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Kit Menkin’s Leasing News www.leasingnews.org Tuesday, April 9,, 2002 Accurate, fair and unbiased news for the equipment Leasing Industry Headlines---- Parker Leasing Up-Date United Capital/Spectrum Leasing Portfolio’s $100 Million a Year---Leasing Co-Op Lead Enron Auditor to Plead Guilty IBM Warns of Sharp Downturn in Earnings, Revenues American Equipment Finance LCC Expands Internet Q1 Shutdowns and Bankruptcies Decline The numbers underscore just how bleak is the IPO market Pacific Capital Bancorp First Quarter Earnings Conference Call MarCap Hires Chanez as Senior Credit Analyst Knight Ridder Digital president to head HotJobs expansion Krispy Kreme Finances Plant after Terminating Synthetic Lease Special: Rich People Paying More Taxes #Denotes Press Release
Stories this week: The
Funding Tree/Commercial Money Market Again _______________________________________________________ Parker Leasing Up-Date From: Walter Unterweger <unterweger.walter@news.at> Hi, Vienna calling! Anything new on this story? Yeees! Meanwhile the public prosecutor started investigations against Mr. Kerscher (former president of FC Tirol) and club officials. On the other hand Mr. Kerscher tries very hard to get some money back. He made a report to the FBI hoping to get some help. The clubs debts are currently more than 20 million $. cheers Walter. (This started last October, when a reporter contacted us to learn about Parker Leasing, Florida: “The Austrian soccer club FC Tirol is in business with Parker Leasing. The club is very close to bankruptcy but has announced to receive 150 million US-Dollars from Parker Leasing in the next three weeks. For me it is hard to believe that an American Leasing company gives so much money to an Austrian soccer club.” We told him Leasing News has this company on our Bulletin Board as having received complaints for holding advance rentals, on some large leases, too. We asked readers for help. http://www.leasingnews.org/bulletin_board.htm --------------------------------------------------------------------------------------- United Capital/Spectrum Leasing Portfolio’s We purchased a company, Spectrum Medical Leasing, which may be different from the Spectrum you are talking about. We have not had any problems with Spectrum Medical Leasing, which is now a division of IFC Credit Corporation, since the acquisition. We have not purchased any Spectrum Leasing paper or United Capital paper and we do not service any of those mentioned portfolios. Steve Dallas is in no way associated with the company we acquired, which specializes in medical equipment leasing. We do have some personnel that used to work for Old Kent, which I understand did purchase some portfolio from United Capital (Steve Dallas' firm, which I learned from your newsletter), but the Spectrum Medical Leasing we acquired was located right here in Oakbrook, IL. I hope this answers your questions regarding our acquisition of Spectrum Medical Leasing. Please don't get these two confused. Gary Trebels $100 Million a year---Leasing Co-Op One World Leasing (OWL) made its debut on “Meet the Leasing News Maker” yesterday at 11am California Daylight Savings Times. Up to 75 readers joined the session that featured both David Stearns, CEO of American Leasing Alliance MainStreet's Richard Selby, who will serve as interim CEO during the cooperative formation. During the session, the readers predicted a co-op of 90 plus brokers. Right now OWL is “recruiting” members who will each receive one share at the cost of $5,000 and 10% of the “bonus” earned income of the co-op. Their goal is 25 qualified brokers. Each member has one share only and cannot buy more than one. They have one vote in the election of directors or policy decisions. The idea is the volume rate discount can make the broker more competitive or earn more points per transaction, and at the end of the year, share in the profits of the co-op. The session lasted two hours. Here are some highlights: “What have the application of Co-ops been in professional service & risk industries (maybe insurance or other like industries)? “ [ David Stearns, OWL ANSWERS ] “Mutual insurance companies are Coops. Credit unions are Coops. The record is good. “ “Bank of the West gives brokers a half-point break if they do a $1 million a year, plus other monthly incentives to reach goals. There are other funders who also have such programs “ [ David Stearns, OWL ANSWERS ] “What do you think they'll give for $100MM per year? “ At one point in the questioning, it was stated the average volume per broker would be two million dollars per year. “There is no minimum volume commitment to the co-op. The $2MM is simply a guideline. The coop will most probably establish a limit on the high end ($75MM) - not the low end...Anything larger than approx. $75MM could be a competitor to the co-op. “ “Our average transaction size is $700,000, can the coop handle transaction this size and larger? “ “t is our expectation that, through the preferred lenders, the coop will be able to handle transactions of this size.” :”Which comes first? The co-op of brokers or the funder(s) for the co-op? “ [ David Stearns, OWL ANSWERS ] “The strategy is build the community of members first. However, lenders are being solicited at this