|
August 1, 2001 Headlines----
Source One Earns $225,338, But Blames Leasing Losses for Low Earnings Yesterday it was “Capital Stream,” Today Lease Forum Adds Main Control Technologic Names Top Ten at Financial Services Outlook Weather in Tempe, Arizona at Press Time CIT Launches New and Expanded Web Site Source Capital Reports Low Earnings due to Lease Portfolio Loan Demand at Business Bank of Nevada Increases Significantly Securelease New “Secure” Product Recent FTC Rulings—Barry S. Marks, Esq. Bankers Having Tough Times Too Finding Work In full-year slump, U.S. manufacturing sags in July ######################################################### (“The discontinuance of funding new real estate loans and equipment leases continues to negatively impact operating results. It is expected this policy will also impact third quarter results, “D. Michael Jones, President and Chief Executive Officer, said. ( Leasing News will also add Source One to the List: http://www.leasingnews.org/list.htm If you know of any other companies to add that we have overlooked or any corrections or additions to our Chronological or Alphabetical list, please let us know. editor ) Source Capital Earns $225,338 or $.16 Per Diluted Share in Second Quarter
SPOKANE, Wash.--(-Source Capital Corporation (Nasdaq:SOCC), a commercial lender, today reported net income of $225,338 or $.16 per diluted share for the quarter ended June 30, 2001, a 10% percent decrease from net income of $251,557 or 17 per diluted share for the second quarter of 2000. Net income for the six months ended June 30, 2001 was $471,596 or 33 per diluted share, a 13% decline from net income of $542,246 or 36 per diluted share for the first six months of 2000. The decline in earnings in the second quarter and the first six months of 2001 from the prior year periods is primarily the result of discontinued lending operations for new loans on February 1, 2001. On that date the Company was notified by one of its two lenders that it was exiting the real estate loan warehousing part of its business and that the Company's current line-of-credit would not be renewed for an additional year beyond the expiration date of April 30, 2001, but would be extended to November 1, 2001. Net loans and leases receivable decreased to $51.4 million at June 30, 2001 from $69.1 million a year earlier. Loans and leases delinquent as to principal or interest more than ninety days was 3.14% of net loans and leases outstanding as of June 30, 2001, compared to 3.97% at June 30, 2000. D. Michael Jones, President and Chief Executive Officer, said "the discontinuance of funding new real estate loans and equipment leases continues to negatively impact operating results. It is expected this policy will also impact third quarter results." On June 27, 2001, a merger agreement was announced in which Sterling Savings Bank would acquire Source Capital Corporation in a tax free exchange in which shares of Source common stock would be converted into shares of Sterling common stock at an initial price of approximately $7.50 per Source share. The price will float within a range based upon trading prices of Sterling's common stock prior to the completion of the merger, with a maximum and minimum number of shares of Sterling common stock to be issued. The merger is subject to regulatory approvals and a 2/3 affirmative vote of the Source Capital Corporation shareholders. It is expected that the shareholder vote will take place in the fourth quarter of 2001. Source Capital Corporation is a commercial financial services company specializing in commercial real estate lending and equipment leasing. The Company is headquartered in Spokane, Washington with lending offices in Phoenix, Arizona, Portland, Oregon, Seattle and Spokane, Washington. *T Source Capital Corporation Income Statements Quarter ended June 30, Six Months ended June 30, 2001 2000 2001 2000 ----------- ----------- ----------- ----------- Finance income: Interest $ 1,790,082 $ 2,113,812 $ 3,689,434 $ 3,923,594 Lease finance income 454,327 582,803 980,819 1,156,163 Interest expense (932,477) (1,276,990) (2,015,670) (2,323,583) ----------- ----------- ----------- ----------- Net finance income 1,311,932 1,419,625 2,654,583 2,756,174 Gain on sale of investments, leases, and real estate 64,961 160,919 64,961 254,737 Provision for loan and lease losses (237,916) (414,170) (391,968) (537,215) CONTACT: Source Capital Corporation Lester L. Clark, 509/928-0908 www.sourcecapital.com or go here for full financial report Tempe, Arizona Weather "Cooler than Normal" http://www.wunderground.com/US/AZ/Tempe.html
A camera that takes pictures of downtown Tempe http://www.tempe.gov/millcam/default.asp Relocation service: http://www.tempe.gov/docs1/moving.htm ########### ############################ CIT Launches New and Expanded Web Site
