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May 22, 2001
Headlines--- They Mean It This Time at Bancorp Financial Services—Cochrane is Out, too "BFS has ceased originating new leases and loans." eLease at the New Orleans Conference Imperial Credit Industries—Looking for Business CIT—Looking for Broker Business, says Bruce Nelson Pacific Capital Bancorp Executives Talks With The Wall Street Financial Industry Leaders Create EquiLend to Address Securities Lending Needs ( new source of funds for leasing??? )
######################################################## Press Release SOURCE: Humboldt Bancorp Humboldt Bancorp Announces Plan to Wind Down Operations Of Bancorp Financial Services, Inc. EUREKA, Calif., May 21 /PRNewswire/ -- Humboldt Bancorp (Nasdaq: HBEK - news) today announced that the Board of Directors of Bancorp Financial Services, Inc. (``BFS''), a wholly-owned subsidiary of Humboldt, has adopted a plan to wind down its operations. BFS, based in Sacramento, California, principally acquires and services small-ticket leases. In April 2001, Humboldt announced that it had classified BFS as a discontinued operation and engaged an investment banker to sell BFS. The classification was the result of a comprehensive strategic review, initiated during the fourth quarter of 2000, of the prospects for BFS. Subsequent to that announcement, it was reported in Humboldt's first quarter 2001 Form 10-Q that BFS' investment banker had terminated the sale assignment, and that Humboldt was considering other alternatives, including an asset sale or liquidation. Humboldt has now determined that it expects to recognize a loss during the second quarter of 2001 associated with BFS and has engaged several outside firms to assist in an asset valuation that is expected to be completed by June 30, 2001. Although Humboldt is at this time unable to specify the amount of the loss, preliminary indications are that Humboldt may need to recognize a loss in the second quarter of 2001 which is not at this time expected to exceed $8 million on an after-tax basis. Even after such a loss, Humboldt expects to continue its status as a ``well-capitalized'' institution for bank regulatory purposes. Based on its latest assessment of the situation, Humboldt has agreed that winding down BFS in an orderly fashion represents the best course of action for the Company. The plan contemplates the de-leveraging of BFS' balance sheet over time through the liquidation of saleable leases and other assets and pay down of related borrowings in order to improve liquidity. The plan will require the cooperation of BFS note holders and lenders. BFS has ceased originating new leases and loans. We have been trying to contact Bancorp Financial Services Vice-President Doug Rees about this, especially since there is talk about a Securities Exchange Sacramento Office inquiry. editor ------------------------------------------------------------------------------------ eLease at the New Orleans Conference Congratulations on receiving your new Press Hat at the NAELB! It was a great show and I learned quite a bit and met some great people. I was surprised that it seemed like there was a stigma being placed on e-leasing companies and a snicker when they were mentioned. I felt like people looked at me like I was either a mad scientist or crazy. Maybe both. There goes that internet guy again....... Opportunity is there and at the end of the day companies that learn to work on the web will have a huge competitive advantage. I think it would interesting to learn what all the eleasing players did with their money instead of flaunting what they raised. I once attended a cocktail party with a VC that told me we were not burning enough money and our head count was too low to compete with other companies. My response was that we have enough people to get the job done. It saddens me that companies are still bragging about monies raised instead of money made. I could care less how much money our competitors have raised in the past. Equidity (Equalfooting) has almost spent their 70 Million they received. almost 2 years ago so I have heard. I have been to Equalfooting offices and I was impressed. I am also glad they are trying to make the finance thing work since I don't thing aggregating purchases for staples, drill bits, and shipping is a great business plan. I saw Gatorade there as well I think! Run from one model to the next I guess. I have seen too many new economy companies change their business plan on the fly and try a way to make money in desperation. Maybe these companies should have thought about that before they started. I don't think anyone on the management team of any of these companies except Totalfunding, Ampent (AccessLease), LendX, and Puremarkets have ever written a lease. LiveCapital