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Headlines---
Law
firm of Hemar & Assoc. new member
ORIX
Interim Results/Revenues Down Finance Leases
Premier
Names Randal Smith Program Manager
This Border ##### Denotes Press Release (Not Written By Leasing
News)
------------------------------------------------------------------------------------------
Classified Ads---Attorneys
Listed are Attorneys and law firms who specialize in the
leasing industry, belong to a
leasing association, and are looking for clients to represent---free
ad
California - statewide: CA "ELA"
5-attorney creditors rights law firm, in biz 25 yrs +, specialize
all aspects of creditor representation. Primarily represent equipment
lessors & funders,plus collection and creditor rep. in bankruptcy.
Email:phemar@hemar.com
California - statewide: Encino, CA. "ELA"
24 Attorney AV-rated Law firm representing the Leasing Industry
for over 25 Years. We specialize in Lease-enforcement, collection and
representation in Bankruptcy Court. email:sjenkins@hemar-rousso.com
Connecticut, Southern New England: EVANS, FELDMAN
& BOYER, LLC Collections, litigation, documentation, portfolio sales
and financing, bankruptcy. We represent many of the national and local
leasing companies doing business in this state. Past chairman EAEL legal
committee. Competitive rates. email: rcfeldman@snet.net EAEL
Law Firm - Service, Dallas, TX. ELA
Mayer regularly practices in leasing, secured financing,
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email: dmayer@pattonboggs.com
Los Angeles, Statewide: CA. "ELA"
Aggressive creditors rights law firm specializing in equipment
leasing handling collection matters on a contingency, fixed fee or hourly
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Los Angeles -statewide: CA "ELA "
Practice limited to collections, bankruptcy and problem accounts
resolution. Decades of experience. 10-lawyer firm dedicated to serving
you. Call Ronald Cohn, Esq. (818)591-2121 or email. Email: rrcohn@aol.com
National: http://www.leaselawyer.com/
Full staff of attorneys and legal assistants work with Group
Leader Barry S. Marks to ensure prompt, cost-effective responses to
client needs: Email:bsm@blik.com
National: Coston & Lichtman: Business attorneys
serving the lease-finance industry since 1980. Transactional, documentation,
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Jim Coston, CLP (Members: ELA/UAEL/MAEL)
email: Jcoston@costonlaw.com
Northern California - Statewide: CA "EAEL"
"ELA" San Francisco expertise at Marin County prices; practice
limited to equipment leasing and finance with 22 years experience, testimonials.
Ken Greene, Esq. 415-721-7900
NY Metro and National: Hackensack, NY
Attorney specializing in equipment lease matters for at least
10 years with a 50-State operating network of attorneys experienced
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"ELA"
http://64.125.68.90/LeasingNews/PostingFormAttorney.htm
#### Press Release ##########################
Law firm of Hemar & Associates announces new member
The law firm of Hemar & Associates is pleased to announce
that Samuel W. Gordon, Esq., has joined the firm. Sam brings more than
30 years of legal experience in the equipment leasing industry to the
firm, and is considered a leading authority in the field of leasing
law.
Sites of Reference:
http://www.hemar.com
CONTACT:
Peter S. Hemar, Esq.
Hemar & Associates, Attorneys at Law
Phone Number: (310) 829-1948
Fax Number: (310) 829-1352
E-mail: phemar@hemar.com
### Press Release ##########################
ORIX Interim Results/Revenues Down Finance Leases
TOKYO----ORIX Corporation (TSE: 8591; NYSE: IX), a leading
integrated financial services group, today announced that revenues in
the first six months of the fiscal year ending March 31, 2004 increased
3% year on year to 345,871 million yen, income before income taxes*
rose 53% to 58,256 million yen, and net income grew 38% to 31,419 million
yen.
Revenues for "direct financing leases" and "interest
on loans and investment securities" were down compared to the previous
fiscal year as ORIX continued to focus on the profitability of each
transaction and carefully selected new assets. However, revenues from
"operating leases" increased mainly due to an improvement
in the precision measuring equipment rental business along with gains
from the sale of some office buildings, while "residential condominium
sales" also grew during the period. In addition, lower "write-downs
of long-lived assets" and "write-downs of securities,"
and an increase in "equity in net income of affiliates" contributed
to the higher earnings.
2003/4-9
2003/4-9 Change 2003/7-9
Change
US$
JPY on JPY on
millions**
millions** 2002/4-9 millions** 2002/7-9
----------------------------------------------------------------------
Total Revenues 3,109
345,871 Up 3% 174,954
Up 1%
----------------------------------------------------------------------
Income before
Income Taxes* 524 58,256
Up 53% 32,336 Up 177%
----------------------------------------------------------------------
Net Income 282
31,419 Up 38% 17,321
Up 195%
----------------------------------------------------------------------
Earnings Per
Share (Basic)
(JPY/US$) 3.37 375.42 Up 38% 206.96 Up 195%
----------------------------------------------------------------------
Earnings Per
Share
(Diluted)
(JPY/US$) 3.18 353.65 Up 38% 194.94 Up 194%
----------------------------------------------------------------------
2003/9 2003/9 Change Change
US$**
on on
2003/6 2003/3
----------------------------------------------------------------------
Shareholders'
Equity
(JPY millions)
4,864 541,078 Up 3% Up 7%
----------------------------------------------------------------------
Total Assets
(JPY millions)
51,098 5,684,598 Down
4% Down 4%
----------------------------------------------------------------------
Shareholders'
Equity per
Share
(JPY/US$) 58.11 6,465.22 Up 3% Up 7%
----------------------------------------------------------------------
*"Income before income taxes" refers to "income
before
extraordinary gain, cumulative effect of a change in accounting
principle and income taxes" in the consolidated statements
of income.
**U.S. dollar amounts have been calculated at JPY111.25 to
$1.00,
the approximate exchange rate prevailing at September 30,
2003. Unless
otherwise stated, all amounts shown are in millions of Japanese
yen or
millions of U.S. dollars, except for per share data, which
are in
single yen or dollars.