BusinessEdge Solutions Builds a World-Class Web Presence for CIT NEW YORK, / -- CIT, the financial services subsidiary of Tyco International Ltd, and one of the world's largest diversified financing companies, announced a major launch of its corporate Web site today. The site, transformed by BusinessEdge Solutions Inc., a next-generation consultancy offering a full range of eBusiness disciplines to the financial services industry, will offer CIT clients and visitors access to a full range of financial products and information about services offered by CIT's five Operating Groups. CIT.com provides visitors with 24-hour access to information from CIT's extensive knowledge base. The new site is positioned around the 'CIT Solutions Tool', which focuses on a user's specific financing needs. It quickly channels clients or visitors to appropriate content reservoirs and business groups for product & service information and financing options. CIT.com will set the enterprise-wide standard for the company's Web presence on-line brand positioning. "The launch of our corporate Web site is a very important step in marketing the CIT brand while featuring and building on the range of online services CIT offers," said Kimberly Stark, Internet Marketing Director for CIT. "BusinessEdge Solutions provided us with a customized solution resulting in a robust ePresence, supportive of the CIT brand." "World-class firms like CIT understand that today's business environment necessitates having a compelling, easy to navigate and interactive Web presence," said John D'Urso, Financial Services Industry Partner for BusinessEdge Solutions. "We believe that our unique approach to designing the user experience and technical solution to meet the complex electronic delivery requirements provides a solution that will help CIT to build its ePresence." About CIT CIT, the financial services subsidiary of Tyco International Ltd., is a leading, global source of financing and leasing capital and an advisor for companies in more than 30 industries. Managing more than $50 billion in assets across a diversified portfolio, CIT is the trusted financial engine empowering many of today's industry leaders and emerging businesses, offering vendor, equipment, commercial, factoring, consumer and structured financing capabilities. Founded in 1908, CIT operates extensively in the United States and Canada with strategic locations in Europe, Latin and South America, and the Pacific Rim. For more information on CIT, visit the Web site at www.cit.com. About Tyco International Ltd Tyco International Ltd. (NYSE: TYC, LSE: TYI, BSX: TYC) is a diversified manufacturing and service company. Tyco is the world's largest manufacturer and servicer of electrical and electronic components; the world's largest designer, manufacturer, installer and servicer of undersea telecommunications systems; the world's largest manufacturer, installer and provider of fire protection systems and electronic security services and the world's largest manufacturer of specialty valves. Tyco also holds strong leadership positions in disposable medical products, financing and leasing capital, plastics and adhesives. Tyco operates in more than 100 countries and had fiscal 2000 sales of $28.9 billion. About BusinessEdge Solutions Inc. BusinessEdge Solutions Inc. (www.businessedge.com) is a next generation, Industry eBusiness Integration firm focused on the finance, insurance, and communications industries. BusinessEdge Solutions complex business process automation, EAI/middleware, content management solutions, technology planning and product solutions, solution development, integration, and back-office ennoblement. BusinessEdge Solutions is headquartered in East Brunswick, New Jersey with velOSSity Solution Centers in New York, Dallas, Denver, Washington, D.C., and London, U.K. ######################## ----------- ----------- ----------- ----------- o Technologic Names Top Ten at Financial Services Outlook NEW YORK -- Technologic Partners, publisher of VentureWire, announced the 10 private e-finance companies judged most likely to succeed at its Financial Services Outlook conference held in New York this week. The selected companies were given the title "Investors' Choice." In alphabetical order, the winners are: CapitalThinking, Currenex, FinancialOxygen, Finaplex, netDecide, Paytrust, T1Xpert, TheBEAST, TradeCard, and Xign. Based on selections by an audience of more than 300 leading investment and industry professionals, the 10 winners were selected from among 49 invited companies whose CEOs presented their business plans. In addition to voting by the audience, selection for the Investors' Choice awards was based on recommendations from a panel of investors. The panel included Amy S. Butte, managing director at Bear Stearns; Matt Epstein, director of the financial institutions group at UBS Warburg; Robert A. Huret, general partner and managing member at Financial Technology Ventures; and Robert Stavis, partner at Bessemer Venture Partners. http://www.financialservicesoutlook.com _____________________________________________ Secure Lease In