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March 19,2003
Headlines---
Pictures from the Past---1990---Monterey
Conference Chair Peter Eaton
NAELB
Chicago Conference To Go On As Planned
February
Housing Starts Decline 11%--Worse Showing since 1994
Leasecomm/Microfinancial
to be de-listed?
Federal
funds rate unchanged at 1-1/4 percent
Seimens
Names Rabuazzo VP Sales/Capital Markets Div.
Vision Commerce
New Framework/Financial Transaction Origination
LiveCapital Closes $7.4 Million Oversubscribed
Funding Round
Sun Ergoline Up and
Running McCue Systems
in 60 Days
Sandy
Spring Bank/ INEA to Deliver Business Value Creation
Synovus
Builds Foundation for E-Learning with Pathlore
as
we are trying to build our readership
UAEL
May 1-4 Spring Conference
We Get
Letters----
News Briefs
This Border ##### Denotes Press Release (Not Written By Leasing
News)
-----------------------------------------------------------------------------------------
Pictures from the Past---1990---Monterey Conference Chair
Peter Eaton
http://two.leasingnews.org/imanges_uael_wael/kolp_eaton.jpg
“Conference Chairman Peter Eaton, CLP,(l) and his wife Patricia
visit with First National easing Corporation executive Vice-President
Casey Kolp and his wife Linda during the Sports Reception.”
October, 1990, Western Association of Equipment Lessors Conference,
Monterey, California
Peter Eaton Today:
Classified Ads---Help Wanted
Sales: 25 Territory Managers needed. Generous comp.
Provide custom telemarketing your database. Provide 800#. Strong support
(System 1 Advantage). E-mail Bruce Larsen Leasing Partners Capital
Sales: National: Medical & IT Equipment- Plus.
Seeking professionals w/solid book of business & strong work ethics.
Exceptional support, commissions & expenses. Email: info@chaseindustries.com
UAEL EAEL 800-968-5000
About Chase Industries, incorporated in 1993,
currently has six regional offices throughout the United States. We work
to provide a straightforward - honest approach to offering the best financial
services to our vendors and their customers - without all the surprises.
www.chaseindustries.com
---------------------------------------------------------------------------------------------
NAELB Chicago Conference To Go On As Planned
The 2003 National Association of Equipment Leasing Brokers
Annual Convention will be held this week, as planned, March 20th through
the 23rd at the Hyatt Regency in Oak Brook, Illinois.
The agenda promises to have something for everyone, like
funder meetings, seminars and lots of socializing.
You can contact Shari Lipski, Conference Chairperson at slipski@edwinsigel.com
or for more details click here: http://www.naelb.org/events.shtml
the event site can be seen at:
http://www.oakbrook.hyatt.com/property/index.jhtml
NAELB Quote of the week:
“It is easier to go down a hill than up, but the view is
from the top.”
Leasing News will have its “ace reporter” Steve Geller, CLP,
on the
scene with a report on Monday, with “color” from our Senior
Advisory
Board Director Charlie Lester. Interviews, reactions, and results of
election of officers and new directors.
Leasing News is well-covered with Shari Lipski, CLP, conference
chair,
along with conference committee member Ginny Young and workshop
director Bob Teichman, CLP. Other directors are also attending,
such
as Phil Dushay.
---------------------------------------------------------------------------------
February Housing Starts Decline 11%--Worse Showing since
1994
“...job growth will probably remain lethargic (initially)
even if the economy improves. And,
to be realistic, the housing levels (single family particularly) of the
past 12 months were probably above “demographic or sustainable” demand. We’re not looking for a big pull back, but somewhere
in the neighborhood of 5%. “
--- as predicted by Federal Reserve Chairman Alan Greenspan
who warned that the red-hot housing market was likely to cool this year,
something that would slow consumer spending. The period before tech stocks
went South, Greenspan had
been warning for quite some time the stock market bubble
would burst, as he now recently
is warning about the inflated housing market place.
U. S. Government Report:
February starts surprised some analysts by the magnitude
of the decline: starts were off 11% to 1.622 million (SAAR) while single
family fell almost 14% to 1.295 million (SAAR).
The multi family (MF) sector did better, increasing almost 2%.
Permits, an indicator of future activity, were basically unchanged for
total starts as a 28% increase in multifamily offset the 6.8% decline
in single family activity. Regionally,
there was weakness everywhere except the Northeast where there was no
change. The Midwest and West were down the most – 19%
and 11% respectively, while the South was down 9%.
http://two.leasingnews.org/temporary/images/chart.gif
Analysis and outlook: Housing remains one of the few bright spots
in the economy, despite the weakness in February numbers. Mortgage rates remain very attractive with the
30-year fixed rate well below 6%. However,
consumer confidence has been affected by the imminent war with Iraq, as
has builder optimism for March activity.
