April 23, 2001






  225 Expected to UAEL Scottsdale Conference, including 40 "first timers"

    Bob Rodi Christmas Prediction---Coal or Bonus in your Fireplace Stocking?

      BrokerWare Merges with Funder OnLine

            Bank Wire by Internet: Instant-no possible 24 hour time delay-

              NEC Leasing Lowers Price, Plus $500 up-front Bonus

                  Pacific Century Cuts Back in U.S. Leasing/Concentrate on "Home Market"

                     Old Frauds Remembered


 eLeasing--Duffy Sums Leasing News Report Correctly


######### denotes company press release ( their spin ).


  ****eLeasing Corrections and/or Additions****




  BrokeWare Merges with Funder OnLine Corp.


   BrokerWare, Inc. listed as Isis Systems is in the process of merging with Funder Online Corp. #2 on your list and should not be listed as a separate entity or system.  Please list as Funder

Online Corp/BrokerWare, Inc. Customers include: FNF Capital, Relational Funding, TransAmerica,

Bank of Montreal, Royal Bank, CIT, HP, Intel, Oracle, IBM.


Mike Cumby


BrokerWare, Inc.


P.S.  By the way, I'm not sure if this is an appropriate question, but we are looking

for a US Sales Manager.  With all of the recent closings and down sizing,

anyone that you know come to mind?  High profile, well known individual

would be best. 


     +             +                +


Summit National, Inc. is a leading global provider of lease accounting

software and services for the equipment, computer, and automobile leasing

industry.  Our suite of systems include: AP 2000, MILLENNIA, OPTIMA, &

MAXXUM.  Summit also offers Application Service Provider and Outsourcing



Summit National, Inc. maintains offices in Chicago, IL, Norcross, GA,

Toronto, CAN, London, ENG, and representation in Sydney and Melbourne

Australia to serve over 350 domestic and international clients/users.


Summit's 350+ client/user base include 18 of the Monitor 100.  Summit also

provides software and services for leading small and mid-range banks,

leasing companies, and other captives.


The 26 eLeasing software providers listed in your report provide different

products for different needs.  As such, the 26 vendors could be placed in

separate and distinct categories.  Of the 26, Summit would put itself in the

same category with 3 or 4 of the 26 vendors listed.  The others offer

different services that are not in direct competition with Summit National,

Inc. products and services.  Summit's systems are designed to manage lease

applications and lease portfolios for its client base.


For further information, please visit Summit's web site at

www.summitnational.com or contact me at 800.621.9531 / k@sumnat.com.  Please

feel free to add our comments/additions to your next "Leasing News" eLetter.


Thank you,


Ken Duffy, Jr.


Summit National, Inc.


  ( Definitely a chip off the old block. Thank you, we will re-look at

   this section and see how we can make it more significant. editor )



      United Association of Equipment Leasing Scottsdale Conference May 3-6


Executive Director Joannie Dalton states there are approximately 210 signed up

for the conference at this time, including 40 "first timers."


When this Scottsdale Spring Conference was planned last year ( most conferences are planned a year in advance, often longer ),the estimate was 275.  This was before the downturn in the economy, plus the realization of four association conferences in the same time period.


She is predicting a conference of 225, but it is still not too late to sign up:


You can go here: http://www.leasingnews.org/archives/March01/3-16-01a.htm

  or to the UAEL.org site.



        A Good Christmas? Coal or Bonus? 


          Lease Guru Bob Rodi's Predictions


When Cisco, 3Com, Gateway, among the many others, thought they could improve

sales with leasing, it seems they hired the wrong credit administrator.

Who they had would approve anything, anybody; no money down and eight years

to pay.


In the old days, they wanted to sell equipment and leave the financing up

to someone who knew what they were doing, taking the risk with the rewards.

They would send them over to CIT or Westinghouse or the good ole local

broker to handle the financing.  If the good old days, the house credit

administrator wasn't looking for a commission, but wanted to protect her company if

it wasn't being treated like a "cash sale."


In the old days, they had people like Helen Wait.  They should have had

someone like her today...that way, when all the dot coms wanted to

buy their computers on credit, they could have said, "If you want

credit for you dot com computer purchase you can go to Helen Wait".


