History) (See other calendar events ) Headlines--- Classified Ads---Sales Manager ######## surrounding the article denotes it is a “press release”
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San Francisco Golden Gate Bridge * Atlanta, GA Chicago, IL Chicago, IL Geneva, IL Marlton, NJ New York, NY Pennsauken, NJ Portland, OR For a full listing of all “job wanted” ads, please go to: http://64.125.68.91/AL/LeasingNews/JobPostings.htm To place a free “job wanted” ad, please go to: http://64.125.68.91/AL/LeasingNews/PostingForm.asp * Golden Gate Panorama 503-625-7937 Strength in perspective 17.5x48 inches 21x57 inches 24x66 inches 11x31 inches 15x42 inches 24x20;24x16;24x20 28x23;28x19;28x23 34x28;34x24;34x28 16x36 frame 21x48 frame *First price = wall print framed in Brushed Aluminum; 2nd price=wall print framed in wood of your choosing. Also available on flat or float board; the resulting framed images are slightly larger than print size. http://www.strengthinperspective.com/zzzcloser/ALLpans/panSanFran.htm-------------------------------------------------------------- Texas Judge Rules against IFC Credit
In the Specialty Optical dba SOS trial before the Honorable Sally L. Montgomery, Dallas, Texas, IFC Credit Corporation Officer John Estok, CLP, divulged that his company has a $100 million asset portfolio with over $14 million in “up to 800” NorVergence leases with 550 in question: “…for the last 18 months, every month out the door is $300,000 in payments to the banks, and every month in the door is $100,000 or so of cash from settlements and customers who are still making their payments. “ The funds are borrowed, allegedly $9 million from a line of credit at PFF Bank (confirmed by the bank officer to Leasing News), $3 million from two investment groups (from three reliable sources), and $1 million in other bank lines (from court testimony.) In this specific law suit, the “Equipment Rental Agreement” is for 60 months at $543.67 or $32,620.20. After testimony, it is learned that IFC paid NorVergence $11,743 for a $28,000 original invoice figure that yielded lease payments of $32,620.20. The original lease factor was .0194, but in “reality” was .0463 on a sixty month term. This is the first time Estok admits to the holdbacks, which he guesses are over $2 million. The opposing counsel questions whether perjury is involved. The residual of the lease, which was booked as having no value, according to testimony. There was no further yield, but in Texas law this may also be viewed as a “capital lease” and not an “operating lease.” The lack of residual value, whether stated or in practice may have legal consequences regarding usury and/or “consumer” law. Judge Montgomery ruled: "The Court declares that the rental agreement or lease at issue in this case is not enforceable. The Court further orders that Specialty Optical shall recover the following attorneys' fees that are equitable and just and have been stipulated to by the parties as being reasonable and necessary. It is therefore " ORDERED that Specialty Optical shall have and recover judgment against IFC Credit Corporation in the amount of $45,000 for attorneys; fees through trial. It is further " ORDERED that Specialty Optical shall have and recover an additional sum of $30,000 in the event IFC unsuccessfully appeals this Judgment to the Court of Appeal. It is further "ORDERED that Specialty Optical shall recover the further sum of $15,000 in the event that IFC files a petition for review to the Supreme Court of Texas and is unsuccessful in that effort or if it is successful in obtaining review but unsuccessful in its appeal to the Supreme Court of Texas. It is further " ORDERED that Specialty shall recover the furthermore sum of $15,000 for responding to any unsuccessful appeal by IFC to the Supreme Court in Texas, in the vent the petition for discretionary review is granted. “All relief requested and not specifically herein granted is denied. This is intended to be a final judgment disposing of all issues in this case." Copy of Judge Montgomery's ruling: http://leasingnews.org/PDF/IFC_Final_Judgment.pdf Dallas attorney Scott Mackenzie of the Law Office of Scott Mackenzie, P.C., said, “My comments are that IFC committed perjury and have been treated appropriately... ” Scott Mackenzie Leasing News several times on Monday and Tuesday of this week asked Rudy Trebels, President, John Estok, Executive Vice-President, and Gary Trebels, Vice-President for a comment on Judge Montgomery's ruling. Drafts of this story were presented to them. This is what Leasing News received 4/18/2006 3:58:57 PM Pacific Standard Time: “Mr. Menkin - “I represent IFC Credit Corporation ("IFC") and have been asked to address the article you either have or intend to publish containing the comments of counsel for Specialty Optical in that trial. Our firm represented IFC in that trial. I have reviewed counsel's comments and have discussed them with the other attorneys involved with us in the litigation. “Counsel's comments are false, and unsupported by the evidence he presented at trial or the judge's decision in the matter. They represent unsubstantiated assertions he made during trial and which he was unable to support by evidence or otherwise. Moreover, as IFC intends to appeal the trial judge's decision, it is not final or binding upon IFC. “More to the point, IFC considers those assertions to be sanctionable against counsel, and slanderous against IFC. If you assist in slandering IFC's reputation by publishing these these wholly unsubstantiated assertions, IFC will take all available legal steps against you to recoup the undoubted damage to its reputation your article will cause, including suit against you in a Court of appropriate jurisdiction. “IFC is contacting counsel to demand that he retract his statements. IFC demands that you refrain from publishing them. If you do, you will be held accountable for slandering IFC's reputation in the equipment leasing and lending communities.” Vincent T. Borst Askounis & Borst, P.C. The remarks regarding “perjury” and Mr. Estok's opinion of the interview by Leasing News were noted in a previous article, and trial transcripts were included in the story. Please note Leasing News carried the response from IFC Credit spokesman Brian Cascarano, VP of Marketing: http://www.leasingnews.org/Conscious-Top%20Stories/IFC_Credit_trouble.htm--------------------------------------------------------------
