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March 20, 2001
Headlines: Feds Cut Prime by 1/2 Percent ( as expected ) Official Statement on Listserve "list" AmSouth Introduces Free Internet Banking and Bill Payment for Life Plastic Card Leasing MicroFinancial Inc. Announces Quarterly Dividend Ampent(tm) Names Raymond L. Smith as New Chief Executive ( formerly AccessLease.com ) Leasing News List to be up-dated Tomorrow--- --------------------------------------------------------------------------------------- United Association of Equipment Leasing Funding Retreat Friday, March 23 March 23, 2001 Hilton Kansas City Airport 8801 NW. 112th Street Kansas City, MO 64153 Phone: 816-891-8900 Funders Amembal Capital Corporation Bancorp Financial Services, Inc. CapitalStream Commercial Money Center, Inc. (CMC) Creative Capital Leasing Group, LLC Equipment Lessors Protection Association Financial Pacific Leasing, LLC Leverage Leasing Company The Manifest Group Make appointments with dozens of funding sources and suppliers who will meet your needs for 2001. For registration and information on any meetings, please contact Melanie at the UAEL office: (510) 444-9235 x23 -------------------------------------------------------------------------------------------
Federal Reserve Cuts Interest Rates by 1/2 Point in Bid to Lift Economy Tuesday, March 20, 2001 WASHINGTON -- The Federal Reserve cut short-term interest rates by half a percentage point Tuesday, in an attempt to kick-start the sputtering economy. The central bank's move was widely expected, and some observers had hoped for a three-quarter point reduction. The central bank vowed to 'monitor developments closely,' leaving the door open to another rate cut before the panel's members next meet on May 15. 'Persistent pressures on profit margins are restraining investment spending and, through declines in equity wealth, consumption,' the panel said in a statement. 'The associated backup in inventories has induced a rapid response in manufacturing output and, with spending having firmed a bit since last year, inventory adjustment appears to be well underway.' Economic growth has slowed to a creep in recent months, but there are few signs yet of a full-fledged recession. Nevertheless,
layoffs have been mounting and
consumer confidence is at a
five-year low, to its most sluggish pace in more than five years, rising at a 1.1% annual rate. Inflation, meanwhile, though starting to show signs of picking up, remains relatively low. That left little risk to the central bank from lowering rates. 'Although current developments do not appear to have materially diminished the prospects for long-term growth in productivity, excess productive capacity has emerged recently,' the panel said. 'In these circumstances, when the economic situation could be evolving rapidly, the Federal Reserve will need to monitor developments closely.' Tuesday's decision lowered the Fed's target for the federal-funds rate -- which banks charge each other for overnight loans -- to 5%, after two half-point cuts in January. The central bank also lowered the discount rate, which the Fed charges for loans to banks, by a half of a point to 4.50%. 'The Committee continues to believe that against the background of its long-run goals of price stability and sustainable economic growth and of the information currently available, the risks are weighted mainly toward conditions that may generate economic weakness in the foreseeable future,' the FOMC statement said. Trading in fed-funds futures contracts before Tuesday's announcement suggested that investors were anticipating a three-quarter point cut in the face of a bearish stock market and rampant profit warnings. Central-bank observers had said that anything lower would have been inconsistent with Fed Chairman Alan Greenspan's recent statements about the role of the central bank in controlling the economy. 'The Federal Reserve has seen the need to respond more aggressively than had been our wont in earlier decades,' Mr. Greenspan told Congress in February. 'Economic policy making could not, and should not, remain unaltered in the face of major changes in the speed of economic processes.' The Fed's latest regional economic survey, the so-called beige book, found that seven of the central bank's 12 regions reported 'sluggish to moderate economic growth' in February, while four reported mixed activity. Only the St. Louis region reported noticeably slower growth. Still, some sectors have shown signs of life lately. A closely watched survey of purchasing managers rose in February for the first time in a year. The National Association of Purchasing Management said its manufacturing index rose to 41.9 in February from 41.2 in January. Though the figure remained below the 50 mark that would indicate expansion, the rise was seen as a hopeful sign in a sector that has been hard-hit during the economic slowdown. And consumer confidence, which Mr. Greenspan has cited repeatedly as key to supporting the economy, has showed renewed vigor. The University of Michigan's mid month consumer-sentiment index climbed to 91.8 in March from 90.6 at the end of February The resilient housing sector also has continued to show stamina. Housing starts were roughly unchanged in February, maintaining a very high sales pace of 1.65 million units. ------------------------------------------------------------------------------------------------ Union Bank---Accepting Broker Business Contrary
to rumor published on this page.
