Headlines:

 

         Webster Acquires Central Capital

           Safeco Credit and Leasing "On the Block"

             "The Good Guys"--- Countrywide Leasing Clarification

              Venserve to use Microbilt ( for Plastic Card Leasing Venture??? )

                 ( UAEL Standards of Professional Practice )

                    Finova's Office in Doubt ( but Prez still gets $8.3 million )

                     Pay Phone Scam,Lessors Take a Hit, too.

                       Charterone.com---Named in Nation's Top Ten Internet Banks

                         Allegedly Sierra Cities Loses Great Plaines to American Express Leasing

              

   New York Times on Nasdaq  ( at the end, but worth reading, very informative )

 

 

------------------------------------------------------------------------------------------------- We encourage you to send to a friend, or ask a colleague to become a daily reader.

 This is free. Most of our news comes from our readers---insiders. This is not

 only for brokers, presidents, sales managers, but all employees in the leasing

 industry.  People change jobs, grow, make this their career. We hope to provide

 news and information for everyone employed in the equipment leasing industry.

 ( Yes, the janitor, too.  I started in the radio business sweeping the mail room

   and newsroom floor, hoping to get a writing job, which I did with coming up

   with an idea of reporting high school sports results and traffic-1963.editor )

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               Webster Acquires Equipment Financing Company

 

 

WATERBURY, Conn.--(BUSINESS WIRE)--March 15, 2001--Webster Financial Corporation (Nasdaq: WBST),

holding company for Webster Bank, announced today that it has acquired Center Capital

Corporation, a privately-held equipment financing company with assets of $260 million

headquartered in Farmington, Conn. Terms for the cash transaction were not disclosed. The

transaction will be accounted for using the purchase accounting method of accounting.

 

Center Capital finances commercial and industrial equipment through installment sales and

leasing programs to customers in all 50 states. The firm employs a staff of 60 and will continue to operate under the Center Capital name.

 

"We are pleased to announce this strategic partnership, which provides Webster with the

opportunity to enter the specialty commercial finance field. Center Capital is a very well

managed company helping small and middle market companies finance their machine tool,

environmental, construction and transportation equipment needs," said William T. Bromage,

Webster president.

 

"This transaction represents another major step forward as we continue to broaden our commercial

bank product offerings,"Bromage said. "For Webster's regional business customers, we now add

Center Capital's recognized expertise in equipment financing to the growing list of financial

services we provide."

 

Center Capital is the former leasing subsidiary of Center Bank, whose parent company, Center

Financial Corporation, was acquired by First Union. Center Capital was spun off to its senior

management in 1996.

 

"Center Capital and Webster share a commitment to providing the financial services that small

and middle-market business customers require," said Mitchell D. Weiss, Center Capital president.

"This strategic partnership will allow us to leverage skills and relationships, while providing

us greater growth opportunities going forward."

 

Connecticut-based Webster Bank provides business and consumer banking, mortgage, insurance,

trust and investment services through more than 100 banking offices, 220 ATMs and the Internet

(www.websterbank.com). Webster holds a majority interest in Duff & Phelps, an independent

financial advisor and investment bank with offices in Chicago, New York, Los Angeles and

Raleigh-Durham that provides expertise in middle-market mergers and acquisitions, private

placements, fairness opinions, valuations and ESOP and ERISA advisory services. Webster's online

mortgage subsidiary at www.nowlending.com on the Worldwide Web originates low-cost mortgages

across the United States.

 

For more information on Webster, including past press releases and the 1999 Annual Report, visit

the Webster Bank web site at www.websterbank.com.

 

Corporation's business that are not historical facts are "forward looking statements" that

involve risks and uncertainties. For a discussion of such risks and uncertainties, which could

cause actual results to differ from those contained in the forward-looking statement, see

"Forward Looking Statements" in the Company's Annual Report for the most recently ended fiscal

year.

 

CONTACT: 

 

Webster Contacts:                               

 

Media: Michael G. Bazinet

 

203-578-2391 

 

mbazinet@websterbank.com       

 

or                                

 

Investors: James M. Sitro

 

203-578-2399

 

jsitro@websterbank.com

 

or

 

Center Capital Contacts:                                             

 

Mitchell D. Weiss, CEO

 

860-409-2901 

 

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                    ON LINE

 

             the Complete Brochure--Registration

 

National Association of Equipment Leasing Brokers New Orleans Conference

   May 17-20  Conference Program/Registration

 

http://www.leasingnews.org/archives/March01/3-13-01a.htm

 

 register at the Riverside today for the special rate, and do it soon,

 or you may be staying at a hotel where the conference is not being held.