-------------------------------------------------------------- Former CyberNet President Arrested (two sound clips J http://www.mjq.net/fiveo/sounds/mcgarret.wav http://www.mjq.net/fiveo/sounds/book-em.wav The former president of CyberNet, Grand Rapid, Michigan has been charged with criminal action. James Michael Horton, 54, is charged with four federal felonies: criminal conspiracy, bank fraud, money laundering and attempting to conceal the whereabouts of $700,000 in fraud proceeds. The founder of CyberNet Barton Watson committed suicide in 2004, two weeks after federal agents served search warrants on Cybernet's headquarters. James Michael Horton, 54, is charged with four federal felonies: criminal conspiracy, bank fraud, money laundering and attempting to conceal the whereabouts of $700,000 in fraud proceeds. His classic quote: "I wish I had never met the Watsons." Only $4 million in assets were found with over $114 million in liabilities, many for computers that did not exist. An auction on Bart Watson wine collection and personal items raised over $1 million. A book about Watson is being written by James H. Cameron, Assistant Attorney General in the Criminal Division of the Maine Office of Attorney General. The wife of Bart Watson, Krista Kotlarz-Watson, filed bankruptcy, listing assets and liabilities lists two pages of home furnishings with no specific values attached. There was $1.35 million in real estate, including a home on Mountain Ridge Drive NE valued at $800,000. Washington Mutual Bank, however, has a lien on the Ada property for $783,000. Creditors were expected to recover very little. Authorities say the scam at CyberNET may have very well started when the company itself did in the early 90s, just after Barton was released from jail, where he had been imprisoned on a fraud conviction. An FBI affidavit explains how investigators say the scam worked. CyberNET would approach a bank saying that it wanted a loan for computers from, for example, Teleservices, a company that was actually part of the CyberNET Group. The bank would call Teleservices, and that company would, in turn, vouch for CyberNET. As a result, the loan would be secured. The cash from the loan would then be pocketed. There were red flags all over. In 2002, accountant Guy Hiestand found highly inflated earnings. CyberNET claimed a check written to the company by Tokyo Electron was for $282,948.97. Tokyo Electron says there was a check, but that its amount was actually for $6.18. Ethical standards required Hiestand to tell a higher up. He emailed Barton Watson and quit. Another example of inflated numbers is found in a CyberNET brochure. In a draft version of the brochure, revenue is estimated at $300 million. In the final version of the brochure, revenue is stated at $200 million. From the draft to the final version, the company was playing around with a $100 million. Previous stories: Here is the web site of James M. Cameron , who is writing a book: --------------------------------------------------------------
"Hooters Air" goes Bust (Sorry, couldn't resist the headline. male editor) CIT calls Lease
The discount airline that featured scantily clad women in orange shorts and tight T-shirts on flights announced it has ceased its public charter flights April 17. It will run only private charters out of Winston Salem, N.C. will stop flying this week. Robert Brooks, the chairman of Hooters of America is allegedly being sued for $4.5 million by CIT. He personally guaranteed the lease payments for two jets used by his airline: “Hooter's Air;” operated by Pace Airlines. CIT Leasing says Robert Brooks' Pace Airlines defaulted on lease payments for two Boeings' 737. The lawsuit also claims Pace didn't return the airplanes in the condition required by the lease agreement. Reportedly a good friend said,” Bob Brooks's health is failing him and to own an airline was a lifelong dream and a hobby. He never started the airline to make a lot of money. “If his health wasn't so bad, he never would have given up Hooters Air. “One thing to keep in mind is that they were subsidized by the 300 or so Hooters Restaurants so they were not millions in the red like the other airlines. “They just didn't make any money.” At least the credit analyst at CIT was smart enough to get a personal guarantee ( another good example of the value of “PG's.” editor)
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--------------------------------------------------------------- Did Wal-Mart Critics Make Their Case at Hearings? ELTnews American Banker (04/18/06) ; Adler, Joe The Federal Deposit Insurance Corp. (FDIC) recently wrapped up hearings on Wal-Mart's application for an industrial loan charter (ILC). The application has been criticized heavily by consumer groups and other interests, but many of their objections were answered by Wal-Mart and the FDIC. Wal-Mart's application would limit the retailer's banking operation to debit and credit card transactions; the application does not allow for the opening of retail bank branches, and Wal-Mart would likely have to reapply if it wanted to expand into the retail bank business. As a result, the ILC is not expected to have a major effect on community banks. Although Wal-Mart's operation would be one of the largest, many commercial businesses already own industrial banks without consumer objection. The FDIC is likely to approve the application, observers say. (April 25th hearing at the Overland Park Convention Center in Overland Park, Kansas, doors will open at 8:30 a.m. The hearing will begin at 9:00 a.m. and conclude at approximately 4:15 p.m. Admission at both hearing locations will be on a first-come, first-served basis.)---------------------------------------------------------------
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Alexa Ranks Leasing Media Web Sites
David G. Mayer's Business Leasing News is not included in the Alexa report list as it does not have its own individual site and Alexa finds Patton Boggs, LLP Attorneys at Law. The rating is not valid as it includes all those who visit and communicate with the law firm. When Business Leasing News has its own individual web site, it will be included in the Alexa survey. These comparisons are compiled by Leasing News using Alexa and should be viewed as a "sampling," rather than an actual count from the website itself. Other than as noted above, we believe the ratings are reflective as most have stayed in the same position, basically, for over a year. The Alexa tool bar works on most browsers. You may download their free tool bar A graph and analysis of the last three months are available. ( Note: the lower the number, the higher you are on the list. It is based on all web sites. Leasing is only a very small part of the various sites such as Yahoo, MSN, Google, etc. ) ---------------------------------------------------------------- Although Housing starts fell 7.8%, Market is "Sustainable" Al Schuler, US Department of Agriculture Despite a 15.7% increase in multi-family starts, total starts fell 7.8% in March to 1.96 million (SAAR). Single family starts fell 12% to 1.59 million (SAAR). Starts pulled back in all regions with the heaviest retreat in the West (-15.5%) and the Midwest (-8.2%). Permits, an indicator of future activity, were down a more modest 5.5%.
Analysis and outlook: Last month, we pointed out that monthly starts can fluctuate significantly, and that means we should focus on trends. January starts, heavily influenced by unseasonably warm weather, were up 16%. However, we have seen pullbacks in four out of the past 6 months and it appears that we are simply returning to more sustainable level that is supported by basic demographic forces. Depending on your assumptions regarding immigration, demand for second homes, and demolition demand (houses that have to be replaced because they are past their economic life) annual demand for shelter is estimated to be 1.85 to 2.05 million units. Assuming that 150,000 units for manufactured (HUD code) housing, that means demand for conventional housing (single family plus multi family) is about 1.7 million to 1.9 million. Very attractive interest rates, innovative financing, and a surplus of capital (encouraging speculative buying of real estate) pushed demand beyond sustainable levels for the past few years.
