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Wednesday, July 18, 2007


Classified Ads---Operations
    Captive Lessors List
        Cartoon - I’ve had a rough day, honey
    Alexa Ranks Leasing Media Web Sites
Sales Make it Happen by Steve Chriest
Time and Management
    Classified - Help Wanted
David G. Mayer's "Bus. Leasing and Fin. News," July edition
    Small Business's Slow to Embrace Web Technology
        Morgan Stanley invests in Maxus Capital Group
Priority Leasing partners with Subway Franchise
    KEF Names John Meringer VP - Global Pricing & Economics
        Bank of the West Automates Its Credit Review
Bank of America cleared to buy LaSalle Bank
    Lakeland Bancorp Reports increase in 2nd Quarter
        KeyCorp Reports Second Quarter 2007 Earnings
News Briefs---
    California Nuts Brief---
            Calendar Events
This Day in American History
            Daily Puzzle

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


Classified Ads---Operations

East Windsor, NJ
Skilled Manager in credit, collections, training, documentation, policy and procedure, lease and finance operations. Get results and keep the customer coming back.
Boulder, CO
A proven Director acknowledged for the ability to creativly troubleshoot situations, and to develop/implement  turn around programs in both start-up and established operations. E-mail:

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

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



Captive Lessors

To qualify for this list, the company must be either a manufacturer, distributor, or a major supplier (seller.) The "captive" company may have their own funds or secure line(s) of credit. They are not dealers who provide financing under a "private label program," but are there own "lessor." The company may sell off its portfolio from time to time, or enter into a exclusive arrangement with a major financial source. The definition may be further realized by viewing the companies listed.

Leasing News reserves the right to not list a company who does not meet these qualifications.

We encourage companies who are listed to contact us for any change or addition they would like to make. Adding further information as an "attachment" or clarification of what they have to offer would be helpful to readers are very much encouraged.

( To apply to be listed, please fill in our "Captive Lessor" Form and fax to 408.374.3843 or you may e-mail to:

Alphabetical list - click on company name to view more details
AFS Commercial Credit IBM Global Financial Raymond Leasing Corporation
AT&T Capital Services, Inc. Ikon Office Solutions SAIC
Atlas Copco Customer Finance USA, Inc. Ingersol-Rand Services Siemans Financial Services
Baxter Healthcare Corp John Deere Credit Siemans Medical Financial Services
Canon Financial Services, Inc. Johnson & Johnson Finance Co. Silicon Graphics
Caterpillar Financial Services Kronos Incorporated Sojitz America Capital, Inc.
CHD Leasing Lanier Worldwide Solarcom LLC
Cisco Systems Capital Corporation Leaseplan USA Steelcase Financial Services, Inc.
CNH Capital Machine Tool Capital Summer Group, Inc.
Dell Financial Services McKesson Capital Corp. Sun Microsystems Global Fin Srvcs, Inc.
Dexter Financial Services Microsoft Capital Tektronix Equipment Finance
Diebold Global Finance Navistar Financial Corp. Toyota Financial Services
First Data Leasing NCR Corporation Trinity Industries Leasing, Inc.
GFC Leasing NEC Financial Services Vendor Capital Group
Global Imaging Systems OCE Financial Services Verizon Credit, Inc.
Highway Commercial Services Olympus America Volvo Commercial Finance
Hitachi Systems Data Credit Corp. Oracle Credit Corporation Wallwork Lease
Honewell Global Finance Paccar Financial  
HP Financial Services Pitney Bowes Credit Corporation  

Click here for the complete page and additional information.





Alexa Ranks Leasing Media Web Sites

122,248  Leasing News
179,889 American Bankers Association
255,491 Credit Today
399,706* National Assoc. of Equip Leasing Brokers
515,962 Monitor Daily
405,470** Equipment Leasing and Fin. Association
641,987  U.S.Banker
839,027 Ind Community Bankers of America
1,155,086  Commercial Finance Association
3,195,004  eLessors Networking Association
1,582,003 Leasing Notes
1,740,135  Institute of International Container Lessors
1,809,780 Equip. Leasing & Fin Fndn
2,229,537 Lease Chat
1,865,174  United Association of Equipment Leasing
3,121,601  Exec Caliber-Jeffrey Taylor
2,135,897 Leasing Press
No Data The National Funding Assoc
4,419,261*Eastern Association of Equipment Leasing
7,283,306   CLP Foundation
3,615,218  Assoc of Government Leasing  Financing
No Data Lease Assistant
No Data
No Data Lean -Lease Enforcement Att Net
No Data
No Data Equipment Financial Journal

David G. Mayer's Business Leasing and Finance 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 and Finance News has its own individual web site, it will be included in the Alexa survey. is part of a blog network and actually rating of the specific site is not possible. At present they state they have 500 subscribers.

*It should also be noted that two web sites have their "list serve" posted via their site, meaning their e-mails are counted as a visit to the site, whereas they are "list serve" communication.  These are technically visits to the web site, but primarily to use "list serve."

** This site has changed since At one time, viewers were referred to the new web site. It now appears that most are now on the new site. There was some "double-counting," but we believe this figure is fairly accurate and in future months will show the consistent rating.

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.
They are partnered with Google.

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.



Sales Make it Happen

by Steve Chriest

Time and Management

A major sales consulting firm estimates that most salespeople spend no more than six percent (6%) of their available working hours talking to prospects and customers in person or on the phone about whether the customer or prospect wants to grow their business or fix a problem in the business. Excluding telemarketers, where then do most salespeople spend their time?

Not surprisingly, effective time management is a challenge for many salespeople and sales managers. What is surprising is how much time and money is spent by sales organizations desperate to teach their sales teams how to spend their work time wisely and efficiently. Even a cursory look at the essential activities of salespeople reveals all you need to know about time management for the sales team.

For most salespeople, there are only six essential tasks for which they are responsible – prospecting, qualifying, facilitating orders, closing business, maintaining customer relationships, and reporting activities to management. With the exception of continuing education, a salesperson can plan his or her days, weeks, months and years around these essential activities. The trick is to exclude as many activities as possible that do not impact at least one of these essential tasks.