today's environment of Internet security, we thought that your readers would be interested in hearing of an ASP product designed specifically for their industry which has chosen one of the most premier and secure facilities in the world in which to co-locate servers where their data may be stored. Sprint spent over $3.5 billion for the completion of the facility and SecureLease was the very first installation Linda Lundergan #### ################ ########################### Sprint Welcomes SecureLease as an Internet Center Customer KANSAS CITY, Mo. - - Sprint Corp. (NYSE: FON) announced that SecureLease has chosen Sprint E|Solutions' Internet Center in Kansas City to host VISION, SecureLease's newest Application Service Provider (ASP) offering. SecureLease, a leading provider of Internet-based services to the leasing and finance industries, provides VISION as a one-stop solution for companies seeking to incorporate the benefits of Web-enabled business applications. Offerings range from e-mail and Web-site hosting to full e-commerce solutions that incorporate credit-bureau scoring and electronic document delivery. "Our business success depends on having a faster, more secure and economical alternative for Internet connectivity," said Kirk Hall, chief technology officer for SecureLease. "We chose Sprint because of its superior facilities, connectivity, security and service level agreements. And, they have impressed us with their attentiveness and support. Sprint is providing us with key capabilities that will help ensure our success." Sprint's E|Solutions Internet Centers are built on Sprint's award-winning Tier 1 IP backbone, providing essential speed and performance. SecureLease will benefit from the Kansas City center's high standards for security and reliability. Sprint's industry-leading customer service and dedication to extensive support provide worry-fee outsourcing for a variety of managed transport, server and application solutions services. Sprint E|Solutions' professional services organization provides consultation, implementation and on-site network operations for a complete Internet solution. "Sprint E|Solutions is focused on providing solutions that meet our customers' unique needs. Our expertise in managed and Web services, security and customer service provides an unparalleled competitive advantage to today's Internet-based businesses," said Keith Paglusch, president of Sprint E|Solutions. "Sprint is providing SecureLease the vital bridge to its customers that the company relies on every day." The 25,000-square-foot Kansas City-area Internet Center, opened in March 2001, features a secure and reliable physical environment to safeguard critical business data. The facility has raised floors, HVAC temperature-control systems with separate cooling zones and private, locked cabinets and cages. In addition, the property provides superior physical security features. The Kansas City-area Internet Center offers customers a full range of collocation, Web hosting and application hosting services. For more information about Sprint E|Solutions and Sprint E|Solutions Internet Center offerings, please visit www.sprintesolutions.com or call 877.700.8910. About Sprint: Sprint is a global communications company serving 23 million business and residential customers in more than 70 countries. With more than 80,000 employees worldwide and $23 billion in annual revenues, Sprint is widely recognized for developing, engineering and deploying state of the art network technologies, including the United States' first nationwide all-digital, fiber-optic network. Sprint's award-winning Tier 1 Internet backbone is being extended to key global markets to provide customers with a broad portfolio of scaleable IP products. Sprint's high-capacity, high-speed network gives customers fast, dependable, non-stop access to the vast majority of the world's Internet content. Sprint also operates the largest 100-percent digital, nationwide PCS wireless network in the United States, already serving the majority of the nation's metropolitan areas including more than 4,000 cities and communities. About SecureLease: SecureLease was created to serve the equipment leasing and finance industries. Our goal is to provide small to mid-sized businesses access to e-commerce solutions at an affordable price. Our philosophy is that technology should automate routine processes and provide real-time information, but can never replace industry experience and equipment knowledge. Our software uses an Application Service Provider (ASP) model so clients can quickly establish a unique Internet identity. SecureLease is responsible for maintaining the hardware and software, while the subscriber maintains complete control of access to confidential information. For more information visit our website at www.securelease.com, contact us by e-mail to info@securelease.com, or call 800-371-5432. ##### ################ ################### ##############
