June
06, 2000
-- Tuesday-Charter sold/Farm Credit expands/Capital Stream w/Babcock-Brown--
News Release:
Wells
Fargo To Acquire Charter Financial Wells Fargo & Company and Charter Financial,
one of the nation's largest independent leasing companies, have signed a definitive
agreement for Wells Fargo to acquire Charter Financial.
Terms
of the transaction, expected to be completed in the second half of this year,
were not disclosed. After the acquisition, Charter is expected to become part
of Minneapolis-based Wells Fargo Equipment Finance which has $2.85 billion in
receivables, 200 employees, 12,500 customers, does business in 49 states and is
the nation's tenth largest leasing company among banks.
Charter
Financial, headquartered in New York City, is a specialty finance and leasing
company that provides mid-market financing to clients in targeted industries throughout
the U.S. and Canada. It has receivables under management of $950 million and 100
employees. It provides medium-term, fixed rate, full payout leases and equipment
financing for 4,000 commercial customers across North America.
The
company originates equipment financing transactions in the U.S. on a direct sales
basis through 10 offices and in Canada through a network of eight exclusive small
independent leasing companies. It originated $383 million in leases last year.
"As
we grow our business we believe that 'partnering' with a larger diversified company
can make it possible for us to add significant financial products to better serve
our customers and satisfy all their financial needs, " said Charter Financial
Chairman Alan Fisher. "Wells Fargo Equipment Finance has a track record of success
and shares our commitment to long-term customer relationships and strong credit
quality."
"Charter
Financial has an outstanding management team and will bring us a nationwide customer
base in media, telecommunications, plastics and packaging," said Jim Renner, president
of Wells Fargo Equipment Finance. "It also will give us a strong foothold in Canada
where it targets middle market clients in construction, transportation, logging
and forestry industries."
Farm
Credit Leasing Announces a Promotion, New Hires
MINNEAPOLIS--(BUSINESS
WIRE)--Farm Credit Leasing (FCL) announces a recent promotion and several new
hires.
Greg
Bucher has been promoted to counsel-special assets in FCL's Minneapolis headquarters.
Formerly manager of special assets, Bucher will continue managing the department
while assisting the company's legal department with legal research and documentation.
In addition, FCL senior managers have recognized Bucher's insight and experience
by naming him to the company's Risk Management Committee. Bucher, who has been
with FCL for 13 years, is a 1999 graduate of William Mitchell College of Law and
was recently admitted to the Minnesota Bar.
FCL
also welcomes three new sales staff members to its Sacramento, Calif., and Atlanta
sales offices.
Bill
Martin joins FCL as a regional sales manager in Sacramento. Martin will work with
the company's large producer and cooperative customers in California and Arizona.
Martin
was previously an assistant western division manager with Financial Partners,
Inc. Prior to working with Financial Partners, he spent five years with CoBank's
Sacramento office as a vice president working in areas of business development,
portfolio management and credit administration. Before working with CoBank, Martin
worked for 16 years with various banks in the 11th Farm Credit Bank District including
the Federal Intermediate Credit Bank of Sacramento, Production Credit Association
of San Luis Obispo, Federal Land Bank of Sacramento and the Western Farm Credit
Bank of Sacramento.
Martin
attended California Polytechnic State University in San Luis Obispo, Calif., and
earned an undergraduate degree in agricultural business management.
Ron
Vincent also joins the Sacramento sales office as an account representative. Vincent
will provide the Sacramento sales staff with technical support for lease processing,
pricing, structuring and deal flow.
Vincent
brings a wealth of leasing experience to his new position having worked in sales
for Metlife Capital (GE Capital Corp), Sequoia Group, TOPA Thrift & Loan Association,
Aequus Financial and Pentech Financial Services.
Vincent
attended the University of Wisconsin and earned a degree in economics-finance.
He also has a master's degree in banking from the University of Wisconsin's Graduate
School of Banking.
David
Lorrens joins FCL's Atlanta sales office as a regional sales manager. He will
work with independent originators and small to medium-size producers and cooperatives
throughout his territory of the Carolinas, Georgia and Florida.
Lorrens
spent five and a half years with First South PCA where he was a "Million Dollar
Originator" for FCL through the Association. He has also worked for Telmark Leasing
in Alabama.
Lorrens
attended the University of Georgia and earned a bachelor's degree in agricultural
economics.