The main drivers continue to be attractive interest rates
and decent income growth despite a still sluggish job market. One concern is the falloff in single-family
starts, although 1.295 million (SAAR) level is still pretty strong. The near term future for housing and the economy
obviously depend on the war with Iraq.
If the war goes badly, confidence will erode further, and this
will simply delay the economic recovery, and weaken housing further. Fewer people will take the “housing plunge”
in the middle of a conflict.
A quick end to the fighting would be good for confidence
by removing “some uncertainty” (builders, consumers, and corporate America),
and this would pave the way for a recovery in the 2nd half of the year.
The recovery, at any rate, would be modest (in my estimation) because
there is still considerable excess capacity in many sectors, particularly
manufacturing.
In the 2nd half of the year, most analysts expect housing
to pull back modestly as some of the factors that supported the flow of
investment funds to housing will weaken – mortgage rates will increase
as most wars are inflationary; inflation will pick up some as the economy
improves; equity markets will probably improve some, and this may divert
some funds away from housing.
Finally, job growth will probably remain lethargic (initially)
even if the economy improves. And,
to be realistic, the housing levels (single family particularly) of the
past 12 months were probably above “demographic or sustainable” demand. We’re not looking for a big pull back, but somewhere
in the neighborhood of 5%.
breakdown by region
http://two.leasingnews.org/temporary/Feb03Housing.htm
Sent to us by Carl Villella,Jr.
CVillella@msn.com
Department of Commerce: http://www.doc.gov
--------------------------------------------------------------------------------------------
Leasecomm/Microfinancial to be de-listed?
#### Press Release #############################################
MicroFinancial Incorporated Announces Non-Compliance Notice
WALTHAM, Mass.,) -- MicroFinancial Incorporated (NYSE-MFI),
a leader in Microticket leasing and finance, announced today that it has
been advised by the New York Stock Exchange (NYSE) that the Company is
currently not in compliance with the NYSE's continued listing standards.
Specifically, MicroFinancial does not meet the following requirements
based on a consecutive thirty (30) day trading period; average market
capitalization of not less than $15 million and a share price of not less
than $1.00.
In accordance with the continued listing criteria set forth
by the New York Stock Exchange, the Company will present to the NYSE within
the required 45 days, a plan which management believes has the potential
to bring the Company back into compliance with the listing standards within
the required timeframes.
MicroFinancial Inc. (NYSE: MFI), headquartered in Waltham,
MA, and with an additional location in Woburn, MA, is a financial intermediary
specializing in leasing and financing for products in the $500 to $10,000
range. The company has been in operation since 1986.
CONTACT: MicroFinancial
Incorporated
Richard F. Latour, 781/890-0177
#### Press Release ############################################
The Federal Open Market Committee decided today to keep
its target for the federal funds rate unchanged at 1-1/4 percent.
While incoming economic data since the January meeting have
been mixed, recent labor market indicators have proven disappointing.
However, the hesitancy of the economic expansion appears to owe importantly
to oil price premiums and other aspects of geopolitical uncertainties.
The committee believes that as those uncertainties lift, as most analysts
expect, the accommodative stance of monetary policy, coupled with ongoing
growth in productivity, will provide support to economic activity sufficient
to engender an improving economic climate over time.
In light of the unusually large uncertainties clouding the
geopolitical situation in
the short run and their apparent effects on economic decision
making, the committee does not believe it can usefully characterize the
current balance of risks with respect to the prospects for its long-run
goals of price stability and sustainable economic growth.
Rather, the committee decided to refrain from making that
determination until some of those uncertainties abate. In the current
circumstances, heightened surveillance is particularly informative.
Voting for the FOMC monetary policy action were Alan Greenspan,
chairman; William J. McDonough, vice chairman; Ben S. Bernanke; Susan
S. Bies; J. Alfred Broaddus, Jr.; Roger W. Ferguson, Jr.; Edward M. Gramlich;
Jack Guynn; Donald L. Kohn; Michael H. Moskow; Mark W. Olson; and Robert
T. Parry.
Source: http://federalreserve.gov/boarddocs/press/monetary/2003/20030318/default.htm
### Press Release ##############################################
SIEMENS FINANCIAL SERVICES, INC. NAMES SANDY RABUAZZO
AS VICE PRESIDENT SALES FOR THE CAPITAL MARKETS DIVISION
BRIDGEWATER, NJ, - Siemens Financial Services, Inc. (SFS)
today announces that Sandy Rabuazzo has joined as Vice President Sales.
He is located in the company’s headquarters in Bridgewater, New Jersey.
Rabuazzo heads the Capital Markets’ vital indirect originations
group, which offers nationwide coverage of third party, indirect origination
deals with a syndications capability.