We are still at the upper end of that range but we're certainly getting closer to what most analysts would call “sustainable”. In that respect, the fixed rate mortgage, although moving up to 6.49%, remains attractive by historical standards. The job picture continues to improve with the unemployment rate dropping below 5% and incomes are still increasing faster than inflation. Today's PPI report tells us that inflation is “tame” with the exception of volatility in the oil markets. Inflation should remain relatively tame, however tighter labor markets are becoming a growing concern with the Fed. Residential fixed investment (the dollar amount invested in housing) is slowing, and prices are pulling back in some regions in California and southern Florida. Additional signs are: (1) the inventory of new homes on the market is 548,000, a 6.3month supply at current sale rates; (2) builders are starting to offer “deals”; (3) price increases are moderating (actually falling in some areas); (4) sellers are seeing fewer “multiple offers”; (5) mortgage delinquencies are increasing; and (6) lending standards are tightening. Summary: Still a solid housing market that is simply correcting to more sustainable levels in my opinion. Courtesy of: Carl Villella, CLPPresident Acceptance Leasing and Financing Service, Inc. Airport Corporate Centre 894 Beaver Grade Rd., Suite 304 Moon Township, Pa. 15108 412-262-3225 Phone 412-262-1154 Fax CVillella@acceptlease.com ---------------------------------------------------------------- Oasis Leasing predicts bright future Ameinfo.com At an Ordinary General Meeting of shareholders held Sunday evening in Abu Dhabi, Oasis International Leasing presented a blueprint for future profitability and introduced a major revision of its corporate Board of Directors. In his closing comments as Chairman, HE Khaldoon Khalifa Al Mubarak noted that the upturn in the commercial aviation sector combined with the boom of new investment in Abu Dhabi places Oasis in an enviable position where it is uniquely suited to expand into new and profitable investments. 'The future prospects of the company are bright, with anticipated returns in excess of 15 per cent on our recent transactions and a profit estimated at AED 70 M for the current year, 'he said. HE Al Mubarak also apologized to shareholders for having to leave the Oasis Board at this time in the company's development, but noted his departure is a direct consequence of his responsibilities as the Chairman of the Executive Affairs Authority and increased commitments. He also added that Oasis will always be a special place for him, and he will continue to support the company. The Chairman said that the company anticipated closing a deal with Tabreed in the coming weeks. He noted the future prospects of Oasis are increasing rapidly as the business world takes note of recent transactions within the leasing sector and begins to accept leasing as a viable financing option. The Chairman also welcomed the new members of the board, who will join existing members Saeed Al Hajeri and John MacBeath. The new members of the Oasis Board of Directors are: HE Hussain Al Nowais, serving as Chairman, Khalil Foulathi, who will serve as Vice-Chairman, Waleed Al Mokarrab Al Muhairi, Fahad Saeed Al Raqbani and Carlos Obeid. The incoming Chairman said the new board recognizes the desire of shareholders for strategic investments in new and dynamic ventures both in Abu Dhabi and internationally. 'The new Board looks forward to leading the company and providing Oasis management with the kind of executive oversight that assists them in taking advantage of the new opportunities that are opening up, especially in the infrastructure of the UAE,' HE Al Nowais said. The OGM was relatively well attended and the shareholders listened attentively as they were briefed on the track record of the company, which last week inked a major transaction with Etihad Airways for six Airbus A330-200 aircraft. Earlier this year Oasis announced that it had acquired a share in a US $ 900 Million portfolio of 25 aircraft with different carriers. The company has also floated two successful rights issues to raise capital as well as negotiated a strong and flexible credit position with local and international finance lenders. Gordon Dixon, CEO, said revenue projections for the company are expected to top AED 324 Million in 2006, from AED187 M in 2005. He said that while the company has become known for its involvement in the aviation sector it is intent on pursuing new business in sectors where leasing presents an attractive alternative to buying big ticket items and equipment outright while maintaining a strong presence in the aircraft sector which will continue to be the company's main ----------------------------------------------------------------
Al Hajeri joins Oasis Leasing Board Ameiinfo.com Saeed Al Hajeri, is Executive Director of the Abu Dhabi Investment Authority (ADIA), Chairman of the Abu Dhabi Commercial Bank (ADCB) and an has been appointed to the Board of Directors of Oasis International Leasing. Al Hajeri, who has attended the Harvard Business School, in the United States, joins Oasis Leasing's board with immediate effect. In addition to his appointments with ADCB and ADIA, Al Hajeri is also vice chairman of the Abu Dhabi Investment Company, he is a Director of Etisalat, Abu Dhabi's Higher Corporation for Specialised Economic Zones, Dubai Cable Company, Sourouh Real Estate, Al Qudra, and the Emirates Institute for Banking and Financial Services. 'Saeed Al Hajeri is an extremely experienced and highly skilled businessman. His wealth of knowledge and understanding of the UAE and regional economies will be an asset to Oasis Leasing,' said Mohammed Saif Al-Mazrouei, Chairman, Oasis Leasing. In addition to Al Hajeri's appointment to its board, Oasis Leasing has announced two senior staff appointments. Anand Banerjee has joined the company as Chief Financial Officer and Rachel Frye as Marketing Director. Banerjee's previous positions as CFO have included, most recently Dubai International Capital and amongst others Siemens, Marks & Spencers, and The Oberoi Group. He has a M.Sc. and B.Sc. in Accounting & Finance, a M.Sc. in Economics as well as being a lecturer in Accounting. Frye has held various posts within the aviation industry over the past 10 years, including Senior Vice President of AMS Aircraft Ltd, where she gained extensive experience in Technical Management and Remarketing.----------------------------------------------------------------