Union Bank of California's Equipment
leasing division Kindest regards, Bill Schneiderwind william.schneiderwind@uboc.com Vice President Union Bank of California Equipment Leasing Division ( Leasing News List will be up-dated on line, and sent to all readers tomorrow, too. editor ) ---------------------------------------------------------------------------------------- National Association of Equipment Leasing Listserve "list" I spent a good portion of yesterday on the telephone, trying to explain that the e-mail with the subject name: "list> was not Leasing News list. Nor was it the NAELB "list." I understand two are brokers on the list, not even funders, plus a lessor, and one person who told me one of the people that responded, he was the one "everyone knows not to do business with...how ironic he would protest." I have copies of the original senders of the e-mail "list" and it was between several, who added people that basically they wanted to warn their colleagues about. It was their opinion. The fuss appears to be that they called it a "list." It is their opinion. They should have listed the city and state next to the name of the company, and perhaps a reason why they wanted them on their list, but it was an e-mail posted between several senders. I believe it is legal. Their intention was to warn other brokers about companies they have had problems with. Everyone has been asking for others about opinions, and they gave their opinion. It was not NAELB's opinion. It was not "Leasing News" opinion. It was their opinion as anyone can give in a chat room. All NAELB members should be on listserve to respond if their name is mentioned in the "chat room." The Leasing News list is verified, screened, and no one is put on our customer complaint list without a thorough investigation by us and contacting all parties. Perhaps the original senders of the listserve list should have been following more netiquette. If you would like to learn more about netiquette, here is a good site: http://www.iwillfollow.com/email.htm Kit Menkin, editor + + + In reading over the latest reviews on "listserve," I have to agree with Troy Lovick (don't know him, never met him). His response reads both professionally and, since he doesn't claim injury, objectively. In reading over the rest of the letters, it seems that there is still no uniform standard of ethics for doing business in the leasing industry and whatever codes of ethics there are, are fractured and without teeth. Hence, the complaints to "listserve." It seems to me its name should be changed from "list" to "pissed." Hal Horowitz <hal.horowitz@searchwest.com> + + + I really have no problem with postings like this one. Yes, it could conceivably cause NAELB headaches, but that's what we're in business for. The funder can always respond to this and explain. Thanks for stepping up to the plate! Barry S. Marks, Esq. Bsmblik@aol.com + + + Official Statement from the National Association of Equipment Lease Brokers: To All NAELB Members and All ListServe Users: There has been a lot going around the ListServe over the past week. Apparently, some people have the thought that the ListServe is a forum to hang out other people's dirty laundry. In my position as NAELB Legal Counsel, I have seen and heard many, many, accusations of funders and brokers being unethical to each other. But what people do not realize is that in those situations, I can count on one hand the cases that were not resolved. Only in the extreme case has there been no resolution and the NAELB has had to step in and take action. More often than not, disputes that have come across my desk have been resolved in a civilized manner. Not every broker and funder are going to get along, but just because one dispute exists between one broker and funder does not mean that the broker cannot move onto the next funder and the funder cannot move onto the next broker. Moreover, just because a proposed lease falls apart does not in every case mean that unethical behavior or practices have been engaged in. There is always going to be a risk of doing business, those risks which are normal in any form of business. The NAELB has a code of ethics that applies to our members. The NAELB has an ethics procedure to resolve those disputes. The keyword is "resolve". If there is a dispute between members, there is a well defined procedure for filing a complaint, trying to resolve the matter and if a resolution cannot be reached, then and only then for the NAELB to take action. In my opinion, it is the best code of ethics and ethics procedure in the industry. In addition, the NAELB has another unique and valuable member benefit, the ListServe. This has been called many things such as "forum", "chat room" and even "bulletin board." I've seen requests for advice on there ranging from looking for a funding source, where to file UCCs to the "Black List" that was published the other day. There is a danger in a "Black List", that very danger being the reason why the NAELB has also established the ethics program and procedure referred to above. If someone believes that they have been treated unfairly, there is a complaint and an opportunity to respond built into the NAELB ethics procedure. This is a fundamental component of any civilized system. To go on and state in a judgmental and conclusory manner that someone is a bad apple is not what the NAELB ever intended to accomplish by the ListServe. Please, give the NAELB credit for having more discretion and brains than that. The people that posted the list took advantage of this forum, in an inappropriate manner from the perspective of not allowing an accused