“Indirect transactions and syndications are the cornerstone
of the Capital Markets division,” said Ed Wojtowicz, Senior Vice President
of the Capital Markets division at SFS. “Sandy is a veteran developing
complex, multi-partner financing solutions; his experience and leadership
will help us to forge new relationships nationwide and enhance our service
of our existing partnerships.”
Rabuazzo comes to Siemens Financial Services with over 29
years experience in the financing industry. Most recently, he spent nine
years at IBJ Whitehall Financial Group managing third party financing
for the equipment finance division. His prior experience includes 11 years
with Citigroup and five years with Xerox Credit Corporation.
About Siemens Financial Services Siemens AG (NYSE: SI), headquartered
in Munich, is a leading global electronics and engineering company. It
employs 426,000 people in 192 countries and reported worldwide sales of
$77.8 billion in fiscal 2002 (10/1/01 – 9/30/02). The United States is
Siemens’ largest market in the world, with sales of $21.5 billion in fiscal
2002 and approximately 70,000 employees in all 50 states and Puerto Rico.
Corporate headquarters for Siemens’ U.S. businesses are located in New
York City. For more information: www.usa.siemens.com.
Siemens Financial Services, Inc. is one of Siemens’ operating
companies in the United States. The people of Siemens Financial Services,
Inc. (SFS) build relationships to deliver customized commercial financing
solutions. SFS is led by industry veterans who work to ensure quick, quality
financing. With expertise in Asset-Based
Lending, Capital Markets, Equipment Financing, Receivables Acquisition
and Vendor Financing, each transaction is tailored to fit the specific
borrowing needs of the client.
CONTACT:
Cheryl Galloway
Siemens Financial Services
Phone Number: (908) 429-6033
E-mail: Cheryl.Galloway@siemens.com
#### Press Release #############################################
Vision Commerce Releases New Framework for Financial Transaction
Origination
Vision Commerce, Inc. (www.visioncommerce.com
a leading provider of front office solutions for the finance
industry, has announced the release of the Vision Commerce Framework to
support the diverse needs of leasing and finance companies. The Framework allows Vision Commerce to efficiently
provide customized origination, credit analysis, pricing, documentation,
messaging, and back office integration capabilities to companies regardless
of size or business segment.
When purchasing an origination system, companies have typically
had to
choose between a cookie-cutter solution with limited capability
or a
completely custom solution requiring significant development
cost and time.
The Vision Commerce Framework includes a robust set of standard
features
while allowing for efficient customization. Vision Commerce provides a
comprehensive implementation process focused on understanding
the business
needs of the client and providing solutions that optimize
operations while
retaining a competitive approach.
Steve Lundergan, President of Vision Commerce said, "We
understand that all
finance companies do not have identical needs. Specialization
and unique
product offerings provide advantages when originating business
and building
relationships with vendors, manufacturers, brokers, and clients."
The extensible Framework is developed on the Microsoft® .NET
platform - a
set of Microsoft software technologies for connecting information,
people,
systems, and devices. The
selection of .NET allows Vision Commerce to take
advantage of the outstanding development tools and integration
capabilities
while ensuring customers that their solution will not become
obsolete.
With the new Framework, Vision Commerce introduces different
delivery
options to meet the technology requirements and capabilities
of a diverse
client base. Standard options include:
MyVision - For clients who maintain a full time IT staff
and data center,
MyVision can be purchased and installed on equipment at the
company
location. Along with the full suite of features available
through MyVision,
clients receive customization support and onsite consultation.
While this
method of implementation requires more time and equipment,
the solution can
be more fully controlled by the buyer. The seamless integration
with a
backend system running on the buyer's network is simpler
with a local
installation. If this method is selected, Vision Commerce
will install,
test, and provide the training required so that the Client
can run the
system. An annual maintenance agreement is available for
ongoing maintenance
and upgrades.
Vision Host - For clients without the IT infrastructure for
local
installation, Vision Host is a cost-effective and practical
alternative.
This solution provides the client with the full suite of
Framework features
as well as secure offsite hosting and maintenance by Vision
Commerce's staff
of IT experts. The license and the hardware belong to the
client. The
client's hardware is co-located at a Sprint E|Solutions Center
in Kansas
City.
ASP Solutions
The ASP offerings allow Vision Commerce to provide solutions
rapidly and at
a low cost. ASP clients can quickly establish a unique Internet
identity.
Vision Commerce is responsible for maintaining the hardware
and software,
while the subscriber maintains complete control of access
to confidential
information. Software enhancements are applied regularly
to the ASP solution
at no additional cost to Subscribers. ASP Clients access
Vision on Servers
hosted in a Sprint E|Solutions Center located in Kansas City,
Missouri. This
facility provides secure, reliable, and fast access.
Vision Commerce offers two ASP Solutions:
Vision Select - The most economical method of delivering
our standard
e-commerce solution to Leasing and Finance companies. The
software is
scalable, flexible and does a great job of supporting vendors,
lessees,
brokers and your lenders.