Lease Forum adds MainControl ( yesterday formed alliance with Capital Stream , the good news here, Lease Forum states: · The leasing industry topped $260 billion in 2000 and is expected to exceed $281 billion in 2001. · 8 out of 10 corporations utilize leasing as a source of finance. ) Company Press Release MainControl(R) and LeaseForum Team to Provide World Class Technology Leasing Solution MainControl's MC/EMpower Coupled With LeaseForum's LeaseCenter Provide Comprehensive Support for Lease Origination, Analysis and Tracking MCLEAN, Va. and BOSTON, -- MainControl Inc., a leading provider of Technology Asset Management solutions and LeaseForum, Inc., a market leader in end-to-end lease management, announced today they have teamed to provide customers a comprehensive technology leasing lifecycle management solution. Together, MainControl and LeaseForum offer complete lease origination, analysis and lifecycle tracking support, including RFQ and Dealbook distribution, transaction sourcing and analysis, contract negotiation and execution, and lifecycle tracking and management. This powerful combination brings to Technology Asset Management the easy accessibility for customers to obtain fast and straightforward financing for leased IT assets while ensuring these assets are quickly and seamlessly integrated and managed within their organizations. Nationwide, companies of all sizes are realizing significant savings by improving the way they source and manage leases and equipment. According to industry experts: · The leasing industry topped $260 billion in 2000 and is expected to exceed $281 billion in 2001. ·
· 8 out of 10 corporations utilize leasing as a source of finance. ·
· Information technology is the 2nd largest and fastest growing leasing segment. ·
Noting the emphasis on leasing technology and the attendant costs associated with the inadequate tracking of leases and equipment, MainControl and LeaseForum formed this strategic partnership to provide customers the most effective products and services to standardize and control the origination, analysis, tracking and management of leases and equipment. MainControl's MC/EMpower(TM) provides out-of-the-box full lifecycle management of IT assets for Inventory, Procurement, Compliancy, Finance, Service and Contract Management. LeaseForum's LeaseCenter(TM) streamlines the lease sourcing process enabling customers to direct their requests for quotes to existing lenders or over 150 qualified funding partners in LeaseForum's network. With LeaseCenter, customers can centralize and control lease requests presented to the market and the quotes received, plus using online analysis tools, they can comparatively evaluate quotes. This partnership allows customers to proactively manage leasing activity as part of managing their IT assets, resulting in significant technology cost reductions. "We are very excited about our relationship with LeaseForum. MainControl is always looking for ways to help our customers become productive faster. LeaseForum is a perfect compliment to MC/EMpower by enhancing the total lifecycle management of leased technology assets," said Alex Pinchev, President and CEO of MainControl. "Our partnership with LeaseForum is further proof of MainControl's ongoing commitment to providing seamless integration across business solutions, providing fast implementation of these solutions and ensuring rapid ROI for our customers." "Leasing is a significant aspect of managing the overall technology infrastructure equation for corporations," said Susan Franklin, President and CEO of LeaseForum. "We are extremely pleased to join forces with MainControl to enable companies to effectuate better management of their technology leases. Tying financial management tightly to asset management allows customers to proactively manage their technology infrastructure, optimizing both their lease economics and their control over each leased technology asset." About MainControl Inc. Founded in January 1994, MainControl Inc. is a privately held company headquartered in McLean, Virginia, with offices throughout the United States, as well as in the United Kingdom, France and Germany. MainControl's business solutions provide hundreds of corporations worldwide with industry leading, Technology Asset Management solutions to plan, track, and manage the configurations and costs of technology resources throughout the enterprise. Network Computing awarded MainControl the "Well-Connected Award" Product of the Year: Asset Management. For more information, visit http://www.maincontrol.com . About LeaseForum, Inc. Boston-based LeaseForum, Inc was founded in 1998 and is privately held. LeaseForum simplifies the end-to-end leasing process for its clients and dramatically reduces the direct and indirect cost of lease management. LeaseForum's expertise and integrated suite of Web-based applications provides companies with unsurpassed lease management support. For more information visit http://www.leaseforum.com .