If you recall, back in October, I warned Leasingnews readers to brace

themselves for the fall out that would occur when the computer makers, phone

switch makers, and networking equipment makers started to report the rate of

default by the dot com companies, the CLECS(competitive local exchange

carriers), and other "high tech" e-commerce firms. The leases and loans

would default and all these companies with negative income, balance sheets,

would start collapsing.


This situation will further complicate the liquidity crisis that currently

exists in our industry.  While there doesn't appear to be a "credit crunch",

it will be very difficult to get anything but "main stream" transactions

approved for the next several months.  This will be because the surviving

lessors and funding sources, who are probably in pretty good shape, will

more or less hunker down and play everything by the book. There is no way to

increase leverage and equity for our industry is virtually non-existant.  As

a result there is absolutely no margin for error.  Although rates are coming

down I don't expect that those declining rates will benefit us anytime

because most funding sources will be looking to squirrel away more

reserves--just in case. 


Since you posed the question last week "What about the Superbroker"?, I

think that this situation will probably put many of them in jeapordy. This

will also hurt the very small brokers who depend on the Superbroker to get

their transactions funded.  The Superbrokers will also be hurt because they

will have to compete for better quality transactions. This means there won't

be as much room in the pricing without the marginal deals that come in at a

higher rate.  A tighter general credit philosophy and declining commissions

is a recipe for disaster for the remaining cadre of Superbrokers and their

sub-brokers.  The ones that can hang on will need to do so until the fourth

quarter of this year. By that time things should have loosened up.  Their

should be some good opportunities coming from the major funding sources by

this time so that they will have the chance to either make, or get somewhere

close to their sales and portfolio growth goals. The trend is "house

accounts" and letting go salesmen with high commissions.


If I were working for a big funding source this year, I would not be

counting on a huge Christmas bonus.


If I were a broker, I would go to all the association meetings I could to

find out what was really going on and connect with some proven funding sources; then

I know I would have a good Christmas.


Bob Rodi, CLP

LeaseNOW, Inc.



1-800-321-LEAS (5327) x101




          Old Frauds Remembered


In 1982 or 83 when I was with FLC Financial Services, we along with just

about everyone else were defrauded by John Hancock, I believe the VII. He

was both the owner of Capricorn Equities (Lessee) and the Vendor (I can't

remember the name).  Mr. Hancock was a direct descendant of the "John

Hancock" and an extremely smooth con man. This guy persuaded a notary to

authenticate his mother's signature as well as his father's signature, the

latter who had died four years earlier. He defrauded Lessors for upwards of

$100 million if I remember correctly. He knew just how to work the system as

his scam went on for a few years.  Eventually, Bob Jacobson advised that

Bell Atlantic hired a private investigator to put a case together for the

FBI. He said Mr. Hancock was in prison in Texas.


Jeff Rudin

Quail Leasing



 ( Now there is a person from the past, Bob Jacobsen, as I remember when he left

 Union Bank to start work at Interlease in San Francisco.  Last I heard, he

 was working at Hewett-Packard as a system analyst. Does anyone know what

 ever happened to Bob Jacobsen? editor )




         24 Hour a Day Transfer, not just before Noon or 1pm, Eastern Time.




BankServ and Politzer & Haney Team to Provide Internet-based Wire Transfer Services


    SAN FRANCISCO AND NEWTON, Mass.--(BUSINESS WIRE)--April 23, 2001--BankServ, one of the

nation's leading providers of payment services, and Politzer & HANEY, the leading provider of

Internet-based business banking systems, together announced today that they have joined forces

to provide Web-based automated wire transfer services to banks and corporations.

    BankServ is one of the country's leading providers of wire transfer outsourcing and licensed software services. Its Global Funds Exchange (GFX) automated wire transfer software solution is

currently used by more than 30 banks and financial services holding companies, representing more than 100 U.S. firms, to move $3 billion dollars each day through the Fedwire system.

    Politzer & HANEY leads the corporate banking marketplace with more than 60 "in production"

Internet-based customers deploying their comprehensive suite of cash management products.

