New Hires/Promotions in the Leasing Business
and Related Industries

Bill Bartz was hired as Senior Vice President, Hancock Whitney Equipment Finance, LLC., Austin, Texas. Previously, he was at Cisco, starting October, 2014, Client Executive, promoted March, 2018, Western Area Manager, promoted National Business Transformation Lead (May, 2020 - May, 2024). Full Bio:
https://www.linkedin.com/in/bbartz/details/experience/
https://www.linkedin.com/in/bbartz/

(Retiring)

Bob Neagle is retiring as President and CEO of Finova Capital, Bergen County, New Jersey.   He is located in River Edge, New Jersey. He will remain a member in various real estate LLCVs and merchant services. “I will be attending my final EFLA Board meeting at the convention later this week in Austin. That will mark the end of a long relationship with the ELFA since I started in the industry back in the early 80s. During those years I had the pleasure of serving wonderful clients, and working with wonderful people at TriContinental Leasing, Bell Atlantic Capital, AT&T Capital, Paynet, First Data, Ascentium Capital and most recently Finova Capital. (A special thanks to Dave Gilbert for his support in the launch of Finova in 2021). While I am retired from Finova I wish the team all the best as they continue under new leadership." Full Bio:
https://www.linkedin.com/in/bob-neagle-ab19b77/details/experience/
https://www.linkedin.com/in/bob-neagle-ab19b77/

Matt Nuyen, was hired as Chief Revenue Officer, Paramount Financial, Scottsdale, Arizona. Previously, he was executive Vice President, JRF Capital, LLC (December, 2021 - September, 2024); Vice President of Sales, Currency (May, 2015 - February, 2021); Branch Manager, Balboa Capital (October, 2006 - May, 2015).
https://www.linkedin.com/in/matt-nuyen-7245a713/

Aharon Tarnavsky is now President, Carob Financial, Dallas-Fort Worth Metroplex. Previously, he was Managing Director, Encina Lender Finance (August, 2023 - October, 2024); Senior Vice President, White Oak Commercial Finance (August, 2021 - August, 2023); Head of New Business Development, DR Bank (September, 2020 - December, 2020). He joined Wells Fargo Capital Finance May, 2005, Collateral Analyst, promoted June, 2006, Senior Account Executive, promoted Business Development (July, 2015 - September, 2020).
https://www.linkedin.com/in/aharon-tarnavsky-96615440

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   Record-Breaking Attendance Forecast for
ELFA Annual Convention

ELFA video

ELFA Quick Brief reported “the conference has hit a major milestone for the 2024 ELFA Annual Convention: 1,130 attendees and counting, marking the highest attendance in 20 years. The excitement is building as we prepare to gather in Austin Oct. 27-29.

“If you haven't registered yet, there's still time. Onsite registration will be available at the JW Marriott Austin.

Don't miss out—we'll see you in the Lone Star State! “
https://www.elfaonline.org/education-networking/2024/annual-convention

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The "ELFA Quick Brief" Brought Reactions,
Several Readers Contacted Leasing News

 
Randy Haug, EVP/Co-Founder LTi Technology Solutions wrote Leasing News:

"It will be a record attendance over last many years! I think the new ELFA CEO , President, Leigh Lytle, has brought new energy and a technology focused leadership skill set. That is having a positive impact in her first year. You can feel the momentum she has made at ELFA.

“I also think Ralph Petta, and staff should also get credit for the turnout for the convention for all he did for the association. I love Ralph, and all he did for the association. I can tell you first hand that the ELFA staff is hardworking and professional  plus fun to work with. The ELFA is going through a major Technology upgrade currently.

“This staff who is already very talented will be even more so in the near future. Ralph built a great group of leaders in his staff under his guidance. Great leaders create other great leaders under their mentorship. They are all around the ELFA staff!

“I have the greatest respect for Ralph. He is not only a good leader than knew the ELFA innately he also was a great human! Which gives him high marks in my book!“

Oct. 27-29: 63rd ELFA Annual Convention, Austin, TX
https://www.elfaonline.org/education-networking/2024/annual-convention/schedule

Bruce Kropschot, Senior Managing Director, The Alta Group, will be covering the ELFA Convention, as he has done for Leasing News for many years. He will have two reports, one for Wednesday
and wrap-up for Friday.

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Leasing and Finance Industry Help Wanted
Positions with Attractive Income & Benefits

Targeted Lending Fuels Industry Growth
and Expands Educational Opportunities

Reports a 30% Increase in Originations quarter-to-date.

BUFFALO, N.Y., - Targeted Lending is on track for substantial portfolio growth, reporting a 71% increase over the previous year and aiming for 100% year-over-year expansion.