party to be able to respond. If a broker has had a bad experience with a member outside of the NAELB, then NAELB is not prepared to be all things to all people. We cannot police nonmembers and we encourage everyone to proceed with caution when doing business with nonmembers. At the same time, we recognize that there are many ethical industry players that are not members of the NAELB and we do not intend to label any nonmembers as unethical, rather, we have a the best dispute resolution mechanism in place for disputes between members in the industry. At no time did the NAELB preview or have the opportunity to preview the lists and amendments that were published. At no time did the NAELB endorse the lists. Rather, the NAELB is taking the approach that it is wrong to judge without having gone through the process, the ethics procedure. This position will not please everyone, I know you cannot please everyone all the time. But learn the lesson that this tool is to be a productive tool for productive business and when it reaches the point of unsubstantiated judgmental statements, then the productivity is lost. The National Association of Equipment Leasing Brokers does not endorse or sanction the lists of "bad" funders recently placed on our listserve. The purpose of the listserve is not to facilitate the venting of personal grudges and we request that this practice CEASE immediately. We are aware that members discuss frankly and factually their experiences with others in the industry, but a wholesale listing of companies with whom a listserve user had a bad experience unfairly lumps unethical companies together with honest professionals who simply prevailed over the disgruntled complainant within the rules our industry. The Association has created an ethics program and has advised its members to use that program and do business with fellow members. This is the ONLY sanctioned means of screening out unethical funders. We apologize to those who, because of a similarity of name or the poor judgment of the posting, were unfairly placed on these lists. We advise all listserve participants to DISREGARD the lists that have been circulated. " Folks, now is the time if there ever was one, for our members to attend, participate, voice their opinions and concerns. The ideal place for this is around the corner, at our next annual conference in New Orleans, May 17-19. Information on the conference can be obtained at our website, www.naelb.org. Hoping and looking forward to seeing the best turnout ever at our annual conference in New Orleans. Joe Bonanno, NAELB Legal Counsel attyjgb@aol.com (781) 391-7800 www.leasingissues.com -------------------------------------------------------------------------------------------- You may quote us without permission. We encourage you to send to a colleague. Leasing News is for everyone in the industry, from presidents, ceo, brokers, to contract administrators, funding administrators, customer service. We all started out learning the trade and worked our way up the ladder, or into business for ourself. We encourage you to pass our newsletter around, or sign up, as it is free. No advertising or banners. ------------------------------------------------------------------------------------------- Stress Relief You REALLY should tell people about the program you posted on your web site. Perhaps post it at leasingnews.org. I'm sure there are many brokers who REALLY need this! Doug Delack ddelack@usa.net <mailto:ddelack@usa.net> Alternative Finance, Inc. Tel 401-885-5531 Fax 401-885-5539 ( Doug, I hit it a number of times yesterday. What Doug is referring to is on the main page of American Leasing. I have the program on my workstation. To download it, go to http://www.americanleasing.com/exe/StressRelief.EXE -------------------------------------------------------------------------------------------- ( If you are in Southern California tomorrow, Wednesday, here is your chance to network, plus learn about attracting and keeping employees. You also may learn what you should be making in the leasing business today. ) March 21 Long Beach, California Wednesday Marriott Long Beach 4700 Airport Plaza Drive Here is your opportunity to attend at a "member price," by just mentioning Leasing News!!! Equipment Leasing Association
Topic: How Compensation and Talent Affect the Bottom Line Speaker: Teri Gerson, Executive Solutions for Leasing & Finance, Inc. Location: Marriott Long Beach, CA (4700 Airport Plaza Drive) Date/Time: Wed., March 21, 2001, 3-5pm for Presentation and Networking hosted cocktail reception 5-7pm Reservations: Jeanne Lund (703) 516-8366 (ELA) Host: Paul Nibarger, Nibarger Associates (310) 541-8609 Cost is $65 if you mention you read this in Leasing News (save $35). All attendees also get, for free: * Equipment Leasing Association Survey of Independent Leasing Companies---$99 value * Equipment Leasing and Finance Foundation B2B Report--$250 value door prices and other give away's and a "hosted" cocktail reception ------------------------------------------------------------------------------------------ ############################################################### Ampent(tm) Names Raymond L. Smith as New Chief Executive Former Fritz Companies, U.S Fleet Leasing and GE Capital Executive to Accelerate Ampent's Growth SAN FRANCISCO, CA. - March 20, 2001 - Today Ampent announced the appointment of Raymond L. Smith as its Chief Executive Officer and to its Board of Directors. Smith will focus on business development and strategy. Ampent's co-founder, Troy Klith, will continue to serve as President and Chairman and will oversee daily business operations.
