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Troubles Continue with Regional Banks
And Funding of Third Party Transactions

According to several reliable sources, First Foundation Bank has closed their equipment finance division. No one at the bank headquarters of their California office will comment. It is rumored Flagstar has also been given an ultimatum to either sell or shut down.

The Wall Street Journal headlined, "Signs of Trouble at Regional Banks Reignite Sector Fears"

"The bank (New York Community Bancorp) on Thursday changed chief executives, with executive chairman Alessandro DiNello succeeding Thomas Cangemi.”

“DiNello is the former chief executive of Flagstar Bank, which NYCB acquired in late 2022. The bank also named a new chief risk officer and auditor on Friday.”

DiNello goes from one failed bank to another. This makes no sense whatsoever. They named a new auditor likely because their incumbent quit.

Respected funder, Dale Kluga, CPA, who wrote several articles on the current regional bank condition, told Leasing News:

"As of December 31, 2023, a reported $14.2 million net unrealized loss on a $711 million portfolio has already eroded the company's financial standing, reflected in diminished book value and tangible book value per share. This scenario underscores a potential threat to investor confidence and financial stability.

"I had indicated in one of my articles that the 2023 year end bank financials for regionals and community banks will dictate how precarious their financials will become.

"As long as the Fed does not change its current stance of not lowering rates, unrealized losses will expand and their current CPA audit firm partners will refuse to issue clean opinions which could cause the start of bank runs.

"As I said in my article, there is no logical reason for any depositor to keep their money in any bank losing money. They will flee to the government backed, zombie trillion dollar systemic banks.

"At that point bank unrealized paper losses will turn into realized losses and those banks will fail. The only question is when and how many."

An insider told Leasing News, "I would say closed from an origination situation, although I believe they are still servicing their portfolio that they acquired as part of the Signature Bank asset purchase from FDIC.

"Many pundits in the financial industry, including bank pundits, are trying to understand how the FDIC and regulators allowed for that Flagstar purchase to start with. The eyes of the industry are not only on Flagstar but very much on the regulators and independent auditors. Shareholders have seen their investments fall off the cliff through all of this, plus many industry livelihoods are at stake as well.

"My guess is there will be legal proceedings to follow."

A reliable source, well-known in the industry, told Leasing News: "Flagstar (originally owned by New York Community Bank) is also being given an ultimatum to either sell off or shut down."

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Expanding the Types of Entities Requiring
California Licensure Tabled For Now.
By Marshall Goldberg, Leasing News Legal Editor

Last year, on September 13, 2023, the California Senate introduced Amended Bill SB 869, which would have expanded the types of commercial financing requiring licensure and falling within the regulatory authority of the California Department of Financial Protection and Innovation (“DFPI”).

The bill sought to expand commercial financing to include accounts receivable purchase transactions, including factoring, asset-based lending transactions and lease financing, intended by the recipient for use primarily for a purpose other than a personal, family, or household consumption.

The bill was intended to prohibit a commercial financing provider or a commercial financing broker from, among other things: Taking an instrument in which blanks are left to be filled in after execution.

The bill would have required a licensed commercial financing broker to:
Deliver to the recipient, at the time the final negotiation or arrangement were made, a statement showing in clear and distinct terms, the name, address, and license number of the commercial financing broker and the commercial financing provider. The bill would have expanded the scope of the crime of willfully violating the law.

However, on January 18, 2024, the bill failed to move out of the Senate Appropriations Committee. It failed again on February 1, 2024 and was returned to the Secretary of State to hold in suspense.

So, for you who were concerned that the new law might include your busines, and business activities, you can sleep easier, at least for this year. BUT don’t get too comfortable. I don’t think the effort is going away.