Vision Choice - This plan gives you just that - a choice
of tools and
interfaces to incorporate in your e-commerce plan. With the
Choice plan, our
clients receive many options for additional tools, customization
and
integration with other client systems.
About Vision Commerce
Vision Commerce (www.visioncommerce.com
)
provides front office automation products and services to
the finance
industry. Our solutions allow streamlined processing of applications
including pricing, credit analysis, messaging, document preparation,
and
back office integration.
Vision Commerce products are highly configurable to meet
the diverse needs
of our customers. Our implementation process centers around
understanding
business needs of our clients and providing solutions that
optimize
operations while retaining an individual approach.
Vision Commerce, Inc. is a closely-held, employee-owned company
with its
foundation in the leasing and finance industries. Our knowledgeable
staff is
focused on customer satisfaction and product enhancement.
We listen to our
customers and constantly improve our products to meet the
changing needs of
the finance industry.
Katie Farrell, Vision Commerce, 866-707-9929
#### Press Release #############################################
LiveCapital Closes $7.4 Million Oversubscribed Funding
Round
Selby Ventures leads round that includes significant investments
from Cardinal Venture Capital, Kleiner Perkins Caufield Byers, and Red
Rock Ventures
SAN MATEO, CALIFORNIA –– LiveCapital, Inc., the industry
leader in Enterprise Credit Management, today announced the closing of
an oversubscribed $7.4 million equity investment round. Selby Ventures led the round, which also included investments from
Cardinal Venture Capital, Irwin Ventures, Kingston Creek Ventures, Kleiner
Perkins Caufield Byers, PacRim Venture Partners, and Red Rock Ventures.
Over the past six months, LiveCapital has achieved significant
sales momentum with Fortune and Global 1000 companies, including recent
sales to Waste Management, Bell South, Siemens, Kubota Tractor and others.
The funding will allow LiveCapital to build on this sales momentum
and strengthen its position as the leading provider of credit management
solutions to enterprise class organizations.
"LiveCapital offers a compelling value proposition for
improving the credit management function of leading enterprises, and the
marketplace is responding enthusiastically," said Jim Marshall, General
Partner of Selby Ventures. "The management team is outstanding, an
experienced, entrepreneurial group of professionals with a deep understanding
of their market, a rich skill-set of technical knowledge and significant
experience selling to enterprise class organizations."
"We are delighted to have this group of leading venture
capital firms as our investors," said Mike Grossman, CEO of LiveCapital.
"They include both new and existing investors, and their investment
is a strong endorsement of our strategic direction and ability to execute,
and will allow us to aggressively build on our recent sales success."
About LiveCapital
LiveCapital is the industry leader in Enterprise Credit Management
(ECM). The company's technology
and consulting solutions enable enterprises to make better credit decisions,
improve productivity, and close more sales by providing credit to their
customers more quickly. The result:
lower bad debt, reduced operating costs, and higher revenue. Privately
held and headquartered in San Mateo, California, LiveCapital provides
ECM solutions to industry leaders including Waste Management, Bell South,
Siemens, and United States Steel. For more information, please visit www.livecapital.com.
#### Press Release ############################################
Edwin C. Sigel, Ltd. embarks on "Isis in a Box"
program with Cyence International, Inc.
Edwin C. Sigel, Ltd. announced that its newest addition to
its family of alliances would now come "In a Box". Cyence International's Isis lease origination
software program will now be offered "In a Box" though a Strategic
Alliance Agreement with Cyence International, Inc. This program will focus on the broker community
and will combine the strength and versatility of the Isis program with
the suite of outsourcing services offered by ECS.
The "In a Box" program will be offered exclusively
to ECS clients looking to acquire the most comprehensive client server
lease origination software on the market.
Cyence International, with its Isis program, has been a valued
key player in the front-end leasing software marketplace for over a decade. The program supports CRM, data capture, credit
processing and lease documentation out of the box thus providing a cost-effective
solution that gives even the smallest broker company the ability to succeed.
"We have teamed up with Cyence International to provide
another cost-effective solution for our current and future clients,"
says Shari L. Lipski, CLP, Marketing Manager of Edwin C. Sigel, Ltd.
"Cyence International is a leader in the industry and we are
honored to be designated as a preferred outsourcing service provider.
We believe the program will prove invaluable to the broker community.''
"We have also contracted with Jon S. Haas, CLP of The
Triad-Group, a commercial finance and equipment leasing industry consultant,
to provide on-site training and customer service for our clients that
choose the Isis in a Box Servicing Agreement," says Shari Lipski. "Jon has been actively working with the
Isis lease origination software program for over two years and has trained
countless individuals on how to implement and customize Isis for their
individual company needs."