Because all companies need revenue, and salespeople are paid to close business, closing business is the number one priority for most salespeople. It seems obvious, then, that salespeople would not let anything stand in the way of closing current business with customers.

Whether a salesperson prospects as a “hunter,” or is continually on the lookout for additional opportunities to do more business with existing customers, prospecting for business is the second most important activity for all salespeople.

Why? Without a constant flow of new prospects, or new prospective business from existing customers, a sales pipeline or funnel quickly runs dry.

Once prospects are identified, salespeople must qualify the prospects as a fit for the products or services offered. There are few things in a salesperson's working life that are worse than spending gobs of time with prospects who cannot or will not do profitable business with the salesperson's company.

As business from a number of prospects and customers begins to move through the salesperson's pipeline, time must be spent facilitating activities that cause that business to move toward closing. It's here that salespeople waste most of their time. Whether the salesperson is at fault, or whether operational inefficiencies make it necessary for salespeople to baby-sit order processing, this activity robs many salespeople of precious selling time.

Salespeople must spend some time cultivating and growing their relationships with customers. This essential activity can take many forms, from regular visits to the customer's place of business, researching solutions to customer challenges, to arranging entertainment events like business lunches and dinners, sporting events and so on.

Finally, as bitter a pill as it is for salespeople to swallow, some time must be spent reporting activities and the results of activities to sales management. After all, if sales managers did not receive reports from their team, what on earth would they do with their time? But seriously, management should always require reports from the sales team, not for the purposes of micromanagement, but for the value of the intelligence to be gained from feedback reported by the sales team.

Keeping the main activities of sales in mind - prospecting, qualifying, facilitating orders, closing business, maintaining customer relationships, and reporting activities to management – should help salespeople and managers prioritize and allocate selling time. Does anyone really need a time management class to tell them to do essential selling activities and stop doing everything else during selling hours?

Next week we will examine time traps that rob salespeople of precious selling time, and we'll explore some ways to avoid them.

Steve Chriest is the founder of Selling Up TM ( ), a sales consulting firm specializing in sales improvement for organizations of all types and sizes in a variety of industries. He is also the author of Selling Up , The Proven System for Reaching and Selling Senior Executives. You can reach Steve at .

To view other "Sales makes it Happen" article, please go here.



Leasing Industry Help Wanted

EFD Marketing Specialist

EFD Marketing Specialist
Walnut Creek, CA

You will serve as a liaison between the department’s equipment leasing brokers and internal staff. Requires a BA or 3 years of relevant experience. CLICK HERE for a detailed description and resume submission

Managed Services Division

Managed Services Division
Portland, OR.

Seeking experienced professionals in our Managed Services Division.

    * Contract Accounting Specialist
    * Collections Specialist
    * Customer Service Representative

Visit, for more information. Bank of the West and its subsidiaries are equal opportunity/affirmative action employers.



David G. Mayer's "Business Leasing and Finance News," July 2007 edition.

Current Headlines

1. Ethanol Plants Fuel Opportunities Despite Potential Industry Consolidation

2. SEC Gives Smaller Public Companies Improved Access to Equity Markets and Sarbanes-Oxley Relief

3. International Registry Goes Live with Registrations of Fractional Shares in Aircraft

4. BLFN's Finance 101: What is the “Foreign Corrupt Practices Act”?

Click here to read current issue

From: David G. Mayer, a partner at the law firm of Patton Boggs LLP. David is a member of the firm's Business Transactions Group. He is the author of the book, Business Leasing for Dummies ® of the well-known "For Dummies" series of books. BLN derives its simple approach in part from David's book.



Small Business's Slow to Embrace Web 2.0 Technology

By Keith Girard

When the information superhighway that we now know as the Internet exploded in earnest in the early 1990s, most traditional brick-and-mortar small business owners were caught in the slow lane. In the years since then, they have moved up the learning curve significantly. Today there’s only one problem — the learning curve is rapidly shifting away from them.

While a significant number of small businesses have established a Web presence — to market and sell products or use Web-based software — an overwhelming number have fallen behind the curve when it comes to the latest Web innovations. Known collectively as Web 2.0, the term represents many new Internet tools and interactive social networking applications. They greatly enhance user experience and allow for real-time interaction with customers.

Early on, of course, most business-related Web sites were little more than advertisements for company products and services. But as Web technology matured, businesses quickly realized the value of e-commerce. Today, the ability to reach a vastly wider market through interactive sales is fueling an even wider online boom.

Like many consumers, I am part of that boom. I typically turn to the Internet first to do research when I'm in the market for a big-ticket item like a new car. Recently, I went to one dealer's Web site to look at their inventory. Nothing too special about that; most dealers list their inventory online nowadays. But then I noticed a box that read “Click here to speak to a sales rep.”

I expected to pull up contact information, so you can imagine my surprise when an instant-messaging window popped up. Even then, I thought I was about to get a canned advertisement. But, unbelievably (to me, anyway) a real salesperson was online. It was a great way to get questions answered without the pressure of being on the sales floor. It was also a great icebreaker for the sales rep and a cool overall experience for me. That's Web 2.0 innovation at work.
(And, yes, I eventually bought a car there.)

These days, no one doubts that e-commerce is here to stay, and many businesses are spending huge sums to make their sites interactive. Yet a recent eye-opening survey by Capital Access Network in Scarsdale, NY, found that only 11 percent of small business owners are using Web 2.0 innovations (such as blogs) to connect with potential customers.

According to a separate study, more than 70 million weblogs now inhabit cyberspace and at least 120,000 new blogs are created daily. “Considering that the third most popular reason to go online for [survey] respondents is to generate new business leads and customers, to ignore the current state of the blogosphere may be detrimental to the future of these firms,” the survey noted.

