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Day in American History

Wednesday, August 24, 2005

Headlines---

Classified Ads---Senior Management
    Story Credit List--Up-Date
        Royal Links is Not
            CIT Effort to Make Growth a Specialty
Rick Gatelli, CLP, at Heritage Pacific Leasing
    Cartoon--Money
        Classified Ads---Help Wanted
            Fall Conference--latest up-date
California truckers protest diesel prices
    Attendees at Lessors.com Atlanta Conference
        Maurer to start National City Leasing Division
            Sterling Financial Quarterly Divided
Editor's Opinion:
    -----Talking ourselves into a housing recession?
News Briefs---
    Sports Brief---
        California News Brief---
            "Gimme that Wine"
Top Event in Today's History
    This Day in American History
        Baseball Poem—Tim Peeler
            (a very short one)

######## surrounding the article denotes it is a “press release”

Classified Ads---Senior Management

Baltimore, MD
25 year veteran of commercial and equipment leasing seeking a senior management position with leasing or asset based financing company in the southeast (Florida preferred)
Email: kellogg_md@yahoo.com

Denver, CO.
Fortune 500 GM/SVP wants to team up with aggressive lender looking for Western expansion mid-market equip. finance/leasing. 20+ years experience within Rocky Mountain/Southwest and Ca markets.
Email: legal@csotn.com

Hope, NJ.
25 years in optimizing call center operations, collections, billing, and back end revenue generation. Experienced in $7 + billion dollar portfolios. Verifiable achievements.
E-mail: cmate@nac.net

Irvine, CA.
Credit executive, portfolio manager and syndication facilitator. Extensive business building experience in small and mid-ticket operations. Highly innovative. Fortune 100 audit and technology skills. Bottom-line manager. Email: lenhubbard@bigfoot.com

Jacksonville, FL .
15+yrs Collections/Customer Service Expert. InfoLease, CARMS,managed staffs excess 100 VERY successfully - will relocate WITHIN Florida for right position ~ SIMPLY THE BEST
Email: rafftink@aol.com

Lawton, OK.
Twenty years, I have been the President of Cash Financial Services. I sold my loan portfolio. Resume.
email: bobmooreok@email.com

Long Island, NY
Degree Banking/Finance. 13 years leasing exp. Now prez young leasing company where promises were not met. Interested in joining established firm with future.
Email: bob33483@yahoo.com

New York, NY, NJ, Ct Tri-State
Top Exec. middle and big ticket, top skills treasury, funding, ops, transaction detail, syndication, ready to max profit, help build quality operation. right now!
E-Mail: leasefinance@optonline.net

Orange County, CA
25+ years experience large ticket equipment finance companies and commercial banking. Operations, documentation, legal, credit, workouts, portfolio management. $2+Billion portfolio. Seeking CFO, COO or similar.
Email: finance1000@cox.net

Philadelphia, PA.
27 yrs. exp. sales, ops., credit, strategy, P&L mngmet. Most recently created & executed the biz plans for 2 highly successful Bank-owned small ticket leasing subsidiaries.
email: mccarthy2020@comcast.net

Portfolio Management Consultant ;
25+years experience in Collections, Customer Satisfaction, Asset Management, Recoveries, Continuous Process Improvement, Back end Revenue Generation, Cost per Collection Analysis. $5+Billion Portfolio expertise.
Email: efgefg@rogers.com

Salt Lake City, UT
GM in Sales, Marketing & Operations for Several technology captives. Seeking new adventure in Western States. Consultant of full time.
Email: stevegbdh@hotmail.com

San Francisco, CA
25+ years vendor leasing experience: sales management, business development, contract negotiation, transaction structuring, accounting, finance, credit evaluation and business process design implementation. Stanford MBA.
E-mail: lease_manager@yahoo.com

San Francisco, CA
25 years experience w/global leasing company, sales, marketing, business dev., P&L responsibility, asset mgmt, brokering and re-marketing. Interested in joining an est. firm with a future.
Email: rcsteyer@yahoo.com

Syracuse, N.Y.
Int. equip. leasing exec. 25 yrs global P&L sr. mngt., including corporate turnarounds, strategic planning, new biz dev., structure finance, contract neg., vendor leasing specialist.
Email: jimh356094@aol.com

Wilmington, DE.
Over 15 years experience managing Credit, Risk Management and Fraud operations for large Financial Institution. Proven Results. Anywhere between NYC and DC for right opportunity.
Email: cklous@comcast.net

For a full listing of all “job wanted” ads, please go to:

http://216.66.242.252/AL/LeasingNews/JobPostings.htm

To place a free “job wanted” ad, please go to:

http://216.66.242.252/AL/LeasingNews/PostingForm.asp

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Leasing News adds Dolsen Leasing to the “Story Credit List,”
and today to the “Funder Only” List:

“Thank you for a chance to review & rewrite our information. FYI, a second broker called today and the first has already submitted an application.”

Megara Potts
Dolsen Leasing Company
(800) 959-4002
(425) 454-4002
(425) 451-2972 fax

The addition to “Funder Only,” to be completed:

“Dolsen Leasing Company funds deals in 11 western states: Alaska, Arizona, California, Colorado, Idaho, Montana, Oregon, Nevada, New Mexico, Utah and Washington.

“A – We accept broker business. Please see our Broker Application at www.dolsenleasing.com.
“B – Although we do not require brokers to be licensed (unless required by the state in which they reside); we do ask that any necessary state licenses be obtained.
“C – We do not have a sub-broker program.
“D – We do not have a private label program
“E – Dolsen Leasing Company employs inside and outside sales professionals.”