Politzer & HANEY offers their solution in both an in-house and out source environment, with

roughly two-thirds of their customers opting for the hosting environment and processing in

excess of 1,000,000 payment transactions per month.

    "BankServ's GFX system is unique in the marketplace and it will greatly enhance our cash

management suite," said Robert Joyce, vice president of Politzer & HANEY's Business Development

Group. "We see BankServ as a great fit for our clients that are seeking a `best of breed'

solution and this alliance will bring an end-to-end wire payment solution that has not

previously been available, thereby answering and fulfilling a longstanding need in the corporate marketplace."

    Mike Dionne, vice president and general manager of BankServ's wire transfer services, said

that wire transfers are a critical function for most financial institutions, but automating the

screening process for wire transfers required by federal regulations is complex. "Wire transfers are final, and irrevocable," said Dionne. "They have to be done correctly and securely the first time. Banks especially want a secure, reliable, scalable, cost-effective and easy-to-use

automated wire transfer system, and more of them are asking for Web-enabled systems."

    U.S. financial institutions execute $380 trillion of wire transfers over Fedwire annually,

according to the Federal Reserve Bank.* Electronic funds transfers over $10,000 are regulated by the federal Office of Foreign Asset Control (OFAC), the U.S. Bank Secrecy Act (BSA) and the

Federal Reserve.

    About Politzer & HANEY

    Politzer & HANEY is the leading provider of Internet-based corporate banking solutions to

the financial services industry. Since establishing its presence in 1983, Politzer & HANEY has

pioneered DOS, Windows and Web-based offerings for financial institutions to offer to their

corporate clients, allowing them to successfully manage their treasury-related activities.

Politzer & HANEY is headquartered in Newton, Mass. Additional information can be found on the

Web, at www.ph.com, or by calling 617.796.7700.

    About BankServ

    Founded in 1996, BankServ is one of the leading U.S. providers of payment solutions for

financial services companies, retailers and online businesses. BankServ is considered a market

leader in wire transfer services for financial services companies and for straight-through

online electronic payment solutions for Internet businesses. Its suite of online payment

services includes direct online account funding through the ACH system, Internet checks, ACH

funds transfers, Internet global wire transfers, online credit card processing and numerous

authentication and security capabilities. BankServ is headquartered in San Francisco. More

information about BankServ can be found online at www.bankserv.com.




In a move to compete with Dell, Compaq, Gateway, among others, NEC offers

up-front bonus as is common in the automotive trade:



NEC Leasing Services Announces Rebate On NEC Computers Inc.'s Enterprise-Level Servers and EMC CLARiiON Storage



SACRAMENTO, Calif.--(BUSINESS WIRE)--April 23, 2001--


NEC Leasing Program Offers Substantial Savings


On Up-Front Costs for U.S. Customers


NEC Leasing Services, a division of NEC Industries Inc., today announced a $500 rebate on new leases for select NEC Computers Express5800 enterprise-level servers and select EMC(R) CLARiiON(R) storage arrays. Available until June 30, 2001, the rebate applies to Express5800 four- or eight-processor servers -- Express5800/140Hb, Express5800/180Ra-7, and Express5800/180Rb-7, and EMC CLARiiON FC4500 and FC5300 fibre-channel storage arrays. Customers who sign a leasing agreement for any of these products on or before June 30, 2001, will receive a $500 rebate for each qualifying product after the first lease payment is made. Full terms and conditions are available at www.neclease.com.


NEC Leasing Services is a single-solution source for leasing packages, including hardware, software, installation, services, and customer training programs. NEC Leasing provides customers the competitive advantages and bottom-line benefits of IT-based solutions without prohibitive capital investment. The leasing program allows customers to acquire financing more quickly, with less paperwork, and often with lower overall cash outlay or down payment.


"NEC Leasing is dedicated to providing innovative options for NEC customers that are embracing advanced technologies through the use of leasing and financial solutions," said Herschel Salan, director, NEC Industries, Inc. "NEC Leasing's business is about providing answers to the question of how to adopt technology now and manage the costs over time."


"NEC Leasing continues to offer new and competitive leasing options so that our customers can easily maintain the standard of their cutting-edge technology," said Peter Thayer, director of marketing, NEC Computers' Server Business Unit. "The leasing programs and the $500 rebate, which are designed with our enterprise customers in mind, offer the flexibility and the added incentive to purchase the latest technology in NEC Express5800 servers."