 This hotel is within walking distance to the French Quarter and Riverboat

 Casino.

 

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         Mergernetwork.com Correction

 

 Regarding the "mergernetwork.com" addition of a $100 Million leasing

company, the information appears to reference an employee leasing company.

I do not think it is an equipment leasing company on the block.  May want to

check it out.

 

Joe Harper

Republic Leasing Company

<jharper@rlclsg.com>

 

  ( I had our advisory board member,and Ace merger and acquisition person, Bruce

    Kropschot, check this out. His response:

           " The leasing company listed for sale on mergernetwork.com is a staff

           (employee) leasing company - this is totally unrelated to the equipment

            leasing industry." BKropschot@aol.com

 

             Well, no wonder I was surprised that I had not heard of a $110 million

             leasing company for sale. Leasing people, wow!!! editor )

  ------------------------------------------------------------------------------------

         

   Safeco, in effort to remove debt, to sell credit operation

 

Thursday, March 15, 2001

 

By MARNI LEFF

SEATTLE POST-INTELLIGENCER REPORTER

New Safeco Corp. Chief Executive Mike McGavick took his first crack at restructuring the

struggling insurer yesterday when he announced that Safeco is seeking a buyer for its commercial

credit and leasing subsidiary.

The move, McGavick said, will cut the amount of debt on Safeco's consolidated balance sheet

almost in half, reducing it from $3.1 billion to $1.5 billion.

"The simple fact is that this credit operation, in the way in which it was structured, adds a

lot of debt to our balance sheet," he said. "In the greater scheme of things, it's not really a

core business and it doesn't tie into our other businesses in any significant way."

Safeco Credit Co., which specializes in asset-based lending, with significant emphasis on

providing financing for manufacturing and construction equipment, generated a pretax profit of

$19.3 million in 2000, the company said.

Some Wall Street analysts praised the sale of the credit company, which, according to Ragen

MacKenzie's Dan Nelson, has a book value of $150 million.

"It does take a lot of commercial paper debt off the balance sheet," he said. "It's a good move.

It's a good little company and they shouldn't have any trouble selling it."

McGavick said that reducing Safeco's debt will increase capital flexibility and help Safeco

improve its rating with credit agencies.

Last month A.M. Best Co. downgraded the financial strength rating for Safeco's property/casualty

and life/health insurance companies from "A+" to "A." The company also cut its senior debt

ratings from "a" to "bbb+."

"We hope over time that this will illustrate to the credit agencies that we are taking the

appropriate actions," McGavick said.

But Nelson said that while reducing debt is certainly a step in the right direction, ultimately

Safeco will have to improve its earnings to win back the favor of credit agencies.

McGavick wouldn't comment on potential buyers, though he said that Safeco and Goldman Sachs

Group Inc. -- the investment bank that the insurer has hired to help with the sale -- have had

discussions with several companies.

"An ideal buyer would want to be in this business," McGavick said. "We would like to find a

buyer that is as hungry for the people who run the business as it is for the business."

In the meantime, McGavick said, the company has offered "stay bonuses" to employees at the

credit company, in an effort to retain crucial workers through the transition. And Safeco is

prepared to offer generous severance packages to anyone who might be laid off as a result of the

sale, he said.

As for what's next on McGavick's list, he's not saying.

"The one thing that I promised from the beginning was that I wasn't going to do this all as one

big event," he said. "We'll talk about things as they mature. This decision, given all of the

different elements, was fairly straightforward. I'm doing things in order of complexity."

Safeco made the announcement after the market closed. Safeco's stock fell 44 cents yesterday,

closing at $23.81 a share.

 

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      Countrywide Leasing

 

 

"When we opened up our company, we were told by The Manifest Group that they

do not accept brokers under 2 years in business, however they would be

willing to consider our application once we were 6 months in business."

 

"We appreciate your not printing and giving credence to these other

accusations.  Please do not print anything about VenServ or MacArthur, as I

don't want to drag them into this in any way.

 

"Thanks again for being ethical in your handling of these matters.

 

You may quote me."

 

John Sperling

President

john@countrywideleasing.com

 

 ( This is in reaction to yesterday's leasing news: http://www.leasingnews.org/archives.htm

   ( to be posted soon, perhaps by the time you read this ).