The "Equipment Operating Leases" segment had higher
segment profits thanks to the continued improvement of the precision
measuring equipment rental business, while the "Real Estate"
segment also performed strongly with contributions from the condominium
development business and gains from the sale of office buildings. In
the "Asia and Oceania" segment, the strong performance of
the automobile leasing operations of each company in the region and
the contribution from equity method affiliates also added to segment
profits.
Operating assets were down 4% to 4,937,086 million yen and
total assets were also down 4% to 5,684,598 million yen compared to
March 31, 2003 due to our cautious selection of new assets and our continued
attempt to grow profits without increasing assets. Shareholders' equity
increased 7% on March 31, 2003 to 541,087 million yen and the shareholders'
equity ratio was 9.5% compared to 8.5% at March 31, 2003. ROE (annualized)
rose from 9.1% to 12.0% and ROA (annualized) improved from 0.73% to
1.08% compared to the six months ending September 30, 2002.
For details on the interim earnings announcement please access
"Interim Results 2003/9" and "Analysis of Interim Results
2003/9" from ORIX's web site at: http://www.orix.co.jp/ir_e/data/report/index.htm.
About ORIX
ORIX Corporation (TSE: 8591; NYSE: IX) is an integrated financial
services group based in Tokyo, Japan, providing innovative value- added
products and services to both corporate and retail customers. With operations
in 23 countries worldwide, ORIX's activities include: leasing, corporate
finance, real estate-related finance and development, life insurance,
and investment and retail banking. For more details, please visit our
web site at: www.orix.co.jp/index_e.htm.
These documents may contain forward-looking statements about
expected future events and financial results that involve risks and
uncertainties. Such statements are based on our current expectations
and are subject to uncertainties and risks that could cause actual results
to differ materially from those described in the forward-looking statements.
Factors that could cause such a difference include, but are not limited
to, those described under "Risk Factors" in the Company's
annual report on Form 20-F filed with the United States Securities and
Exchange Commission.
Contacts
ORIX Corporation
Leslie Hoy, +81-3-5419-5102
orixir@orix.co.jp
### Press Release #########################
Premier Names Randal Smith Program Manager
Intensified Focus on New Product Development for Commercial
Lessor
Segment
Seattle, WA and Cincinnati, OH - - Randal Smith was
recently named Program Manager for the Commercial Lessor
Customer
Segment of Premier Lease & Loan Services, located in
Seattle, WA.
Smith will identify the insurance and risk management needs
of
commercial equipment lessors and will incorporate delivery,
distribution, product positioning and specialized processing
needs into
the design of new product solutions.
According to Vic Villegas, Vice President, Commercial Lessor
Customer
Segment, "The addition of Randal to our team represents
an investment by
Premier Lease & Loan Services to provide additional solutions
to our
current and future customers. We have some great opportunities,
and
Randal will be a great resource to get focused on the best
ones."
Smith brings with him more than 10 years of industry experience
gained
through positions including profit center manager for the
Great American
Insurance Company's trucking division where he designed and
implemented
the distribution of commercial insurance products via Freightliner
dealerships. After which, he joined Premier Lease & Loan
Services as
General Sales Manager of the Northeast and Midwest regions.
Prior, he
was the managing partner of a Transportation Specialists
Insurance
Agency, program manager of several national programs at TIG,
and
National Sales Director for Transport Insurance Company.
About Premier Lease & Loan Services
Premier Lease & Loan Services offers a broad range of
insurance products
and outsourcing solutions with a focus on customer satisfaction
to meet
the needs of equipment lessors. Premier's creative and flexible
programs
provide risk management, fee income and product enhancement
benefits.
Headquartered in Cincinnati, Premier Lease & Loan Services
has offices
in Seattle, Chicago, San Diego, and New York City in the
United States,
as well as in Canada, the United Kingdom and Germany. Premier
Lease &
Loan Services is a member of Great American Insurance Group.
Great
American's parent company, American Financial Group, Inc.
is a publicly
owned New York Stock Exchange listed corporation (NYSE: AFG)
based in
Cincinnati, Ohio.
Contacts:
Randal Smith
Premier Lease & Loan Services
rsmith@plls.com
(513) 763-6191
(425) 649-5908
Erin Federman
Marketing Specialist
Premier Lease & Loan Services
Member Great American Insurance Group
49 East Fourth Street, Ninth Floor
Cincinnati, Ohio 45202
(513) 763-6191 tel
(513) 763-8308 fax
efederman@plls.com <mailto:efederman@plls.com>
www.plls.com <http://www.plls.com>
### Press Release ######################
----------------------------------------------------------------
Letters---We get E-mail---
Rob Yohe Doing Okay
In the “coda” to Loni Lowder’s report on theUnited Association
of Equipment
Leasing , we reported that Rob Yohe, bank negociant and portfolio
appraiser/buyer/seller consultant, had fallen and broken
his hip. After
spending almost a week in the Portland hospital, he is now
home
“I am doing O.K. It has been 2 weeks since my fall. I still
cannot sit up for
very long. Having troubles with my laptop working upstairs
and have difficulty
getting downstairs to my office. I'll have an "official"
press release for
you next week (I hope) as there are many people I'd like
to thank. I am just too
tired and in too much pain to write right now.”
Regards,
Rob
---
Holmes will be missed----
I am a long time employee of Orix and I was never aware of
this web site until last week. There is seems to be a lot of controversy
and misinformation on this site about Orix. I was never here during
the Palitz era, but I would say that they had nothing to do with the
portfolio problems that Mr. Holmes encountered when he joined in 2000.
It seems most if not all of the negative comments are from ex employees
like Steve Geller who could not adjust to the new strategy. The old OCAI strategy produced a portfolio that
generated hundreds of millions of losses in the past 3 years.
Not only did Holmes clean the old portfolio up, but he built
3 new profitable business groups. Your copy of his farewell letter shows
his class and also speaks to the profitability of Orix. He created a
team culture. He was a true leader
and was very much respected and will be missed.
ocaiguy@aol.com
Goodbye, Leasing
World
I wanted to take a minute to thank you for your free classified
ads and your help to me in this industry. I recently moved from San
Diego to New Jersey (NYC area) and hoped to stay in the leasing industry.
I put an ad in your newsletter and did find one company that
was hiring, unfortunately we couldn't agree on salary and I had to keep looking. I have now found a great job with an electronics
company. The company is international
and trades on six world stock markets.