Previously, Smith was CEO of Fritz Companies, one of the world's largest publicly traded supply-chain logistics corporations, with over 11,000 employees located in 115 countries and $1.6 billion in revenue. Fritz Companies recently announced its decision to sell the company to UPS. Prior to joining Fritz, Smith was President of U.S. Fleet Leasing, a subsidiary of Associates First Capital Corporation with over $1.6 billion in earning assets. During Smith's six years of leadership the subsidiary grew at over 25% per annum, generated its strongest profitability gains and was judged the industry leader for overall customer satisfaction and growth. Smith has also compiled a distinguished 15-year record at GE Capital where he was General Manager for private-label credit card programs, and responsible for business development of its fleet leasing and service business. "Smith's private-label credit background at GE Capital, his experience as president of U.S. Fleet Leasing and his leadership at public companies will help take Ampent to the next level," said Klith. "Smith's proven track record at successfully growing businesses into industry leaders provides a skill set that Ampent can use to achieve significant competitive advantages." "The $260 billion leasing market represents a great opportunity for a well-positioned company," said Smith. "Ampent's recent success in signing new partners is an indication of its solid business strategy, their excellent management team and their patent-pending technology which is laying the foundation for growth and market leadership." Additionally, Smith has won numerous civic and professional awards and has served as President and Chairman of the American Automotive Leasing Association.
About Ampent Established in 1997, Ampent(tm), formerly AccessLease.com, provides for the seamless distribution of capital through the financing supply chain, accelerating commercial lease transactions for small-ticket equipment vendors, funding sources and lessees. With their patent pending Capital Acceleration Platform(tm) (CAP), Ampent significantly increases the speed, efficiency and quality of finance transactions while reducing the cost and effort associated with traditional lease processes. Headquartered in San Francisco, CA, Ampent is a member of the Equipment Leasing Association of America and the United Association of Equipment Leasing and is backed by Athena Technology Ventures, Artemis Ventures, Sterling Payot Capital, and other investors. For more information visit Ampent online at www.ampent.com <http://www.ampent.com>. -30- Contact: Ampent Parker H. Trewin ############################################################### ------------------------------------------------------------------------------------- Plastic Card Leasing Reaction We are seeking reactions from readers to the ethics ( ethical, barely ethical, unethical ) of sending out Leasing Lines of Credit with a Plastic Credit Card. We have asked the non-profit associations how many members were expelled or censured for not following the association code of ethics. Two responses so far: Eastern Association of Equipment Lessors: two Equipment Leasing Association: " I don't think we've expelled anyone lately. Usually when someone gets in real trouble they end up not renewing their membership before we get the chance to expel them.. "Also, our process states that a complaint from one member against another has to be in writing and most members aren't willing to put their complaints down on paper so it's pretty hard to get a real disciplinary action going..... "I'll double check on that though and get back to you today or tomorrow." Katie Plona Director of Membership Equipment Leasing Association kplona@elamail.com + + + Regarding the lease credit cards, we had a vendor of ours spend $2500 on prep and putting the customers name on the side of a truck, when the customer came to pick up the truck he handed the vendor his credit card and expected to drive away. The customer was in bkrpcy and didn't understand why he couldn't use the card. Todd Kaufman <tkaufman@keystoneefc.com> + + + Are the plastic card leasing companies tactics ethical, barely ethical, unethical? Question I would like answered is - If plastic card leasing company states they have "pre-qualified your company through D&B" and that they "reserve the right to verify the information obtained through D&B and other credit reporting agencies before the funding of any lease transaction," can they then ethically require your company to provide information not previously "obtained" before funding? Question is more for those defining what we accept as ethical. I personally don't consider lying to be ethical.