A few years ago, another far-reaching study by the federal government proclaimed that the Internet promised to “become the economic underpinning for all successful countries in the new global economy.” As online sales grow, that prediction is quickly coming to fruition. Here are some of the key findings for small business owners to keep in mind:

• Income: Internet use is directly related to income. Nearly 60 percent of those who have incomes of $75,000 a year or more have Internet access, compared to only 12.1 percent at the lower end of the scale.

• Ethnic Origin: Whites (37.7 percent) and Asian/Pacific Islanders (35.9 percent) use the Internet far more than African Americans (19 percent) and Hispanics (16.6 percent). Urban whites are the most likely to be connected to the Internet at home. Rural blacks are the least likely.

• Education: Not surprisingly, education levels and Internet usage are closely related. Those with a college education have a usage rate (61.1 percent) that is nine times higher than the least educated Americans.

• Households/Age: Urban married couples with children under age 18 are most likely to be online while urban households headed by single females with children are least likely. The 35-to-44 age group is most likely to be online, and people 55 and over are least likely.

It's clear from the findings that Internet users are an affluent and growing market. On the plus side, the Capital Access survey confirmed that small businesses understand what the Internet means to their bottom line. Almost half (46 percent) make some money from the Web, and a majority (60 percent) uses the Internet for some business and personal needs. But most small business owners are still riding with training wheels. Almost seven in ten, (68 percent) only use first-generation search engine optimization tools to help drive traffic and another 58 percent use the Web mainly for advertising, the survey found.

For many small businesses the cost of investing in online technology can be steep, but the price for falling too far behind the curve could be fatal.


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

Morgan Stanley invests in Maxus Capital Group

Growing capital equipment leasing firm has strong position, reputation

By  James Langton

Morgan Stanley today announced that it has made an equity investment in Maxus Capital Group, a leading provider of capital equipment leasing services to middle-market companies.

Closely-held Maxus offers financing for capital equipment such as machine tools, transportation, mining and construction equipment and aircraft. It expects to increase revenue by more than 50% in 2007, and has grown significantly during the past three years. It typically handles transactions ranging from under US$1 million to nearly US$30 million.

“Maxus has established a strong position over the past 14 years, and today enjoys an outstanding reputation financing the equipment acquisitions of a market segment we believe is generally underserved,” said Andrew Neuberger, managing director of Morgan Stanley. “We are confident that our investment represents an outstanding opportunity to participate in its continued growth.”

“Our relationship with Morgan Stanley enhances Maxus' proven ability to serve our customers' equipment financing needs, both routine and complex,” said Chris Di Lillo, chief executive officer of Maxus. “We are gratified that Morgan Stanley shares our excitement for the future and welcome the firm as an equity investor and its people as valued advisors.”

With headquarters in suburban Cleveland, Maxus serves clients nationwide from offices in Atlanta, Charlotte, Cincinnati, Dallas, Detroit and Pittsburgh. Two additional offices are expected to be opened this year.


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

Priority Leasing partners with Subway Franchise Owners to offer Lender Program

Subway franchise owners will now benefit nationally from the company's partnership with a premier equipment leasing and financing provider.

Melrose, MA -- Opening a new franchise for an established food service chain is a daunting task for any small business owner. Having the option to lease rather than purchase essential capital equipment is a sensible way to lower investment risk and increase cash flow.
Affordable equipment financing is Priority Leasing's core focus and they are pleased today to announce their inclusion into DAI's Approved Lender Program for the sandwich giant Subway.

Priority Leasing Chief Operations Officer, Rick Shea, explained exactly what it means to the company to be accepted into this prestigious program. "It opens the door to a whole new world of opportunity. Becoming an Approved Lender with DAI allows us access to decision makers at existing and fledgling Subwayfranchises." As excited as Shea's team are about the potential for new clients, the inception of this relationship ultimately benefits the franchise owners, "We can leverage our knowledge and experience in the financing industry to provide top flight service and competitive rates that might be otherwise unavailable to Subway franchisees."

Priority's Franchise Group offers a variety of funding options for all Subway owners' capital needs including remodels, Wal-Mart installations, store transfers and first time franchisees. Account managers Doug Daniels, Craig Reason and Matt DiMinico, who bring years of experience in the financial field, will handle the equipment leasing venture which services all 50 states.

Since 1997, Priority Leasing, Inc has provided affordable equipment leasing for new and used equipment and has twice been listed in Inc. magazine's annual Inc. 500 as one of America's fastest growing companies - most recently in 2006. For more information about the company please visit the website at .

Craig Reason x24
Doug Daniels x26
Matt DiMinico x28
Priority Leasing, Inc.
174 Green Street
Melrose, MA 02176
Phone: 800-761-2118


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

KEF Names John Meringer VP - Global Pricing & Economics

Key Equipment Finance, one of the nation's largest bank-affiliated equipment financing companies and an affiliate of KeyCorp (NYSE: KEY), announces the appointment of John R. Meringer to vice president of global pricing and economics. Meringer will be responsible for overseeing the pricing and economic analysis activities in the company's global vendor services group, which operates in 26 countries.

“John's 25-year track record in finance and accounting is a perfect fit to manage this important aspect of our business,” said Clif Gottwals, president and chief operating officer of Key Equipment Finance's global vendor services unit. “His background in credit, international accounting and information technology is an asset for our global customers.”

Meringer joined Key Equipment Finance in 2002 as director of the company's LeasePak operations, managing a team responsible for all transaction accounting in that department. Previously, he was senior financial consultant for Pinnacle West Capital Corporation, and vice president of finance and operations for Stirling Capital Corporation, both in Phoenix. Additionally, Meringer held positions of increasing responsibility at FINOVA Capital Corporation (formerly known as Bell Atlantic TriCon Leasing Corporation). He earned an MBA in Finance from Fairleigh Dickenson University in New Jersey, and his Bachelors degree in Business Administration from Concord College in West Virginia.