Also added is Balboa Capital, the first to make all five “yes” to the questions.

Funder's Only

( for funders specializing in “Story Credits, “ please click here
for “super brokers,” who primarily broker leases, click here )

A -Accepts Broker Business | B -Requires Broker be Licensed | C -Sub-Broker Program
| D -"Private label Program" | E - Also "in house" salesmen

(A) Pioneer Capital originates all it's paper from brokers - 100%. Pioneer is a full service funding company that holds 100% of its transactions internally. We have over $150 million in small ticket leasing lines. We offer "A", "B" and in some circumstances "C+" credit coverage. We also offer franchise, medical, and new business leasing programs. Accepts Broker Business - to apply for to http://www.pioneerfunding.com/becomebroker.html. Private Label Program - Pioneer offers private label documents and discounting programs to eligible brokers.

(B) BWC Equipment Leasing only funds deals in Northern California. Sub-broker accepted only is disclosed up-front. Broker must sign "Representation and Warranty" broker agreement.

(C) Balboa Capital:
A - Accepts broker business
B - request appropriate state licenses be obtained.
C - No sub broker allowed without written consent.
D - Broker can be listed as Lessor, receive advance payments, and assign to Balboa. Balboa pays the vendor.
E - Balboa has a large internal sales force that solicits directly to the end user. Broker customers are excluded from any calling list and our Broker Agreement specifically states your accounts will not be solicited while a customer of Balboa.

(D) Dolsen Leasing, see our Broker Application at www.dolsenleasing.com . While we do not require brokers to be licensed, we do a background check on all prospective brokers. While we have both inside and outside sales people, we are always open to expanding our broker network.

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Royal Links is Not

In a move to beat the deadline filed by Biissel & Brook, LP, the Swanton, Ohio firm that allegedly bilked 11 leasing companies and up to 1300 golf clubs throughout the United States, paid $209 to file for Chapter 7 bankruptcy, claiming $8.1 million in debts and only $57,693 in assets. Royal Link allegedly owes approximately 1,300 golf courses millions of dollars for advertising reimbursements on leased refreshment carts. Royal Links pledged to provide the golf courses beverage carts from third-party leasing companies and to reimburse the golf courses for monthly rental fees if they kicked in free advertising.

The case was assigned case number 05-38503 to Judge RICHARD L SPEER .The first for Meeting of Creditors 341(a) meeting to be held on 10/12/2005 at 12:30 PM at Ohio Building, Toledo. Filed by United States Trustee.(ust25, United States tr)

http://leasingnews.org/PDF/Royal_Links.pdf

On July 8th, Lord, Bissell & Brook LLP served interrogatories and document requests on Royal Links USA. By rule, Royal Links had 30 days to respond to these. This was the first written discovery served in the Royal Links Litigation. Lord, Bissell & Brook is also sent out subpoenas to the various leasing companies during the coming week. Service of subpoenas on the leasing companies will hopefully trigger responses from the leasing companies with respect to possible settlement discussions.

Leasing News asked both the firm and the National Golf Course Owners Association for a comment, which they say will be forthcoming..

The National Golf Course Owners Association has more than 6,000 member courses worldwide and an audience of more than 18,000 through Golf Business magazine, NGCOA, hired the Chicago-based laws firm of Lord, Bissell & Brook LLP filed a class action against the leasing companies on behalf of members who contributed funds for this.

C&J Leasing
CFC Investment
Dollar Bank Leasing
Excel Financial
Frontier Leasing
IFC Credit
Key Equipment
Landmark Financial
Pawnee Leasing
Preferred Capital
Susquehanna Patriot

Original, full story at:

http://www.leasingnews.org/Conscious-Top%20Stories/
11_Lessors_in_the_rough.htm

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CIT Effort to Make Growth a Specialty

ELTnews

Specialty lender CIT Group Inc. has reorganized by industry specialization instead of by product line, which executives hope will help transform the conservative company and position it for robust growth.

The company's current goal is earnings growth of 20 percent and asset growth of 8 percent to 10 percent. To achieve this goal, CIT plans to increase its deposits, especially at its chartered CIT Bank.

In addition, more loans will be funded through the bank, although most of the company's loans are still funded through its capital markets. CIT hopes that its loan business will grow due to the consolidation of a number of lending industries, including factoring, which many banks have exited. However, the company will likely face considerable competition from hedge funds and boutique lenders that have recently entered the market.

(story originally from American Banker---americanbanker.com)

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Rick Gatelli, CLP, at Hertiage Pacific Leasing

Many readers wanted to know where we got the picture of Jim Lahti, CLP, ex-president of Certified Leasing Professional Foundation, and the United Association of Equipment Leasing, also active in other associations, such as the National Association of Leasing Brokers. His photograph was from 1994, a United Association of Equipment Leasing Newsline magazine. Perhaps not as attractive as his actress sister Christine Lahti, but he hasn't aged very much at all.

Jim Lahti, 1994

He has gone on his own, and that was news.

Affiliated Investment Group, Inc.
401 East Corporate Drive, Suite 250-A
Lewisville, TX 75057
972-221-7335, Fax 972-221-7336
Email: jrl@affiliatedinvestment.com

”I have enjoyed working closely with Rick Galtelli, but he is going to work for Heritage Pacific Leasing, “Lahti said. “ I am going to be on my own, proudly serving brokers as I have done for the last twenty years as Affiliated Corporate Services.

“This is not negative news, Kit, but positive. Rick and I both still break bread together and pray together, but I am basically too old to work for someone else.”

Leasing News tried to reach Rick Galtelli, CLP, and finally caught up with him in Fresno, California.