### Press Release ########################### LeaseTeam Announces Promotion of Three Experienced Professionals OMAHA, NEB., – LeaseTeam, Inc., the premier lease and loan software solution provider to the equipment finance industry, is pleased to announce three recent promotions. Jeff Van Slyke was recently named Vice President of Sales and Marketing. Van Slyke got his start in the leasing industry in 1994 as an Account Manager at LeaseTeam. He then held positions with Technology Credit Corporation as Corporate Controller and Novellus Systems, Inc. as Director of Finance, before returning to LeaseTeam in 2004 as Product Manager of the Lease Sales Manager product. Van Slyke holds a Bachelor of Science in Accounting from the University of Nebraska-Lincoln and is currently pursuing his Master's in Business Administration. Michelle Zieg has been promoted to Vice President of Product Design. Zieg has held several management positions in her 11 years with LeaseTeam including Manager of Development and Manager of Support. Most recently, she served as Product Manager of the LeasePlus product, in which she designed and oversaw development of LeaseTeam's new Loan Management module. Zieg holds a Bachelor of Science in Accounting from the University of Nebraska-Lincoln and worked for Heller Financial as a Client Accounting Manager prior to joining LeaseTeam. Zieg also maintains an inactive CPA status. Denise Gray has been named Quality Assurance Manager after assisting the quality assurance department for more than a year as an analyst specializing in the testing and analysis of the Loan Management module. Prior to joining LeaseTeam in 2004, Gray worked for InfoUSA as Controller of Corporate Services for two years. She has also held management level positions in accounting and project management. Gray received her Bachelor's Degree in Accounting from the University of Nebraska – Omaha, where she is also currently pursuing her Master's in Business Administration. “I'm very pleased with the recent promotions we've made internally,” LeaseTeam President Russ Hallberg said. “Jeff, Michelle and Denise have all shown a tremendous amount of initiative and enthusiasm in their respective roles. They each bring experience, product knowledge and industry insight to the table that will help LeaseTeam reach its future business goals.” LeaseTeam, Inc. is a privately held company, incorporated in 1989, with headquarters based in Omaha, Neb. LeaseTeam's One Series™ is an integrated equipment finance software solution which manages lease and loan contracts from quote through termination, allowing users to streamline processes and improve performance. LeaseTeam products are the preferred software for more than 250 equipment leasing companies throughout the U.S. and Canada. For more information, visit www.leaseteam.com or call 402.493.3445.### Press Release ########################### M&T Bank Increases Quarterly Dividend M&T Bank Corporation Announces First Quarter Results
BUFFALO, N.Y.-- M&T Bank Corporation ("M&T")(NYSE: MTB) announced it has declared a quarterly cash dividend of $.60 per share on M&T's common stock. This represents an increase of 33% over the most recent quarterly dividend of $.45 per share. The dividend will be payable June 30, 2006 to stockholders of record at the close of business on June 1, 2006. M&T Bank Corporation also reported its results of operations for the quarter ended March 31, 2006. GAAP Results of Operations. Diluted earnings per share measured in accordance with generally accepted accounting principles ("GAAP") for the first quarter of 2006 were $1.77, 9% higher than $1.62 in the corresponding period of 2005. GAAP-basis net income in the recent quarter totaled $203 million, up 7% from $189 million in the year-earlier period. GAAP-basis net income for 2006's initial quarter expressed as an annualized rate of return on average assets and average common stockholders' equity was 1.49% and 13.97%, respectively, each improved from 1.44% and 13.41%, respectively, in the first quarter of 2005. Commenting on M&T's first quarter financial results, Rene F. Jones, Executive Vice President and Chief Financial Officer, noted, "M&T posted solid results in the first reporting period of 2006, led by excellent credit quality, 8% growth in fee income and continued success at containing expense growth. We were also encouraged by the 9% annualized rate of growth in our commercial loan and commercial mortgage loan portfolios. This drove annualized growth in total loans, excluding those held for purposes of sale, to 6% relative to the fourth quarter of 2005, while the net interest margin of 3.73% was consistent with our internal expectations." Full Press Release here: http://ir.mandtbank.com/ReleaseDetail.cfm?ReleaseID=193002### Press Release ########################### XMI Financial Services Organizes/Names Rick Wilson as President Nashville, Tenn. – XMi, a diversified management company, announces the organization of its leasing and capital financing company, XMi Financial Services, LLC. Rick Wilson of Nashville was named president. Wilson brings to XMi Financial Services over 15 years of experience in the equipment leasing industry, specializing in structured financing, vendor programs and portfolio servicing. He previously was president of Bank of Nashville Leasing for six years, where he originated and administered a leasing portfolio valued in excess of $10 million.