FCL
provides equipment leasing and related services for all types of vehicles, equipment
and machinery to agricultural producers, their cooperatives, communications and
energy companies and Farm Credit System entities. The company is also actively
involved in the syndication of multimillion-dollar lease projects and lease portfolio
servicing. It is one of the nation's largest agricultural leasing companies. In
addition to its corporate headquarters, FCL maintains 10 sales offices throughout
the country.
FCL
is part of the 84-year-old, $88 billion Farm Credit System, one of the largest
and oldest cooperatives in the nation. Today, this national network of approximately
175 borrower-owned banks, associations and service corporations provides production
agriculture with approximately one-quarter of its credit and financial needs.
CoBank, the System's $24-billion Denver-based cooperative bank specializing in
agribusiness, ag export and communications and energy financing, is FCL's majority
owner. AgFirst Farm Credit Bank of Columbia, S.C., owns the balance of FCL's common
stock. The other five Farm Credit Banks own preferred stock in the company.
CONTACT:
Farm
Credit Leasing, Minneapolis
Brian
Delgado, Communications Manager
Phone:
763/797-3418
Fax:
763/797-3555
Email:
bdelgado@fcleasing.com
News Release
CapitalStream in Strategic Alliance with Babcock & Brown
CapitalStream,
an e-commerce provider of services and applications for the business finance industry,
announced a strategic alliance with leading investment bank Babcock & Brown, its
most important such alliance to date. The strategic alliance will bring CapitalStream's
B2B e-commerce financing network and integrated applications to the global mid-
to large-ticket transaction market. Under the terms of the agreement, the two
companies will work together to develop advanced online applications to help customers
manage the spectrum of equipment and asset-based financing in the mid- to large-ticket
market, from computer to transportation equipment. CapitalStream is a leader in
enabling businesses to implement online financing e-commerce strategies to drive
sales, improve customer experiences and manage credit risk.
Said
Stephen Campbell, president and CEO of CapitalStream, "This alliance brings together
the number one investment bank specializing in structuring and managing large
asset-based financing with the leading enabler of online commercial finance transactions.
The agreement will allow CapitalStream to further extend its market reach by leveraging
Babcock & Brown's extensive presence in the global finance marketplace. Babcock
& Brown is not entering into this alliance in its role as an investment banker,
but rather, as a strategic partner that will help CapitalStream penetrate new
market segments around the world."
Founded
in 1977, Babcock & Brown is the leading international investment bank specializing
in originating, structuring and managing large asset-based lease, debt and project
financing. With over $22 billion in financial transactions in 1999, Babcock &
Brown operates out of 17 offices in 11 countries around the world. Babcock & Brown
will bring its expertise in mid- to large-ticket and global financing to the product
design process, along with joint marketing and investment capital. This will enable
CapitalStream to extend its product offering into transactions valued from $250
thousand to $25 million. CapitalStream will create a range of web-based services
to help financial institutions, brokers, vendors and Global 1000 firms arrange
online commercial loans, leases, and lines of credit faster and more effectively.
Jim
Babcock, president and CEO of Babcock & Brown, said, "CapitalStream has created
the premier online transaction network enabling integrated financing at the point
of sale, automating credit risk management and internal workflow.
The company
has signed up more than 200 customers who use CapitalStream.com
as their e-commerce processing platform. Together, we plan to extend this reach
into the mid- to large-transaction segment of the market on a global basis, and
enable demand for credit and sources of credit to come together via the CapitalStream
network."
The
chief goal of the alliance is to provide financial institutions, vendors, equipment
users, brokers and B2B e-commerce firms with the ability to implement web-based
e-commerce solutions. CapitalStream will enable this through CapitalStream.com,
which offers an open transaction network, program management tools, risk management
and work flow automation for the entire financial supply chain. Services that
CapitalStream expects to add as a result ofthe alliance include RFP management,
credit -management, transaction and investor matching, bid solicitation and response,
documentation management and multi-currency support for international leasing,
lending, and lines of credit origination.
Using
the integrated suite of online transaction applications that CapitalStream will
develop, businesses will be able to create tailored customer finance programs,
find network financing partners, reach new market segments electronically, manage
mid- to large-ticket transactions, obtain access to leading third party credit
information and integrate with legacy systems.
"CapitalStream
is significantly ahead of the competition. Its business model reflects an understanding
that success requires solving the full range of customer service, transaction
networking and credit automation requirements of the industry," said Babcock