"ECS provides the marketplace with flexible, cost-efficient
solutions to meet their accounting and lease portfolio management needs.
Their efforts and services support our focus and make our product
a compelling addition to any company,'' said Peter Hyne, CEO, Cyence International. "All companies need a front-end software
program that can deliver the type of power and ease of use that the Isis
software package offers. However,
cost has been a driving factor, and this new venture will put the Isis
software program into many offices that couldn't previously afford it."
Cyence International is a leading business services provider
to the global financial services community. Its U.S. office is currently located in St. Petersburg, Florida.
Edwin C. Sigel, Ltd. is a forty-year old CPA firm that specializes
in Lease Portfolio Management, Accounting and Tax Services.
For more information on this program, please contact Shari
Lipski, CLP of Edwin C. Sigel, Ltd.
at 1-800-826-7070 (www.edwinsigel.com), Tom McKeon, of Cyence
International, Inc. at 1-727-381-7855, or Jon Haas, CLP, of The Triad-Group
at 1-386-860-6537.
#### Press Release ############################################
Sun Ergoline Inc. Up and Running on McCue Systems' LeasePak
Bronze Edition in Less Than 60 Days
March 18, 2003-- McCue Systems Inc. announces that its implementation
of LeasePak Bronze Edition at Sun Ergoline Inc.'s Sun Capital Inc. has
been completed on schedule, on budget, with full user acceptance. Sun
Capital Corporation's leasing operation went live on LeasePak Bronze Edition
in fewer than 60 days after the company signed its license agreement with
McCue Systems.
"With our depth of experience, we were confident that
we could get LeasePak Bronze Edition implemented on schedule at Sun Capital,"
states McCue Systems Project Manager Michael Underwood. "The McCue
team achieved its goal of getting LeasePak Bronze Edition integrated at
Sun Capital Corporation with their business converted in under two months,"
Underwood said. "Credit goes
to the Sun team as much as to ours; both sides demonstrated complete commitment
to achieving our shared objectives," he added.
"We were fully expecting that McCue Systems' implementation
team would meet its deadlines for getting us up and running with LeasePak
Bronze Edition," states Sun Capital Corporation Executive Vice President
John Deacon. "What we didn't expect was the degree of professionalism
and quality commitment they showed at every stage of the project.
The results were that I had my people trained and booking leases
on LeasePak Bronze Edition 60 days after implementation began. I have
never experienced better support from a systems provider."
"For us, this represents a strong demonstration of the
reliability and ease of implementation of our entry-level offering, LeasePak
Bronze Edition," stated John McCue, CEO and founder of McCue Systems.
"It's gratifying to see this kind of customer satisfaction right
from the start of what we know will be an enduring and productive partnership,"
McCue adds.
McCue Systems' LeasePak Bronze Edition meets the needs of
smaller leasing enterprises with a lease and loan management product that
is part of a unified product line that can grow as the complexity and
transaction volume of a lessors' operations grow, never requiring a lessor
to switch to a different application, database, or business workflow.
About McCue Systems
With over 30 years experience in developing business solutions
for the leasing industry, McCue Systems Inc. is the leading provider of
lease/ loan portfolio management software for banks, leasing companies,
and manufacturers. Its flagship product, LeasePak, simplifies lease/loan
administration and asset management by accurately tracking leases, loans,
and equipment from origination through end-of-term and disposition.
McCue Systems leads the leasing technology industry in the
development of Web-enabled and Web-based tools to deliver superior customer
service, reduce operating costs, streamline the lease management lifecycle,
and collaborate with sales channel and asset partners.
The leasing experts at McCue Systems work closely with lessors
to put the company's leasing expertise to work to streamline lease operations
and enhance customer retention at every stage of the lease lifecycle.
Clients include Cisco, HP, BankOne, M&C Leasing, Ford
Motor Credit, Bank of Hawaii, Volkswagen Credit, Bank of Tokyo/ Mitsubishi,
Cisco Systems, ORIX /Australia and KeyBank.
See www.mccue.com for
more information
See www.mccue.com for
more information about McCue Systems' leasing solutions and comprehensive
range of consulting and technology services.
Or contact info@mccue.com or call 650-348-0650 Ext 1171
About Sun Ergoline Inc.
Sun Ergoline Inc., owned by J.K. Holdings, is the world's
largest manufacturer of tanning systems. Sun Ergoline's worldwide headquarters
are located near Cologne, Germany with U.S. operations based in Jonesboro,
Arkansas.
The U.S. network for Sun Ergoline combines a nationwide group
of 15 distributors throughout the U.S., and a factory-direct sales force
based in Columbus, OH and San Diego, CA, and Kennett, MO. Corporate offices
for Ergoline, Inc are scheduled to open in Chicago, Il.