time.” “Would you not agree that most funders these days are quality not quantity oriented? “ “The cooperative will be providing BOTH. “ ” How does this concept differ from First Sierra, UniCapital and LINC purchasing many small companies to achieve ‘economies of scale’" [ David Stearns, OWL ANSWERS ] “The cooperative is member owned - owned by you. The primary directive of the cooperative is to make money for it's members, on a pro-rata basis; not for the cooperative.” “How does this differ than a Super Broker?” “ The members get the profit. They not only get a lower buy rate, but also share in the profits of the co-op.” “As I understand it, brokers get the commission on the deals they submit, and perhaps at the end of the year, then quarterly or yearly co-op profits are divided to members? “ [ David Stearns, OWL ANSWERS ] “That's exactly correct. The rebates earned from the preferred lenders for a year, net of coop expenses, will be allocated to the members of the coop within 3-9 months from the end of the coop's year. “ “With fewer funding sources available what will be their motivation to buy from the co-op when they can buy direct at higher rates? “ “The preferred lenders will be looking to the cooperative to provide value added services to them as well. They will know that brokers have been pre-screened and adhere to certain member criteria. They will also be achieving substantially higher volumes with less administrative risks and costs. We have already had tremendous interest from the funding community.... The coop will not be a lessor - so won't provide reps and warrants. Members will be "selected" and "approved" by the coop and it's board which will allow the lenders comfort in "knowing who they're dealing with" and knowing the member must adhere to certain standards. Volume and consistency DOES reduce administrative costs for a lender even though they may need to deal with "multiple parties... The cooperative will work the preferred lenders to establish "standardized" documentation. The coop will not be the lessor. The lessor will either be the lender or the broker depending on mutual desire. The funders will realize increased volumes with less administrative costs. Standardized documentation, etc. They will know that a broker has joined the coop and will know that the broker has met certain criteria. ". “ A margin has to exist to fund the rebates ... as such, do you anticipate an decrease in buy rates when the deal is initially done [ David Stearns, OWL ANSWERS ] “We hope that the power that the coop creates will bring not only rebates but, also lower costs of funds. “
“Wouldn't the funders prefer to deal with a single, centralized credit processor? [ David Stearns, OWL ANSWERS ] Yes and that they may, in fact, be in the future. “ See our F.A.Q. for a lot of these questions: http://www.leasingnews.org/PDFFiles/OWL_FAQ.pdf” “ Could the delinquency & charge-off of 1 or 2 brokers effect the profits of all other coop members? “ “The coop will have not "liability" to the lenders for delinquencies or charge-offs. Hopefully, the opposite. By pooling the brokers together, the lenders will have a "broader base" with which to "cover" potential credit issues. Should provide brokers with less chance of being eliminated by a lender because of one ‘bad apple’. .. Just as NAELB ( National Association of Equipment Brokers) screens ethics, members can be ejected from the co-op by the membership for not adhering to the interest and guidelines of the membership.... “There will be a "Master Program Agreement" between the coop and the lenders. Each member company will have to sign a "sub-agreement" relative to standard reps and warrants, etc. “ “ If the exposure on bad deals is zero - then the price concessions given may be small as well?? “ [ David Stearns, OWL ANSWERS ] “Price concessions will be determined by the lenders based upon volume commitments of the cooperative. The larger the coop, the more successful it will be for all members. “ “Isn't there the risk of one 'bad apple' spoiling the reputation of the entire co-op? “ “ No. The co-op and it's board must be vigilant in maintaining the proper reputation of the coop - and ALL of it's members. The lenders will know that a "bad apple" will no longer have to dealt with, based upon the pro-activeness of the co-op and it's board. This is one of the "value added's" that the coop will be offering to the lenders. “ “Working with 90+ brokers will eventually ( and sooner than later ) create problems -- a funder having a bad experience with 1 or 2 can jeopardize the entire structure “ [ David Stearns, OWL ANSWERS ] “Answered earlier. The coop (members - all of you) will be providing value added service to the lenders in "policing" their members. “ Will rebates be paid directly to coop members based on share $ or funded volume? “Net income of the coop will be allocated to it's members on a pro-rata basis based upon funded volume. “ “Will you limit # of brokers to reduce the chance of competition for the same territory? “ [ David Stearns, OWL ANSWERS ] “Yes, at some point; as determined by the board. “ “How many employees and total expenses do you expect for the Co-op? “ “Not more than 3-4 employees in the mid-long term (dependent upon volume and success). Expenses will be proportionate to need. As a member