Marshall Goldberg
Glass & Goldberg, A Law Corporation
22917 Burbank Blvd.
Woodland Hills, CA 91367-4203
(818) 474-1532 Direct
(818) 888-2220 Main
(818) 888-2229 Facsimile
mgoldberg@glassgoldberg.com
www.glassgoldberg.com

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Leasing and Finance Industry Help Wanted

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The Two Reasons Why You Get Hired
By Ken Lubin, ZRG Partners, Managing Director

We live in a world that is focused on results. No matter what you do or where your go, your results dictate whether or not you get hired or fired, make the team or not, or separate yourself from the crowd. Your results follow you everywhere and are what we are gauged on (grades, sales numbers, cost savings, etc). You can be the best, nicest, and hardest working person in the world but if your results don’t show progress or growth, you will not be hired or you will be the first to be fired.

The truth about getting hired in today’s world comes down to two things: Are you making the company money or are you saving the company money? If you are not doing either of these things, you are expendable. You will be the first to let go at a downturn and will be the last to get hired. Make sure you have quantifiable results that show that you excel in your profession, because this is the only true way to job security.

Ken Lubin, Managing Director
ZRG Partners, LLC
Americas I EMEA I Asia Pacific
C: 508-733-4789
https://www.linkedin.com/in/klubin

Top Ten Leasing News Read by Readers
February 26 to March 1

(1) New Hires/Promotions in the Leasing Business
and Related Industries
https://leasingnews.org/archives/Mar2024/03_01.htm#hires

(2) Story Credit Financing
Business Loans, SBA Loans, Working Capital
https://leasingnews.org/archives/Feb2024/02_26.htm#sc

(3) ELFA New Business Report January Down 26%
January 2023 $9.3 Billion from December $12.5 Billion
https://leasingnews.org/archives/Feb2024/02_28.htm#elfa

(4) Commercial Finance/Leasing Conferences
2024 – updated – writers covering for Leasing News
https://leasingnews.org/archives/Mar2024/03_01.htm#conf

(5) Fast Turnaround Time
By an Anonymous Business Finance Leader
https://leasingnews.org/archives/Feb2024/02_26.htm#fast

(6) Funding Sources as of 02/26/2024
35th Annual ELFA National Funding Conference
Full Information on Conference
https://leasingnews.org/archives/Mar2024/03_01.htm#elfa2

(7) ELFA Launches New Funding Source Database
in Advance of 2024 Funding Conference
Open to members and non-members
https://leasingnews.org/archives/Mar2024/03_01.htm#elfa

(8) Dakota Financial Implements AI Core Elements
Integration of Data Console and TrailView™
https://leasingnews.org/archives/Feb2024/02_28.htm#df

(9) Profits per Employee
Top U.S. Companies in 2023
https://leasingnews.org/archives/Feb2024/02_28.htm#profits

(10) Character Matters
Observation by Scott Wheeler, CLFP
https://leasingnews.org/archives/Feb2024

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Navitas Credit names Robert Hill Senior Vice President, Finance
as John Paris announces retirement

GREENVILLE, S.C.,– Navitas Credit Corp., an industry leader in equipment financing and a wholly owned subsidiary of United Community (NASDAQ: UCBI), announced today the appointment of Rob Hill as SVP of finance, succeeding the retirement of John Paris.

Robert Hill, assuming the role of SVP of Finance, brings a wealth of expertise in financial reporting, budgeting, compliance, risk management and strategic planning.

"I am honored to inherit the exceptional legacy left by John," Hill remarked. "My focus is on maintaining robust financial oversight and cultivating innovation to meet our customers' evolving needs. With an unwavering commitment to excellence, we aim to chart new avenues of growth and uphold our status as the industry leader."

Before joining Navitas, Rob held executive positions at CIT, Dell Financial Services and Société Générale Equipment Finance.

Mike Bruman, CEO of Navitas Credit Corp, said, "John has been an invaluable force, instrumental in propelling the company's growth and prosperity.