The leasing program offers resellers and VARs a number of financial benefits by providing extension, add-on and upgrade paths to customers. Authorized resellers and partners of NEC Computers have access to NEC Leasing's online credit applications, allowing them to receive approvals in as little as one hour. NEC Leasing Services also provides regional sales support and staff to facilitate the leasing and sales finance process.


NEC Computers' Express5800 enterprise-level servers and EMC's CLARiiON storage products offer advanced architecture, outstanding performance, and high reliability, making them the viable solution for growing enterprises running mission-critical commercial and technical applications. The Express5800/140Hb scored as one of the fastest among leading 4-processor servers in a June 2000 TPC-C benchmark test(1). The Express5800/180Ra-7, a 4-processor server that is fully expandable to an 8-way, scored the highest performance in a March 2000 TPC-H benchmark test(1) on a 100GB database. Both are available in a rack or tower chassis. The 8-way Express5800/180Rb-7 server is a 7U rack-mount design built on Intel(R) Pentium(R) III Xeon(TM) processors. Its Intel Profusion(R) chipset balances CPU, memory, and I/O throughput for powering business-critical applications.


The EMC CLARiiON FC4500 storage area network (SAN) supports up to 15 active server connections, configurable to 100 hard drives or 7 terabytes, with a fully redundant SAN architecture. The FC5300 server-attached storage connects to a single server or two clustered servers and is configurable to 30 hard drives or 2 terabytes. Both are full fibre-channel arrays.


For further information on NEC Express5800 servers and eligible EMC CLARiiON storage products and to find a reseller in your area, visit NEC Computers' Web site at www.neccomp.com.


About NEC Leasing


Since 1986, the NEC Leasing Services (www.neclease.com) division of NEC Industries, Inc. has delivered flexible leasing and financial solutions to customers nationwide. As a subsidiary of NEC USA, Inc., NEC Industries, Inc. has the financial capacity to comfortably fund its portfolio of commercial leases from modest communication technologies to complex data centers. NEC Leasing Services offers the best of both worlds: uncompromising excellence in financial services delivered by professionals that understand technology. For more information about NEC leasing services and financing programs, NEC Leasing Services can be contacted at 877-NEC-FINANCE or info@neclease.com.


About NEC Computers Inc.


NEC Computers Inc., a wholly owned subsidiary of NEC Technologies, Inc., delivers mobile, desktop and server computing solutions to the commercial market in North America. For years, select models of NEC's Versa(R) notebook and PowerMate(R) desktop computers, MobilePro(TM) handheld PCs, and Express5800 servers have won awards in leading industry publications, including Smart Business, PC Magazine and Mobile Computing. NEC Computers (www.neccomp.com) focuses on the computing needs of the corporate market and sells systems primarily through the distributor and reseller channel. NEC Computers taps into the technological resources of NEC Corporation's extensive research and development facilities in Japan, where products are developed for the global marketplace. In 2000, NEC Corporation held the second largest number of patents in the U.S. and serves as the source of NEC Computers' technologically sophisticated products.


  Leasing Cut-Back for Hawaii---read the press release

"...during which the company made the decision to divest or wind down its holdings in California, most of the South Pacific and Asia."



Pacific Century Financial Corporation New Strategy To Focus on Hawaii Operations; Will Divest Non-Core Holdings



Business Editors/Banking Writers


HONOLULU--(BUSINESS WIRE)--April 23, 2001--Pacific Century Financial Corporation (PCFC)(NYSE:BOH) today announced its new corporate strategic plan designed to maximize shareholder value by strengthening its Hawaii and West Pacific operations and divesting non-core holdings.


Michael E. O'Neill, PCFC and Bank of Hawaii Chairman and CEO, said, "The new strategy focuses on building on strengths in the company's core markets. We will be directing our efforts at three key business units: retail banking, commercial banking, and financial services." The company also plans to seek approval next year to change the parent company name from Pacific Century Financial Corporation to Bank of Hawaii Corporation.