I am very excited about the new possibilities with this company
but will miss the leasing biz. The
good news is that they are considering
offering leasing to their customers so I might just be able to keep
in touch that way.
So, thanks again Kit for being such a great resource. With that said, I would now like to be taken
off your mailing list, at least
for now.
Sincerely,
Angi Travis
(Leasing News has seen a considerable series of requests
to be removed
from our mailing list, primarily because the reader has left
the industry.
Several have said they were retiring, such as Gary Pallades,
but had
no parting words. While
the economy may appear to be recovering,
many employees are leaving the industry all together. editor.)
---
Cristo Colombo Controversy
Although I don't get the opportunity to read your newsletter
every day I do when I can. I
know that you welcome discussion regarding everything and anything that
you publish, as any good editor should.
It would be silly to think that everyone is agreeable to
every report made whether it be in your newsletter, a newspaper, magazine
or on the TV News. But that doesn't
mean that I am going to stop reading, stop watching TV and stop all
my subscriptions every time I come across something I don't agree with.
Of course I am generalizing here, but I feel that our society
has completely become over sensitive and has lost the ability to have
and understand that there are different points of view, and that unfortunately
some of the "history" that we were all taught as youngsters
(and some that is still being taught today) has a slant to it.
You work hard to get us the information. Whether we choose to read it, like it or dislike
it, is up to us.
Keep up the good work.
Carol Suggs
limofunder@sti.net
209-742-5466 Voice
209-742-5469 Fax
--
Regarding the controversy over Christopher Columbus I would
like to add my
comment: Yawn. Keep up the day in history. For those who
asked to be removed
from your list I would say that the professors that I was
knew, from my time
in academic publishing, would groan, once again, about the
shallow
intellectual level of the students they had in class. Now
I see some those
students are in leasing.
Jerry Bernardy
jbernardy2@earthlink.net
---------
Who Are the Two with Debbie Monosson?
http://two.leasingnews.org/imanges_uael_wael/new-picture.jpg
That picture was taken at least 10 years ago. Along with
Debbie and
myself is Kelly Long at that time with First Concord Financial.
Such a good
Memory of Great Times and wonderful colleagues.
Robert Searcy Robert@FirstFinancialLeasing.com
--
The two men are Kelly
Long, First Concord Acceptance, Denver Co on the left in
blue shirt and Robert Scearcy, First Financial Brokerage,
Princeton NJ on the Right
in brown coat.
Hope this helps.
Randy Schiell
Park Western Leasing, Inc.
---
The person standing to Debbie's left is Kelly Long, now retired
from the
leasing industry and living in South Dakota.
Kelly has retired
from the leasing industry in Denver.
He may very well be in the leasing industry in South Dakota (if there is one).
MARK H. SPEROS, Director
mark@lfcinc.com
Broker Division
--
I'm pretty sure that the fellow on Debbie's right (viewer's
left) is Kelly Long, who was with First Concord in Denver..
Regards,
Barry Reitman
-----
forced lease insurance
Please review civil action no. CV-02-1133 (Slocum Properties,
Inc. et al v General Electric Capital Corp, et al) filed in Mobile County
(AL)circuit court. It is a class
action suit that revolves around force placed insurance on leased equipment.
According to the court, a settlement of $11.8 million has been
reached between GE and the class of plaintiffs.
The root of their claim was that the practice of procuring insurance
for those customers that failed to satisfy the insurance requirement
of the lease was unlawful and involved 'excessive charges and fees.'
I suspect that most of your readership would sympathize with
GE (there's a first time for everything).
'Excessive charges and fees' aside, an action like this will
probably degrade, either actual or perceived, the asset value of a securitization
pool or even a bank line secured by leases since there will be less
assurances that the risk of equipment loss will be transferred to an
insurance company. Prices go
up and availability of credit goes down. Simple economics that will be lost on the majority
of borrowers.
Frank Latourell
---
NAELB Atlanta, GA
I thought I would give you a heads up on the upcoming conference
in Atlanta on November 7-8. During
the past month I have traveled from Atlanta to California to Oregon
and back. Everywhere I go I sense
a renewed vigor and optimism among the broker/lessor community, and
the early registration numbers seem to bear this out.
To give you a bit of perspective about our expectations,
three weeks before the Irvine meeting we had 22 registered attendees
and our final count was 82. We
are about three weeks away from the Atlanta meeting and we have 59 registered
thus far. We have had to increase our room block and well
as arrange for larger meeting accommodations. Good problems to be sure.
We are repeating the New Member Special. If a non member attends the Atlanta conference
and joins NAELB at the meeting they get $50.00 off their 2004 dues and
the balance of the year free.
Leasing professionals can view the agenda and register at
www.naelb.org. For hotel reservations
at the Sheraton Gateway Hotel at 770-997-1100.
If they are full, there is a Hampton Inn next door 770-996-0427.
On behalf of the 500 plus members of the NAELB I would like
to invite everyone to attend what is shaping up to be a fantastic meeting.
Bob Bell, CLP
President
NAELB
bob@independentleasing.com
(Charlies Lester will be covering this event for Leasing
News.)
-------------------------------------------------------------------
*** announcement *******************************
Teichman Financial Training Presents
The Deal is in the
Details
A WORKSHOP IN FINANCIAL STATEMENT ANALYSIS & INTERPRETATION
WHEN: MONDAY, NOVEMBER 17, 2003
WHERE: RAMADA INN,
324 East Shaw, Fresno, CA 93710
Tel: 559 224-4040
TIME: 9:00 a.m. to
4:00 p.m. (lunch on your own)
LEARN
How to read and interpret your prospect's financial statements.
How to qualify your prospects.
How funders look at full disclosure transactions.
How to understand what the real story is in your story credit.
How to explain your deal to your credit manager or funder.
How to make the best use of your selling time.
The class will be presented by Bob Teichman, CLP, an industry
veteran
celebrating his 40th year in the equipment leasing business.
COST: $245 (first
attendee from a company)
$225 (for each additional attendee from a company)
Pre-register by sending your check to Teichman Financial
Training, 3030
Bridgeway, Sausalito, CA 94965. Registration at the door
on a space-available basis
only.