owned company, the goal is to keep expenses low... Cooperative expenses are typically less than 10$ of total revenues generated (rebates received) based on Mainstreet's experience in the cooperative industry.” “Where will the credit processing facility be located?” [ David Stearns, OWL ANSWERS ] “You will be dealing directly with the preferred lender on credit submission and approval issues. At least at the outset. The cooperative will track, in conjunction with the preferred lenders, the submission, approval and funding ratios of the members. “ “The key then is a trusted and knowledgeable board of directors. Will they be subject to yearly elections? “Typically, it's a 3 year election with 1/3 of the directors being "rotated out" each year. "Term limits" are being considered. “ “Who is on the board today?” [ David Stearns, OWL ANSWERS ] “Whiteboard issue. ( This word was used often by David Stearns He defines “a whiteboard issue is one which has yet to be discussed or final decision to be decided upon.” While this may seem like an “evasive” answer, the co-op is leaving many decisions to be made by the board and members, rather than setting pre-scribed requirements such as “application only criteria,” and methods of regress, or other services, such as group medical benefits, shipping discounts, dun and bradstreet fees, and even group software costs.editor) “Will the board be composed of brokers only, or funders ,too? Only cooperative members. Perhaps outside directors with significant industry influence. Not funders - that would create a conflict of interest. “Will you have a "booth" at the ELA, NAELB,UAEL Conferences? “ “Perhaps in the future. Not this spring. The cooperative will be working with these associations to promote the leasing industry.” “How is the COOP to raise its initial funding?” [ David Stearns, OWL ANSWERS ] “Mainstreet and American Leasing Alliance have provided the "launch" funding. Member equity as well as traditional financing methods will provide the working capital needs of the coop.” “Why would you want to limit the number of members or impose geographical restrictions? “Competitive concerns primarily from a geographical standpoint. "Manageability" from a numbers perspective”. ] “ What part of the $5,000 up-front fee goes to Mainstreet? [ David Stearns, OWL ANSWERS ] “The initial $5,000 goes to fund the initial working capital of the cooperative. None goes to Mainstreet . For more information, please request a FAQ, etc. or go here: http://www.leasingnews.org/PDFFiles/OWL_FAQ.pdf” “Can the stock be sold back if the results are not satisfactory? “ [ David Stearns, OWL ANSWERS ] “Yes. Please request an FAQ. rselby@mainstreetcg.com or go here: http://www.leasingnews.org/PDFFiles/OWL_FAQ.pdf” “If the stock fee is $5,000 at this time, are you implying the co-op will "max out" at a number, or in the future, charging a higher initiation fee? “The co-op may decide to add a membership fee to the stock purchase amount for "later adopters". Subject to discretion of the board. “ “ Why would I want to join if my competitor is a member? “ “The cooperative will work to "manage" this situation. “ “ why are there competitive concerns if all members are reputable? I thought higher volume was the goal. “ “The goal of the co-op is to provide value to it's members. If an existing member might be "threatened" by a potential new entrant, that must be taken into consideration by the co-op. “ “Where does Mainstreet make its money? “ [ David Stearns, OWL ANSWERS ] “Please request an FAQ. rselby@mainstreetcg.com. or Go here: http://www.leasingnews.org/PDFFiles/OWL_FAQ.pdf”
“Besides quarterly profits, why should a broker choose OWL over his conventional funders? “ “You will not be obligated to utilize the resources of the cooperative. But, you will WANT to.”] “Will brokers be kicked off if caught doing unethical business, regardless of volume? “ [ David Stearns, OWL ANSWERS ] “Yes.” IBM Warns of Sharp Downturn in Earnings, Revenues (As the UCLA financial report predicted, the economy is “wobbly,” and unemployment still rising. Despite Fed Chairman Greenspan’s “spin,” we are not out of any downturn, whether by definition or not, if your pocketbook is affected, the actual definition does not matter. Times are still tough. ) By Jim Krane NEW YORK –– Technology colossus IBM Corp. jolted Wall Street yesterday, warning investors that its first quarter earnings per share would come in well below analysts' expectations. Investors responded by dumping its shares. In early trading on the New York Stock Exchange, IBM shares dropped $9.25, or 9.5 percent, to $88. IBM chief financial officer John Joyce blamed the warning on a "very tough" business environment, exacerbated by the traditionally weak first-quarter technology sales. "We saw a continued slowdown in customer buying decisions in the first quarter," Joyce said. Many IBM "customers chose to reduce or defer capital spending decisions until they see a sustained improvement in their businesses," Joyce said. IBM said it expects to earn 66 cents to 70 cents per share for the quarter, which ended March 31, compared to the 85 cents per share expected by analysts surveyed by Thomson Financial/First Call. IBM earned 98 cents per share in the first quarter of 2000. The quarter's revenues are expected to be in