Renee Hazard, EVP of Targeted Lending said, "This impressive growth reflects our commitment to building a talented team and investing in cutting-edge, solution-driven technology. Since launching our enhanced Broker Portal earlier this summer, we have seen a substantial percentage of loan submissions and document requests flow through the new platform,”

Brian Gallo, CEO of Targeted Lending, credited the company's success not only to its advanced systems and innovative offerings, such as the "Pick Your Own Pricing" program, but also to its strategic investment in talent.

"Our recent team additions, including Kristina Dolinar and Karyn Poore as Senior Credit Managers, and Jack Dunn as a Credit Analyst, will help us efficiently manage the growing demand."

Alongside its team expansion, Targeted Lending has introduced an Analyst Development Program, designed to support young professionals looking to build careers in equipment finance.

Kristina Dolinar, Senior Credit Manager, said,  “Being part of Targeted Lending is incredibly fulfilling. I have the opportunity to mentor analysts, work closely with brokers, and contribute to meaningful results.”

As Targeted Lending continues its ambitious growth, the company remains dedicated to delivering exceptional service and innovative financial solutions.

https://www.targetedlending.com/ 

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Alliance Funding Group Receives $50 Million
from Brean Capital

Tustin, CA – Alliance Funding Group (AFG), a leading privately-held equipment finance company, announced the successful upsizing of its corporate notes to $50.0 million. This upsize will be used to facilitate growth and for working capital needs.

Brean Capital, LLC served as the Company’s Exclusive Financial Advisor and Sole Placement Agent in connection with the transaction.

AFG is a market-leading vendor direct specialty finance company that provides small-ticket and middle-market equipment leasing, financing and working capital solutions to a broad range of businesses throughout the U.S. Since inception, the Company has funded more than $3.0 billion to over 25,000 businesses and is recognized as one of the fastest growing independent leasing companies in the country.

Brij Patel, CEO of AFG, said, “We are thrilled about the closing of our third corporate note raise. This incremental capital will allow us to further scale our business and make strategic investments.

“This further cements our position as a premier independent equipment leasing company.”

Brent Hall, AFG Senior Vice President, said, “The additional capital will be allocated to fund AFG’s strategic growth initiatives, enhancing the flexibility of our capital structure. We appreciate the ongoing backing of our institutional investors, and the confidence they have in our platform.”

Alliance Funding Group was founded in 1998 and has grown to become one of the largest privately held equipment finance companies in the U.S.  AFG provides leasing and financing solutions to a wide variety of businesses across a defined spectrum of credit types.  AFG currently operates out of its headquarters in Tustin, California with offices in Los Angeles and Carlsbad, CA, Portsmouth, NH, Austin, TX, and Tacoma, WA. For more information, visit: www.afg.com

Brean Capital’s Investment Banking Group is dedicated to helping its clients achieve their strategic and financial goals. For more than 50 years, the Firm has specialized in providing capital raising, M&A and financial advisory services to middle market businesses. Throughout its history, Brean Capital has established a track record of providing its clients with deep market knowledge, commitment and experience to ensure a successful transaction.  For more information, please visit: https://afg.com

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

Wintrust Financial Corporation Reports
Third Quarter and Year-to-Date Results

ROSEMONT, Ill, Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced net income of $509.7 million  for the first nine months of 2024 compared to net income of $499.1 million for the same period of 2023.

The Company recorded quarterly net income of $170.0 million for the third quarter of 2024 compared to net income of $152.4 million Pre-tax, pre-provision income (non-GAAP) totaled $255.0 million as compared to $251.4 million for the second quarter of 2024.

Results of operations include those of Macatawa Bank Corporation (“Macatawa”), since the acquisition date of August 1, 2024.

Timothy S. Crane, President and Chief Executive Officer, commented, “Our net income for both the third quarter and year-to-date 2024 were driven by robust organic loan and deposit growth as well as a stable net interest margin. We believe we are well-positioned for strong financial performance as we continue our momentum in the fourth quarter of 2024 and into 2025.”

Mr. Crane continued, “I want to recognize the efforts of our new Macatawa teammates and committed Wintrust team members on the seamless transaction and a solid beginning to integration activities. Macatawa offers a unique opportunity for Wintrust to expand into the desirable west Michigan market with a compatible management team and reputable brand. The quality core deposit franchise, excess liquidity and pristine credit quality coupled with aligned values make the acquisition an ideal fit for the Company. We are thrilled to bring our product offerings to Michigan and continue Macatawa’s commitment to customer service and community involvement.”