“Well Kit, I guess I owe you this response to Jim's "Follow your heart" article.

“I applaud anyone who wants to do it alone, however, for me, even at my age I still want to build and be part of a company that stands with or without me that will provide for the individuals long after I am gone that helped get me there. Jim and I still talk most every day and he and his family who I watched grow up are always in my prayers. Jim and I have been blessed many times and I am sure those blessing will continue.

‘' I don't know about you, but at this juncture in my life, it is people that count, for if you take care of them then the rewards, whether monetary or other, will be great. I have survived as a helicopter pilot in Viet Nam, heart surgery, and am in remission for cancer. I have to think that God has a plan for me for why would He keep me around, Could it be that He has a great sense of humor---- I am sure

I provide him a lot of entertainment with my life's ups and downs.

“When John Otto and I sat down, we did so as two tired old soldiers with many battle scars from being in this business for a long time. Our talks first centered around retirement when a spark was lit about building Heritage Pacific Leasing into a first class commercial finance company. I don't think he and I had laughed so hard in a long time while thinking and planning out our approach but it sure was a good feeling to get the creative juices flowing again for both of us. I have known John a long time and knew of his support for the leasing industry with both his time and his resources. John, the sole stockholder of MAC, began discussing the growth and expansion of HPL.

“ When I asked why he wanted to grow Heritage Pacific Leasing at this stage in his life, his answer could have not been a better one than when he said what he did ‘there are a lot of people here that have stood by me over the years, they have families that depend on HPL and I enjoy seeing us grow together.'

“ HPL is a California Licensed lender with branches now in Dallas and Atlanta. We are looking to expand our business in both of those markets. Mike DiPietro, Fred Fernandez and Kim Perryman are in our Dallas office and Brian Litt heads up our Atlanta office. Charlie Litt, our Director of Legal Services resides in Florida.

“It was not an easy transition, for Jim joined me in January of 1986 when I had moved my office from Houston to Dallas. I don't have to tell you what was going on in Texas at that time with the closing of Banks, Thrifts and the such. One of my major investors at the time was in the oil and real estate market. Do I need to say more?

“It was during that time I had to make a hard decision, stay and fight it out or try another route. Well I chose the latter and with the existing staff, Jim and I formed Affiliated Corporate Services (1991) and the rest as they say is history. Since that time Jim and I have shared many laughs and many tears and the partnership withstood the test of time. The dissolution of our working relationship was more of a difference in business philosophies and the future of our firm, and as Jim stated in his article he wanted to try and do it on his own.

“I wish him the best of luck, and as he said, we both still break bread together and pray together when I am in Texas.”

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Classified Ads---Help Wanted

Account Executives

Account Executives Positions are available for remote Account Executives with 7+ yrs Equipment Leasing Sales exp.  Work directly with CFOs, CIOs, CEOs and other high-level executives. Please send resume indicating where you saw this ad to:  US_DFS_Staffing@dell.com. About the Company: At Dell Financial Services, we aspire to fuel your potential with the kind of challenging opportunities and hands-on support you need to grow. We're the exclusive provider of leasing and finance services for Dell technology systems worldwide.

www.dellfinancialservices.com

Credit Analyst

Credit Analyst Campbell, CA. Credit Analyst for middle market commercial/venture leases. Performs financial statement analysis/assesses qualifications w/underwriting criteria. Assists portfolio management. Requires excellent analytical and writing skills. College degree  finance/accounting. Prior exper. financial services industry required. E-mail resume to: pentech@pentechfinancial.com

For more information about Pentech: www.pentechfinancial.com

Lease Representatives

MIS/Business Analyst

MIS/Business Analyst Campbell, CA. Business Analyst needed to assist Ops Department in production and development of business segment reporting, liquidity management; systems integration. College degree/related experience in financial services industry required. E-mail resume to: pentech@pentechfinancial.com

For more information about Pentech: www.pentechfinancial.com

National Account Manager

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The EAEL-NAELB Fall Conference is shaping up very well, according to Scott A Wheeler with 39 Confirmed exhibitors so far, the price is right, and a key speaker is a former presidential candidate that many of us would have voted for, if he had gotten the nomination.

Time to book your room, make airline reservations for the fall leasing conferences. You should do it know while the main hotel has rooms available.

Leasing Association Conferences—Fall, 2005

September 14-16 Vancouver, BC

The Canadian Finance and Leasing Association 2005 Conference "Working smarter for tomorrow ~ Mieux travailler pour demain" & 32nd Annual General Meeting ~ September 14 -16, Westin Bayshore Resort & Marina, Vancouver, BC - Join us in Vancouver for the 2005 Conference and discover how businesses are Working smarter for tomorrow within the asset-based financing/leasing industry.

Registration, plus agenda, please go here.

A list of Conference delegates is available to the Public by Company
www.cfla-acfl.ca/files/public/2005ConferenceRosterbyCOMPANY.pdf

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Eastern Association of Equipment Lessors
September 19th, Teaneck, New Jersey

Information on the key speakers:
http://www.eael.org/keymote-speakers-sept2005.asp

For Agenda and Registration, please go here:
http://www.eael.org/doc/Attendee_Registration_2005.pdf

For Exhibitor Registration
http://www.eael.org/doc/EAEL2005%20brochure.pdf

This year's “ FALL EXPO” is quickly developing into a must attend event for any and all leasing professionals.