About Key Equipment Finance: Key Equipment Finance is an affiliate of KeyCorp (NYSE: KEY) and provides business-to-business equipment financing solutions to businesses of many types and sizes. They focus on four distinct markets: · businesses of all sizes in the U.S. and Canada (from small business to large corporate); · equipment manufacturers, distributors and value-added resellers worldwide; · federal, provincial, state and local governments as well as other public sector organizations; and · lease advisory services for manufacturers' captive leasing and finance companies. Headquartered in Superior, Colorado, Key Equipment Finance manages a $13.1 billion equipment portfolio with annual originations of approximately $6.4 billion. The company has major management and operations bases in Toronto, Ontario; Albany, New York; Chicago, Illinois; Houston, Texas; London, England; and Sydney, Australia. The company, which operates in 26 countries and employs 1,100 people worldwide, has been in the equipment financing business for more than 30 years. Additional information regarding Key Equipment Finance, its products and services can be obtained online at

Cleveland-based KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $93 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally.


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

Bank of the West Automates Its Credit Review and Approval Process

SUNNYVALE, Calif. -- ILOG(R) today announced that Bank of the West, one of the nation's 25 largest banks, is automating its commercial loan origination process using ILOG JRules(R), a key offering in ILOG's Business Rule Management System (BRMS) product line. Using ILOG JRules, Bank of the West is creating a more efficient loan review and approval process, reducing the time required for credit reviews to one day, and improving regulatory compliance. The new system is also expected to ease credit administrators' workload and reduce operational costs.

Bank of the West, which currently operates more than 700 retail and commercial banking locations in 19 Western and Midwestern states, will use ILOG JRules to automate a paper-based credit review process. Bank of the West will use ILOG BRMS in combination with FileNet's Business Process Management (BPM) and Enterprise Content Management (ECM) solutions to create a new loan origination system (LOS) that will automate the entire credit review and approval process, including data capture, management of the credit administrators' approval queue and credential assessment. In the new LOS, ILOG's BRMS will drive the credit decision workflow, enabling faster data validation and improved routing accuracy, which will result in quicker processing time and increased customer satisfaction. With ILOG JRules, electronic documents will be instantly routed back and forth between all credit review stakeholders in various departments across local and regional branches. The BRMS-based credit review process will save additional time by enabling new credit application documents to be automatically "pre-filled" using data collected from credit reviews.

"In addition to slashing the time required for a credit review cycle, ILOG JRules will enable us to create a standard, streamlined credit review process that the entire bank will follow," said Lenard East, vice president for Strategic Planning & Administration in Commercial Banking at Bank of the West. "Behind the scenes, the ILOG technology, which is proving to be very intuitive, allows us to create scenarios and evaluate results before putting them into production. This will give us a greater level of control and a higher degree of confidence in the business rules we put in place. Most importantly, ILOG JRules will help provide our credit administrators with timely access to better quality information to ensure an optimal credit review process."

ILOG has consistently built on its history of product innovation to make it one of the industry's leading provider of business rule management system software. Forrester Research has recognized ILOG as a rules platform market leader, including the leader in rules platforms for Java. Customers of ILOG's award-winning BRMS products include eBay, Equifax, Grupo Santander, Harrah's Entertainment, Visa, Vodafone, Zurich, and many other leading Global 2000 companies and governments worldwide. ILOG's business rule management system (BRMS) product line includes ILOG JRules(R), ILOG Rules for .NET(R) and ILOG Rules (C++)(R).

About Bank of the West

Founded in 1874, $56 billion-asset Bank of the West ( offers a full range of personal, business and trust banking services, and currently operates more than 700 retail and commercial banking locations in 19 Western and Midwestern states. It is the second-largest bank based in California.

About ILOG

ILOG delivers software and services that empower customers to make better decisions faster and manage change and complexity. Over 2,500 corporations and more than 465 leading software vendors rely on ILOG's market-leading business rule management system (BRMS), supply chain planning and scheduling applications, and optimization and visualization software components, to achieve dramatic returns on investment, create market-defining products and services, and sharpen their competitive edge. ILOG was founded in 1987 and employs more than 800 people worldwide. For more information, please visit

ILOG and ILOG JRules are registered trademarks of ILOG S.A. and ILOG Inc. All other company and product names are trademarks of their respective owners.


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

Bank of America cleared to buy LaSalle Bank

Bank of America Corp. on Friday won a major battle in its three-month struggle to buy LaSalle Bank when the Dutch Supreme Court ruled that parent ABN Amro NV didn't need shareholder approval to sell Chicago's No. 2 bank.

The decision was a blow to Charter One, whose parent, Royal Bank of Scotland Group PLC, also coveted LaSalle as a way to boost its Midwestern presence.

In April, Barclays PLC, the United Kingdom's third-biggest bank, agreed to buy Amsterdam-based ABN for $88.8 billion in the world's biggest bank takeover. As part of the deal, Bank of America, which is the nation's second-largest bank but ranks only 12th in Chicago-area market share, would buy LaSalle. Days later, Edinburgh-based RBS and two partners had other ideas, indicating they'd pay about $98 billion for ABN.

Then, the Barclays-ABN deal suffered a setback when an Amsterdam court blocked ABN's sale of LaSalle because it lacked shareholder approval.

However, the Dutch Supreme Court overturned the lower court ruling, saying there were "no grounds" to block the $21 billion sale of LaSalle to Bank of America.

"The fact that the shareholders aim at selling their shares at the highest possible price involves no obligation for the board of directors of ABN Amro to obtain approval of the sale of LaSalle," the court said in its ruling.

Bank of America, which has a history of operating under one name, will retire the LaSalle name if the sale is completed. It also has said that it sees the potential to cut costs at LaSalle by as much as 50 percent, suggesting widespread job reductions. But relatively few branch closings are expected.

"We are pleased that the Supreme Court has vacated the injunction and ruled that our contract is valid and should be executed," Bank of America said Friday. "We are looking forward to completing this important strategic transaction as soon as possible."

RBS said Friday that its group plans to make a revised offer for the rest of ABN.

"It is over as far as LaSalle goes," Mike Trippitt, an analyst at Oriel Securities Ltd. in London, told Bloomberg News.

But one legal observer isn't so sure.