Sites of Reference: http://www.leaseforum.com ### ############# ######################### ############## ____________________________________________________________ Recent FTC Rulings----- Barry Marks, Es q. (Leasing News asked Barry Marks, Esq., to comment on several recent subjects making the rounds, such as providing to debtors information you sell or provide to others, and recent rulings on the need to obtain signatures on lease application in order to run “consumer credit.”) Recent FTC Rulings For some time now, we have been nervously watching as FTC and others have toyed with importing consumer law protections into commercial (non-consumer) leasing. 1. Consents on Credit Reports. Last year, the unfortunate FTC Ruling that an individual (natural person) guarantor's consent was required before a credit report could be pulled in a commercial transaction sent a shock wave through the leasing legal community. Some posited that this alone might mean that all consumer protections - FCRA, debt collection, interest rate disclosures, etc. - might be applied to our industry. As recently reported, however, FTC reversed itself. Now, drawing a credit report on an individual guarantor is agreed to be a permissible action and consent is not required. (What FTC said last year was: Getting a PG from a business owner, officer, etc. is NOT a permissble use of a consumer (read to mean individual person's) credit report even if it is used in connection with a business transaction. Therefore, the lessor must obtain consent. What the FTC now says is: Getting a credit report on a guarantor or the sole proprietor of an unincorporated business (and, we assume, a partner in a general partnership) IS a permissible purpose and does NOT require consent. You must obtain consent if the individual is not a guarantor or is not personally liable for the lease/loan. For example, if you have a limited partner in a limited partnership, a member of a limited liability company or a shareholder WHO IS NOT A GUARANTOR, you can't pull a report without consent.) So, the rule: If the guy is legally responsible for payment, pull the report. If not, and you want it for whatever reason, get consent first. This is essentially the same rule as ECOA/Reg B has for spouse guarantees - if wife's or hubby's credit is part of your collateral package, she/he can sign a PG. If not, don't go there. 2. Privacy Regulations. The FTC privacy regulations are only for consumer transactions, not commercial leases, etc. This is an excerpt from a memo one of my people prepared: SUMMARY Title V of the Gramm-Leach Bliley Act (the "GLBA") provides various privacy protections for "individuals who obtain or seek to obtain financial products or services... primarily for personal, family, or household purposes. Title V does not apply to businesses or individuals who obtain financial products or services for business purposes." See also GLBA, Title V, § 501 (1999). DISCUSSION Title V of the GLBA requires financial institutions to follow notice and opt-out procedures before disclosing nonpublic personal information to certain unaffiliated third parties. Title V applies to "financial institutions." A financial institution is defined as "[a]ny institution the business of which is engaging in activities that are financial in nature, or incidental to such financial activities, as described in section 4(k) of the Bank Holding Company Act of 1956." GLBA, Title V, § 509 (1999). That definition has been liberally construed, and includes such entities as national banks; federally chartered thrifts; other depositary institutions insured by the FDIC; insurance companies and agencies; securities firms; and others that offer financial products and services, such as mortgage brokers, investment advisory companies, auto dealerships that regularly lease vehicles for longer than 90 days and other lessors of equipment. GLBA, Title V, § 509 (1999). Congress' intent in passing Title V was to charge each financial institution with "an affirmative and continuing obligation to (1) respect the privacy of its customers; and (2) protect the security and confidentiality of the non-public personal information of the financial institution's customers." GLBA, Title V, § 501(a) (1999). However, a careful reading reveals that the GLBA disclosures must only be made to "consumers." The term "consumer" means "an individual who obtains, from a financial institution, financial products or services which are to be used PRIMARILY FOR PERSONAL, FAMILY, OR HOUSEHOLD PURPOSES, and also means the legal representative of such an individual." GLBA, Title V, § 509(9) (1999). Some confusion has resulted from the fact that the GLBA requires additional disclosures to be made to "customer." However, customers are defined to be a specific subset of consumers. In other words, all customers are consumers (for a detailed examination of the difference between a customer and a consumer, see www.fdic.gov/news/news/financial/2001/fil0103a.html). As such, "Title V does not apply to businesses or individuals who obtain products or services for business purposes." See GLBA, Title V, § 509(9) (1999). 