Rick Wilson As part of its business plan, XMi Financial Services acquired substantially all the assets of Bank of Nashville Leasing, which are primarily comprised of a portfolio of equipment leases. Terms of the transaction were not disclosed. The closing was effective January 1, 2006. XMi Financial Services, headquartered in downtown Nashville, is a full service leasing & equipment financing company, serving the machine tool industry nationwide, including manufacturers, distributors and dealers. XMi Financial Services also offers general equipment financing to local businesses within the Middle Tennessee Region, for such capital expenditures as rolling stock, construction equipment and furniture & fixtures. XMi Financial Services is affiliated with XMi. As a 21-year-old diversified management company, XMi (www.xmi.us.com) offers business management outsourcing and entrepreneurial support to organizations, governments and businesses. Rick Wilson of XMi Financial Services may be reached at 615/250-7791, or rwilson@xmifinancial.com### Press Release ########################### First Business Leasing Hires Tom Rude as Vice President - Business Development
MILWAUKEE, – First Business Leasing proudly announced today that Tom Rude has been hired as Vice President – Business Development. First Business Leasing is a part of First Business Financial Services, Inc. Tom has nearly 25 years experience in equipment leasing and financing. Prior to joining First Business Leasing, he held bank-related business development positions with Wells Fargo Equipment Finance and U.S. Bancorp Equipment Finance over an eight year period. Tom spent the first 12 years of his career with Associates Commercial Corporation in several management roles, followed by five years in business development with Orix Credit Alliance, specializing in transportation, construction, and manufacturing equipment and vendor finance. He received his BBA in Finance from the University of Wisconsin–Whitewater. Tom, his wife Bryn, and their two children live in Menomonee Falls, WI. About First Business Leasing, LLC. First Business Leasing serves small- and middle-market companies with customized leases to satisfy our clients' cash flow, tax planning, balance sheet management, and equipment needs. We offer a full array of leasing products including operating and capital leases, terminal rental clause (TRAC) leases, municipal leases, project leases, and vendor leasing programs. For additional information on First Business Leasing, please call 262-792-1400 or visit www.fbleasing.com. For additional information, please contact: Jodie Johnson, Marketing & Communications Officer ### Press Release ########################### Banker Steve Cunningham joins Deutsche Bank Marketwatch.com NEW YORK (MarketWatch) -- Stephen Cunningham, who ran Latin American investment banking at Morgan Stanley (MS) until late last year, has joined Deutsche Bank Securities in a similar post. Cunningham was at Morgan Stanley for 10 years and previously spent 12 years at Bear Stearns Cos. (BSC), Deutsche Bank said in a news release. His deals have included the privatizations of Telebras and Sao Paulo's electric utility industry in Brazil, Coca-Cola Femsa S.A. de C.V.'s (KOF) acquisition of Panamco, bond offerings for the Republic of Brazil, and equity offerings for Fomento Economico Mexicano S.A. de C.V. (FMX). Cunningham, a managing director and head of Latin American corporate finance and mergers and acquisitions, is based in New York. He reports to Pablo Calderini, emerging markets head, and James DeNaut, co-head of corporate finance for the Americas, Deutsche Bank said. -Contact: 201-938-5400### Press Release ########################### Fifth Third Bancorp Reports First Quarter 2006 Earnings of $ 0.65 Per Diluted Share Fifth Third Bancorp's 2006 first quarter earnings per diluted share were $.65 compared to $.60 in the fourth quarter of 2005 and $.72 per diluted share for the same period in 2005. First quarter net income totaled $363 million compared to $332 million last quarter and $405 million in the same quarter last year. Return on average assets (ROA) and return on average equity (ROE) were 1.41 percent and 15.3 percent, respectively, compared to 1.62 percent and 18.0 percent in 2005's first quarter. “We are pleased with first quarter trends in deposits, loans, fee income and expenses. They illustrate the strength of our sales force and affiliate model,” stated George A. Schaefer, Jr., President and CEO of Fifth Third Bancorp. “Strong lending results, respectable deposit growth, well-behaved credit trends and excellent results from some of our fee businesses have not been enough to overcome the performance in spread-based revenues. The spread realized from the level of wholesale funding and fixed-rate securities on our balance sheet in prior years has resulted in margin compression and a considerable growth challenge for Fifth Third as short- and long-term interest rates have converged. As a result, earnings per share have decreased 10 percent compared to a year ago. As we look forward, however, we believe these pressures should lessen considerably. Loan growth and repricing remains strong, core noninterest revenue growth is solid, expenses are better controlled and funding costs should level off with interest rate tightening appearing to be nearing an end. A continuation of core trends similar to this quarter should result in a stable margin and improving bottom line performance as we move through 2006 and effectively position Fifth Third to deliver strong performance in 2007 as the margin normalizes.” “Fifth Third's focus for the remainder of 2006 will be on continuing to drive deposit growth and market share improvement, maintaining growth in high-quality consumer and commercial loans, enhancing and growing our fee businesses and controlling expenses. I believe that sustained performance in these areas will once again result in value creation for shareholders. The competitive strength of Fifth Third's employees, demonstrated even in difficult years, combined with an expanded infrastructure make me extremely optimistic about the future. On behalf of our management team, employees and board members, we thank our shareholders for their continued confidence.” Full Press Release here: https://www.53.com/wps/portal/news/?New_WCM_Context=http://www.53.com/wps/wcm/connect/FifthThirdSite/About+53/In+the+News/Press+Releases/Press+Releases+041806 ### Press Release ########################### Sovereign Bancorp, Inc. Announces 2006 First Quarter EPS of $.38 Flat to inverted yield curve impacted company's earnings during the quarter Financial Highlights -- Net income for the first quarter of 2006 was $141 million. Earnings per diluted share for the first quarter of 2006 were $.38, unchangedfrom a year ago. PHILADELPHIA, -- Sovereign Bancorp, Inc. ("Sovereign") (NYSE: SOV), parent company of Sovereign Bank ("Bank"), reported for the first quarter 2006, net income of $141 million, or $.38 per diluted share, as compared to $146 million, or $.38 per diluted share, for the first quarter of 2005. Net income in the first quarter of 2006 included charges related to proxy and related professional fees of $9.3 million, after- tax, or $.02 per share; net income in the first quarter of 2005 included merger and integration charges of $15.1 million, after-tax, or $.04 per share in addition to lease and contract termination charges of $3.4 million, after- tax, or $.01 per share. Sovereign's net income for the first quarter of 2006 produced annualized returns on average assets and average tangible equity of .90% and 19.3%, respectively, as compared to 1.03% and 21.1%, respectively, in the same period a year ago. For the quarter ended March 31, 2006, Sovereign's operating/cash earnings