The EAEL has sponsored the Fall Expo for 22 years and this year is presenting the event in conjunction with the NAELB ; and has adapted the title of “ Take The Next Step To Success”. Participating exhibitors have already given a vote of confidence to this one day gathering of leasing companies and individuals who are  leading the way with their optimism in the future of our industry. The number of exhibitors has outpaced previous years with the addition of new exhibitors every day; and the demand is quickly reaching maximum available space. The Expo currently has 39 Confirmed exhibitors   The anticipated crowd is motivating exhibitors and record high numbers of sponsors to secure their place on the " FALL EXPO" roster. The day is highlighted by nine workshops and two speakers the Honorable Bill Bradley and Famed Economist Dr. Irwin Kelly.

Scott A Wheeler
Vice President - Sales
800 365 6566
Fax: 410 472 2005
53 Loveton Circle
Sparks Maryland 21152

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National Assocation of Equiment Leasing Brokers
joins with Eastern Association of Equipment
Lessors for Fall Expo 2005
September 19th, Teaneck, New Jersey

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United Association of Equipment Leasing
September 22-25, Lake Tahoe, California

The event will also feature the exclusive buyout of the M.S. Dixie for the Saturday Sunset Dinner/Dance Cruise. 

The complete brochure has been mailed and is also available at
www.uael.org

Make your room reservation as soon as possible at Caesars Tahoe
(1-866-89-Tahoe for the UAEL block) as the hotel expects to be sold out.

for more information, please go here:

If you haven't booked your room at Caesars Tahoe (866-844-2696 UAEL block) for the UAEL Fall Conference and Exposition please do so as soon as possible.

Register for the conference before August 15 to take advantage of the UAEL discounted rate.

UAEL is the sole occupant of the M.S. Dixie for our Saturday Evening Sunset Dinner/Dance Cruise and have ordered perfect weather for the event!

Lake Tahoe 's Zephyr Cove Resort serves as a homeport to the M.S. Dixie II Paddle wheeler.  Lake Tahoe 's original paddle wheeler company welcomes you aboard the M.S. Dixie II.  Voted Lake Tahoe 's best boat cruise.

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Equipment Leasing Association
October 23-24
44th Annual Convention
Boca Raton Resort & Club
Boca Raton, Florida

A non-member who has not attended the conference before is invited
to attend.

Registration and all information about the Annual Convention are now available on-line at http://www.elaonline.com/events/2005/annconv/

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Association of Government Leasing & Finance
November 9, 2005
Dana Point, California

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California truckers protest diesel prices

landlinemag.com

Rumors of protesting truckers have been running rampant across the country during the past week, but those rumors became reality for some California truckers on Friday, Aug. 19.

Several news sources in California reported that a group of truckers formed a convoy and drove through Santa Maria to protest the rising cost of diesel fuel.

While some media outlets reported the number of protesting trucks in the dozens, Sgt. Richard Flores of the Santa Maria Police Department put the number between 12 and 15 rigs total. The truckers reportedly were blowing their horns as they drove through the downtown area.

Flores said the police heard the rigs coming and that the noise was loud enough to bring several judges out of the courthouse in the middle of legal proceedings.

Flores said several citations were issued for noise violations.

Prices for diesel in California have been above the $3 mark for the last week and a half. The highest price found Monday, Aug. 22, according to CaliforniaGasPrices.com, was $3.39 per gallon at a Shell station in Fairway, CA.

The American Automobile Association reported an average price in the state of $3.16 per gallon on Aug. 22, while ProMiles showed an average of $3.02.

Most of the major truck stop companies had prices just under $3 per gallon at their California locations, according to their Web sites. Pilot was the exception, posting $3.079 per gallon at their facility in Salinas.

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Attendees at Lessors.com Atlanta Conference

http://www.lessors.com/Events-2005/Fall/attendees.html

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

City National Bank Names David W. Maurer
Head of New Equipment Leasing Department

--- Maurer Will Spearhead Creation of the New Department, Set to Debut Later This Year

LOS ANGELES----City National Bank, California's premier private and business bank, announced that David W. Maurer has been named senior vice president and manager of its new Equipment Leasing Department.

Maurer will oversee the formation of the team, which will offer comprehensive equipment leasing services to clients. Maurer will report to City National President Chris Warmuth.

"Dave will be leading a seasoned team of experts who will deliver tax-efficient, customized equipment leasing products to business owners and individuals, and enhance City National delivery of complete financial solutions to our clients," said Warmuth. "He brings 30 years of combined leasing and banking experience, including large corporate, middle-market and small business banking."

The bank's Equipment Leasing Department will be a general-purpose lessor, focusing primarily on commercial equipment commonly used in the small and midsize middle market, including everything from computers to manufacturing machinery. The department is scheduled to become operational in the fourth quarter.

"About 80 percent of all U.S. businesses lease one or more pieces of equipment, and we want to capitalize on this fact to the benefit of City National and its clients," Maurer said. "The leasing market is estimated to be over $50 billion annually in California alone, and City National's commitment to entrepreneurs and small and midsized businesses makes this a perfect fit."

Maurer joined City National from Bank of the West, where he was vice president and manager of direct leasing for more than three years. He helped create a leasing subsidiary for Sanwa Bank California/United California Bank, and following the merger with Bank of the West, managed all direct lease marketing and middle-market lease syndication.

Before that, Maurer was a vice president at Wells Fargo Bank, in both its equipment leasing and corporate finance groups in Southern California. Previously, Maurer was a managing director and principal for four years at Regency Capital Group, an investment banking firm specializing in equipment leasing.

Maurer earned a master's degree in corporate finance and marketing from the University of Michigan, and a bachelor's degree in mathematics from Miami University in Ohio.

Maurer, who lives in Irvine with his wife, Jeanine, is a member of the Equipment Leasing Association.