3. A Brief Editorial. Before we get too smug, let's remember that there ARE laws on the books that can trip us up. For example, consider the limitations on taking "advance fees" in "loan" (and maybe lease) transactions. These laws resulted from celebrated misdeeds and unethical conduct by loan arrangers and others. If we don't police ourselves and push against the line of ethical conduct, we can expect the same pressures that created the consumer lending morass to result in a bad new day for us all! * * * * * Barry S. Marks * * * * * BERKOWITZ, LEFKOVITS, ISOM & KUSHNER 420 N 20th St., 1600 SouthTrust Tower Birmingham, AL 35203-5202 bsm@blik.com - www.leaselawyer.com 205.250.8333 - fax:322.8007 Barry didn’t give his book a plug, but I think Leasing News should: www.leasingpress.com Power Tools for Successful Leasing by James M. Johnson, PhD Barry S. Marks Leasing Power tools Press 43W690 Willow Creek Court Elburn, Illinois 60119 Phone: 630.365.9004 Fax: 630-365.5602 E-mail: phdleasing@hotmail.com or bsm@blik.com This is a wise investment: $79.95 plus $5.00 for handling Check, money order or credit card number ( MasterCard/Visa or American Express) with expiration date. Be sure to include name, address and telephone number, with area code or e-mail or fax or call. --------------------------------------------------------------------------------------------- AMF Bowling Files Chapter 11 As anticipated, AMF Bowling Worldwide's parent, AMF Bowling, Inc. has now filed for Chapter 11 protection, following the July 2, 2001 filing by AMF Bowling Worldwide and certain operating subsidiaries. ( You know we are in trouble when even AMF files BK. editor ) --------------------------------------------------------------------------------------------- The Financial Resource Conference | Agenda August 28-30, 2001 The Ritz-Carlton, Buckhead Atlanta, GA More Details - http://www.lessors.com _________________________________________________________ In full-year slump, U.S. manufacturing sags in July REUTERS NEW YORK U.S. manufacturing activity sagged again in July, rounding out the worst year for the sickly factory sector since the last recession a decade ago, an industry report showed on Wednesday. The National Association of Purchasing Management said its monthly manufacturing index fell to 43.6 in July from 44.7 in June, bruising hopes the sector would show clearer signs of clawing out of a deep and prolonged slump. A reading under 50 signals manufacturing activity more than one-sixth of the overall economy is contracting. The index has held under that watershed level since August 2000, although July's reading left it above January's decade low of 41.2. The NAPM new orders index, a crucial indicator of demand for factory goods in the pipeline, slipped to 46.3 from 48.6 in June. While new orders slipped in July, they were in somewhat better shape than earlier this year. The report also showed firms liquidated inventories at a quicker pace. Manufacturers must clear out overstocked shelves before production can rev up again. The NAPM inventories index fell to 35.8 from 40.8 in June. --------------------------------------------------------------------------------------------- Tuesday, August 28 1:00 p.m. - 5:00 p.m. | Registration & Networking Suite Open | Sponsor - SecureLease 3:30 p.m. - 5:00 p.m. | Funding Source Exhibit Open Equipment Leasing Association GMAC Commercial Mortgage/ABLD ORIX Public Finance LLC PureMarkets SG Cowen Securities Corporation Southern Pacific BanCapital 5:00 p.m. - 5:30 p.m. | BREAK 5:30 p.m. - 7:00 p.m. | Networking Reception | Sponsor - Pure Markets _________________________________________________________ Wednesday, August 29 8:00 a.m. - 8:30 a.m. | Breakfast | Sponsor - Semon Associates, Inc. 8:30 a.m. - 9:45 a.m. | Keynote Speaker Presentation “e-business, Is That All There Is? “ Michael E Cromar | VP e-business, Global Business Process & IT | IBM Global Financing 8:30 a.m. - 4:00 p.m. | Networking Suite Open 9:45 a.m. - 10:00 a.m. | BREAK 10:00 a.m. - 10:45 a.m. | Concurrent Exhibitor Workshops Equidity, Inc. “The First Mover Advantage... is there one? “ MRI/Sales Consultants of Northridge “Recruiting Realities in the New Economy - Receiving the most from your Executive Recruiter” PureMarkets “Harnessing Technology to Create New Sources of Customer Value” 10:45 a.m. - 11:00 a.m. | BREAK 11:00 a.m. - 11:45 a.m. | Concurrent Exhibitor Workshops CapitalStream “Leveraging The Web To Automate Processing And Cut Costs” BAG, Inc “Business Intelligence Service Provider - Fleet Management Services Alternative “ SecureLease.net “Taking Advantage of e-commerce .NET Style” 12:00 p.m. - 1:30 p.m. | Lunch | Sponsor - CapitalStream 12:30 p.m. - 1:30 p.m. | Guest Speaker Presentation "Managing the Internet ~ What Experience Has Taught Us" Jim Brady | SVP Market Development | CapitalStream 1:30 p.m. - 1:45 p.m. | BREAK 1:45 p.m. - 2:30 p.m. | Concurrent Exhibitor Workshops MicroBilt Corporation "Tools for Automated Decisioning at the Point of Entry" Fair, Isaac and Company “Solutions To Help Lessors Streamline Operations And Improve Profitability” Funder OnLine “Introducing ExpressOS - The World’s First e-Business Portal Operating System” 2:30 p.m. - 2:45 p.m. | BREAK 