For more information call: 415 331-6445 or e-mail BoTei@aol.com
Bob Teichman, CLP
Teichman Financial Training
3030 Bridgeway, Suite 213
Sausalito, CA 94965
Tel: 415-331-6445
Fax:415-331-6451
e-mail: BoTei@aol.com
"Providing education and training to the equipment leasing
and financing
industry."
**** announcement ***************************
__________________________________________________________________
|
About the Company: www.pentechfinancial.com |
|
|
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About the Company: Anaheim, CA. www.alliancefunds.com
|
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Documentation/Credit--customer
service, general office, part-time to full-time, computer knowledge
necessary, looking for a bright, fun person for small staff in
Santa Clara, California fax resume 800-727-3851 or e-mail: maria@americanleasing.com
About the Company: American Leasing is a 32 year old lessor/broker with mostly repeat business. 
|
|
About the Company: Anaheim, CA. www.alliancefunds.com |
|
|
 Stable funding source seeks experienced leasing representative; book of business required; remote office capability; send resume to jobs@balboacapital.com and reference leasingnews in subject line. |
|
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 Seeks experienced small ticket B2B leasing sales professionals in the western U.S. Very generous commission sharing with salary draw and benefits. Resumes mworxphx@yahoo.com |
|
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Please see our Job
Wanted section for possible new employees:
http://64.125.68.90/LeasingNews/JobPostings.htm
________________________________________________
### Press Release ########################
MB Financial, Inc. Reports Record Earnings for the Third
Quarter, an 11.8% Increase in Net Income
CHICAGO--(BUSINESS WIRE)----MB Financial, Inc. (NASDAQ:MBFI)
(the Company), the holding company for MB Financial Bank, N.A. and Union
Bank, N.A. (collectively, the Banks), announced today third quarter
results for 2003. The Company had net income of $13.6 million for the
third quarter of 2003 compared to $12.2 million for the third quarter
of 2002, an increase of 11.8%. Fully diluted earnings per share for
the third quarter of 2003 increased 10.3% to $0.75 compared to $0.68
per share in the third quarter of 2002.
Mitchell Feiger, President and Chief Executive Officer of
MBFI said, "We experienced another quarter of record-breaking performance,
as we continue to expand our service offerings and grow both net interest
income and non-interest income."
In addition to the operating results noted above, the Company
had the following significant items that occurred during the third quarter
of 2003:
-- Return on average equity of 14.95% for the quarter;
-- Return on average assets of 1.28% for the quarter;
-- Net gains on sale of securities available for sale increased
$805 thousand to $827 thousand from the third quarter of 2002;
-- Reclassified the Company's $7.7 million mobile home loan
portfolio to loans held for sale and recorded a lower of cost or market
adjustment of $800 thousand;
-- Increased the Company's quarterly cash dividend 20% over
the second quarter of 2003 to $0.18 per share;
-- Approved plans to repurchase up to 300,000 of the Company's
outstanding shares;
-- Acquired a new corporate headquarters building in Rosemont,
Illinois for $19.3 million.
See "Selected Financial Ratios" section below for
additional statistical data regarding the Company's 2003 third quarter
and year to date performance.
RESULTS OF OPERATIONS
Third Quarter Results
Net income was $13.6 million for the third quarter of 2003
compared to $12.2 million for the third quarter of 2002. Net interest
income, the largest component of net income, was $36.4 million for the
three months ended September 30, 2003, an increase of $1.9 million,
or 5.5% from $34.5 million for the third quarter of 2002. Net interest
income grew primarily due to a $432.3 million, or 12.6% increase in
average interest earning assets, which offset a 22 basis point decline
in the net interest margin, expressed on a fully tax equivalent basis,
to 3.83% from the comparable 2002 period. The increase in average interest
earning assets was due to the acquisition of South Holland Bancorp,
Inc. (South Holland) in the first quarter of 2003 and continued growth
of the Company's commercial lending business.
The provision for loan losses increased by $2.0 million to
$5.4 million in the third quarter of 2003 from $3.3 million in the comparable
2002 period. The increase was due to increases in non-performing loans
and net charge-offs during the quarter.
Other income increased $7.7 million, or 81.1% to $17.1 million
for the quarter ended September 30, 2003 from $9.4 million for the comparable
2002 period. Net lease financing increased by $2.4 million, due to $1.1
million in additional revenues resulting from the acquisition of LaSalle
Systems Leasing, Inc. (LaSalle) in the third quarter of 2002 and improved
residual performance within the lease investment portfolio. Trust asset
management and brokerage fees increased by $2.3 million due to a $1.6
million increase in brokerage fees and a $707 thousand increase in income
from trust asset management activities. Brokerage fees increased due
to additional revenues generated by MB Financial Bank's wholly owned
full service broker/dealer, Vision Investment Services, Inc. (Vision),
acquired in the South Holland merger. The $707 thousand increase in
trust asset management income was due to an additional $722 thousand
in revenues generated by the South Holland trust business. Deposit service
fees increased by $1.9 million due to a $1.6 million increase in NSF
and overdraft fees, which grew due to the acquisition of South Holland,
as well as the introduction of a new overdraft protection product and
other deposit service pricing methods that went into effect in January
2003. Net gains on sale of securities available for sale increased by
$805 thousand due to a $827 thousand gain incurred in 2003 compared
to a $22 thousand gain in 2002. Loan service fees increased by $688
thousand to $1.6 million due primarily to increases in prepayment fees
and letter of credit fees of $318 thousand and $162 thousand, respectively.
Other operating income declined by $303 thousand due primarily to an
$800 thousand lower of cost or market adjustment on mobile home loans
transferred to loans held for sale.
Other expense increased by $5.6 million, or 24.3% to $28.5
million for the three months ended September 30, 2003 from $22.9 million
for the three months ended September 30, 2002. Salaries and employee
benefits increased by $3.0 million due to the South Holland and LaSalle
acquisitions and the Company's continued investment in personnel. Brokerage
fee expense increased by $1.1 million due to the Vision acquisition
during the 2003 period. Other operating expense increased $901 thousand
primarily due to the LaSalle and South Holland acquisitions referred
to above.