per diluted share were $.43, which excluded the above mentioned proxy and related professional fee charges as well as $1.8 million of merger-related and integration cost reversals and $11.2 million, or $.03 per share, related to amortization of intangible assets, as compared to $.46 per diluted share a year ago, which excluded the above mentioned merger and integration charges and $12.3 million, or $.03 per share, related to amortization of intangible assets. Operating/cash earnings for the first quarter of 2006 produced annualized operating/cash return on average assets and average tangible equity of 1.05% and 22.7%, respectively, as compared to 1.29% and 26.5%, respectively, in the first quarter of 2005. A reconciliation of net income to operating/cash earnings, as well as the related earnings per share amounts, is included in a later section of this release. Commenting on results for the first quarter of 2006, Jay S. Sidhu, Sovereign's Chairman and CEO, stated, "Due to the prolonged flatness to slight inversion in the yield curve, the company is focused on stabilizing our net interest margin, controlling expense growth and maximizing generation of capital. We are disappointed that operating/cash EPS were lower than a year ago but are hopeful this trend will change by the second half of 2006." full press release located here: http://phx.corporate-ir.net/phoenix.zhtml?c=67999&p=irol-newsArticle&ID=844174&highlight =### Press Release ########################### U.S. Bancorp Reports Record Net Income for the First Quarter of 2006 MINNEAPOLIS-- (NYSE:USB): U.S. Bancorp (NYSE:USB) reported net income of $1,153 million for the first quarter of 2006, compared with $1,071 million for the first quarter of 2005. Net income of $.63 per diluted share in the first quarter of 2006 was higher than the same period of 2005 by 10.5 percent, or $.06 per diluted share. Return on average assets and return on average common equity were 2.23 percent and 23.3 percent, respectively, for the first quarter of 2006, compared with returns of 2.21 percent and 21.9 percent, respectively, for the first quarter of 2005. U.S. Bancorp Chairman and Chief Executive Officer Jerry A. Grundhofer said, "Our Company's first quarter results included a number of highlights. We, once again, achieved industry-leading performance metrics of return on assets of 2.23 percent and return on average common equity of 23.3 percent. In fact, the return on average common equity, along with earnings of 63 cents per diluted share, were record highs for our Company. Further, we returned 158 percent of our earnings to our shareholders through dividends and share buybacks, while exceeding our capital targets for the quarter. "Year-over-year, this quarter's results were driven by very good growth in our fee-based businesses, as well as lower credit costs. Fees, driven by payments, trust and investment management and retail banking, grew year-over-year by 12 percent. This increase represented both strong organic growth and the benefit of recent acquisitions in the payments and trust and investment management business lines. Fee-based revenue growth was solid year-over-year and, as you know, our first quarter is seasonally the weakest. "We achieved good quality loan growth again this quarter, although competitive pricing and mix did have an impact on our net interest margin. The net interest margin declined 28 basis points from the first quarter of last year, 20 basis points of which were due to pricing and growth in lower spread assets. At this point it appears as though credit spreads have stabilized. Going forward we will continue to focus on high quality credits which carry the opportunity to cross-sell our great fee-based products. "Credit quality was outstanding this quarter. I am very proud of the improvements we have seen over the past few years in the Company's overall asset quality. We have worked hard to reduce the overall risk profile of the Company and we are seeing the results. We will continue to focus on growing a high-quality loan portfolio that will minimize the volatility of our credit costs now and in the future. "Finally, I am proud to announce that April marks the 10-year anniversary of the U.S. Bank Five Star Service Guarantee. Over that ten year period we have used both internal and external measurement tools to track and monitor our success in delivering five star service to our customers, and I am very pleased with the results and how we compare to our major competitors. Our focus on customer service is paying off, and I want to take this opportunity to thank every employee for their dedication to serving their customers and representing our brand so well. "We will continue to leverage our balanced business mix, advantaged scale, reduced risk profile, low-cost leadership and dedication to customer service to produce high quality earnings for our shareholders." Full press release at: http://phx.corporate-ir.net/phoenix.zhtml?c=117565&p=irol-newsArticle&ID=843660&highlight=### Press Release ########################### National Penn Bancshares, Inc. Reports First Quarter Net Income BOYERTOWN, Pa., -- National Penn Bancshares, Inc. (Nasdaq: NPBC), the parent company of National Penn Bank, reported first quarter 2006 net income totaling $15.0 million, or $0.33 per diluted share. Net income increased 9.7% compared to $13.7 million earned in the first quarter of 2005, and diluted earnings per share increased 6.5% compared to diluted earnings per share of $0.31 in first quarter 2005. National Penn's first quarter earnings produced annualized returns on average assets and average shareholders' equity of 1.24% and 13.00%, respectively. The following significant events have occurred since December 31, 2005: -- On January 26, 2006, National Penn completed its acquisition of Nittany Financial Corp. and its subsidiary, Nittany Bank, headquartered in State College, PA, adding a successful financial services company in a rapidly growing market to the National Penn family. Nittany Financial added $323.1 million in additional assets, including $279.4 million in additional loans, as well as $249.7 million in additional deposits. -- On March 27, 2006, National Penn merged Nittany Bank into National Penn Bank, and began operating Nittany Bank as a division of National Penn Bank, retaining the Nittany management team, similar to National Penn Bank's other acquisition-based operating divisions. -- National Penn's record earnings in first quarter 2006 reflect in part National Penn's increase in asset size, largely attributable to the Nittany Financial acquisition, as compared to first quarter 2005. -- First quarter 2006 earnings also reflect increased non-interest income. Wealth management income increased $1.0 million, while various service charges and fees increased $934,000, over comparable amounts in first quarter 2005. -- In first quarter 2006, National Penn received approximately $398,000 in partial settlement of an insurance claim filed with respect to the loan fraud discovered by National Penn in January 2005. National Penn continues to pursue all available avenues, including insurance, to recover its losses from the loan fraud, and to cooperate with law enforcement authorities in their investigation. -- During first quarter 2006, National Penn completed construction of a new financial services center in Souderton, Bucks County, PA. The multi-purpose facility, which will house a community office and provide space for two National Penn affiliates, is scheduled to open on April 24, 2006. -- On January 1, 2006, National Penn adopted Statement of Financial Accounting Standard (FAS 123(R)), Share-Based Payment, requiring the expensing of our stock compensation programs based on the fair value of the awards. The impact of the adoption of FAS 