Full Press Release:
https://ir.wintrust.com/investor-news-events/press-releases/news-details/2024/Wintrust-Financial-Corporation-Reports-Third-Quarter-and-Year-to-Date-Results/default.aspx

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

 

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

GATX Corporation Reports 3rd Quarter, 2024
Positive Results

• Demand for railcars across GATX's global fleets remains strong; Rail North America’s fleet utilization remains above 99%
• Aircraft spare engine portfolio continues strong performance
• Investment volume was $504.5 million in the third quarter and totaled over $1.3 billion year to date

CHICAGO, Oct. GATX Corporation (NYSE: GATX)  reported 2024 third-quarter net income of $89.0 million, or $2.43 per diluted share, compared to net income of $52.5 million, or $1.44 per diluted share, in the third quarter of 2023.

Robert C. Lyons, president and chief executive officer of GATX, said, "Operating conditions across our global markets remain consistent with our expectations coming into the year," said R. "Our commercial and operations teams at Rail North America continue to execute at a high level. GATX Rail North America's fleet utilization was 99.3% at the end of the third quarter and the renewal success rate was over 80%. The renewal lease rate change of GATX’s Lease Price Index was a positive 26.6% with an average renewal term of 59 months.

"At Rail North America, we capitalized on an active secondary railcar market and generated third-quarter remarketing income of over $43 million, bringing year-to-date remarketing income to over $96 million. Furthermore, we identified opportunities to grow our asset base during the quarter, acquiring over 1,000 railcars in addition to those acquired under our supply agreement.

RAIL NORTH AMERICA

Rail North America reported segment profit of $102.4 million in the third quarter of 2024, compared to $66.1 million in the third quarter of 2023. Higher 2024 third-quarter segment profit was driven by higher gains on asset dispositions and higher lease revenue. Year to date 2024, Rail North America reported segment profit of $271.5 million, compared to $240.6 million in the same period of 2023. Higher 2024 year-to-date segment profit was predominately driven by higher lease revenue, partially offset by higher interest expense.

As of Sept. 30, 2024, Rail North America’s wholly owned fleet was composed of over 111,000 cars, including approximately 9,000 boxcars. The following fleet statistics and performance discussion exclude the boxcar fleet. Fleet utilization was 99.3% at the end of the third quarter of 2024, consistent with the end of the prior quarter and the end of the third quarter of 2023.

Full Press Release:
https://s28.q4cdn.com/292281939/files/doc_earnings/2024/q3/earnings-result/sh00-3Q24-Results.pdf

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

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Watch at Home
by Fernando Croce, Leasing News Movie Reviewer

Special Halloween Edition, Part Two

In the second part of our seasonal frightfest, we continue with more choice Halloween pictures. So enjoy your own cinematic night of tricks and treats!

Murders in the Rue Morgue (1932): Often lost in the shuffle of early 1930s horror films, this adaptation of Edgar Allan Poe’s grisly tale packs a lot of perverse fascination in just over an hour of running time. Set in Paris in the mid-19th-century, it follows medical student Pierre Dupin (Leon Ames), who takes a break from his exams to visit the carnival with his fiancée, Camille (Sidney Fox). There they meet the strange Dr. Mirakle (Bela Lugosi), who runs a sideshow based on dubious evolutionary ideas that included the main attraction, “Erik the Ape Man.” When Mirakle sees Camille, he knows he’s found the perfect specimen for his depraved experiments. Combining French Grand Guignol with Germanic visuals, Robert Florey’s movie is a daring vision that anticipates “King Kong” by a year.

The Tingler (1959): The shape of fear itself is the subject of this irresistible shocker from audience-zapping impresario William Castle (“The House on Haunted Hill”). Dr. Chapin (genre veteran Vincent Price) is a scientist whose experiments on the nature of terror lead to a startling discovery: The “tingler,” an insectoid parasite that squeezes the human spine during moments of fright and can only be vanquished by screaming. This knowledge is put to fiendish use by his friend, Oliver (Philip Coolidge), who proceeds to horrify his mute wife (Judith Evelyn) knowing that she won’t be able to scream. Soon, the tingler is loose and crawling toward the audience in a movie theater much like the ones that originally screened the movie. Nonstop fun from Castle, who never met a shameless gimmick he couldn’t milk.

The Omen (1976): “Lethal Weapon” director Richard Donner scored his first commercial success with this memorable horror tale, whose shocks resonated with audiences searching for another “The Exorcist.” When his wife Katherine (Lee Remick) gives birth to a stillborn baby, American diplomat Robert Thorn (Gregory Peck) decides to adopt a boy named Damien (Harvey Stephens). The family’s happiness is short-lived, however, as a wave of mysteriously sinister happenings seems to follow Damien. When a photographer (David Warner) meets a gory demise and a strange new nanny (Billie Whitelaw) arrives unannounced, Robert decides to investigate. What he discovers goes beyond a bad seed and into decidedly demonic terror. There have been many sequels and imitations, but the original still works best by bringing class and mood to its lurid premise.