Year-To-Date Results
Net income was $39.1 million for the nine months ended September
30, 2003 compared to $34.1 million for the nine months ended September
30, 2002, an increase of 14.8%. Net interest income, the largest component
of net income, was $105.0 million for the nine months ended September
30, 2003, an increase of $5.3 million, or 5.3% from $99.7 million for
the first nine months of 2002. Net interest income grew primarily due
to a $464.8 million, or 14.0% increase in average interest earning assets,
which offset a 30 basis point decline in the net interest margin, expressed
on a fully tax equivalent basis, to 3.78%. The increase in average earning
assets was primarily due to the acquisition of the First National Bank
of Lincolnwood (Lincolnwood) in the second quarter of 2002, South Holland
in the first quarter of 2003, and growth of the Company's commercial
lending business.
The provision for loan losses declined by $301 thousand to
$10.2 million in the first nine months of 2003 from $10.5 million in
the comparable 2002 period.
Other income increased $22.2 million, or 81.8% to $49.3 million
for the nine months ended September 30, 2003 from $27.1 million for
the comparable 2002 period. Net lease financing increased by $7.4 million
primarily due to $5.1 million in additional revenues from LaSalle, which
was acquired in the third quarter of 2002, and improved residual performance
within the lease investment portfolio. Trust asset management and brokerage
fees increased by $6.4 million due to a $4.4 million increase in brokerage
fees and a $2.0 million increase in income from trust asset management
activities. Brokerage fees increased due to the acquisition of Vision.
The $2.0 million increase in trust asset management income was primarily
due to an additional $1.8 million in revenues generated by the South
Holland trust business. Deposit service fees increased by $4.8 million
primarily due to a $3.9 million increase in NSF and overdraft fees,
which grew due to the acquisition of South Holland as well as the introduction
of a new overdraft protection product and other deposit service pricing
methods that went into effect in January 2003. The sale of Abrams Centre
National Bank (Abrams) in the second quarter of 2003 resulted in a $3.1
million gain. Other operating income increased by $966 thousand primarily
due to the LaSalle, South Holland, and Lincolnwood acquisitions referred
to above, as well as $1.1 million in gains on sale of real estate loans
which were offset by an $800 thousand lower of cost or market adjustment
on mobile home loans transferred to loans held for sale in the third
quarter of 2003.
Other expense increased by $20.4 million, or 30.6% to $87.1
million for the nine months ended September 30, 2003 from $66.7 million
for the nine months ended September 30, 2002. Salaries and employee
benefits increased by $10.4 million due to the South Holland, Lincolnwood
and LaSalle acquisitions and the Company's continued investment in personnel.
Brokerage fee expense increased by $2.7 million due to the acquisition
of Vision. Other operating expense increased by $2.2 million due to
the acquisitions referred to above. Professional and legal expense increased
by $1.6 million. This increase was primarily due to the write off of
$1.0 million in costs associated with planning construction of a new
corporate headquarters prior to management's decision to pursue the
more cost-effective option of purchasing an existing building in Rosemont,
Illinois. In conjunction with the sale of Abrams, the Company settled
litigation costing approximately $300 thousand. Additionally, the Company
incurred approximately $400 thousand in legal expense as the plaintiff
in litigation defending its corporate trademark. Prepayment penalty
on Federal Home Loan Bank advances increased by $1.1 million due to
a penalty incurred in the 2003 period on the payoff of $8.1 million
in long-term advances as the Company attempted to better position its
balance sheet. Occupancy and equipment expense, computer services expense
and advertising and marketing expense increased by $1.0 million, $579
thousand and $566 thousand, respectively, due to the acquisitions referred
to above.
B Financial, Inc.
Jill York, 773-645-7866
### Press Release ########################
--------------------------------------------------------------------
News Briefs---
Making a Stand as
Blaze Closes on Los Angeles
http://www.nytimes.com/2003/10/28/national/28SCEN.html
Current Satellite View of Fire in Southern California
http://www.signonsandiego.com/news/fires/multimedia.html
Fire Wrap-Up by San
Diego Tribune-Union
http://www.signonsandiego.com/news/fires/031027fire_blog.html
California Top Cost
Fires---History
http://www.nytimes.com/aponline/national/AP-California-
Wildfires-Cost-Glance.html
Bank of America,
FleetBoston Plan to Merge
http://www.washingtonpost.com/wp-dyn/articles/A26574-2003Oct27.html
http://www.nytimes.com/2003/10/28/business/28bank.html?hp
http://www.boston.com/business/articles/2003/10/27/fleet_
surrenders_name_as_part_of_merger/
http://www.nytimes.com/2003/10/28/business/28fleet.html
http://www.washingtonpost.com/wp-dyn/articles/A27251-2003Oct28.html
American Express
Profit Jumps 12 Percent
http://www.washingtonpost.com/wp-dyn/articles/A25733-2003Oct27.html
Tyco Trial Turns
to 'Birthday Bash'
http://www.washingtonpost.com/wp-dyn/articles/A26576-2003Oct27.html
This Tyco Videotape
Has Been Edited for Content
http://www.nytimes.com/2003/10/28/business/28tyco.html
Unions anticipate grocery strikes in Northern California
in 2004
http://www.signonsandiego.com/news/state/20031027-1100-ca-
norcalgrocerystrikes.html
Microsoft unwraps
'Longhorn' OS
http://www.signonsandiego.com/news/business/20031027-0930-
tech-microsoft-longhorn.html
ABC News reconstructs Kennedy assassination, confirms Warren
Commission conclusion
http://sfgate.com/cgi-bin/article.cgi?f=/news/archive/2003/10/27/
entertainment1555EST0649.DTL
North Korea has delivered 400 ballistic missile to Mideast
http://www.worldtribune.com/worldtribune/breaking_8.html
---------------------------------------------------------------------------------------
Sport Brief---
U.S. Rugby Team Ends
16 - Year Losing Skein
http://www.nytimes.com/aponline/sports/AP-US-Rugby.html
-----------------------------------------------------------------------------------
"Gimme that Wine"
Wines for Halloween
(Available at Cost Plus & other retailers)
http://www.bellaonline.com/articles/art13342.asp
Thanksgiving Wine
Poll
http://www.bellaonline.com/articles/art14236.asp
------------------------------------------------------------------------------------------
This Day in American History
1646-
At Nonantum, Mass., colonial missionary John Eliot ("Apostle to
the New England Indians"), 42, conducted the first Protestant worship
service for the Indians of North America. He also delivered the first
sermon preached to the Indians in their native tongue.