About City National

City National Corporation (NYSE:CYN) is a financial services company with $14.5 billion in total assets. Its wholly owned subsidiary, City National Bank, is the second largest independent bank headquartered in California. It provides banking, investment and trust services through 54 offices, including 12 full-service regional centers, in Southern California, the San Francisco Bay Area and New York City.

City National is ranked among America's top companies in Forbes magazine's "Super 500" list. It also is one of the nation's top wealth managers, according to Barron's magazine. The company and its affiliates manage more than $17 billion of client trust and investment assets. Assets under management or administration amount to $37 billion.

For more information about City National, visit the company's Website at cnb.com.

CONTACT:

City National Bank
Daniel Minkoff, 213.833.4731
daniel.minkoff@cnb.com

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

Sterling Financial Corporation Announces Quarterly Dividend

LANCASTER, Pa., -- The board of directors

of Sterling Financial Corporation (Nasdaq: SLFI) declared a $0.140 per share cash dividend This dividend is payable on Oct. 3, 2005, to shareholders of record on Sept. 15, 2005.

"We are very pleased to have increased dividends this year and every year for the past 17 years," noted Glenn R. Walz, chairman, Sterling Financial Corporation. "This puts Sterling in an elite group of companies. We attribute our success to our focus on growth and our ability to deliver results for our customers, our shareholders and Sterling employees."

This $0.140 dividend per share represents a 9.4 percent increase over the $0.128 dividend paid in October 2004, and a 7.7 percent increase over the $0.130 dividend per share paid in the second quarter of this year.

References to the prior year dividend per share have been restated to reflect the 5-for-4 stock split effected in the form of a 25 percent stock dividend to shareholders of record on May 13, 2005, and payable on June 1, 2005.

With assets of more than $2.8 billion and investment assets under administration of approximately $2.1 billion, Sterling Financial Corporation is a diversified financial services company based in Lancaster, Pa. Sterling Banking Services Group affiliates offer a full range of banking services in south-central Pennsylvania, northern Maryland, and northern Delaware; the group also offers correspondent banking services in the mid-Atlantic region to other companies within the financial services industry. Sterling Financial Services Group affiliates provide specialty commercial financing; fleet and equipment leasing; investment, trust and brokerage services; insurance services; and human resources consulting. Visit
http://www.sterlingfi.com for more information.

Banking Services Group -- Banks: Pennsylvania: Bank of Lancaster County, N.A.; Bank of Lebanon County; PennSterling Bank; and Pennsylvania State Bank. Pennsylvania and Maryland: Bank of Hanover and Trust Company. Maryland: First National Bank of North East. Delaware: Delaware Sterling Bank & Trust Company. Correspondent banking services: Correspondent Services Group (provider of Sterling services to other financial institutions).

Financial Services Group -- Specialty commercial financing: Equipment Finance LLC (commercial financing company for the forestry, land clearing and construction industries). Fleet and equipment leasing: Town & County Leasing, LLC (nationwide fleet and equipment leasing company). Trust, investment and brokerage services: Sterling Financial Trust Company (trust and investment services) and Church Capital Management, LLC (registered investment advisor) with combined assets under administration of $2.1 billion and Bainbridge Securities Inc. (securities broker/dealer). Insurance services: Lancaster Insurance Group, LLC (independent insurance agency for personal, property and business insurance); StoudtAdvisors (employee benefits consulting and brokerage firm); and Sterling Financial Settlement Services,LLC (title insurance agency). Human resources consulting: Professional

SOURCE Sterling Financial Corporation

Web Site: http://www.sterlingfi.com

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

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Editor's Opinion: Talking Ourselves into a housing recession?

by Kit Menkin

As Roseanne Roseannadanna used to say: "it's always something! If it's not one thing, it's another!"

Sales of previously owned homes fell in July as some house hunters were put off by galloping prices, but the pace of sales was still the third-highest ever, suggesting the red-hot market isn't cooling much.

The average rate on 30-year mortgages in July was 5.70 percent, up from 5.58 percent in June. By historical standards, though, mortgage rates are still considered low.

And, mortgage rates have stayed well behaved despite the Federal Reserve's 14-month long campaign to raise interest rates. The Fed is expected to boost short-term rates again at its next meeting on Sept. 20.

The overall pace of sales, at 7.16 million units, in July was the third highest ever. The second-best showing came in April with a pace of 7.18 million units.

It appears economists who want to get their name in the newspaper are talking the industry, and particularly the stock market, into a bearish position.

The recent July new housing starts from the US Government reports showed that housing starts remained strong, but unchanged in July, holding at 2.04 million (SAAR). The single family sector was flat (1.711 million SAAR), while multi family was down 3.2%. Regionally, the bad weather in the South pulled starts down 5.4% while the other regions showed increases – NE 6.5%; MW 9.1%, and West 2.1%. Permits were up 1.6%, suggesting that the near term outlook for starts is good.

Concerns remain the same as last month – the weakening dollar (weaker dollar is inflationary and puts upward pressure on interest rates) and rapid house price appreciation (pushing prices out of reach for a growing number of potential buyers). In addition, higher energy prices could hurt the U.S. economy in at least two ways – higher inflation pushing up interest rates, and the “added tax” burden on consumer spending.

Today, with the rapid growth and growing size of two economies - China, and India, the demand for energy is outstripping supplies, and the long term prognosis for oil prices is much higher than what it would have been absent the stellar performance of these two economies (which by the way, do not produce enough oil for domestic needs). China, for example is now the world's second largest importer of oil behind the U.S.