is now a software company. Elease is dead. Primestreet who also raised in excess of 40 Million is no longer. That was then and this is now. I don't know if I would be bragging about money lost. My picks as winners are: Capitalstream (Technology) Puremarkets (Big Ticket) Wide Open (Small Ticket) There is an ASP called IFSLeaseworks which has some very solid technology as well. Worth checking out. It is still way to early to call this race. There will a lot more blood shed before the end of the year. Just a few thoughts. Back to closing business.... Good Bless Leasing- J. Thomas Williams III, CEO LeaseExchange www.leaseexchange.com 1346 Pacific Avenue San Francisco, CA 94109 (415)701-8900 Fax (415) 565-7144 - ------------------------------------------------------------------------------------ Where Have You Been???? Kit, for some odd reason, I haven't been receiving your emails daily. Have you changed your publishing schedule? Kbernier = + + I haven't received your news letter since the 15th of this month. Are you still sending one out? Todd Cadwallader Lonestar Leasing ( Was working under quite a handicap, as my laptop kept overheating, losing data, and without my tools and ability to access my e-mail list, it was a wonder I could get out a report at all. I have not had one for three days. The leasing conference was written at the business conference and relayed to my office in Santa Clara, California, where I am happy to report I am back. One thing about going away, there is more work when you finish, including getting caught up on all that is going on with Bancorp, CapitalStream, and all the gossip I heard but need to confirm before we print. Thanks for missing me. ) ------------------------------------------------------------------------------------- New Orleans Laptop Corrections: I think you sent me a blind copy of this. Unfortunately, may typos. There were other people on my panel, such as John Haas of Leverage Leasing, Bob Otterbacher, past NAELB President and John King, past NAELB Board member. Leo Timmerman, unfortunately is not Leo Zimmerman. And yes, I've been called many things in life by both my wife and past girlfriends, but never Joseph Bonbon. Congratulations to you for coming up with that unique name!!!!! At any rate, I'm certain you did this at a late hour and quickly. One thing I will say is that I noticed a great spirit of companionship and comrade at the NAELB Conference. I really sensed that everyone was interested in exchanging educational ideas and goals to make the industry and participation in the industry better. Hope to see you or talk to you again soon. Joe Bonanno attyjgb@aol.com (781) 391-7800 You failed to mention the workshop, "Working with Banks" that John Winchester and I facilitated. This was one of the most well-attended and complimented workshops of the whole conference. We had 65 the first day. In my opinion, it's not "surprise" at all that John Winchester was re-elected. No offense at all to the other guys, but John has been around a long time and is very sharp and well-respected. For what it's worth... Jeff T. Holland, CLP CapitalPartners, Inc. "Equipment Financing Solutions" Phone 205-803-2300 Fax 205-803-2122 + + +
You failed to mention the workshop, "Working with Banks" that John Winchester and I facilitated. This was one of the most well-attended and complimented workshops of the whole conference. We had 65 the first day. In my opinion, it's not "surprise" at all that John Winchester was re-elected. No offense at all to the other guys, but John has been around a long time and is very sharp and well-respected. For what it's worth... Jeff T. Holland, CLP CapitalPartners, Inc. "Equipment Financing Solutions" Phone 205-803-2300 Fax 205-803-2122 = + + I think you sent me a blind copy of this. Unfortunately, may typos. There were other people on my panel, such as John Haas of Leverage Leasing, Bob Otterbacher, past NAELB President and John King, past NAELB Board member. Leo Timmerman, unfortunately is not Leo Zimmerman. And yes, I've been called many things in life by both my wife and past girlfriends, but never Joseph Bonbon. Congratulations to you for coming up with that unique name!!!!! At any rate, I'm certain you did this at a late hour and quickly. One thing I will say is that I noticed a great spirit of companionship and comrade at the NAELB Conference. I really sensed that everyone was interested in exchanging educational ideas and goals to make the industry and participation in the industry better. Hope to see you or talk to you again soon. Joe Bonanno attyjgb@aol.com (781) 391-7800 www.leasingissues.com = = = Kit, Just for the record our last name is Timmerman just like the company’s name. Not Zimmerman! Any way you are doing a great job and hope that the hat enhances your reporting.