the range of $18.4 billion to $18.6 billion compared with $21.0 billion in the first quarter of last year, IBM reported. Analysts had been looking for IBM revenue of $19.65 billion in the first quarter. Joyce said IBM's Technology Group, which makes semiconductors and storage drives sold to computer makers, will be particularly hard-hit. He said he expected the division to lose $200 million in the first quarter, amid revenue declines of around 35 percent. IBM is committed to "taking actions to improve our competitiveness" Joyce added. On Friday, the company laid off 600 workers in its massive Global Services division. In January, IBM signed a three-year, $5 billion outsourcing agreement with Sanmina-SCI Corp., an electronics manufacturer, to assemble IBM desktop computers and save costs. The contract included a transfer of 900 IBM employees to Sanmina. IBM will report its first-quarter results on April 17. --------------------------------------------------------------------------------- Lead Enron Auditor to Plead Guilty Duncan to Testify Against Andersen by Susan Schmidt Washington Post Staff Writer David B. Duncan, a central figure in the federal investigation into Arthur Andersen LLP and Enron Corp., has agreed to plead guilty in Houston today and become a cooperating witness in the government probe, sources familiar with the investigation said yesterday. Duncan, Andersen's lead accountant on the Enron engagement, is expected to plead guilty to one count of obstruction of justice in destroying Enron-related documents last fall, after shareholders began filing lawsuits against the faltering Enron and the Securities and Exchange Commission opened an inquiry into the company's financial practices. Duncan is expected to testify as a government witness against Andersen in a May 6 trial for alleged obstruction of justice in the document shredding. He is also expected to be an important guide in helping prosecutors unravel the complex off-the-books partnerships that hid Enron's debts and helped create the appearance of booming corporate health. Duncan is the first figure in the investigation known to have entered into a cooperation agreement with prosecutors. Andersen declined to comment on the expected plea yesterday, as the accounting firm began to lay off about 7,000 employees, more than one-fourth of its U.S. workforce. The accounting giant has been struggling to conserve cash in the face of defections by clients and overseas affiliates. Duncan's cooperation puts significant new pressure on Andersen officials, who are in the midst of negotiations with prosecutors in an effort to avert a criminal trial. The firm has also been trying to settle civil claims brought by former Enron employees and shareholders. Andersen officials have been hoping that the government will agree to defer prosecution in exchange for an admission of wrongdoing and a period of probation. Until now, prosecutors have publicly insisted that the firm enter a guilty plea, something Andersen officials balked at doing. Sources close to Andersen have said that prosecutors are willing to entertain the possibility of a deferred prosecution. Duncan was fired by Andersen in January for allegedly orchestrating the shredding. He sat down with the Justice Department's Enron task force that month for two lengthy interviews in hopes of arranging a deal. His attorney, Robert Giuffra, declined to comment yesterday on Duncan's plea deal. Andersen has said that Duncan and other employees who destroyed the documents were following a flawed and inadequate company policy on document retention and were unaware that documents have to be preserved when a company anticipates litigation. Andersen officials also have said that company lawyers, who would have known the law, did not authorize the destruction. But Andersen's own investigation of the document destruction found that several senior Andersen officials knew, suspected or were told that e-mails and documents in the firm's Houston office were being destroyed at a time when the law required that they be preserved. Courts have found that the government can show corrupt intent if it can demonstrate that a company is "flagrantly indifferent" to legal obligations or informing employees of them. The government can also prove guilt if it can show that an employee, operating within the scope of his job, willfully acted to violate the law. Duncan's most significant role in the investigation may be in helping investigators weigh any underlying fraud and securities cases that could be brought against Enron and Andersen. Enron executives came up with the partnerships in close consultation with the accountants, sources familiar with the work have said. Among the big questions: Who were the major players in the more than 1,000 Enron-related private partnerships and investment groups, many of which were kept off the company books, and did Enron seek to evade taxes by locating partnerships offshore? ##### #################################################### AMERICAN EQUIPMENT FINANCE LLC EXPANDS
Richard A. Baccaro, President is pleased to announce that AEF has merged with MAC Financial Services, which was owned by Mark A. Cantarella. Prior to forming MAC, Cantarella was a top producing Sales Associate at First Sierra and American Express Business Finance.