1793-Eli Whitney applies for a patent on the
cotton gin. According to history one of his black slaves had come up
with the idea from using a comb to a cylinder, in which he had made
a prototype of
wood. Upon seeing it, Whitney made some experiments,
put it to paper, and sent a letter to register the idea. He then spent
a year making a metal prototype. He called it a cotton gin ( short
for “engine.” It turned quickly, easily separating cottonseed from the
short-staple cotton fiber. Whitney's cotton gin was capable of maintaining
a daily output of 23 kg (50 lb) of cleaned cotton, and its effect was
far-reaching, making southern cotton a profitable crop for the first
time. Whitney, however, failed to profit from his invention. Numerous
imitations appeared, and his 1794 patent was not validated until 1807.
In 1798, Whitney obtained a government contract to make 10,000 muskets.
He demonstrated that machine tools--manned by workers who did not need
the highly specialized skills of gunsmiths--could produce standardized
parts to exact specifications, and that any part could be used as a
component of any musket. The firearms factory he built in New Haven,
Conn., was thus one of the first to use mass production methods.
http://www.pbs.org/wgbh/aia/part3/3h1522.html
http://www.suite101.com/article.cfm/african_american_history/61415
1798-Birthday
of Levi Coffin, founder of The Underg
round Railroad, born New Garden, North Carolina.
http://www.indianahistory.org/heritage/levic.html
http://www.visitrichmond.org/history/levicoffin/
http://www.waynet.org/nonprofit/coffin.htm
http://www.spartacus.schoolnet.co.uk/USAScoffin.htm
http://www.walmart.com/catalog/product.gsp;jservses
sionid=6183044723fd99786b3ce313e3fe6bd11f1f51f80_10-15-20-208.86.1035589086776.:0f?product_id=1047862&sourcei
d=0100000030390613102498
1842-Birthday
of Anna Elizabeth Dickinson, influential American orator and author
of the Civil War era, born at Philadelphia, PA.
As an advocate of abstinence, abolition and woman suffrage, she
earned the nickname, “ American Joan of Arc.” She died on October 22,1932.
1846-The
pioneering Donner Party, a group of 90 people consisting of immigrants,
familes and businessmen led by George and Jacob Donner and James F.
Reed, head toward California from Springfield, IL, in hopes of beginning
a new life. They experienced the normal travails of caravan traveluntil
their trip took several sensational twists, Indian attacks and winter
weather which forced them to interrupt their journey led to famine and
outright cannibalism which took their toll on members of the party whose
numbers dwindled to 48 by joruney’s end.
1864-
Second Battle of Fair Oaks located on the defensive perimeter around
the Confederate capital of Richmond. General Robert E. Lee's army constructed
five lines of trenches that stretched 25 miles south to Petersburg.
For five months, Lee's troops had been under siege by the forces of
Union General Ulysses S. Grant. The monotony of the siege was broken
only periodically by a Union attempt to break Lee's lines. One such
attack came at Hatcher's Run, southwest of Petersburg, on October 27.
At the same time, Grant ordered an attack at Fair Oaks, about 24 miles
from the assault at Hatcher's Run.
The Richmond defenses were formidable, so any direct assault
was unlikely to succeed. By attacking at Fair Oaks, Grant hoped to prevent
Lee from shifting any troops along the Richmond-Petersburg line to reinforce
the lines at Hatcher's Run. Some 1100 Union men were killed, wounded,
or captured during the attack, while the Confederates lost just 450.
The planned diversion did not work--at the far end of the defenses,
the Yankees failed to move around the end of the Confederate line at
Hatcher's Run.
1864- Battle of Wauhatchie,
TN, one of the few night engagements of
the Civil War, won by the Union troops to open up a badly
needed
supply route, establishing what was then called “The Cracker
Line.”
http://www2.cr.nps.gov/abpp/battles/tn021.htm
1864-
In the midst of the Battle of Burgess' Mill VA , cavalry commander CS
Gen Wade Hampton came upon his sons - mortally wounded Frank Preston
Hampton and Wade Hampton, Jr. who had been shot while coming to his
brother's aid.
1875-
Birthday of Gilbert H. Grosvenor, the editor credited with transforming
National Geographic Magazine
from a small scholarly journal into a dynamic world-renowned monthly,
born at Istanbul,
Turkey, died 1966.
( lower half of: http://memory.loc.gov/ammem/today/oct28.html)
1886-
Frederic Auguste Barthold's famous sculpture, the statue of Liberty
Enlightening the World, on Bedloe's Island in New York Harbor was dedicated. A sonnet by Emma Lazarus, inside the pedestal
of the statue, contains the words: "Give me your tired, your poor,
your huddled masses yearning to breathe free, the wretched refuse of
your teeming shore. Send these, the homeless, tempest-tost to me, I
lift my lamp beside the golden door." Here is a little known fact,
when the Statue of Liberty was dedicated in New York Harbor,d women
were barred from the ceremony because it would be too crowded and rough
for the ladies, but a group of women chartered a boat and circled the
island singing and shouting women's rights messages.
1896-Birthday
of Howard Hanson, composer/conductor/educator born Wahho, NE. In 1921 he became the first American to win
the Prix de Rome. In 1924 eh
became head of the Eastman School of Music at the University of Rochester,
NY, where he served for 40 years. Best
known for the music he composed, Hanson was awarded the Pulitzer Prize
as outstanding contemporary composer in 1944 for his composition Symphony
No. 4, the George Forster Peadboy Award in 1946, the Laurel Leaf of
the American Composers Alliance in 1957 and the Huntington Foundation
Award in 1959. He died at Rochester, Feb 26, 1981 949-Helen
Eugene Moore Anderson became the first woman to hold the post of US
ambassador when she was worn in by President Harry S. Truman . She served
as Ambassador to Denmark.
1904-St Louis police try a new investigation
method-fingerprints.
http://www.onin.com/fp/fphistory.html
1907-Birthday
of alto sax player Rudy Power, New York City, NY
1914-Birthday
of Jonas Salk, developer of the Salk polio vaccine, born at New York,
New York.