123(R) is included in the financial results for the first quarter 2006 and all prior periods have been restated as a result of the adoption of the modified retrospective method. -- On April 10, 2006, National Penn Capital Advisors, Inc., a subsidiary of National Penn Bank, announced the acquisition of RESOURCES for Retirement, Inc., a retirement plan investment advisory firm based in Newtown, PA. This acquisition will significantly expand our 401(k) business with larger companies. RESOURCES will retain its name and current management and operate as a division of National Penn Capital Advisors, Inc. As of March 31, 2006, National Penn's total assets exceeded $5.0 billion for the first time ($5.11 billion) and total deposits were $3.62 billion. The allowance for loan and lease losses as of March 31, 2006 was $59.0 million, which represented 1.73% of total loans and leases outstanding of $3.4 billion. Commenting on first quarter 2006, Wayne R. Weidner, National Penn Chairman and CEO, said: "As we confront a difficult operating environment due to a very flat yield curve, we are pleased to report this continued growth in our profitability. Our overall balanced growth strategy remains solid."Glenn E. Moyer, National Penn President, said: "Competitive forces remain very strong. Fortunately, we enjoy strong demographic trends in our various market areas. This, coupled with our caring and focused employees, has allowed us to report further growth in our various financial services." Full press release here: http://www.snl.com/irweblinkx/file.aspx?IID=100383&FID=2212175### Press Release ########################### Wells Fargo Reports Record Quarterly EPS, Revenue SAN FRANCISCO — Print-ready version of earnings release and financial tables, using Adobe Acrobat Reader. Click here to view and print complete earnings release. Record diluted earnings per share of $1.19, up 10 percent from prior year's $1.08, up 18 percent (annualized) from fourth quarter 2005 Record net income of $2.02 billion, up 9 percent from prior year's $1.86 billion, up 18 percent (annualized) from fourth quarter 2005; first time quarterly earnings exceeded $2 billion Return on equity of 19.9 percent Revenue up 6 percent from prior year; 17 percent revenue growth in businesses other than Wells Fargo Home Mortgage (Home Mortgage) Average loans up 8 percent from prior year despite sale of $51 billion of adjustable rate mortgages (ARMs) since the beginning of 2005 Average core deposits up 10 percent from prior year Net charge-offs down $270 million from prior quarter and 26 percent from prior year SAN FRANCISCO - Wells Fargo & Company (NYSE:WFC) reported record diluted earnings per common share of $1.19 for first quarter 2006, compared with $1.08 in first quarter 2005, up 10 percent. Net income was a record $2.02 billion, up 9 percent from $1.86 billion in first quarter 2005. "Driven by our time-tested vision and business model - to satisfy all our customers' financial needs and help them succeed financially - this was a milestone quarter for our outstanding team, not just because they again delivered double-digit growth in earnings per share, but because we surpassed $2 billion in quarterly earnings for the first time in our Company's history," said Chairman and CEO Dick Kovacevich. "It wasn't that long ago that we made only $2 billion in an entire year. Revenue growth, our industry's single most important measure of long-term success, was six percent and the combined revenue of our businesses other than Home Mortgage grew at a strong double-digit pace, up 17 percent. Our mortgage business for the first time exceeded $1 trillion in owned servicing and continued to be, as it has been since 1992, the nation's largest retail mortgage originator. The Office of the Comptroller of the Currency rated Wells Fargo Bank, N.A. 'Outstanding' for Community Reinvestment, the highest possible rating, earned by fewer than one of every five national banks - and Fortune magazine ranked Wells Fargo America's #1 Full Press Release at: https://www.wellsfargo.com/wf/press/earnings20060417?year=2006### Press Release ########################### Sandy Spring Bancorp Reports First Quarter Results, OLNEY, Md., -- Sandy Spring Bancorp, Inc. (Nasdaq: SASR), the parent company of Sandy Spring Bank, announced net income for the first quarter of 2006 of $8.3 million ($.56 per diluted share) compared to $7.9 million ($.53 per diluted share) for the first quarter of 2005, an increase of 6%. Noninterest income for the quarter was $9.8 million and increased by 26% over the first quarter of 2005. "On balance, our performance for the first quarter was solid. Loans grew 19% from the first quarter of last year and were up 4% over year-end 2005. Maintaining our net interest margin in the current rate environment continues to be a significant challenge, especially in this market where the competition for the lowest cost deposits is very intense," said Hunter R. Hollar, President and Chief Executive Officer. "The growth trend in our noninterest income is positive, as we are beginning to benefit from investing in two acquisitions (West Financial and Neff & Associates) that help diversify the revenue stream. It was also the first quarter during the last five consecutive quarters during which we took no gains from the sale of investment securities. We produced ongoing improvement in the efficiency ratio over both the previous quarter and last year's first quarter," said Hollar. Full press release here: http://www.snl.com/irweblinkx/file.aspx?IID=100651&FID=2212166### Press Release ########################### KeyCorp Reports First Quarter 2006 Earnings - First quarter EPS of $0.70, up 9% from the year-ago quarter CLEVELAND, -- KeyCorp announced first quarter net income of $289 million, or $0.70 per diluted common share, compared with $264 million, or $0.64 per share, for the first quarter of 2005. For the fourth quarter of 2005, net income was $296 million, or $0.72 per diluted common share. Return on average equity was 15.48% for the first quarter of 2006, compared with 15.09% for the same period last year and 15.59% for the fourth quarter of 2005. "Key's first quarter results reflect continued strength in the bank's business fundamentals," said Chairman and Chief Executive Officer Henry L. Meyer III. "Compared with last year's first quarter, taxable-equivalent net interest income rose by $42 million, reflecting a better net interest margin, solid commercial loan growth and an increase in core deposits. Asset quality also remained solid. The level of our nonperforming loans was down slightly from the year-ago quarter, and net loan charge-offs represented 0.23 percent of average total loans. "We recently announced that Beth Mooney, a highly respected industry executive, will be joining the company as vice chair and leader of our Community Bank. In addition, on April 1, we completed the acquisition of Austin Capital Management, which broadened our asset management product line. These actions demonstrate our continuing commitment to build the strong management team required to succeed in an intensely competitive market and to expand our product offerings." full press release here: http://www.snl.com/Interactive/IR/file.asp?IID=100334&FID=2211879&OSID=9### Press Release ########################### CIT Declares Dividends for First Quarter 2006 NEW YORK, -- CIT Group Inc. (NYSE:CIT), a leading provider of consumer and commercial finance solutions, announced that its Board of Directors has declared a regular quarterly cash dividend of $0.20 per share on its outstanding common stock. The common stock dividend is payable on May 30, 2006 to shareholders of record on May 15, 2006. CIT also announced that its Board of Directors has declared quarterly cash dividends of $0.3968750 per share on the Company's Series A preferred stock and $1.2972500 per share on the Company's Series B preferred stock. The preferred stock dividends are payable on June 15, 2006 to holders of record on May 31, 2006. About CIT CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has over $60 billion in assets under management and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries worldwide. CIT, a Fortune 500 company and a member of the S&P 500 Index, holds leading positions in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. With its Global Headquarters in New York City, CIT has approximately 6,000 employees in locations throughout North America, Europe, Latin America, and the Pacific Rim. For more information, visit http://www.cit.com. SOURCE CIT Group Inc.