This powerful combination brings together two old friends and business associates. "Mark Cantarella is one of the brightest young stars and best originators in the industry, and this will allow him to leverage that ability," noted Baccaro.
As a result of the merger, Michael A. Cantarella brings 6 years of successful finance/sales management experience. "Michael is an up and coming origination star, following in his brother's footsteps," noted Baccaro. Both Mark A. Cantarella and Michael A. Cantarella will become Members and Vice President's of AEF.
Shelan Olstad will also join AEF as a Leasing Administrator. Prior to joining MAC Financial Services, Ms. Olstad was with The CIT Group Equipment Financing and GE Capital Fleet Services. Shelan brings 5 years of operations and sales support experience to AEF.
The addition of the Cantarella brothers and Ms. Olstad is an exciting component in building a solid foundation, and leveraging the growth of American Equipment Finance LLC Richard Baccaro rbaccaro@aefllc.com
##### ################################################## Internet Q1 Shutdowns and Bankruptcies Decline By Gretchen Hyman Internetnews.com Internet research firm Webmergers.com issued its first quarter report on Internet shutdowns this week and it appears that the bankruptcy rampage that brought down a significant percentage of the technology industry this time last year, fell sharply by two-thirds. San Francisco, Calif.-based Webmergers acquires its information by tracking published and personal sources on mergers, acquisitions, bankruptcies, and shutdowns of major Internet companies around the world that are funded by venture capitalists or angel investors. According to the Webmergers report, in the first two months of this year, a total of 37 Internet companies out of an estimated 7-10,000 global Internet entities, shut down or declared bankruptcy, compared with 115 during the same period last year. The year before that, only ten companies shuttered their doors, which indicates a level of normalcy beginning to take effect. All totaled for the first quarter of 2002, 57 companies went under, measuring out to only one third of the 164 companies that shuttered their doors in the previous year's first quarter. March saw 17 shutdowns, compared with 18 in February, and 19 in January, marking a gradual decrease in distressed companies and a record low since August 2000. Company failures for the month of March were spread evenly across all corners of the industry, says Webmergers, affecting infrastructure companies, e-commerce, and content companies alike. The shakeout in the telecommunication sector continued to take its toll in the first quarter with Adelphia and Yipes Communications filing for Chapter 11 protection. Web hosting firms Globix Corp. and Verado Holdings filed for Chapter 11 in February, and in the business- to-consumer sector, consumer electronics e-tailer 800.com failed to secure a sixth round of funding and was forced to go under, selling its customer names and URL to Circuit City, according to Webmergers. Optical networking companies Cinta Networks and OptiMight Communications shuttered their doors. Content management software company Webforia filed for Chapter 7, and New York University shut down its e-learning venture NYUonline. However, the most notable corporate stumble this year was Global Crossing and its January Chapter 11 filing. Other noteworthy shutdowns included video e-tailer BigStar Entertainment and Garageband, a music download site. At an international level, Shop.cz, a veteran e-tailer in the Czech Republic called it quits this year alongside India-based information and community Web portal Itspace.com. To date, Webmergers has recorded the closure of 823 Internet companies since January 2000, the majority of which went bust during the first and second quarters of 2001 and peaked in May, 2001 with a record 64 closures in one single month. The numbers underscore just how bleak is the IPO market By Beth Healy, Boston Globe Venture capitalists hardly ever talk about IPOs any more. They can barely remember what a public offering is. It's been two years since Nasdaq imploded, and there's been little room for optimism about stock offerings ever since. Two years: That was a lifetime in the feverish Internet days. Vast fortunes were made in less time - and lost even more quickly a bit later. The numbers show just how bleak things have been for companies looking to go public: Only 13 IPOs have been launched this year, four of those with venture backing, according to a quarterly study by Venture Economics and the National Venture Capital Association. At that rate, 2002 could fall far short of last year's anemic activity, when 110 