Salk announced his development of a successful vaccine in
1953, the year after a polio epidemic claimed some 3,300 lives in he
US. Polio deaths were reduced by 95 percent after
the introduction of the vaccine. Salk spent the last 10 years of his
life doing AIDS research. He
died June 23, 1995 at La Jolla,
CA. 1919- Congress passed the Volstead Act ,prohibiting the "manufacture,
sale, or transportation of intoxicating liquors" in the United
States. The Roaring Twenties
were about to begin. A
little known fact, the Volstead Act did cut down the alcoholic rate
in the United States, with less fatalities and family problems. Many
of the nightclubs legally sold alcohol beverages as anything
in their inventory
was “legal.” Crime
in the Midwest was rampant before the 1920’s. The advent
of the machine gun and automatic weapons increased the crime
rate, not the commerce of alcohol from Canada and Mexico.
http://memory.loc.gov/ammem/today/oct28.html
1916-
Birthday of trombonist Bill Harris.
http://shopping.yahoo.com/shop?d=product&id=1927005
706&clink=dmmu.artist&a=b
1928-Birthday
of accordion player Iry LeJeune, Point Noir, LA
http://www.cajunculture.com/People/LeJeuneIry.htm
http://www.cajunfrenchmusic.org/biographies/lejeune-i.htm
http://www.carencrohighschool.org/la_studies/ParishSerie
s/FrenchMusic/IryLejeune.htm
http://www.amazon.com/exec/obidos/ASIN/B000001O54/
avsearch-musicasin-20/103-0570268-6906239
1928-The
First Men’s Field Hockey Game: The Westchester Field Hockey Club of
Rye, NY, defeated the Germantown Cricket Club of Germantown, PA, 2-1,
in the first organized men’s field hockey game played in the US.
1938-John
Kirby records his trumpet man Charlie Shavers’s “Undecided,” Decca.
1939-Birthday
of singer Andy Bey, Newark, NJ
1946
- Our favorite flying cowboy was heard on ABC radio for the first time.
"Sky King" starred Jack Lester, then Earl Nightingale, and
finally, Roy Engel, as Sky. Beryl Vaughn played Sky’s niece Penny; Jack
Bivens was Chipper and Cliff Soubier was the foreman. "Sky King"
was sponsored by Mars candy.
1949-Birthday
of William Bruce Jenner, sportscaster., Olympic gold medal decathlete,
born Mount Kisco, NY.
1950-“The
Jack Benny Program” premiered on television.
One of radio’s favorite comedians, Jack Benny made the transition
to favorite TV personality with this situation comedy-variety show in
1950.
In March 1932, then-newspaper columnist Ed Sullivan, dabbling
in radio, asked Benny, a star in vaudville, to do an on-air interview.
Benny reluctantly agreed. His
comedy, though, was so successful that Benny was offered his own show
In many of these skits, Benny portrayed himself as a vain egomaniac
and notorious pinchpenny who refused to replace his (very noisy) antique
car and who kept his money in a closely guarded vault. His regulars
included his wife, whose character, Mary Livingstone, deflated Benny's
ego at every opportunity; Mel Blanc, who used his famous voice to play
Benny's noisy car, his exasperated French violin teacher, and other
characters; and Eddie Andersen, one of radio's first African American
stars, who played Benny's long-suffering valet, Rochester Van Jones.
The program ran until 1955. One of my favorite lines came from
a skit where a robber sticks a gun in his ribs and says,
“Your money or life? “ The silence
went on for many minutes, until Benny turns deadpan to the camera and answers, “I’m THINKING! “
1952---Top
Hits
You Belong to Me - Jo Stafford
Wish You Were Here - Eddie Fisher
I Went to Your Wedding - Patti Page
Jambalaya (On the Bayou) - Hank Williams
1955
–Birthday of William H. Gates, Seattle, Washington. Gates and his childhood
friend Paul Allen began programming in high school, when they created
and sold a program to control traffic patterns in Seattle. Gates dropped
out of Harvard in 1975 after he and Allen created a compiler for the
BASIC computing language and sold it to fledgling PC company MITS. In
1977, Gates and Allen founded Microsoft and built the company by creating
versions of BASIC for various personal computers. The company's biggest
break came in 1981, when IBM introduced the IBM PC, running Microsoft
DOS as its operating system. Microsoft's lock on the operating system
market grew stronger, and Gates became one of the wealthiest men in
America by the time he turned thirty-five.
1958-
In San Francisco, construction begins on the Giants' new ballpark in
an area where the rocks look like candlesticks jutting into the San
Francisco Bay. The developer gifts the land with the stipulation
the park be named after him.
1960-Top
Hits
I Want to Be Wanted - Brenda Lee
The Twist - Chubby Checker
Devil or Angel - Bobby Vee
Alabam - Cowboy Copas
1960--- -The American Football League granted their seventh
franchise to Buffalo with Ralph C. Wilson, Jr. of Detroit as principal
owner
http://www.buffalobills.com/history/index.cfm?include=/i
ncludes/chronology_60.htm
1961
-Ground is broken for the Flushing Meadow Stadium; the future home of
the New York Mets will be known as Shea Stadium in honor of Bill Shea,
a lawyer who helped to bring back the NL to the Big Apple.
1961- Chuck Berry was one of the biggest pop
stars of the late 1950s when he began to have legal problems. While
charges in yet another Mann Act violation were pending (which were dismissed
in 1960), Berry met Janice Escalante, a Native American with roots in
the Apache tribe, in a bar in El Paso, Texas. According to Berry, who
took the young woman on the road with his traveling rock show, Escalante
claimed to be 21 years old. After there was a falling out between the
two, Escalante complained about Berry to the authorities.
During his second trial, the prosecution produced a birth certificate
proving that Escalante was a mere 14 years old. Berry was convicted
and sentenced to three years in prison. After a short stretch in Leavenworth
Federal Prison, he was transferred to a Missouri jail, where he spent
his time studying accounting and writing songs. Among the songs he wrote
before his release from prison in October 1963 were "No Particular
Place to Go" and "You Never Can Tell," later memorialized
in the film Pulp Fiction
1961
- Brian Epstein, a record store owner in London, was asked by a customer
for a copy of the record, "My Bonnie", by a group known as
The Silver Beatles. He didn’t have it in stock so he went to the Cavern
Club to check out the group. He signed to manage them in a matter of
days and renamed them The Beatles.