Leo & Dawn Timmerman Timmerman Leasing Inc. ( Thanks. For some reason, you were Leo and Dawn were both Zimmerman and Timmerman....and Joe Bonanno was bon vivant? no, bonbon, same thing? Seriously, enjoyed all the workshops I was able to attend. When there are four or five at a time, plus also participating, it is impossible to cover them all. I did the best I could in the circumstances. I will have corrections made to the archive edition. Many people may not be aware but we post leasing news daily in html and then archive it for free with a search feature by name or subject . editor ) --------------------------------------------------------------------------------------- Now On the Other Side of the Desk Twice in the past week I sent previews to funding sources, only to be told to send entire packages. In both cases the deals were turned down. In the most egregious case, I was told that the same deal was seen twice before and turned down both times. In the other, the basic information was in the preview that was sent. I wasted a lot of time and expense to prepare the packages and send them to the funding sources, when if respect was shown for the efforts of the broker community, I could have been given an answer a week earlier and not wasted valuable time, money and credibility with the brokers/lessors with whom I deal. While I have been guilty of this myself in the past, I was always cognizant of trying to do my best to respect the broker community. For those funders out there, please consider with respect your sources of business. Without them, you are out on the street finding out just how difficult it is to do business in these perilous times. If the shoe fits, wear it! Steven B. Geller, CLP Leasing Solutions LLC www.leasingsolutionsllc.com 20 Dike Drive, Wesley Hills, NY 10952 sgeller@leasingsolutionsllc.com phone:(845)362-6106 fax: (845) 354-2803 cell phone: (914) 552-0842 CIT—Looking for Broker Business !!!!! Out of Tempe, Arizona ( Despite the official word as conveyed by press releases, other officers of CIT, it appears it is correct to say that CIT is “out of the broker business,” but still has divisions that are presently accepting broker business. editor ) ." Our Atlanta division has chosen not to do anymore broker business, but my division, The North American Construction & Transportation Division, located in Tempe, AZ is still doing, and to the best of my knowledge, plan to continue doing broker business. What separates our division from Atlanta is the type of collateral we finance. We are an asset based lender and provide equipment financing in the following industries: Construction, Transportation, Logging, Material Handling, Corporate Aircraft, Mining, Energy, & Marine. We also offer a variety of structures for transactions depending upon what the customer is looking for and why. We are also looking for any new brokers who would like to make CIT one of their funding sources. The potential CIT source would be required to fill out a three page application on their company and my credit department would review the application and give a recommendation to a credit VP The applicant must provide on the application current and/or previous funding sources, bank reference contact, social security numbers on all owners, and financial information. CIT will need to do its due diligence in the approval process to verify the information provided, as well as, have a CIT direct sales representative visit their place of business. Due to this process, getting new brokers approved can be a lengthy process, sometimes running as long as 30 days from the time I receive the application. We have three sales representatives running our "Broker Desk", that cover specific geographic areas. I handle the southeastern U.S. from New Mexico to the east coast and south including Kentucky and the Virginia's. Jeff Tuss handles the northeastern U.S. from Michigan and Indiana east and north. Rob McMinn handles everything else including Alaska & Hawaii. You can contact any one us at our toll free number which is 800-553-8778, or call us direct at the following numbers: Bruce Nelson 480-784-2377 Jeff Tuss 480-784-2321 Rob McMinn 480-858-1406 Fax number 480-858-1467 You can also contact us by email at bruce.nelson@cit.com, jeff.tuss@cit.com, Bruce Nelson District Sales Manager North American Construction & Transportation Division The CIT Group/Equipment Financing, Inc. Looking For Business ! ! ! Imperial Credit Industries---List to Be Up-Dated In The List section of your web site you make the following statement Imperial Credit Industries (ICII) (sold portfolio);. I wanted to clarify the impression that Imperial Credit Industries is out of the leasing business. Last year, ICII decided that it could not compete effectively in the small-ticket leasing arena. As a result, we discontinued lease originations through our Imperial Business Credit (IBC) subsidiary. IBC, however, continues to service the portfolio that they originated and have expanded their servicing options to include middle-market leasing. IBC has transformed itself, under its current president John Reed, into a third-party lease servicing organization that is actively marketing its servicing and collection expertise to the leasing industry. Shortly after suspending the origination of small-ticket leases, Imperial Credit Industries entered the middle-market leasing business through our Southern Pacific Bank (SPB) subsidiary. SPB formed a new division, Southern Pacific Bancapital (SPBC), which is headquartered in Denver, Colorado. SPBC, under the leadership of Aylin Cankardes, formerly of Capital Associates International, has grown their portfolio to over $22 million in less than seven months. Imperial Credit Industries has not sold its portfolio. We are actively engaged in the leasing industry through both our middle-market leasing and third-party servicing organizations. Thank you for the opportunity to make this clarification. Charles F. O'Hara Imperial Credit Ind. Torrance, CA 90505 Phone = (310)791-8042 Fax = (310)791-5942 Email = cohara@icii.com Pacific Capital Bancorp Executives Talks With The Wall Street Transcript
NEW YORK--(BUSINESS WIRE)--May 22, 2001--The Wall Street Transcript has published an in-depth interview with David Spainhour, Chairman of the Board, and William Thomas Jr., CEO, of Pacific Capital Bancorp (Nasdaq:SABB), in which they talk at length about the company's future. The entire 3,800-word interview is available online at http://www.twst.com/info/info353.htm |