companies sold stock for the first time, 37 of them venture-backed start-ups. To put this in context, recall that there were 351 IPOs in 2000, 508 in 1999, and 771 in 1996. ''While it looks to be breathing, there are no sure signs of life in the IPO market yet,'' observes Jesse Reyes, vice president at Venture Economics. The largest venture-backed IPO of the quarter wasn't even a technology company. It was WCI Communities, a Florida-based builder of planned communities that raised $131 million in its stock sale. The other three were more classic venture plays, including PayPal, a payment service for eBay and other Web sites; Zymogenetics, a Seattle biotech company; and Synaptics, a San Jose, Calif., maker of software and devices for mobile computers. Interestingly, three of the four stocks are trading above their offering price. PayPal, which went off in February as a mini-sensation (the one-day return of the Internet IPO) is up 40 percent. Synaptics has soared 70 percent, and WCI has gained 32 percent. Even Zymogenetics, which has been less lucky, is off its $12 IPO price by less than $1. Those early results seem to back up what VCs have been saying for more than a year now - that the companies that do manage to go public in this more demanding environment will be healthier than the last crop. That means they stand a chance to be better investments for the ordinary folks who get stuck with the stock when the VCs get their so-called exits. Don't forget who holds stock after the venture firms sell: Mutual funds, pension funds, and do-it-yourself investors. If you'd purchased shares of every venture- backed IPO that hit the market over the past three years, you'd have lost 15 percent a year, according to the study. That's worse than Nasdaq's 9 percent average annual decline over that period and the Standard & Poor's 500 Index's 3.7 percent loss. Time is supposed to cure all ills in investing, but it hasn't done much for those venture-backed IPO returns. All the VC-backed start-ups that went public over the past five years have together delivered a 0.3 percent average annual loss. Money invested in the Nasdaq Composite index instead would have gained 5.8 percent a year. More embarrassing still: Those stodgy giants of the Dow provided an 8 percent yearly gain. Even over 10 years, the venture-backed IPOs underperformed the other indexes. Venture Economics blames the poor venture-backed IPO performance on the market's dive in 2000 and 2001. But that's little solace to anybody who owned those stocks. VCs still depend on the IPO market's eventual resuscitation. They can't necessarily find buyers for all of the companies in their portfolios, nor would they want to. Lots of venture firms have racked up strong returns over the years by first taking start- ups public and then seeing the companies acquired - netting the VCs a double whammy. Many stock pros say the overall market won't recover until the technology sector gets out of the dumps. For high-tech companies to sell more products and earn more, the economy has to improve. Therein lies the waiting game. If early signs are correct that the economy is gaining strength, Reyes predicts, ''there should be some favorable exits for the venture industry.'' Count Charles River Ventures among the firms lining up to say they're trimming back giant VC funds. Charles River partner Ted Dintersmith told the Wall Street Journal last week that the Waltham firm would likely cut its $1.2 billion fund in half. Venture investors and analysts have been predicting that peer pressure to slash big funds would come this way after hitting the West Coast first. Silicon Valley's famous Kleiner Perkins Caufield & Byers recently announced plans to cut its fund. So did Redpoint Ventures, Mohr Davidow Ventures, and Accel Partners. Beth Healy can be reached at bhealy@globe.com. #### ################################################# Pacific Capital Bancorp Announces First Quarter Earnings Conference Call and Webcast SANTA BARBARA, Calif--Pacific Capital Bancorp (Nasdaq:SABB) will host a conference call to discuss first quarter 2002 financial results and operational highlights at 11:00 a.m. Eastern Time/8:00 a.m. Pacific Time on Thursday, April 18, 2002. Members of the public are invited to listen to the Company's live quarterly conference call via the Internet. To hear the call, log on at the Shareholder Relations page of the Company's web site at www.pcbancorp.com. For those who cannot listen to the live broadcast, a replay of the conference call will be available shortly after the call at the same location. The Company's financial results for first quarter 2002 will be released over the news wires before the market opens on Thursday, Apr |