2:45 p.m. - 3:30 p.m. | Concurrent Exhibitor Workshops Cambridgecommerce, Inc. “When The Going Gets Tough, The Tough Use E-Processing” OutSourcing Solutions Group “Multi-State Taxes...Multi-Headaches...is there a cure?” PureMarkets “Harnessing Technology to Create New Sources of Customer Value” 3:30 p.m. - 3:45 p.m. | BREAK 3:45 p.m. - 4:30 p.m. | Concurrent Exhibitor Workshops Equidity, Inc. “The First Mover Advantage... is there one?” MRI/Sales Consultants of Northridge “Recruiting Realities in the New Economy - Receiving the most from your Executive Recruiter“ 4:30 p.m. - 4:45 p.m. | BREAK 4:45 p.m. - 5:30 p.m. | Concurrent Exhibitor Workshops SecureLease.net “Taking Advantage of e-commerce .NET Style” BAG, Inc “Business Intelligence Service Provider - Fleet Management Services Alternative” 5:30 p.m. - 7:00 p.m. | Networking Reception | Sponsor - Semon Associates, Inc. _________________________________________________________ Thursday, August 30 8:00 a.m. - 9:00 a.m. | Breakfast | Sponsor - MRI Sales Consultants of Northridge 8:30 a.m. - 11:30 a.m. | Networking Suite Open | Sponsor - SecureLease 9:00 a.m. - 11:30 a.m. | Funding Source Exhibit Open Equipment Leasing Association GMAC Commercial Mortgage/ABLD ORIX Public Finance LLC PureMarkets SG Cowen Securities Corporation Southern Pacific BanCapital 9:00 a.m. - 9:45 a.m. | Concurrent Exhibitor Presentations CapitalStream “Leveraging The Web To Automate Processing And Cut Costs” Cambridgecommerce, Inc. “When The Going Gets Tough, The Tough Use E-Processing” MicroBilt Corporation “Tools for Automated Decisioning at the Point of Entry” 9:45 a.m. - 10:00 a.m. | BREAK 10:00 a.m. - 10:45 a.m. | Concurrent Exhibitor Presentations Funder OnLine “Introducing ExpressOS - The World’s First e-Business Portal Operating System” OutSourcing Solutions Group “Multi-State Taxes...Multi-Headaches...is there a cure?” Fair, Isaac and Company “Solutions To Help Lessors Streamline Operations And Improve Profitability” 11:30 a.m. | THE FRC CONCLUDES - HAVE A SAFE TRIP HOME Banks Having Tough Times Too Finding Work Some laid-off execs land on their feet; others are up in the air By RICHARD NEWMAN ( New Jersey Business Record http://www.bergen.com:80/biz/bankers20010801.htm Robert A. Ewing, a commercial loan officer who specializes in lending to buyers of small aircraft, didn't sit back and await his fate when he learned his longtime employer was being acquired by a large out-of-state bank and that his job would be history. Ewing joined five colleagues from Summit Bank's commercial leasing and aviation lending group for after-hours brainstorming sessions. They crafted a business plan and hit the road to market themselves as a group to CEOs of local banks. "We decided to kind of take the bull by the horns and see if we could sell our department," he said. "It certainly was a total feeling of uncertainty." But they found a home at Wayne-based Valley National Bank, which formed a new division, Valley Commercial Capital LLC, to accommodate them. "We were looking to get into the commercial leasing business anyway," said Robert Meyer, an executive vice president at Valley. But while some bankers let go by Summit's acquirer, FleetBoston Financial Corp., have found jobs at other banks, many of Ewing's former co-workers are "still on the beach," he said. Ewing and his group were fortunate, according to industry observers who say the prospects for finding jobs, particularly in financial services, are not as good as they were at the beginning of the year. Jobs in finance declined by 1,300 statewide in June, partly because of the Fleet-Summit consolidation but mostly because of layoffs by mortgage companies and securities brokerages, according to state Labor Department officials. New Jersey's unemployment rate rose from 4.3 percent to 4.5 percent in June, catching up with the national rate. Overall, the number of people working in New Jersey declined by 5,100 in June -- even though the number of jobs was still 24,100 higher than in June 2000, officials said. "The economy has weakened," said Rae Rosen, senior economist for the Federal Reserve Bank of New York, noting large layoffs planned by Lucent Technologies and AT&T. Rosen said Tuesday that the regional branch of the nation's central bank will adjust its jobs growth forecast for New Jersey downward, from an annual rate of 1.5 percent to about 0.6 percent, in light of the recent layoff announcements. While Fleet's merger-related layoffs are not a reflection of the downturn in the economy, the difficulty some are facing in finding new jobs is, said banking consultant Arnold Danielson, chairman of Danielson Associates in Rockville, Md. The job outlook "certainly has turned around," Danielson said. "It's not an easy year for banks to meet their budgets." Therefore, fewer are hiring. To avoid overlap and to cut costs, Boston-based Fleet closed 80 branches statewide and closed several back office operations as it digests its $7 billion acquisition of Summit. Fleet officials said they would eliminate this year as many as 2,700 of the 9,700 workers they acquired with Summit, which had operations in New Jersey, Connecticut, and Pennsylvania. In 1998, when