The new plan, which goes into effect immediately and extends through 2003, is the result of an intensive and detailed four-month strategic assessment process, during which the company made the decision to divest or wind down its holdings in California, most of the South Pacific and Asia. It will retain operations in Hawaii, the West Pacific, American Samoa and Japan, as well as an office in Arizona for its leasing operations and technology support.


O'Neill said, "The decision to divest, while necessary, was certainly difficult since the company has served these regions for many years and has strong historical ties."


He explained, "Although financial projections for these businesses forecast improvement, current and expected returns were insufficient when compared to those in Hawaii and the West Pacific. These lines of business were not creating value for our shareholders."


The plan calls for the divestiture program to be completed by the end of 2001. PCFC and Bank of Hawaii President Richard Dahl will oversee all divestiture-related activities.


Approximately 1,000 employees work throughout the impacted divisions. However, it is anticipated that many of them could continue employment under new owners. The impact on Hawaii-based employees is expected to be minimal.


Successful implementation of the planned changes will have a significant potential impact on the company's profitability and the return to its shareholders. The charts attached to this release show the projected effect through 2003. In addition, implementation as planned will reduce the economic capital required to run the company by nearly half. This will result in approximately $800 million in capital that will need to either be reinvested or returned to shareholders.


In our core markets, our major focus will be toward building deeper and broader relationships with existing customers and increasing the share of financial products and services provided. This will be done while maintaining a focus on efficiency and expense management.


Retail Banking: Bank of Hawaii's retail banking franchise and market share in Hawaii, the West Pacific and American Samoa are key strengths of the company. All locations are U.S. dollar-based with similar products and services and operating under traditional U.S. legal systems.


"We see tremendous opportunity for growth in our core markets," O'Neill said. "We've always been exceptionally strong in traditional banking -- checking and savings accounts and loans. But today we define financial services much more broadly. People are looking for someone to help with insurance, investments such as mutual funds and stocks, trust services, financial planning, and other needs. When you combine all of those needs, we probably have less than 10 percent market penetration. We think we can at least double that. In addition, we're paying close attention to taking care of customers at all levels, whether they're in the branch, on-line or on the phone."


Commercial Banking: Commercial banking is a core strength for the bank. O'Neill described the strategy as "improving credit quality while expanding our strong market share of high-value relationships in Hawaii and the West Pacific." He said Bank of Hawaii enjoys a solid reputation and has excellent market coverage and the expertise and products that commercial customers want and need.


Financial Services Group: Bank of Hawaii has long been a leader in private banking, trust and asset management. The growth strategy for this group is to expand the client base through integration with other areas of the bank and to deepen relationships with existing customers. This will include offering new investment products and lines of insurance.


To ensure the proper oversight of the new organizational structure, the Managing Committee members and their respective responsibilities have been changed. Richard Dahl remains as President with responsibility for implementing the divestiture plan. In addition to Dahl, the Managing Committee will consist of seven vice chairs reporting directly to the Chairman and CEO.


They are: Alton Kuioka (Commercial Banking); David Thomas (Retail Banking -- will join in mid-June 2001); Walter Laskey (Financial Services); Allan Landon (Finance); William Nelson (Risk Management); Mary Carryer (Technology/Operations/Procurement/Premises); and Neal Hocklander (Human Resources). Also reporting to O'Neill are Lori McCarney (Marketing and Communications) and Joe Kiefer (General Counsel).


O'Neill said the new management team represents a combination of strengths that will help ensure the company achieves its goals. "Having a flatter organization and broader span of control allows for increased efficiency in decision making."


He said, "We believe our new Hawaii-focused strategy is going to be good for customers and shareholders. We will also continue our practice of being a responsible corporate citizen, providing generously to worthy charitable causes, and being meaningfully involved in community activities. We're doing tangible things that are going to provide tangible results."



Pacific Century Financial Corporation is a regional financial services company with locations throughout the Pacific region. Pacific Century and its subsidiaries provide varied financial services to businesses, governments and consumers in four principal markets: Hawaii and the West Pacific, South Pacific, Asia and selected markets on the U.S. Mainland. Pacific Century's principal subsidiary, Bank of Hawaii, is the largest commercial bank in the state of Hawaii.


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