Well, Jane, it just goes to show you, it's always something! If it's not one thing, it's another! If you don't know how to breastfeed your baby, or Bo Derek makes you sick at Tiffany's. It's just like the little song my father used to sing to me before I went to bed at night. He'd tuck me into bed, and he would sing to me this song, written by musically-happening cousin - Carlos Santana Roseannadanna. And it went like this [ singing ]:

"You've got to change your perfect ways, Bo Derek
before I-I-I sta-a-art loving you.

You've got to change, Bo Derek
'Cause I-I-I do-o-on't envy you.

You got perfect skin and white teeth, and you got perfect clothes
but you also got a black hair hanging out of your nose.

This can't go on
Lord knows this can't go o-o-o-on!"

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News Briefs----

U.S. ABS primary issuance hits $20 billion

http://www.securitization.net/article.asp?id=1&aid=4797

First Banks to acquire Texas bank for $20.8 million

http://www.bizjournals.com/stlouis/stories/2005/08/22/
daily16.html?from_rss=1

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Sports Briefs----

Niners Remember Herrion at Memorial

http://www.nytimes.com/aponline/sports/AP-FBN-Lineman-Dies-Memorial.html

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California News Briefs---

Governor alters his stance on trade associations

http://www.insidebayarea.com/argus/news/ci_2962317

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“Gimme that Wine”

Wine and Women: Women Are Adventurous

http://toronto.fashion-monitor.com/news.php/restaurants/
2005082201wine_women

'Sideways' Strikes Again - No Merlot

http://www.prweb.com/releases/2005/7/prweb267331.htm

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Today's Top Event in History

    1853 -- First potato chips prepared by Chef George Crum, Saratoga Springs, NY. Crum was a Native American/African American chef at the Moon Lake Lodge resort in Saratoga Springs, New York, USA. French fries were popular at the restaurant and one day a diner complained that the fries were too thick. Although Crum made a thinner batch, the customer was sill unsatisfied. Crum finally made fries that were too thin to eat with a fork, hoping to annoy the extremely fussy customer. The customer, surprisingly enough, was happy - and potato chips were invented! Crum's chips were originally called Saratoga Chips and potato crunches. They were soon packaged and sold in New England - Crum later opened his own restaurant. William Tappendon manufactured and marketed the chips in Cleveland, Ohio, in 1895. In the 1920s, the salesman Herman Lay sold potato chips to the southern USA (selling the chips from the trunk of his car). In 1926, Laura Scudder (who owned a potato chip factory in Monterey Park, California) invented a wax paper potato chip bag to keep the chips fresh and crunchy - this made potato chips even more popular.

http://www.history.rochester.edu/Scientific_American/mystery/crum.htm

http://home.howstuffworks.com/question579.htm

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This Day in American History