   It appears Countrywide is getting "guilt by association."  There is no common

   ownership by United Capital or Spectrum Leasing. Whether they know Steve

   Dallas, or are in the same area, or have done any business, whether true or

   untrue, this company is young, appearing to keep on the straight road, and

   gossip is giving them a wrong moniker.  Please: In this country a person ( or

   company ), is innocent until proven guilty.  This appears to be a forthright

   company and management team. editor ).

 

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               VenServe to Use MicroBilt Software

 

This is the company that approves up to $100,000 with a 2 1/2 year of credit, no personal

guarantee. Yesterday they approved Menkin & Associates now,a company with no assets or even a

bank account ( it is an old public relations company and a name I use from time to time ). 

Venserve states on the flyer they are members of the United Associations of Equipment Leasing.

My question yesterday, are members such as Venserve in the Plastic Card Leasing gambit following

the association Code of Ethics?

 

This is the "press release" over the business wire.  I did not name MicroBilt a "premier

provider...", the press release did in their press release.  The second question, will

this service be used for the "pre-approved" $100,000 for the Plastic Card Leasing operation?

 

If readers are interested, I will print the Menkin & Association approval for $100,000,

that shows no stipulations at all except to call, go on line, or mail acceptance:

VenServ Integrates MicroBilt's Software Developers Kit

 

 

KENNESAW, Ga.--(BUSINESS WIRE)--March 14, 2001--

 

Delivers over $200,000 savings in development costs

 

MicroBilt Corporation, the premier provider of credit access software via the Internet,

announces that the leading provider of innovative, web-based product financing solutions,

VenServ, Inc., has begun using the MicroBilt Software Developers Kit (SDK) to provide instant

credit access to its customers over the World Wide Web.

 

MicroBilt's Software Developers Kit (SDK) provides a cost effective process for companies to

integrate access to credit bureau data from the three major consumer bureaus and two commercial

bureaus right into their applications, increasing productivity throughout the entire credit

department.

 

"We are pleased to have VenServ, the premier web-based originator of financial services

products, using our services to integrate instant access and instant decisioning to their

web site," said Ken Hill, President of MicroBilt Corporation. "The big challenge for us was to

integrate the credit bureau data within VenServ's infrastructure without incurring high labor

costs and with minimal disruption of Venserv personnel." In fact, by utilizing MicroBilt's

Software Developers Kit, VenServ's programming staff was able to slash their development time

from 18 man-months to less than 3 months.

 

"The MicroBilt SDK drastically cut our costs and saved us over $200,000 in man hours," said

Robert D. Parker, President and CEO. "With MicroBilt's ten years of experience in credit access

software, we knew that we were getting much more than just another software vendor

relationship--they delivered, plain and simple."

 

The MicroBilt SDK enables companies to stay on the leading edge of credit decisioning while

enabling employees to handle more pressing issues such as sales, marketing and customer service.

 

"With key personnel freed up and focused on our core business, we expect these significant cost

savings to continue, and the ROI to be significant," said Mr. Parker.

 

MicroBilt's SDK is geared to companies who extend credit or have a need to run credit reports

for their businesses. Companies, who frequently use multiple credit bureaus for running reports, find the MicroBilt interface provides a way for developers to automate the process and integrate multiple credit bureau data and reporting into their internal system. VenServ recognized this

opportunity and was able to automate and simplify their business while at the same time reducing the cost and time of development.

 

About VenServ:

 

VenServ, Inc. is the premier provider of innovative, web-based product financing solutions.

Serving small, medium-sized and Fortune 1000 companies, VenServ provides a quick and efficient

method of financing equipment purchases. The company strives to deliver total customer, vendor

and underwriter satisfaction through its "high tech, high touch" approach. VenServ's

proprietary, fully integratable and web-enabled credit decisioning and application processing

system

 

("VenStat") offers a seamless, secure and scalable solution. VenStat improves information

processing, increases sales and expands the client base for VenServ's vendor partners and offers better quality transaction flow to VenServ's underwriter partners. VenServ is backed by Warburg

Pincus. More information is available at www.venserv.com or by calling 818-735-0439.