Jeff Levy, LeaseLinc, Inc LeaseLinc@aol.com + + + As the Past President of the UAEL I would like to comment on the ethics debate, specifically your call for comments on the "plastic card" leasing companies. First of all I would like to state that the concept of issuing a card for an equipment line is an excellent marketing tool. If the card had a magnetic stripe that could be used by a customer to acquire equipment this would be a most effective method of marketing the equipment lease at the point of purchase. As our industry moves toward electronic signatures and contracts I believe that this will become a reality. This will be an extremely efficient and cost effective way manage micro ticket originations. My fear however, is that those you refer to as the "plastic card" companies will have the customer so jaded by the time technology makes this possible, that it will be too costly to overcome the hurdles that a truly credible product may face. As a result lessors and commercial finance companies may be hesitant to develop such products even though it is technologically feasible. While the concept is sound it is the execution by the companies in question that crosses the ethical boundaries that outline our industry. I receive these cards regularly and, it seems, that those engaging in this type of marketing know when their competitors are doing a mailing, as they all seem to arrive within a proximity of one another that makes my suspicious mind wonder whether or not the mailing companies or the list companies are tipping off the competitors who engage in this marketing. It is the practices that happen after the unsuspecting recipient of the card makes the call to "activate" his equipment line, which are questionable, at best. We are all well aware of the stories of security deposits being kept, 11th hour pricing "adjustments", requests to lie during the phone audit, etc. The list goes on and on. While there is no doubt that these practices are questionable, possibly fraudulent there is little that can be done unless the injured party files a complaint. In order to take action against these people, the UAEL would have to receive a "Standards" complaint. In leasingnews you ask how many companies have been sanctioned or ejected last year. While there are generally some investigations before the Standards committee, these are most likely settled prior to any type of hearing being convened. Most companies do not want to take the risk of losing in a hearing. The last person that I know of, that was openly sanctioned by WAEL was someone named Mary O'Dazier from Pasadena, CA. The action, at that time was brought by Stratford Leasing. The limitation on the UAEL Standards committee is that no action can be taken if there is no complaint filed. As president of the UAEL I received calls on a regular basis, from members and non-members, asking me to take action against a company that may or may not have been a member. I also received requests from attorney and/or law enforcement agencies that were "investigating" complaints. There is little assistance that I can offer these folks other than relating rumor or innuendo, or possibly providing the names of those that may have more direct knowledge of the situation under investigation. As the UAEL president last year, I appointed an ethics task force that thoroughly studied the question of putting more teeth into the enforcement of UAEL standards. The task force responded to the Board with some excellent suggestions that we hope to bring before the membership for a vote this year as it would involve amendments to our by-laws. Should these changes be implemented then the UAEL would be able to bring sanctions against members without having a formal complaint filed. We would institute a mechanism that would allow us to act on informal complaints by notifying the member and then instituting an investigation. The attorney members of our task force were careful to include proper steps that included "due process" so that we greatly decrease the chances of a lawsuit being brought against the UAEL. The spectre of a lawsuit for anti-trust, restraint of trade, libel, etc. are all very real when running any type of "police" action against the association members. In speaking with many members about adding language to our standards that would definitely beef them up I was surprised at the amount of objections that are raised around certain concepts. I couldn't help but notice a definite parallel between the opinions I received on tougher standards and the opinion polls that are taken about congressmen, schools and children. For example people respond to those polls about children with a high percentage saying that children are generally out of control. A low percentage however will respond that their own children are out of control. I think that people in our industry have a similar opinion on tough standards. Everyone wants to see them in place because they are needed to keep the other guy under control. In my opinion it will take a concerted effort by all of the associations to enforce tough standards. Those of us within the industry already