"The principals are making noises like it's all over, and they're probably right, but we'll see," said Carl Tobias, a University of Richmond law professor. He wonders whether ABN shareholders will try to force the issue in other court venues.

"I'm wondering whether they could go into British or U.S. courts if they're so inclined," he said. "They were unhappy enough to force the issue in the Netherlands, so why not continue it in another venue?"

Bank of America is the "main winner" from Friday's ruling, "although it is still possible that another legal challenge to the sale of LaSalle," perhaps by a shareholder group, could be launched, Credit Sights, an investment research firm, said in a note Friday. "It's also possible that RBS could reach a separate agreement with Bank of America to acquire parts of LaSalle, although we do not think this is likely."

Peter Paul de Vries, director of Dutch shareholder-rights group VEB, said he was disappointed with the court's decision. ABN management "may have won this battle, but they will lose the war," De Vries said, referring to executive support for the Barclays deal.


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

Lakeland Bancorp Reports 9% Increase in Second Quarter Net Income

OAK RIDGE, N.J., July 12 /PRNewswire-FirstCall/ -- Lakeland Bancorp, Inc. reported second quarter Net Income of $5.5 million, an increase of $469,000, or 9%, compared to the same period last year. Diluted Earnings Per Share was $0.25, compared to the $0.23 reported in the second quarter of 2006. (All per share information have been adjusted for a 5% stock dividend paid on August 16, 2006.) Annualized Return on Average Assets was 0.97% and Annualized Return on Average Equity was 10.90% for the second quarter of 2007.

Net Income for the first six months of 2007 was $9.9 million, an increase of $147,000 from the $9.7 million reported for the same period last year. Diluted Earnings Per Share was $0.45 as compared to a $0.44 diluted EPS for the first six months of 2006. Return on Average Assets was 0.87% and Return on Average Equity was 9.92% for the first half of 2007.

Lakeland Bancorp also announced that it has declared a quarterly cash dividend of $0.10 per common share. The cash dividend will be paid on August 15, 2007 to holders of record as of the close of business on July 31, 2007.

Roger Bosma, Lakeland Bancorp's President and CEO said, "Our loan demand continues to be strong with loans now representing 73% of total assets. Margins have stabilized and we bolstered regulatory capital with the issuance of $20.6 million in Trust Preferred subordinated debentures. We also continue to expand our branch network with the opening of two new branches in Morristown and North Haledon."


Net Interest Income

Net interest income for the second quarter of 2007 was $17.5 million compared to the $16.7 million earned in the second quarter of 2006. Net interest margin for the second quarter of 2007 was 3.45% as compared to 3.48% in the second quarter of 2006, and 3.46% in the first quarter of 2007. Average earning assets rose 5%. The yield on interest-earning assets increased by 46 basis points to 6.40% in the second quarter of 2007 from 5.94% for the same period last year. The cost of interest bearing liabilities increased 58 basis points from 2.89% in the second quarter of 2006 to 3.47% in the second quarter of 2007. The yield for interest-earning assets reflects improved asset mix with average securities representing only 18% of average total assets down from 28% in the second quarter of 2006. The increased liability cost was due to changes in liability mix and the impact of the Trust Preferred issuance.

Year-to-date, net interest income was $34.6 million, or 4% higher than the $33.3 million reported for the first six months of 2006. Net interest margin for the first half of 2007 at 3.45% compared to 3.47% for the same period last year, while average earning assets rose 4%. The Company's yield on earning assets increased from 5.85% for the first six months of 2006, to 6.41% for the first six months of 2007. The Company's cost of interest bearing liabilities increased from 2.78% for the first six months of 2006, to 3.45% for the first six months of 2007.

Noninterest Income

Noninterest income including gains on investment securities totaled $5.9 million, compared to the $4.3 million reported in the second quarter of 2006. Included in noninterest income for the second quarter 2007 was a $1.8 million gain on investment securities in the Company's portfolio. In the second quarter of 2006, there were no gains on sales of investment securities. Exclusive of the gains on investment securities, noninterest income for the second quarter of 2007 totaled $4.1 million, as compared to $4.3 million for the same period last year. Service charges on deposit accounts totaling $2.6 million decreased by $88,000 in the second quarter of 2007, as compared to the same period last year primarily due to lower overdraft fees. Commissions and fees at $785,000 decreased by $135,000 primarily due to lower loan fees and investment commission income, while leasing income decreased by $125,000 to $157,000 as the Company has been retaining leasing assets in the bank's loan portfolio.
Noninterest income, including gains on investment securities, totaled $10.1 million for the first six months of 2007, as compared to $8.8 million for the same period last year. Gains on investment securities were $1.8 million for the first six months of 2007, as compared to $78,000 for the first six months of 2006. Exclusive of the gains on investment securities, noninterest income for the first half of 2007 totaled $8.3 million, as compared to $8.7 million for the same period last year. Service charges on deposit accounts decreased $114,000 to $5.2 million; commissions and fees decreased by $250,000 to $1.6 million, primarily due to reduced loan fees; leasing income decreased $165,000 to $298,000; while other income increased $84,000 to $659,000.

Noninterest Expense

Noninterest expense for the second quarter of 2007 was $14.4 million, as compared to $13.4 million in the second quarter of 2006. Salary and benefit expense at $8.1 million increased by $426,000, or 6%, primarily due to an increase in employee commission expense reflecting increased leasing business, as well as normal salary and benefit increases. Occupancy, furniture and equipment expenses at $2.5 million increased 5%, as the Company opened two new branch locations in the second quarter of 2007. The remaining noninterest expense categories increased by $468,000 to $3.8 million in the second quarter of 2007. This increase was primarily due to higher legal fees and marketing expenses as compared to the same period last year.