### Press Release ########################### Farmers Capital Bank Corporation Announces First Quarter Earnings Frankfort, Kentucky - Farmers Capital Bank Corporation (NASDAQ: FFKT) (the “Company”) reported net income of $4,391,000 for the first three months of 2006, an increase of $335,000 or 8.3% compared to $4,056,000 for the same period in 2005. Basic and diluted net income per share was $.59 for the current quarter. This represents a decrease of $.01 or 1.7% on a basic per share basis. Diluted per share earnings were unchanged in the quarter to quarter comparison. The percentage increase in net income is not reflected in the percentage change in per share earnings due to the additional 584,000 shares issued in connection with the acquisition of Citizens Bancorp, Inc. (“Citizens Bancorp”). The operating results related to Citizens Bancorp, acquired on December 6, 2005, generally increased reported income and expense line items in the current three-month period compared to a year ago since there are no operating results attributed to Citizens Bancorp in the comparable period. Net loans and deposits acquired from Citizens Bancorp on the date of purchase were $149,029,000 and $173,014,000, respectively. The Company recently announced an agreement and plan of merger with Citizens National Bancshares, Inc. (“Citizens National”), the parent company of Citizens National Bank of Jessamine County, a $153,000,000 asset bank operating four locations in Jessamine County, Kentucky. The operating results of Citizens National are not included herein. This transaction is expected to close during the third quarter of 2006. Full press release is here: http://www.farmerscapital.com/Press-Release-3-31-06.pdf### Press Release ###########################
News Briefs---- Fed Looks for Stop Signs Chicago weathers housing slowdown Hopes for Trade Talks Dim After Personnel Switch IBM shows 22 percent gain in first-quarter earnings IRS Hits Symantec for $1BB TYCO to pay $50MM for Fraud Hollister heading out China's president brings informal touches to hectic itinerary in visit to Seattle area-- Lenovo Group Chairman Yang Yuanqing appear together Monday in Redmond. Lenovo will buy $1.2 billion in additional Windows software, furthering a deal aimed at fighting software piracy in China. Cisco to Invest Over $265m in Saudi Arabia First-quarter profit falls sharply for Knight Ridder Boston Scientific 1Q profit dips 7 pct. Bankrate.com says fees for bounced checks, ATMs on the rise Tourists Pay a Lot of Taxes for Local Projects Springsteen to Tour With New Band Will Kellie Pickler Survive? ---------------------------------------------------------------
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California News Briefs--- Bush, Schwarzenegger to meet Friday in Silicon Valley http://www.mercurynews.com/mld/mercurynews/14373053.htm ----------------------------------------------------------------
“Gimme that Wine” Shh. It's Time for the Chablis to Speak—Eric Asimov The best British wine waiter is French and female Woodside vintner takes pesticides out of mix Uncorked! Britain's hidden wine cellars Wine course is about thinking and not about drinking Wine Prices by vintage US/International Wine Events Winery Atlas Leasing News Wine & Spirits Page ----------------------------------------------------------------
Calendar Events This Day John Parker Day Remembering John Parker's order, at Lexington Green, April 19, 1875: "Stand your ground. Don't fire unless fired upon; but if they mean to have a ware, let it begin here." Park, revolutionary soldier, captain of the minutemen, born at Lexington, MA, July 13, 1729. Died Sept.17, 1775 Patriot's Day in Florida A ceremonial day to commemorate the first blood shed in the American Revolution at Lexington and Concord in 1775. Primrose Day Sierra Leone: National Holiday ----------------------------------------------------------------
Today's Top Event in History 1775- John Parker, revolutionary solider, captain of the Minutemen, gave this order at Lexington Green, Massachusetts, “Stand your ground. Don't fire unless fired upon; but if they mean to have a war, let it begin here." There is no proof that he said these words. Newspapers in the 18 th century added it to the story. The Revolutionary War did not begin here. An earlier skirmish had been recorded in New Hampshire when a British fort was captured without gunfire (they snuck up in the middle of the night). History records this as the first actual gunfire and major battle. Captain Parker died in action September 17 the same year. For years this was known as John Parker Day and he was saluted for his courage. It is still celebrated in some New England communities. History records this as the “opening volleys of the American Revolution”. Captain John Parker, commanding some 70 Minutemen, after learning of the arrival of the British from Samuel Prescott, engaged the British. There were 70 Minutemen volunteers under Captain John Parker and about 700 British Regulars under Major John Pitcairns, who were on their way to destroy illegal military stores at nearby Concord. The Americans were ordered to disperse. As they were doing so, one of them fired a shot. The British returned fire, killing 8 Minutemen and wounding 10. Troops under the command of Brigadier General Hugh Percy, played "Yankee Doodle" as they marched from Boston to reinforce British soldiers already fighting the Americans at Lexington and Concord . Whether sung or played on that occasion, the tune was martial and intended to deride the colonials: Yankee Doodle came to town, (CHORUS) http://memory.loc.gov/ammem/today/apr19.html ( go to the second part ) The relatively brief fight at Lexington left eight Minutemen dead and ten wounded. With reinforcements and an overwhelming number, the British then marched to Concord, destroyed some colonial supplies, and fought another engagement before beginning a long an costly retreat under colonial fire back to Boston. The actual retreat was more costly to the British than the two traditional battles. By the day's end, the British had suffered about 273 casualties, the Americans 92. ----------------------------------------------------------------
This Day in American History 1721- Roger Sherman, American statesman, member of the Continental Congress (1774—81 and 1783—84). signer of the Declaration of Independence and of the Constitution, was born at Newton, MA. Roger Sherman is the only American to sign four important historical documents: The Continental Association of 1774; The Declaration of Independence; The Articles of Confederation; and The Federal Constitution He also calculated astronomical and calendar information for an almanac. Sherman died at New Haven, CT, July 23, 1793. Yankee Doodle came to town, (CHORUS) Stanley Cup Champions This Date 1947 Toronto Maple Leaves -------------------------------------------------------------- Baseball Poem I Love Baseball (anonymous) Baseball is a game I love |
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