know who most of the bad guys are and we steer clear of them and hopefully warn others to steer clear of them. The real purpose of strict standards enforcement by members of our industry would be to protect the mutual customer base from which we all derive our livelihood. As an industry we should also be concerned about the way our industry is perceived in the public eye. If the "plastic card" companies are the only ones making news all of our reputations will be tainted. With respect to leveling accusations of fraud in a public forum, I would have to caution against that. While association leadership may believe that this in the best interests of their membership they may also be opening the association up to a law suit. Based on the advice from our attorneys you must respect the procedures of "due process" to protect against this. I feel that this is one area where the settlers may be better off than the pioneers. One major lawsuit could wipe out an association. While we must look for ways to protect our good members and sanction the industry bad guys, the association must be in existence to accomplish this. Bob Rodi LeaseNOW, Inc. www.leasenow.com drlease@leasenow.com 1-800-321-5327 (LEAS) + + + Regarding the lease credit cards, we had a vendor of ours spend $2500 on prep and putting the customers name on the side of a truck, when the customer came to pick up the truck he handed the vendor his credit card and expected to drive away. The customer was in bkrpcy and didn't understand why he couldn't use the card. Todd Kaufman <tkaufman@keystoneefc.com Although most people think of me as a credit person I began my career in leasing in sales. One of the first things I learned was how to qualify a prospect. And that meant developing the ability to look below the surface. Have we lost that ability? There has been a lot of talk about the "credit card'" solicitations. Of course, "pre-qualified" doesn't mean "pre-approved". And anyone who has received a "pre-qualified" solicitation from a credit card company understands that his/her name has appeared on a targeted mailing list. As a leasing salesman I would welcome the opportunity to fight this type of solicitation. If your customer thinks enough of you to call and ask about this marketing piece it means you have his/her confidence. What a wonderful situation for a good salesman! I'd like to add something to Paul Menzel's comments about qualifying funders. There is a lot of fear now in the industry. Fear that all the funders will disappear, fear of unscrupulous competition, fear the economy will continue to decline, and fear that the tough deal on your desk will be just too tough to place. So along comes "Funders R Us" with a great ad and a great story. And that's just when you have to stop, back up and ask all the questions. Just as you have to be ready to walk away from a bad deal, you should be ready to walk away from a questionable funder. And just as you bring value-added to the leasing prospect, so do you bring value-added to the funder, for without brokers and lessors they would be out of business. You know how to check out a lessee's references. Do the same due diligence on your funders. Get names of their broker customers and call them. If the funder is a super broker, make sure that you clarify that at the outset. Get the names and contacts at their bank or other source of funds. And follow up. If the funder refuses to provide any information... Well, you had better get your running shoes on. The strength of this industry lies in its many smart, ethical and capable people. There is no place here for unethical competition or questionable funders, but it is up to each and every one in the business to fight such influences. We can't abdicate this responsibility to the associations. UAEL and NAELB have mechanisms in place where members can bring complaints or disputes. Both associations publish a code of ethics and require their members to acknowledge the code and promise to adhere to it. But ultimately it is up to all of us, association members and non-members alike, to maintain the highest standards in our own behavior and to demand it of those we do business with. Bob Teichman, CLP Teichman Financial Training 3030 Bridgeway Sausalito, CA 94965 Tel: 415-331-6445 Fax:415-331-6451 e-mail: BoTei@aol.com -------------------------------------------------------------------------------------------
AmSouth Introduces Free Internet Banking and Bill Payment for Life