"His departure marks the end of an era, but we are confident in a seamless transition as we navigate forward, emboldened by his legacy and under the adept leadership of Rob, whose expertise, leadership capabilities and demonstrated success align seamlessly with our objectives, positioning him to drive exceptional outcomes at Navitas. His background will enhance our commitment to delivering unparalleled customer experiences within the industry."

Since joining Navitas in 2011, Paris has played a pivotal role in solidifying the company's position as a leader in the equipment financing landscape, implementing strategic financial initiatives that bolstered growth and success. Reflecting on his tenure, Paris remarked, "It has been a privilege to witness the remarkable evolution and rise to prominence at Navitas. The timing is opportune for me to entrust the financial reins to an accomplished leader like Rob."

Before his tenure at Navitas, Paris served as the CFO of Spirit of America National Bank, a division of Charming Shoppes, Inc. His prior experience in the equipment finance industry includes roles at Advanta Business Services, initially as VP of Finance and later as CFO. John holds a master’s of Business Administration in Finance and a bachelor’s degree in Accounting from Temple University. Additionally, he is a Certified Public Accountant (CPA) and a Certified Treasury Professional TP).

Navitas Credit Corp. currently operates with 200 employees and has an established sales and service presence with eight locations nationwide. In February 2018, Navitas was acquired by United Community, one of the largest full-service financial institutions in the Southeast.

About Navitas Credit Corp.
Navitas, a leading name in equipment finance, is renowned for its unwavering commitment to customer service excellence. With a foundation grounded in integrity, Navitas specializes in offering expertly tailored equipment finance solutions, drawing on a comprehensive understanding of diverse industries and assets. As a subsidiary of United Community, Navitas brings a wealth of financial resources and depth to each partnership, solidifying its position as a trusted advisor in the industry. Navitas caters to a wide spectrum of credit profiles and businesses at various levels of maturity. With 15 years of experience, the company continues to evolve, delivering purpose-driven solutions and cultivating enduring partnerships based on trust. For more information and career opportunities visit: https://www.navitascredit.com

About United Community Banks, Inc.
United Community Banks, Inc. (NASDAQ: UCBI) is the financial holding company for United Community, a top 100 US financial institution that is committed to improving the financial health and well-being of its customers and the communities it serves. United Community provides a full range of banking, wealth management, and mortgage services. As of December 31, 2023, United Community had $27.2 billion in assets and 207 offices across Alabama, Florida, Georgia, North Carolina, South Carolina, and Tennessee, as well as a national SBA lending franchise and a national equipment financing subsidiary. United Community is a nine-time winner of the J.D. Power award that ranked the bank #1 in customer satisfaction with consumer banking in the Southeast and was recognized by Forbes as one of the World’s Best Banks and one of America’s Best Banks. United was recognized in the 2023 Greenwich Excellence and Best Brand Awards, receiving 15 awards that included national honors for Overall Satisfaction in small business banking and middle market banking. United Community was also recognized in 2023 by Newsweek as one of the Most Trusted Companies in America and named by American Banker as one of the "Best Banks to Work For" for the seventh consecutive year. Additional information about United Community can be found at https://www.ucbi.com

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GreatAmerica Accepting Applications
for Employee Advised Fund

(Cedar Rapids IA) – GreatAmerica Financial Services® announces today that applications from area nonprofits for their Employee Advised Fund will be accepted from March 1 to March 29, 2024, 4:30 PM (CST). The Employee Advised Fund, launched in 2022 is in addition to the GreatAmerica Donor Advised Fund, established in 2001. The combined funds provide more than $1 Million to projects in the Cedar Rapids/Iowa City Corridor each year. Both funds are managed by the Greater Cedar Rapids Community Foundation.

Martin Golobic, Chief Executive Officer, said, “The Employee Advised Fund brings increased awareness of the nonprofit community to GreatAmericans who wish to learn more about and participate in community betterment efforts.

“It’s also an opportunity to understand their perspectives based on their personal beliefs, values and experiences.”