Philadelphia-based CoreStates Financial was purchased by First Union Corp. and 100 New Jersey branches were closed, workers "were absorbed much more quickly" Danielson said. According to Ray Williams, executive recruiter at Blake & Associates Employment Services in Pleasantville, not all of the bankers let go by Fleet want to find new jobs right away. Severance packages ranging from four weeks' pay and benefits to more than a year's pay, depending on seniority, are allowing some to take extended leaves. "I have three who don't want to go back until September; they're spending the summer with their families," Williams said. He said there are still opportunities for qualified workers in financial services. "Look to community banks and smaller organizations," he advises. ######## ############### ################################## Loan Demand at Business Bank of Nevada Increases Significantly; Loan Pipeline Surpasses $70 Million
LAS VEGAS--(BUSINESS WIRE)--Aug. 1, 2001--Business Bank of Nevada today announced that lower interest rates have significantly increased loan demand at the Bank in the last several months. The Bank disclosed today that its loan pipeline has now surpassed the $70 million mark as of the end of last week. This pipeline consists of loan requests that are at various stages, including everything from accepting an application to the actual funding of a loan. According to Mark Phillips, executive vice president and chief credit officer of Business Bank, the Credit Department hopes to book approximately 35 percent of its loan pipeline. He says this will help the bank reach its goal for loan growth this year, which is 22 percent in new loan commitments booked and funded during the year compared to last year's growth. This loan growth should result in the Bank's total outstanding loans surpassing $137 million by the end of the year. "We're seeing a lot of quality deals that make sense for both the bank and borrower," Phillips said. "The declining rates, coupled with some aggressive marketing and advertising campaigns that focus on competitive rates and terms, are what's helping us generate a phenomenal amount of lending business right now. The fact that we currently have a slightly lower loan to deposit ratio than most banks means we have the money to lend." Phillips added that the ideal loan to deposit ratio for a smaller bank is somewhere between the 80 to 85 percent range, and currently Business Bank is hovering around the 70 percent level. "Our current loan to deposit ratio allows us to be more competitive and aggressive in the pricing of our loans, along with establishing more favorable terms such as lower down payments and longer repayment schedules." A good portion of Business Bank's increased loan demand is coming from its SBA 504 Loan product, which can help businesses purchase their own building or warehouse instead of renting at a much higher cost. This product allows borrowers to finance up to 90 percent of the purchase price, lock in a fixed rate slightly over the prime lending rate, which is currently 6.75 percent. "A good portion of our increased loan activity is being fueled by small- and medium-size businesses recognizing the savings that they'll realize from owning a commercial building instead of leasing a facility," Phillips said. "At today's interest rates, a business can save more than $70,000 a year if they were to purchase a 5,000 square foot professional office building. The tax benefits, along with the appreciation of the building, also provides added benefits that make it more profitable for a business to own versus renting office space." In addition to the Bank's SBA 504 and 7A loan programs, the Bank's commercial loan product portfolio includes Construction Loans, Land and Real Estate Development Loans, Business Equipment and Machinery Loans, Tenant Improvement Loans, and much more. Business Bank, with more than $190 million in total assets, is in its sixth year of operation and is one of the fastest-growing independent banks in Nevada. The Bank has four branch offices in the state, with three in the Las Vegas area and one in Carson City. Business Bank is FDIC Insured and is a member of the Federal Reserve Bank of San Francisco. Its stock is listed over the counter (OTC) at ticker symbol BBNV. For more information about Business Bank or possible career opportunities, visit the Bank's Web site at www.bbnv.com. This release contains forward-looking statements, as well as historical information. Statements of goals and strategies and words such as "plan," "believe," "anticipate," "expect," "objectives," "forecast," "predict" and other similar words are intended to identify forward-looking statements. These forward-looking statements are included in accordance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, and involve risks, uncertainties and other factors that may cause the company's actual results, performance, or financial condition to be materially different from any results, performance, or financial condition suggested by the statement in this release. CONTACT: Business Bank of Nevada, Las Vegas Paul C. Stowell, 702/952-4415 pstowell@bbnv.com
www.leasingnews.org
|