For the first six months of 2007, noninterest expense was $28.8 million, compared to $27.2 million in 2006. Salary and benefit costs increased by $950,000 or 6%, to $16.3 million. Occupancy, furniture and equipment expenses increased by $225,000 to $5.2 million. The remaining expense categories increased by $377,000, or 5%, primarily due to increased legal fees and marketing expenses.
Financial Condition

At June 30, 2007, total assets were $2.34 billion. Total loans were $1.71 billion, up $123.4 million or 8% from $1.59 billion at year-end 2006. Included in this increase were leasing assets, commercial loans and residential mortgage loans, which increased by $66.5 million, $45.9 million, and $12.5 million, respectively. Total deposits were $1.88 billion, an increase of $16.9 million from December 31, 2006. The loan-to-deposit ratio on June 30, 2007 was 91.0%, as compared to 85.2% on December 31, 2006. Core deposits, which are defined as noninterest bearing deposits and savings and interest bearing transaction accounts, amounted to $1.36 billion and represented 73% of total deposits at June 30, 2007.

Asset Quality

At June 30, 2007, non-performing assets totaled $8.0 million (0.34% of total assets). The Allowance for Loan and Lease Losses totaled $14.0 million at June 30, 2007 and represented 0.82% of total loans. During the first half of 2007, the Company had net charge-offs of $757,000 (0.09% of total loans) as compared to $758,000 (0.11% of total loans) during the first half of 2006. The Allowance for Loan and Lease Losses at June 30, 2007 was 174% of non- performing loans.

Stockholders' equity was $204.1 million and book value per common share was $9.23. As of June 30, 2007, the Company's leverage ratio was 8.48%. Tier I and total risk based capital ratios were 10.69% and 11.79%, respectively. These regulatory capital ratios exceed those necessary to be considered a well-capitalized institution under Federal guidelines. In the second quarter of 2007, the Company completed the issuance of $20.6 million in Trust Preferred subordinated debentures.
Forward-Looking Statements

The information disclosed in this document includes various forward- looking statements (with respect to corporate objectives, and other financial and business matters) that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words "anticipates", "projects", "intends", "estimates", "expects", "believes", "plans", "may", "will", "should", "could", and other similar expressions are intended to identify such forward-looking statements. Lakeland cautions that these forward-looking statements are necessarily speculative and speak only as of the date made, and are subject to numerous assumptions, risks and uncertainties, all of which may change over time. Actual results could differ materially from such forward-looking statements. The following factors, among others, could cause actual results to differ materially and adversely from such forward-looking statements: operational factors relating to the performance of Lakeland Bank, market conditions, competitive conditions and general economic conditions. Any statements made by Lakeland that are not historical facts should be considered to be forward-looking statements. Lakeland is not obligated to update and does not undertake to update any of its forward-looking statements made herein

Non-GAAP Financial Measures

The attached table refers to a performance measure, return on tangible equity, which has been determined by methods other than in accordance with GAAP. "Return on tangible equity" is defined as net income as a percentage of average total equity reduced by recorded intangible assets. This measure may be important to investors that are interested in analyzing our return on equity exclusive of the effect of changes in intangible assets on equity. The disclosure of return on tangible equity should not be viewed as a substitute for results determined in accordance with GAAP, and is not necessarily comparable to non-GAAP performance measures which may be presented by other companies. The following reconciliation table provides a more detailed analysis of this non-GAAP performance measure.

Click here for the full story.


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

KeyCorp Reports Second Quarter 2007 Earnings

CLEVELAND -- KeyCorp (NYSE: KEY) today announced second quarter income from continuing operations of $337 million , or $0.85 per diluted common share. This compares to income from continuing operations of $303 million , or $0.74 per share, for the second quarter of 2006, and $358 million , or $0.89 per share, for the first quarter of 2007. Key's income from continuing operations for the first six months of 2007 was $695 million , or $1.74 per diluted common share. This compares to income from continuing operations - before the cumulative effect of an accounting change - of $577 million , or $1.40 per share, for the first half of 2006.

Net income totaled $334 million , or $0.84 per diluted common share, for the second quarter of 2007, compared to net income of $308 million , or $0.75 per share, for the second quarter of 2006 and $350 million , or $0.87 per share, for the first quarter of 2007. Key's net income for the first half of 2007 was $684 million , or $1.71 per diluted common share, compared to $597 million , or $1.45 per share, for the same period last year.

The following table shows Key's continuing and discontinued operating results for comparative quarters and for the six months ended June 30, 2007 and 2006. Results of Operations Six Three months ended months ended in millions, except per share amounts 6-30-07 3-31-07 6-30-06 6-30-07 6-30-06 Summary of operations Income from continuing operations before cumulative effect of accounting change $337 $358 $303 $695 $577 Income (loss) from discontinued operations, net of taxes (3) (8) 5 (11) 15 Cumulative effect of accounting change, net of taxes -- -- -- -- 5 Net income $334 $350 $308 $684 $597 Per common share - assuming dilution Income from continuing operations before cumulative effect of accounting change $.85 $.89 $.74 $1.74 $1.40 Income (loss) from discontinued operations (.01) (.02) .01 (.03) .04 Cumulative effect of accounting change -- -- -- -- .01 Net income $.84 $.87 $.75 $1.71 $1.45

As shown below, the comparability of Key's income from continuing operations for comparative quarters is affected by several significant items, including the McDonald Investments branch network sold in February 2007 .

Significant Items Affecting the Comparability of Earnings Second First Second Quarter 2007 Quarter 2007 Quarter 2006 Pre- After- Pre- After- Pre- After- tax tax tax tax tax tax Amount Amount Amount Amount Amount Amount in millions, except per share amounts Income from continuing operations - GAAP basis $467 $337 $505 $358 $428 $303 Significant items: McDonald Investments branch network 7 4 (159)(a) (99)(a) 8 5 Gains related to MasterCard Incorporated shares (40) (25) -- -- (9) (6) Litigation reserve 42 26 -- -- -- -- Gain from settlement of automobile residual value insurance litigation -- -- (26) (17) -- -- Loss from repositioning of securities portfolio -- -- 49 31 -- -- Income from continuing operations - adjusted basis $476 $342 $369 $273 $427 $302 Per common share - assuming dilution Income from continuing operations - GAAP basis N/M $.85 N/M $.89 N/M $.74 Income from continuing operations - adjusted basis N/M .86 N/M .68 N/M .74 (a) Includes a $171 million ($107 million after-tax) gain resulting from the February 9, 2007, sale of the McDonald Investments branch network. N/M = Not Meaningful GAAP = U.S. generally accepted accounting principles