Sun Capital is slated to provide leasing services to hundreds
of commercial customers throughout the United States in 2003. The company
expects to lease approximately 2,000 tanning beds, with an annual leasing
volume of approximately $15M to $20M in new Sun Ergoline tanning beds.
As the sole tanning bed manufacturer with a captive leasing company, Sun
Ergoline expects to accelerate the growth of its market share and to position
Sun Ergoline as the premier provider of tanning systems in the United
States.
Sun Ergoline is owned by J.K. Holdings, whose other U.S.
companies include Sun Ergoline Manufacturing and Global Sunlight - AR
of Jonesboro, AR, Sun Lync Software of Buffalo, NY, and Sun Capital Corporation,
Jonesboro, AR.
### Press Release ##############################################
Sandy Spring Bank Leverages INEA to Deliver Business Value
Creation
TORONTO, - INEA Corporation, the leading provider of corporate
performance management software for financial institutions, today announced
that Sandy Spring Bank, the third largest commercial banking organization
headquartered in Maryland, has implemented the INEA Performance Management
Suite.
In recent years, Sandy Spring Bank has grown both in size
and complexity. As a result, the Company recognized the need to evolve
the finance department into a more proactive forward-looking function
able to provide business managers with financial consulting expertise
to enable them to improve the profitability of their business units.
According to Dennis Neville, Senior Vice President and Controller
of Sandy Spring Bank, "Providing the numbers isn't enough. One of
the most important things we can bring to management is the ability to
gain insight into initiatives that drive value for the Bank." Neville
adds, "To this end, INEA enabled us to rapidly put in place an integrated
planning, forecasting, reporting and analysis system that supports a holistic,
proactive approach to managing our business. We are excited about completing
our phase one initiative relating to 2003 planning and will be pursuing
other defined forecasting, analysis and reporting goals during 2003 and
2004."
When evaluating a range of software solutions, Sandy Spring
Bank developed a comprehensive list of system requirements - referred
to as their "vision of the perfect system." Among the list of
criteria, the Bank identified the need to deliver more consistent and
transparent information, and to serve a wide variety of users throughout
the Bank and its related companies.
"As we evaluated different vendor solutions, the value
quickly became clear to us from INEA's unique focus on providing a corporate
performance management application for financial institutions. There is
a certain comfort level in knowing that we would be working with people
who understood our world," says Phil Mantua, Senior Vice President
of Management Accounting at Sandy Spring Bank. "Plus, we could immediately
begin to leverage INEA's rich bank-specific functionality, rather than
spend time on building these capabilities in a generic offering."
Adds Neville, "INEA is a leading-edge technology that
is a key part of our longer-term decision support system requirements,
such as evolving our initiatives around customer profitability. We look
to INEA as a partner to enable us to leverage better quality information
as we continue to grow our business."
"Our customers are financial institutions who are proactively
creating an environment capable of driving sustainable performance,"
said Mark Ruddock, president and CEO, INEA. "Sandy Spring Bank has
embraced the CPM Suite from INEA, fundamentally because it helps them
realize that vision more quickly and more cost effectively than any other
solution. I am thrilled to welcome Sandy Spring Bank to the INEA client
family, a family that now encompasses industry leading financial services
enterprises that range in size from $2BB - $250BB in assets, and look
forward to their insight as we continue our practice of client-led product
evolution."
In summary, INEA enables Sandy Spring Bank to realize significant
benefits:
- A single system
that enables integrated planning, forecasting,
analysis, and internal and external reporting for its bank-wide
operations.
- The movement from
a static annual budget process to a dynamic,
monthly planning and forecasting process that links manager
goal- setting with relevant business
drivers.
- Replacement of a
manual-intensive data gathering process for target
setting and performance measurement with an efficient business
process, that also enables the expeditious delivery of actionable
information to line managers.
- An infrastructure
to support mergers & acquisitions; as well as
profitability analysis across the organization, including
customer,
product and business lines.
About Sandy Spring Bancorp/Sandy Spring Bank
With over $2.3 billion in assets, Sandy Spring Bancorp is
the holding company for Sandy Spring Bank and its principal subsidiaries,
Sandy Spring Insurance Corporation and The Equipment Leasing Company.
Sandy Spring Bancorp is the third largest publicly traded banking company
headquartered in Maryland. Sandy Spring is a community banking organization
that focuses its lending and other services on businesses and consumers
in the local market area. Independent and community-oriented, Sandy Spring
Bank traces its origin to 1868 and offers a broad range of commercial
banking, retail banking and trust services through 30 community offices
and 45 ATMs located in Anne Arundel, Frederick, Howard, Montgomery, and
Prince George's counties in Maryland. Visit www.sandyspringbank.com for
more information.
Forward-Looking Statements: This press release may contain
forward- looking statements regarding intentions and the ability to achieve
financial goals or the future financial performance of Sandy Spring Bancorp.