    1675-Catholic holy orders were conferred by Gabriel Diaz Vara Calderon, Bishop of Santiago de Cuba, on a visit to St. Augustine, FL. Minor orders were conferred on seven candidates.
http://www.tfn.net/~mpna/prehistory.htm
http://www.oah.org/pubs/magazine/spanishfrontier/cowdrey-document.html
http://www.oah.org/pubs/magazine/spanishfrontier/mcewan.html
http://www.xxicentury.org/HCA/Tutorial/Tutorial_3.html
(see age of missions: )
http://www.vernonjohns.org/nonracists/jxfoundr.html
http://www.catholic-hierarchy.org/bishop/bdiazv.html
http://drbronsontours.com/staugustinetimeline.htm
    1676-The first court-martial in a colony was held in Newport, RI, by Governor Walter Clarke, Deputy Governor John Crayton and their assistants, Edmund Calvary, who was the attorney general. Quanpen, a Native American sachem, also known as Sowagonish, was found guilty of participation in King Philip's War against the colonists and ordered shot on August 26. Others who had participated in the war were sentenced to various penalties.
    1682- the Duke of York awarded Englishman William Penn the three "lower counties" in the American colonies which later became the state of Delaware.
( lower half of: http://memory.loc.gov/ammem/today/aug24.html )
    1718- New Orleans was founded by French settlers from Canada and France. The Canadians, generally brought their wives and families with them. French officers, however, usually younger sons of nobility, refused to marry below their rank, inspiring the plea of one of the early governors to France: “Send me wives for my Canadians, they are running in the woods after Indian girls.” Thus Cajuns were born. By the way, Creole meant “native”, born in Louisiana and has nothing to do with race.
http://www.cajunculture.com/
    1814-British forces invaded and raided Washington, DC, for two days, burning the Capital, the president's house and most other public buildings. President James Madison and other high US government officials fled to safety until British troops (not knowing the strength of their position as military is in disarray) departed the city two days later.
    1853 -- First potato chips prepared by Chef George Crum, Saratoga Springs, NY. Crum was a Native American/African American chef at the Moon Lake Lodge resort in Saratoga Springs, New York, USA. French fries were popular at the restaurant and one day a diner complained that the fries were too thick. Although Crum made a thinner batch, the customer was sill unsatisfied. Crum finally made fries that were too thin to eat with a fork, hoping to annoy the extremely fussy customer. The customer, surprisingly enough, was happy - and potato chips were invented! Crum's chips were originally called Saratoga Chips and potato crunches. They were soon packaged and sold in New England - Crum later opened his own restaurant. William Tappendon manufactured and marketed the chips in Cleveland, Ohio, in 1895. In the 1920s, the salesman Herman Lay sold potato chips to the southern USA (selling the chips from the trunk of his car). In 1926, Laura Scudder (who owned a potato chip factory in Monterey Park, California) invented a wax paper potato chip bag to keep the chips fresh and crunchy - this made potato chips even more popular.
http://www.history.rochester.edu/Scientific_American/mystery/crum.htm
http://home.howstuffworks.com/question579.htm
    1857—Major economic panic hits the United States.
http://memory.loc.gov/ammem/today/aug24.html
    1869- Cornelius Swarthout of Troy, NY, was issued a patent for a
“waffle iron.”
    1893 - Fire in the south of Chicago left 5,000 people homeless.
    1897, birthday of Charles Dudley Warner, American newspaper editor for the Hartford Courant, published this now-famous and oft-quoted sentence, “Everybody talks about the weather, but nobody does anything about it. “ The quotation is often mistakenly attributed to his friend a colleague Mark Twain. Warner and Twain were part of the most notable American literary circle during the late 19 th century. Warner was a journalist, essayist, novelist, biographer and author who collaborated with Mark Twain in writing “The Gilded Age” in 1873.
    1909 Sax player Paul Webster birthday (Jazz Trumpeter, in Jimmy Lunceford's orchestra 35-43 and with Cab Calloway 44-52)
    1912- parcel post service was authorized. Previously the weight limit of mail had been four pounds. The rates of the parcel post service depended upon the weight of the package and the distance traveled. This was a boon to mail order catalogues and to people living in the rural area.
    1925-Birthday of pianist Louis Teicher (Ferrante and Teicher,) composer, born Wilkes-Barre, Pa.
    1932- Charles H. Calhoun, Sr. and Jr., at the third hole of the Washington Golf Club, Washington, GA, while playing with a foursome, both shot a hole in     1932 - Amelia Earhart became the first woman to fly across the U.S. non-stop.
    1939 - Louis "Lepke" Buchalter, leader of Murder, Incorporated, turned himself in to New York City columnist Walter Winchell; who turned the underworld leader in to FBI Director J. Edgar Hoover
    1944--- Germany Army by now has sustained 400,000 men killed, wounded or captured, plus 1,300 tanks, 1,500 artillery, and 3,500 aircraft destroyed.
    1947--~ Margaret Truman, daughter of U.S. President Harry S Truman, presented her first public concert. Margaret sang before 15,000 people at the Hollywood Bowl. The concert did not get great reviews. In fact, the critics didn't like Margaret's singing at all. And Margaret's dad didn't like the critics, and said so, from the White House.
    1950-- US President Harry Truman orders the Army to take over the railroads to stop a possible strike.
    1950- Edith Spurlock Sampson, the first African-American delegate to the United Nations when she was appointed alternate delegate to the fifth General Assembly. Her first assignment, on September 28, 1950, was to the Social, Humanitarian and Cultural Committee.
http://www.aaregistry.com/african_american_history/399/
Edith_Sampson_was_a_steel_city_judge
    1951---Top Hits
Too Young - Nat King Cole
Because of You - Tony Bennett
My Truly, Truly Fair - Guy Mitchell
Hey, Good Lookin' - Hank Williams
    1951- St. Louis Browns owner Bill Veeck, one of baseball's greatest showmen, allowed fans attending a game against the Philadelphia Athletics to participate in the strategy decisions normally made by the team's manager. More than 1,000 fans were given cards reading ”YES” and “NO: and were asked to vote on what the Browns should do at various point sin the tame. It worked; St. Louis won, 5-3. With the advent of Palm Pilots, Blackberry, and the internet, guess what Bill Veeck could do today.
    1957- The Dodgers use eight pitchers in one game tying a major league record. Johnny Podres gives up three home runs in the third including Hank Aaron's first grand slam.
    1959- A headline in Billboard reads, "Rock and Roll Ain't Ready For The Ol' Rockin' Chair Yet." The story says rock & roll was losing popularity a year ago, but the record buyers now like Elvis Presley, Fats Domino and Lloyd Price along with newcomers, the Drifters, Everly Brothers and Ricky Nelson.
    1959- Phil Phillips' "Sea Of Love" hits #2 on the pop charts.