"We are extremely pleased with the company's results in light of continued competitive pressures experienced in a challenging interest rate environment," said Chairman and Chief Executive Officer Henry L. Meyer III. "Growth in noninterest income and effective expense control drove Key's strong second quarter results. Noninterest income rose by $104 million from the year-ago quarter, driven by the favorable performance of several of our fee-based businesses. Principal investing gains were $90 million during the current quarter, which was up $67 million from the year-ago period. While we don't expect this level of principal investing gains to repeat in the second half of

2007, we expect to see strength in several of our fee-based businesses, and our overall outlook for the remainder of the year is positive.

"Beyond our financial performance for the quarter, as we previously reported, the Comptroller of the Currency and the Federal Reserve Bank of Cleveland have removed the regulatory agreements. I am extremely appreciative of the commitment and level of effort put forth by our employees, and of the support provided by our Board of Directors as we strengthened our Anti-money Laundering and Bank Secrecy Act compliance programs."

The company expects earnings per share to be in the range of $1.50 to $1.60 for the second half of 2007.

Click here to read the full report.

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

News Briefs----

HP Recycles a Billion Pounds of Ewaste,134604-pg,1/article.html

Ryder opens new facilities in Toronto and Ottawa

MRA Becomes First Green Mobile Event Marketing Company with Environmentally Conscious Initiatives

Grants will aid immigrant farmers



California Nuts Briefs---

Governor signs law to trim future officials' pensions

Governor Directs Immediate Actions to Preserve the Delta and Our Water Supply

School, welfare groups worried about deep cuts



Calendar Events This Day

Uruguay: Constitution Day
National holiday. Commemorates the country's first constitution in 1830.

National Ice Cream Day

Cow Day

National Caviar Day -
something's fishy here

Saint feast Days



Today's Top Event in History

1775-the first Revolutionary War volunteer detachment to arrive in Cambridge, MA, to fight the British was the Reading Rifleman of Reading, PA. On my mother’s side of the family, her great-great grandfather was in this unit. The Rifleman of York,PA, arrived on July 25.