The Employee Advised Fund focuses on four areas: Health and Human Services, Arts and Culture, Environment, and Public Projects. Applications are presented to and voted on by all employees, and then funded with the objective of exhausting the $500K fund each year. Nonprofits applying for funding must have a connection with a GreatAmerica employee and be a registered 501(c)(3) organization, among other eligibility requirements.

Additional information and applications for this funding cycle will be accepted at https://www.greatamerica.com/giving between March 1 and March 29, 2024. Another funding cycle will be available in the latter half of the year.

GreatAmerica
GreatAmerica is the largest independent, family-owned national commercial equipment finance company in the U.S. and is dedicated to helping manufacturers, vendors, and dealers be more successful and keep their customers for a lifetime. GreatAmerica was established in Cedar Rapids, Iowa in 1992 and now has offices in Iowa, Georgia, Minnesota, and Illinois. In addition to financing, GreatAmerica offers innovative non-financial services to help our customers grow.

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News Briefs

New York Community Bank Reports $2.4 Billion
More in Losses as C.E.O. Resigns
https://www.nytimes.com/2024/02/29/business/nycb-losses-ceo.html

Healey’s life sciences plan: Another $1 billion
investment, with some new areas of focus
https://www.bostonglobe.com/2024/03/01/business/healey-life-sciences-billion/

The Fontainebleau Vegas hotel had a disastrous start
it a $3.7 billion ghost town?
https://www.sfgate.com/travel/article/fontainebleau-vegas-hotel-disastrous-start-18656898.php

Big Labor Gamble: Push to Unionize
Every U.S. Auto Plant
https://www.nytimes.com/2024/03/02/business/economy/uaw-auto-workers-union.html

Hybrids lead Consumer Reports
top 10 new vehicle picks
https://www.consumerreports.org/cars/best-cars-of-the-year-10-top-picks-of-2024-a4675085257/

Lobster catch dips to lowest level since 2009
as fishers grapple with climate change, whale rules
https://www.bostonglobe.com/2024/03/01/metro/maine-lobster-catch-down/

Why I still encourage my students to pursue
journalism, even in the face of mass layoffs
https://www.sfchronicle.com/opinion/openforum/article/journalism-layoffs-la-times-vice-18694687.php

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Here’s why regional banks have
so much commercial real estate exposure
https://www.cnn.com/2024/02/29/business/regional-banks-cre-exposure-explainer/index.html

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Sports Briefs---

This Stanford star athlete could drastically
alter a pro sports league's perception
https://www.sfgate.com/collegesports/article/stanford-cameron-brink-drastically-alter-wnba-18695907.php

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California News Briefs---

We’re losing San Francisco bit by bit,
aren’t we?
https://www.sfchronicle.com/bayarea/nativeson/article/losing-san-francisco-bit-bit-aren-t-we-18690220.php

A Silicon Valley billionaire-backed campaign
for a new Bay Area city is off to a bumpy start. Again
https://www.eastbaytimes.com/2024/03/01/a-billionaire-backed-campaign-for-a-new-california-city-is-off-to-a-bumpy-start-again/

Why I still encourage my students to pursue
journalism, even in the face of mass layoffs
https://www.sfchronicle.com/opinion/openforum/article/journalism-layoffs-la-times-vice-18694687.php

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Gimme that Wine

http://www.youtube.com/watch?v=EJnQoi8DSE8

Rhône 2022: Miracles Happen
full Report
https://www.wine-searcher.com/m/2024/02/rhone-2022-miracles-happen

"Sideways" at 20: The Santa Ynez Valley is No Longer
a Secret Thanks in Part to the Influence of Miles and Jack
https://www.winebusiness.com/news/article/284017

Do Consumers Want Ingredient and Nutritional Information
on Their Wine Bottles? TTB Listening Sessions Show Agency Wants to Know
https://www.winebusiness.com/news/article/283969

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