    1959---Top Hits
The Three Bells - The Browns
Sea of Love - Phil Phillips
Lavender-Blue - Sammy Turner
Waterloo - Stonewall Jackson
1960-Birthday of Calvin Edward “Cal” Ripken,Jr., former baseball player, born Havre de Grace, MD.
    1963- Little Stevie Wonder is the first artist to make the Number One position on the pop single chart, the pop albums chart and the R&B singles chart all at one time. In fact, nobody had made the pop single and album charts at the same time. The music from "Wonder World" is the album, "The Twelve Year- Old-Genius" and the single, "Fingertips, Part Two."
    1963 -The Little League World Series is televised for the first time . With ABC's Wide World of Sports providing coverage of the championship game, Grenada Hills (CA) beats Stratford (CT), 2-1.
    1964- "Where Did Our Love Go?" by the Supremes topped the charts and stayed there for 2 weeks.
    1966 - The U.S. premiere of the motion picture Help!, starring The Beatles, was held for thousands of moviegoers wanting to see the group's first, color, motion picture. Their first film, A Hard Day's Night, had been produced in black and white.
    1967- Patti Harrison convinces her husband George and the rest of the Beatles to attend a lecture at the Park Lane Hilton given by Maharishi Mahesh Yogi. They go and send a note to him requesting a private audience. In the meeting, the Beatles offer themselves as disciples. He accepts and invites them to an indoctrination course for spiritual regeneration two days later. They attend along with Mick Jagger and his girlfriend Marianne Faithfull. Brian Epstein is invited but declines. Afterwards, John Lennon compares the experience as "going somewhere without your trousers."
    1967---Top Hits
All You Need is Love - The Beatles
Pleasant Valley Sunday - The Monkees
Baby I Love You - Aretha Franklin
I'll Never Find Another You - Sonny James
    1968- The Who's drummer, Keith Moon, drives a Lincoln into the pool of a Holiday Inn in Flint, Michigan.
    1968-Steppenwolf's "Born To Be Wild" hits #2 on the pop chart.
    1969-Three-day Wild West Festival at Kezar Stadium with Janis Joplin, Turk Murphy, Jefferson Airplane, the Dead, Country Joe, Santana, Sly and the Family Stone and the Youngbloods.
    1970- "Make It with You" by Bread topped the charts and stayed there for a week.
    1971- Ernie Banks hits his final home run of his career as the Cubs beat the Reds, 5-4. Mr. Cub's 512th home run comes in the first inning off Jim McGlothin.1971 -- Illinois State Attorney Edward Hanrahan and 13 police officers and police officials are indicted on charges of conspiring to obstruct justice by attempting to thwart criminal prosecution of 8 Chicago patrolmen who raided the apartment of Fred Hampton. This follows August 21 when Panther George Jackson is killed in San Quentin prison during an abortive breakout attempt (three prisoners and three guards are killed in the attempt. Six prisoners are subsequently put on trial for the incident (Fleeta Drumgo, David Johnson, Hugo L.A. Pinell (Yogi), Luis Talamantez, Johnny Spain, and Willie Sundiata Tate). Spain was convicted of murder. The others were either acquitted or convicted of assault. In a side to this story: white attorney Stephen M. Bingham is officially charged with murder in deaths of 2 convicts and 3 guards at San Quentin. Bingham is charged with smuggling guns to George Jackson used in a August 21, 1971 San Quentin breakout attempt. Bingham subsequently flees the country, returning in 1984 to face charges. He was acquitted of murder and conspiracy in 1986.
http://www.sfgate.com/cgi-bin/article.cgi?f=/chronicle/archive/
2001/08/19/CM145760.DTL
    1974- Santana's "Greatest Hits" LP enters the charts.
    1975---Top Hits
Fallin' in Love - Hamilton, Joe Frank & Reynolds
One of These Nights - Eagles
Get Down Tonight - K.C. & The Sunshine Band
Rhinestone Cowboy - Glen Campbell
    1975 - Los Angeles Dodger Davey Lopes set a major league baseball record when he stole his 38th consecutive base. It was in the 12th inning of a game against the Montreal Expos that Lopes got his famous steal. The Dodgers still lost in 14 innings, 5- 3.
    1978- Bruce Springsteen appears on the cover of "Rolling Stone."
    1979- The Cars perform at New York's Central Park for an audience of a half million people
    1981 - Mark David Chapman was sentenced from 20 years to life imprisonment for his self-admitted murder of former Beatle John Lennon.
    1985 - Huey Lewis and The News reached the top of the charts with "The Power of Love". The song spent 2 weeks at #1 on the "Billboard Hot 100".
    1983---Top Hits
Every Breath You Take - The Police
Sweet Dreams (Are Made of This) - Eurythmics
She Works Hard for the Money - Donna Summer
Love Song - The Oak Ridge Boys
    1985-Dwight Gooden of the New York Mets became the youngest pitcher to win 20 games in a season. Gooden defeated the san Diego Padres, 9-3. He was 20 years, nine months and nine days old.
    1987 - Autumn-like weather prevailed across the north central and northeastern U.S. Seven cities reported record low temperatures for the date, including Saint Cloud MN with a low of 37 degrees. Temperatures in Florida soared to 98 degrees at Pensacola and 99 degrees at Jacksonville. Thunderstorms produced heavy rain in the Southern High Plains Region, with 5.40 inches at Union NM, and 7.25 inches reported west of Anthony NM
    1987- "Who's That Girl" by Madonna topped the charts and stayed there for a week
    1989-Pete Rose is banned from baseball for life by Commissioner Giamatti for gambling. The Reds' manager signs a five-page agreement with Giamatti in which he agrees to a lifetime penalty but does not admit to gambling on the national pastime.
    1991- Tom Petty and the Heartbreakers' "Learning To Fly" hits #28 on the pop singles chart.
    1991---Top Hits
(Everything I Do) I Do It for You - Bryan Adams
It Ain't Over 'Til It's Over - Lanny Kravitz
Fading Like a Flower (Every Time You Leave) - Roxette
You Know Me Better Than That - George Strait
    1992- "End of the Road (From Boomerang)" by Boyz II Men topped the charts and stayed there for 13 weeks.
    1996-The New York Yankees dedicated a monument to the late Mickey Mantle at Monument Park in Yankee Stadium. The new monument joined three others honoring Babe Ruth, Lou Gehrig and Miller Huggins. Mantle died August 13,1995.
    1999- Mariner Ken Griffey Jr. joins Babe Ruth, Ralph Kiner, Duke Snider, Ernie Banks, Harmon Killebrew and Mark McGwire as the only players to hit 40 homers in four consecutive seasons.

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Baseball Poem

        Budweiser!

Budweiser! he calls
between innings, between pitches,
between breaths

from Tim Peeler, from his book
“Touching All the Bases.” He has given us permission
to reproduce them.

From a soft cover 128 pages
with index published by www.mcfarlandpub.com
( they take two weeks to send, but you are helping
this company stay alive, or you can buy from
Amazon, for the same price, but perhaps faster
delivery. While they are all mostly baseball,
some are not. He is a unique American poet.
He lives in Hickory, North Carolina.

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