1961
- Groundbreaking ceremonies were held for the Municipal Stadium at the
former site of the New York World’s Fair in Flushing, NY. The name was
later changed to Shea Stadium, after New York Commissioner William A.
Shea.
1964-Marietta
Peabody Tree was sworn in to the Trusteeship Council of the United Nations,
becoming the first United Nations permanent ambassador who was a woman. She had served since 1961 as a United Nations
delegate.
1965
- The Gateway Arch (630ft/192m high), St. Louis, Missouri, was completed.
Construction had begun Feb 29, 1964.
1967-
Actress/producer Julia Roberts birthday, born Smyrna, GA.
1968---Top
Hits
Hey Jude - The Beatles
Little Green Apples - O.C. Smith
Those Were the Days - Mary Hopkin
Then You Can Tell Me Goodbye - Eddy Arnold
1969-Charges
that an illegal war in Laos was being conducted without congressional
knowledge or consent were leveled against President Richard Nixon, the
administration and the Pentagon by Senator J. William Fullbright, chairman
of the Senate Foreign Relations Committee.
1970-Ky
marshals were appointed in accordance with President Richard M. Nixon’s
presidential directive to deal with the proliferation of hijackings
of commercial airplanes. The Treasury Law Enforcement Officers Training
School graduated 46 marshals on December 23, 1970, and 81 marshals,
including four women, on April 9, 1971.
1972-Birthday
of football player Terrell Davis, San Diego, CA.
1973
–Secretariat, the colt many considered the greatest thoroughbred race
of all time, concluded his career with a victory in the Canadian International
Championships at Woodbine Race Course.
His jockey on this occasion was Eddie Maple, substituting for
the suspended Ron Turcotte..
1974
- Rhoda Morgenstern made TV history as she married Joe Girard on "Rhoda"
on CBS. The show was a spin-off from the hugely successful "The
Mary Tyler Moore Show".
1976---Top
Hits
If You Leave Me Now -Chicago
Still the One - Orleans
Rock’n Me - Steve Miller
You and Me - Tammy Wynette
1978
- Nick Gilder’s "Hot Child in the City" was the number one
single on the "Billboard Hot 100". The hit was a track from
Gilder’s "City Nights" album.
1980
- Annette Funicello, Cubby O’Brien, Tommy Cole, Sherry Alberoni and
Dickie Dodd joined other Mouseketeers wearing black ears and white shirts
on a sound stage in Burbank, CA. They were celebrating the 25th anniversary
of the "Mickey Mouse Club". While we’re celebrating the "Mickey
Mouse Club", do you remember the five special events each week?
There was Fun with Music Day on Monday, Guest Star Day on Tuesday, Anything
Can Happen Day on Wednesday, Circus Day on Thursday and Talent Roundup
Day on Friday. “Y? Because we LIKE you!”
1981
- Game 6 of the World Series saw the Los Angeles Dodgers storm back,
winning their forth straight game (9-2), and the championship, after
having been down two games to none to the New York Yankees. Rookie pitcher
Fernando Valenzuela started the Dodger comeback, and batters Ron Cey,
Pedro Guerrero, Steve Garvey, and Steve Yeager took them the rest of
the way. There had been genuine concern that snow might interfere with
the Fall Classic since it was being played so late in the season in
New York City. And we worry about that every year that there’s a World
Series game in a northern city...
1984---Top
Hits
I Just Called to Say I Love You - Stevie Wonder
Caribbean Queen (No More Love on the Run) - Billy Ocean
Hard Habit to Break - Chicago
If You’re Gonna Play in Texas (You Gotta Have a Fiddle in the Band)
- Alabama
1986
- In the Neiman-Marcus catalogue this day, the store offered, as a unique
holiday gift, a 100-year subscription to "The Wall Street Journal"
-- for just $6,000. That was a $5,400 saving over the regular 100-year
rate!
1989
- The Oakland Athletics beat the San Francisco Giants 9-6 to complete
a four-game sweep of the World Series, the first World Series sweep
since 1976. The A’s scored first in every game and never lost the lead
once. Oakland pitcher Dave Stewart pitched two games, won two games,
struck out fourteen hitters in sixteen innings, had an earned run average
of 1.69 and was named MVP. The Series will be remembered not only for
the A’s dominance, but also for the earthquake before game three that
killed sixty- seven people in the San Francisco Bay area.
1995
- Atlanta Braves right fielder David Justice broke a scoreless tie with
the Cleveland Indians. It was a solo home run in the bottom of the sixth
in Game 6 of the World Series, and it was all the Braves would need.
Pitcher/Series MVP Tom Glavine allowed just one hit in eight innings,
and Mark Wohlers pitched a perfect ninth to seal the championship, the
first in Atlanta’s history.
1996-Newspapers
reported that Egghead, Inc. had started delivering software via the
Internet directly to customers' computers, a major innovation at the
time.. The move made Egghead the first major software retailer to deliver
programs over the Internet. Egghead closed about half its retail stores
in 1996, and in 1998, the company closed all its bricks-and-mortar stores
and moved its entire sales operation to the Web.
1997-The
National Basketball association hired five new referees for the 1997-98
season, including the first two women ever, Dee Kanter and Violet Palmer
both had extensive experience working women’s college games and both
worked exhibition games as a trial.
Palmer got her first regular season assignment on October 31
in Vancouver. Kantner worked her first game on November 5, Philadelphia.
2002
-The Mets, after being unable to get permission to talk to Lou Piniella
from Seattle and deciding not to wait ten days after World Series for
the availability Giant skipper Dusty Baker, give Art Howe a four-year,
$9.4 million deal to manage the team. New York's new skipper managed
the A's to two AL West titles (2000, 2002) championships with his teams
winning 383 games during the last four seasons matching Joe Torre's
Yankee total.
World Series Champions This Date
1981 Los Angeles Dodgers
1989 Oakland Athletics
1995 Atlanta Braves
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