Death Becomes Her (1992): For wicked laughter amid the season’s gruesome chills, check out this outlandish satire from Oscar-winning director Robert Zemeckis (“Forrest Gump”). Meryl Streep has a blast as Madeline Ashton, a Hollywood diva who double-crosses her friend, novelist Helen Sharp (Goldie Hawn), and steals her husband, Ernest (Bruce Willis). When they meet years later, Helen has gone from frumpy to glamorous, inflaming Madeline’s envy. Discovering that the secret lies with a mysterious socialite (Isabella Rossellini) who offers an antidote to aging, Madeline eagerly drinks the elixir—unaware that eternal life can have strange, hilariously grisly side effects. Gleefully skewering society’s obsession with cosmetic perfection, Zemeckis serves up a relentless gothic comedy full of outrageous jokes, game performances, and head-turning, Oscar-winning special effects.

Crimson Peak (2015): A visually talented filmmaker with a passion for the gothic, Oscar-winner Guillermo del Toro (“The Shape of Water”) luxuriates in this very atmospheric horror picture. Mia Wasikowska stars as Edith Cushing, a young woman who finds herself living in an eerie British manor after marrying the secretive Thomas Sharpe (Tom Hiddleston). While staying clear of her severe new sister-in-law Lucille (Jessica Chastain), Edith learns that she can communicate with spirits—a gift that puts her at odds with the Sharpe family, who are determined to maintain the mysteries of the mansion safe from outsiders. With a story reminiscent of Hitchcock’s “Rebecca” and full of nods to other supernatural classics, Del Toro’s sumptuous haunted-house movie offers endless marvels for audiences looking for operatic horror.

Fernando Croce is a nationally recognized film reviewer and has been contributing to Leasing News since the summer of 2008. His reviews appear each Friday.

News Briefs

TikTok is Now Offering Business Financing
    By deBanked Staff
https://debanked.com/2024/10/tiktok-is-now-offering-business-financing/

Inflation Has Cooled,
    but Americans Are Still Seething Over Prices
https://www.wsj.com/economy/consumers/us-inflation-price-hike-psychology-c8a3f69b?st=zjt4hN&reflink=desktopwebshare_permalink

Carfax updates flood-damage estimate following Hurricane
    Damage - Upward 358,00 Vehicles throuout several states
https://www.autoremarketing.com/ar/analysis/carfax-updates-flood-damage-estimates-following-hurricane-milton/

Verdant Commercial Capital new hires
    Top Group
https://www.verdantcc.com/news/verdant-commercial-capital-expands-technology-office-automation-team-and-opens-new-office-in-jacksonville-florida

Owner, operator of ship that caused Baltimore bridge
    collapse to pay $100 million in settlement with US
https://www.bostonglobe.com/2024/10/24/business/baltimore-bridge-ship-owner-settlement/

How Intel Got Left Behind in
    the A.I. Chip Boom
https://www.nytimes.com/2024/10/24/technology/intel-ai-chips-mistakes.htmlantitrust-case-with-european-commission/

Why Boeing Workers Rejected a New Contract:
    Retirement Benefits
https://www.nytimes.com/2024/10/24/business/boeing-union-strike-pensions.html

 

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Federal Reserve Beige Book
    Summary Per District Report
https://www.reuters.com/markets/us/us-economic-activity-little-changed-recent-weeks-fed-survey-shows-2024-10-23/

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Sports Briefs---

Steve Kerr’s plan for deep rotation echoes
    Warriors’ title team 50 years ago
https://www.sfchronicle.com/sports/jenkins/article/warriors-deep-rotation-steve-kerr-19844508.php

Minus Steph Curry, Warriors pound Lakers backups
to finish preseason undefeated
https://www.sfchronicle.com/sports/warriors/article/warriors-pound-lakers-backups-finish-preseason-19844200.php

Patriots once were the embodiment of NFL,
 the best of the best; but the past is all they have left nowadays.
https://www.bostonglobe.com/2024/10/20/sports/patriots-tara-sullivan-commentary/

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California News Briefs---

Roaring volume drives record
    for Port of Los Angeles
https://www.freightwaves.com/news/roaring-volume-drives-record-for-port-of-los-angeles?oly_enc_id=7354E3969723H7B

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Gimme that Wine

 

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

Texas Billionaire Jay Adair's Buying Spree Nets Five VWE
    Wineries in Napa and Sonoma for $85 Million
https://www.winebusiness.com/news/article/294263

Jada Vineyard & Winery Celebrates 25 Years
   in Willow Creek, Paso Robles
https://www.winebusiness.com/news/article/294257

A Trump promise could be ‘catastrophic’ to
    California’s wine industry
https://www.sfchronicle.com/food/wine/article/trump-deport-immigrant-california-19811666.php