BIRMINGHAM, Ala., -- AmSouth Bank is offering free Internet Banking and bill payment for the life of the account to all current customers and those who sign up for a personal checking account by April 30. AmSouth is the largest Southeastern bank currently offering completely free Internet Banking with bill payment to all of its customers. "Free Internet Banking simply expands on our philosophy of giving our customers the freedom to bank how they want, when they want and where they want -- around the clock and around the globe," said Rod Woodford, AmSouth's director of e-Commerce. AmSouth began notifying current customers today that they won't have to pay for online bill payment. Normally, the service costs $5 per month. In addition, for current customers and those who sign up before April 30, AmSouth is waiving fees for Banking with Microsoft Money, a service that integrates Microsoft's powerful financial management software with AmSouth's Internet Banking service. Banking with Microsoft Money allows customers t o download transactions directly from AmSouth to their home computer and simplifies account balancing as well as bill payment. That service normally costs $8 per month. Customers who take advantage of this offer also won't have to pay for the software or the setup fee, saving $9.95. Over the first year, total savings amount to more than $100. AmSouth Internet Banking features * Manage AmSouth accounts from any Internet connection just by logging onto AmSouth's Web site. * Get balance and account information for AmSouth checking, savings, CD, IRA, credit card, credit line, and installment loan relationships. Transaction histories are available on checking, savings, credit card, and credit line accounts. * Complete many transactions online, including transferring funds and more. * Eliminate the hassle of writing checks and mailing bills with online bill payment. * Order brochures and reorder checks. AmSouth Banking with Money features * All of the features of AmSouth Internet Banking. * Forecast income and expenses and create a realistic budget plan to meet your goals. * Perform long-range forecasting and planning. * Project cash flow to help determine if you'll have the money you need for the months ahead. * Track spending and make a budget. AmSouth security features * AmSouth's Internet products use the latest encryption technology to secure data over the Internet. Encryption is the process of transforming data into a form unreadable to anyone except those who possess the decryption key. * AmSouth uses 128-bit encryption throughout the Internet Banking Web site. This is the strongest level of encryption permitted by the federal government. * To prevent physical tampering, AmSouth's servers are constantly monitored and kept in a 24-hour secured AmSouth data processing facility with limited access. About AmSouth AmSouth (NYSE: ASO) is a regional bank holding company headquartered in Birmingham with $38.9 billion in assets, 600 branch banking offices and 1,250 ATMs. AmSouth operates in Tennessee, Alabama,
Florida, Mississippi, Louisiana,
and Georgia. AmSouth is a leader among regional banks in
small-business banking, mortgage lending, equipment leasing, annuity and mutual fund sales, and trust and investment management services. AmSouth also offers a complete line of banking products and services at its web site, www.amsouth.com . SOURCE AmSouth Bancorporation -------------------------------------------------------------------------------------------- MicroFinancial Inc. Announces Quarterly Dividend
WALTHAM, Mass.--(BUSINESS WIRE)---The Board of Directors of MicroFinancial Inc. (NYSE: MFI) voted to pay a dividend of $0.045 per common share, payable on or before April 13, 2001 to holders of record of MFI common stock as of March 30, 2001. This dividend is the same as the previous quarters, and has increased from 04 the same quarter last year. "This is the twenty-fourth consecutive quarterly dividend since we started paying dividends in July of 1995," says Richard Latour, Executive Vice President, COO and CFO. "We are proud of our long-term track record of earnings and dividend payouts. During our 15 years
of operations we have seen good
economic times and adverse economic
environments, of these times.," adds Mr. Latour MicroFinancial Inc. (NYSE: MFI), headquartered in Waltham, MA, and with additional locations in Woburn, MA, and Newark, CA, is a financial intermediary specializing in leasing and financing for products in the $500 to $10,000 range. The company has been in operation since 1986 and has been profitable each year since 1987. Statements in this release that are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In addition, words such as "believes," "anticipates," "expects," "views, " and similar expressions are intended to identify forward-looking statements. The Company cautions that a number
of important factors could cause
actual results to differ materially
from those expressed in undue
reliance on forward-looking
statements, which reflect the
management's view only as of
statements to reflect subsequent events or circumstances. The Company cannot assure that it will be able to anticipate or respond timely to changes which could adversely affect its operating results in one or more fiscal quarters. Results of operations in any past period should not be considered indicative of results to be expected in future periods. Fluctuations in operating results may result in fluctuations in the price of the Company's
common stock. For a more complete
description of the prominent
risks and uncertainties files from time to time with the Securities and Exchange Commission. CONTACT: MicroFinancial Inc. Richard F. Latour 781-890-0177 Richard.Latour@Leasecomm.com |
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