 

About MicroBilt:

 

MicroBilt, a division of Bristol is a nationwide leader in credit bureau data access and

retrieval, providing credit solutions to the Financial (banking, mortgages, home equity, credit

union, collections), Rental or Leasing, Health Care, Insurance, Law Enforcement, Educational

(Universities, Colleges and institutions of higher learning) and Utilities (gas, electric,

cellular, cable, residential phones) industries. MicroBilt provides interfaces with the three

consumer bureaus, Equifax (NYSE: EFX), Experian (London Stock Exchange: GUS) and Trans Union and the two commercial bureaus, Dun & Bradstreet (NYSE:DNB) and Experian Business. Currently bureau

data is available via dial-up software, Internet website access (www.creditcommander.com), or

through an integrated custom interface utilizing the Software Developers Kit. MicroBilt services over 30,000 customers throughout the United States and Canada. MicroBilt (www.microbilt.com),

formerly a First Data Corporation (NYSE: FDC) subsidiary, is headquartered in Kennesaw, Georgia

with offices in Princeton, New Jersey, South Carolina and California.

 

CONTACT: 

 

MicroBilt Corporation, Kennesaw

 

Kathleen Houseman, 770/218-4681

 

Kathleen-Houseman@microbilt.com

 

www.microbilt.com   

 

KEYWORD:  GEORGIA

 

 

 

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           UAEL Standards of Professional Practice

 

 

I acknowledge that there are certain fundamental standards of practice which should serve as

guiding principles for all engaged in commercial finance and equipment leasing. I further accept the UAEL Standards of Professional Practice and the UAEL Dispute Resolution Procedures.

 

In the event of a dispute regarding an alleged violation of these Standards, I agree to submit

that dispute to the UAEL Standards Committee for resolution in accordance with procedures

adopted by the Association.

 

Neither an alleged violation of the UAEL Standards of Professional Practice nor any

determination that an actual violation has occurred shall delay, impair or otherwise affect the

rights, remedies or obligations of the parties to a commercial finance or an equipment leasing

transaction.

 

o          We will at all times conduct our

activities with integrity dignity and professionalism and will encourage such conduct by others

in the commercial finance and equipment leasing industry

 

o          We will act with competence and strive to continually maintain and improve our

professional judgment through participation in Association activities.

 

o          We will maintain respect for keen competition and for all competitors and will seek no

advantage by dishonest or unethical means.

 

o          We will adhere to the principles of confidentiality and accuracy of inquiries and

replies in all exchanges of financial and credit information

 

o          We will treat in a fiduciary capacity all funds received in that capacity.

 

o          We will at all times adhere to the specific terms of our funding commitments, commission

agreements, and/or purchase

 

 

o          We will not make payments directly to employees of vendor or other business source

without that company's knowledge.

 

o          We will never knowingly make false or misleading statements or withhold information

vital to a business decision and we will correctly represent our relationships with all parties

to the trans act on.

 

o          We will not simultaneously seek commitments from more than one Landing source without

revealing that action.

 

------------------------------------------------------------------------------------------------ 

         Finova's offices in doubt

 

 

Tim Koors/The Arizona Republic

  picture of building available at: http://www.azcentral.com:80/business/0315Finova15.html

 

Finova may have to leave offices at 4800 N. Scottsdale Road.

 by  Max Jarman

 The Arizona Republic

    Mar. 15, 2001

 

Finova Group's tenancy at its posh new headquarters in Scottsdale is up in the air in the wake

of its Chapter 11 filing.

The commercial finance company can reject the lease on the building as part of its Chapter 11

reorganization. The company could then seek lower cost quarters elsewhere, and the landlord,

Scottsdale developer Paul Barker, would join the ranks of Finova's unsecured creditors. Barker

said he has received no indication from Finova what it may do with the space, and Finova

spokeswoman Rhonda Barnett called any discussion of the subject premature. About 300 Finova

employees now work in the building at 4800 N. Scottsdale Road. Finova analyst Matthew Burnell,

of Merrill Lynch in New York, suggested that if the reorganization plan for the company involves

a substantial shrinking, or even liquidation, there would be little need for a flashy

headquarters. But he noted that the company needs to be located somewhere and that moving out

now could be a logistics challenge. Observers also note that Finova made significant tenant

improvements to the 200,000-square-foot space at its own expense and would be walking away from

a considerable investment. Already, Finova is seeking to sublet about 40,000 square feet it had

set aside for expansion. The company is seeking between $28 and $32 a square foot, and broker

Steve Cook, who is handling the leasing, said there is considerable interest in the space. Cook

added he also has received steady inquiries about the rest of Finova's space.