This Day in American History

July 18,1928---Carl Fontana birthday

    July 18—21 Davenport, IA. Four venues.
For info: Bix Beiderbecke Memorial Society Phone: (319) 324-7170.
Fax (319) 326-1732. Web:
    1753-birthday of Lemuel Haynes, colonial American Congregational clergyman. In 1785, Haynes, 32, was ordained to a church in Torrington, Connecticut, making him the first African-American to pastor a white church.
1768, “Liberty Song,” also known as “ In Freedom We’re Born” was published by John Mein and John Fleming in the Boston Gazette, Ma., and became the first popular
American patriotic song.
    1775-the first Revolutionary War volunteer detachment to arrive in Cambridge, MA, to fight the British was the Reading Rifleman of Reading, PA. On my mother’s side
of the family, her great-great grandfather was in this unit. The Rifleman of York,PA, arrived on July 25.
    1792---Today in History salutes John Paul Jones
( lower half of: )
    1890- Birthday of Charles (Chick) Evans, Jr., golfer born at Indianapolis, IN. Evans competed as an amateur against the best professionals in the early 20th century, winning the US Open in 1916. In the 1920s he established the Chick Evans Caddie Foundation, later called the Evans Scholarship Fund, that has helped send more than 4,000 people to college. Died at Chicago, IL, Nov 6,1979.
    1863- in a second attempt to capture Fort Wagner, outside Charleston, SC, Federal troops were repulsed after losing 1,515 men as opposed to Southern losses of only 174. The attack was led by the 54th Massachusetts Colored Infantry, commanded by Colonel Robert Gould Shaw, who was killed in the action. This was the first use of black troops in the war. The film Glory was based on the Massachusetts 54th, and this was the attack featured in the film. Fort Wagner was never taken by the Union.
    1893-The first 18-hole golf course in America, the Chicago Gold Club, laid out by Charles Blair MacDonald, was incorporated at Wheaton, IL. MacDonald was the architect of many of the early US courses which he attempted to model on the best in Scotland and England. It was his belief that at each tee a golfer should face a hazard at the average distance of his shot.
    1896- John M. Shippen, a caddie, age 16, played in a tournament held at the Shinnecock Hills Golf Club, Southampton, NY, becoming the first African-American to play in an official amateur tournament. His score was 159 (78 and 81 ). First prize of $200 went to James Foulis of Chicago, IL, with a score of 152 ( 78 and 74 ).
    1906- Clifford Odets began his writing career as a poet before turning to acting. He helped found the Group Theatre in 1931. In 1935 he returned to writing with works for the Group Theatre such as Waiting for Lefty, Awake and Sing! and Golden Boy. His proletarian views helped make him a popular playwright during the Depression years.
He spent his later years in Hollywood as a “script doctor.” Odets was born at Philadelphia, PA, and died at Los Angeles, CA, Aug 15, 1963.
    1927-Ty Cobb records his 4,000 hit.
    1929- Birthday of eccentric rock 'n' roller Screamin' Jay Hawkins, born in Cleveland. Hawkins, more renowned for his stage antics than his music, had such 1950's hits as "I Put a Spell on You" and "Feast of the Mau Mau." Anticipating such later rock theatrics as those of Arthur Brown and Alice Cooper, Hawkins used to be carried on stage in a flaming coffin.
    1932-Louis Armstrong opened at London Palladium, first time.
    1936 - Carl Mayer, nephew of Oscar Mayer, invented a quaint entry into Americana: the Oscar Mayer Wienermobile. The first Wienermobile rolled out of General Body Company's factory in Chicago on this day. The Wienermobile tours around the U.S. fascinating children of all ages as it promotes the famous Oscar Mayer wiener.
    1939-birthday of Dion ( Don Francis DiMucci) of the Belmonts, Bronx, NY
    1939-Erskine Hawkins records “Tuxedo Junction”, ( Bluebird 10409)
    1940-birthday of baseball manager and former player, Joe Torre, born New York, NY.
    1941-Birthday of Martha Reeves, of the Motown group Martha and the Vandellas, born in Detroit, MI. The trio - sort of a harder-sounding Supremes - had a series of hit dance records in the 1960's, including "Heat Wave," "Quicksand" and their biggest, "Dancing in the Streets," which went to number two on the Billboard Hot 100 in 1964. "Dancing in the Streets" was revived in 1985 as a duet for Mick Jagger and David Bowie. By 1967, when they hit the charts with "Honey Chile" and "Jimmy Mack," the group was being billed as Martha Reeves and the Vandellas. The trio broke up in 1973 and Martha Reeves went on to a solo career
    1947- President Harry S Truman signed an Executive Order determining the line of succession should the president be temporarily incapacitated or die in office. The speaker of the house and president pro tern of the senate are next in succession after the vice president. This line of succession became the 25th Amendment to the Constitution, which was ratified Feb 10, 1967.
    1951-Jersey Joe Walcott won the heavy weight championship of the world when he knocked out Ezzard Charles in the seventh round of a fight at Forbes Field in Pittsburgh. Walcott, at 37, the oldest fighter to win the crown, kept the title until he was knocked out by Rocky Marciano on September 23, 1952.
    1953-18 year-old Elvis Presley visited the Memphis Recording Service to record "My Happiness" as a gift for his mother. The so-called vanity disc, which cost Presley $3.98, was his first recording. It would surface 37 years later as part of an RCA compilation called "Elvis - the Great Performances."
    1954- Birthday of country singer Ricky Skaggs, born in Cordell, Kentucky. Skaggs' success heralded a revival of traditional country music in the early 1980's. His first solo LP on a major label, 1981's "Waitin' For the Sun to Shine," produced two number-one singles, "I Don't Care" and "Cryin' My Heart Out Over You." Skaggs was recognized by the Nashville music establishment in 1982 when he won Country Music Association awards for male vocalist and newcomer of the year. His chart-topping singles since then have included "Heartbroke," "Honey (Open That Door)" and "Country Boy."
    1964 - Pete Rose of the Cincinnati Reds connected for the only grand-slam home run of his career. It came against the team he would later play for -- the Philadelphia Phillies. Rose had been in the major leagues for only two years and was just 22 at the time. Dallas Green (later to become manager of the Phillies) gave up the gopher ball to Rose.
    1964 - The 4 Seasons reached the top spot on the record charts with "Rag Doll", the group’s fourth hit to climb to the #1 position. The song stayed on top for two weeks. Other #1 hits by Frankie Valli and company include, "Big Girls Don’t Cry", "Walk Like a Man", and "December, 1963 (Oh, What a Night)".
    1966- Bobby Fuller, leader of the rock group Bobby Fuller Four, was found dead in his car at Los Angeles, CA. No none causes. A small cult follows this singer, best known for his 1966 hit song “I Fought the Law,” which was written by Sonny Curtis, a member of Buddy Holly’s Crickets.
    1968-Hugh Masekela struck gold with the breezy, latin-soul instrumental "Grazing in the Grass", while Gary Puckett and The Union Gap received a similar honor for the hit, "Lady Willpower". Masekela, a trumpeter since age 14, saw "Grazing in the Grass" go to number one for two weeks (July 20/27). "Grazing" was his only entry on the pop music charts. The Union Gap scored three more million-sellers in the late 1960s: "Woman, Woman", "Young Girl" and "Over You". The Union Gap was formed in 1967 and named after the town of Union Gap, Washington.
    1969 - ‘Broadway’ Joe Namath got out of the restaurant/nightclub business after agreeing to terms suggested by then NFL commissioner Pete Rozelle. Namath owned half of Bachelors III in New York City.
    1970- William Mays of the San Francisco Giants, in the same game, got the 3,000th hit of his career, a single off pitcher Mike Wegener of the Montreal Expos in a 10-1 Giants’ victory. Mays played in the major leagues from 1951 through 1973 and finished with 3,283 hits.
    1975-The Trial of Boston Bruins hockey player Dave Forbes, indicted for excessive force during a game on January 4 when he hit Henry Boucha of the Detroit Red Wings with his stick, ended in a hung jury. The prosecution decided not to seek a retrial.
    1976 - Nadia Comaneci, the 14-year-old star gymnast from Romania, stunned those watching the Olympic Games by executing perfect form to collect a perfect score of ‘10’ from the judges. This was the first perfect score ever recorded on the uneven parallel bars. Nadia went on to collect seven perfect scores, three gold medals, a silver and a bronze. She also won two gold and two silver medals in the 1980 Olympics.
    1980- Billy Joel's Glass Houses album tops charts
    1983 - Paul Simon and Art Garfunkel took to the road to begin a 19-city tour beginning in Akron, OH. It was the first tour by the popular singing duo since their success in the 1960s.
    1985 - Jack Nicklaus II, son of the legendary ‘Golden Bear’, made his playing debut on the pro golf tour at the Quad Cities Open in Coal Valley, IL. The 23-year-old golfer played as an amateur while his father was playing in the British Open.
    1986-Videotapes released showing Titanic's sunken remains.
    1987-First baseman Don Mattingly of the New York Yankees hit a home run in his eight consecutive game, thereby tying the major league record set in 1956 by first baseman Dale Long of the Pittsburgh Pirates.
    1992- singers Whitney Houston and Bobby Brown were married at Houston's estate in Mendham, New Jersey. Among the guests - Dionne Warwick, Patti LaBelle, Gloria Estefan and Donald Trump. They’re still together today.
    1999 - David Cone pitched a perfect game for the New York Yankees. Cone befuddled the Montreal Expos, throwing the 16th perfect game in baseball history, while leading the Yankees to a 6-0 victory.




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