These forward-looking statements involve risks and uncertainties, including
a variety of factors that may cause actual results to differ materially
from the anticipated results expressed in these forward-looking statements.
In addition Bancorp's past results do not necessarily indicate future
results. Sandy Spring Bancorp assumes no duty to update the forward-looking
statements made in this presentation.
About INEA Corporation
INEA Corporation is the world's leading vendor of Corporate
Performance Management solutions for the financial services industry.
INEA's application, which is built specifically for financial institutions,
is the first to deliver enterprise planning, forecasting, modeling, profitability
analytics, and management and regulatory reporting on a single platform.
The INEA CPM application is based on a modern Web-enabled architecture
that can be deployed rapidly across the enterprise.
INEA's software is deployed in over 38 countries and is used
to enable corporate performance management by the world's leading financial
institutions, including the Royal Bank of Canada, Scotiabank, KeyBank,
and TD Bank Financial Group. INEA is also employed as the analytics platform
to rapidly facilitate mergers and acquisitions in financial organizations,
such as JPMorganChase.
INEA employs a team with a rich blend of financial services
and technology expertise. The company is based in Toronto, with US headquarters
in New York and European headquarters in London. More information on INEA
is available at www.ineacorp.com.
INEA, Information Equals Advantage, and e-Analytics for e-Business
are trademarks or registered trademarks of INEA Corporation. All other
names may be trademarks or registered trademarks of their respective companies.
SOURCE INEA Corporation
CO: INEA Corporation; Sandy Spring Bank
ST: Ontario
#### Press Release #########################################
Synovus Builds Foundation for E-Learning with Pathlore
COLUMBUS, Ohio, -- Pathlore Software Corporation announced
today that Synovus (NYSE:SNV), the Columbus, Georgia-based diversified
financial services company, will install the software maker's learning-management
system (LMS). Synovus will use the LMS to deliver, track, and report on
corporate training for the Georgia corporation's 11,400 employees.
"Our growth makes it challenging to deliver the kind
of quality training and development opportunities that Synovus team members
must have," said Jarrett Cudd, operations manager at Synovus. "Implementing the Pathlore LMS was an ideal
way to meet a set of objectives that included creating development plans
for our employees, administering instructor-led training and e-learning
courses, and reducing costs."
Synovus will use Pathlore's software to schedule classes,
enroll its team members in courses ranging from leadership development
to regulatory compliance, track attendance, prepare course rosters with
a few keystrokes, and, eventually, launch e-learning. The LMS will also streamline and automate the exchange of personnel
and training information with Synovus' human resource management system
(HRMS).
In a 2002 survey, technology research firm International
Data Corporation (IDC) asked prospective buyers why they might purchase
an LMS. IDC found that 80 percent
of respondents wanted an LMS so they could report on training, 70 percent
desired a way to create developmental plans for workers, and 58 percent
saw an LMS as a means for reducing administrative costs.
According to Michael Brennan, an analyst with IDC, the benefits
to using an LMS include not only reducing training costs but also "increased
visibility of learning opportunities for employees."
"For any organization growing through acquisitions,"
said Steve Thomas, president and chief executive officer of Pathlore,
"our LMS provides the infrastructure to deliver training with a consistent
message to all employees."
Pathlore's LMS is built on an n-tier architecture, which
allows Web-based delivery of courses.
The system's database-server tier leverages standard RDBMS technology
such as Microsoft SQL Server and Oracle.
Pathlore recently updated its product to a .NET architecture.
With today's announcement, Synovus becomes one of 119 banking
and financial institutions Pathlore counts among its 1,500 customers.
About Pathlore
Founded in 1995, Columbus, Ohio-headquartered Pathlore develops
software that manages, tracks, and reports on corporate training. Customers use Pathlore's products to increase
sales, comply with government regulations, and adhere to quality initiatives.
The privately held company's client roster includes Delta Air Lines, NEC
America Inc., Southwest Airlines, more than 100 hospitals and healthcare
providers, and government agencies in over 30 states such as California,
Ohio, and Texas. Pathlore also
has offices in Australia, Italy, New Zealand, and the United Kingdom. More information about Pathlore can be found
at www.pathlore.com .
About Synovus
Synovus (NYSE:SNV) is a diversified financial services holding
company with more than $19 billion in assets based in Columbus, Ga. Synovus
provides integrated financial services including banking, financial management,
insurance, mortgage and leasing services through 40 affiliate banks and
other Synovus offices in Georgia, Alabama, South Carolina, Florida and
Tennessee; and electronic payment processing through an 81-percent stake
in TSYS (NYSE:TSS), the world's largest third-party processor of international
payments. Synovus is No. 9 on FORTUNE magazine's list of "The 100
Best Companies To Work For" in 2003. See Synovus on the Web at www.synovus.com
.
Pathlore is a registered trademark of Pathlore Software Corporation.
All other registered and unregistered trademarks and trade names
are the property of their respective owners.
Contact: Bill Perry,
Pathlore Software Corp.
(614) 781-7271
bperry@pathlore.com
SOURCE Pathlore Software
Corp.
CO: Pathlore Software
Corp.; Synovus; International Data Corporation
ST: Ohio, Georgia
### Press Release #############################################
----------------------------------------------------------------------------------------
Please send to a colleague, as we are trying to build our
readership.
UAEL May 1-4 Spring Conference
* Reminder *
Only 44 Days Until the United Association of Equipment Leasing's
Spring Educational Conference
The Rancho Las Palmas Marriott is the ideal environment for
business surrounded by inspiring settings.
Located in Rancho Mirage, the resort has tranquil lakes and gardens
and meandering pathways that escort you from one end of the property to
another in just minutes.
During your stay at Rancho Las Palmas be sure to visit Tortuga
Island. Forget your worries and
put life back into balance. Take
and exciting ride down the 100-foot waterslide, relax in a hydrotherapy
pool, or simply enjoy the sparkling 6,000 sq.-foot swimming pool.
For more information please visit the Resorts website at
www.rancholaspalmas.com
Jessica Roell
UAEL
78120 Calle Estado, Suite #201
La Quinta, CA 92253
(760) 564-2227 x21
(760) 564-2206 fax
----------------------------------------------------------------------------
We Get Letters----
“Not enough hard news so no Tuesday edition.”
Not enough hard business either.
Jerry Bernardy
---
http://two.leasingnews.org/images/index/baccaro.jpg
Monday, Wednesday, Friday might not be a bad format to give
your self a
break!!
Hope all is well.
Richard Baccaro
(Appreciate the thought. Actually there are usually two or
three days a month
we don’t go to print, plus holidays. It has perhaps become more noticeable because
recently we inform readers we didn’t print one. It seems most readers
assume we print every day. Years ago we were a bi-monthly, then weekly, and then in April, 1999, records show we had become a
“daily.” Monday-Wednesday-Friday
is not a bad idea. Editor )
--------------------
I found your annotation to Gary Saulter's article
very interesting. Over the
years I have run into competitors who use the 12
Month renewal provision to enhance their rates. While I can
usually sell around this practice, I would be interested in anything
specific you or your readers can
give me with respect to where it
is "against the law". (References to articles or legal proceedings
would be great.)
Your daily newsletter continues to be a cornucopia of valuable
insight and
information. Thanks again for all your hard work.
Steve Muller
-
I really enjoy seeing pix of my old, strike that, I mean
former leasing
associates. Seeing
Rick Wilbur the other day reminded me of my very first
day in the leasing business. Rick got me into it and I proceeded to fall
asleep on the job. I
think it hurt Rick's credibility more than mine. And
seeing Duane Russell brought to mind an opening comment of
his when asked to
say a "few words" at a WAEL conference on a subject.
He said, "Asking me to
say a few words is like trying to take a sip from a fire
hose."
Hal
Hal Horowitz
---
Should non-California leasing companies that write business
in California on
a small scale have a license?
Todd Kaufman
(That’s what Joe Bonanno, Ken Greene and Thomas McCurnin advised in
the three day coverage of this issue.
While U.S. Bancorp does not require that their brokers have
a license,
they themselves do have a license. All the lessors we spoke to who
were “looking into it” or “investigating it,” have decided
to apply
for the license. Several
thanked us for bringing it to their attention.
Many are changing their policy, they told us, but did not
want to
make any public comment.
Ken Greene represented one broker who had a terrible experience,
who could
do leases for months in California, and Joe Bonanno, Legal
Counsel for
the National Association of Equipment Brokers, suggested
brokers follow Ken's advice—get a license, it is paperwork, $300,plus
an insurance bond ( anywhere from $300 on up—cheaper if you buy three
year bond):
http://www.leasingnews.org/Conscious-Top%20Stories/finance_license.htm
As a final note, California is not alone in its licensing
requirement, plus many
states have specific laws regarding transactions such as
Texas or handling of
“advance rentals,” such as New York. Editor.)
--------------------------------------------------------------------------------------------
News Briefs---
Latest News at Press Time: War in Iraq/ filed at 3:33am
EST Wednesday
http://www.nytimes.com/reuters/news/news-iraq.html
High-Tech Shed 236,000 More Jobs in 2002
http://www.washingtonpost.com/wp-dyn/articles/A50660-2003Mar19.html
Judge approves Conseco's disclosure statement, outlining
reorganization plan
http://www.boston.com/dailynews/077/economy/Judge_approves_Conseco_s_discl:.shtml
Nominee to Head IRS Vows to Strengthen Enforcement
http://www.washingtonpost.com/wp-dyn/articles/A49271-2003Mar18.html
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