-------------------------------------------------------------------
Jim
Borland
It
is scary that Unicapital closing is so close to what happened to the really neat
sales and marketing team in many offices of IFG Leasing in 1983. The feeling when
you arae handed your termination package and told to clean out your personal items
and get out in 15 minutes is very unique.
I truly feel for these people but know from experience, most of them will be a
lot better off this time next year.
Jim Borland, President, US Energy Capital, Atlanta, GA
Formerly VP of the
Atlanta Office of IFG Leasing- until July of '83
jimborland@mindspring.com
P.S. Ask your readers who were part of that "closing of the IFG Offices" to drop
you a short line as to where they are now and how they got there. The list could
start with Oren Hall and go from there. I think it would make a good story with
some humor and interest. It would also be interesting to see how many of the present
or X Fish personal were with IFG...
Jeff McDonald
Love your daily report. I know a ex- Republic salesman. He fell down laughing.
Your report was only the tip of the iceberg. If I can ever help please call.
Jeff
jeff macdonald
Ken Goodman
Hi
Kit:
I enjoy reading your newsletter immensely but I have a criticism.............
I notice that lately you have been including earnings reports and other high level
corporate stuff about major financial services companies in your newsletter.
In
my humble opinion this is tantamount to the National Enquirer publishing the Dow
Jones Industrial averages on a daily basis.
(:-))
Regards,
Ken Goodman
kendg@email.msn.com
( Rumor has it that Ken Goodman is at CapitalWerks,LLC, along with Jim Reader
and Mark Mcquitty and some rugby players from old Republic. But it is a more mature
group than years past, especially if the grand master Ken is involved. Perhaps
we can get Ken to write about how the new company is doing and their thrust in
the marketplace...editor )
Eric Olsen I was referred to your site by another broker/friend here in Salt Lake
City. After spending some time at your site I wanted to thank you for your contribution
to our industry. I found the information very interesting and helpful. I think
your efforts are a great contribution to brokers like me.
Thanks
again and keep up the good work.
Eric
Olsen
Wasatch Funding Group, Inc.
740 E. 3900 S. #150
Salt Lake City,
UT
84107
Eric Olsen
ecolsen@earthlink.net
Odds and Ends
Don Pohlfliet left the Manifest Group. Perhaps he decided to go into business
for himself, as Chris Canavati did. The people I talked to at Manifest did not
know where he went. If anyone knows, please forward.
Also,Ron
Wagner...last seen at Commerce Security. They were perhaps one of the first to
start volutarily get out of the lease broker business. Ron has always been smarter
than the average bear. If anyone knows where he is, please send me his e-mail.
eCredit.com Selects Bottomline Technologies' NetTransact for Business-to-Business
Electronic Invoicing and Payments
PORTSMOUTH, N.H. & DEDHAM, Mass.--(BUSINESS WIRE)--Nov. 13, 2000--
eCredit.com
to market NetTransact through the eCredit.com Global Financing Network and leverage
the solution internally to provide the benefits to its customers
Bottomline
Technologies(R) (NASDAQ:EPAY), the premier provider of Web-enabled billing, payment
and electronic banking solutions, and eCredit.com today announced a channel partnership
for Bottomline's B2B electronic invoicing and payments solution, NetTransact.
The
agreement provides eCredit.com with the opportunity to market additional channel
partnerships through the eCredit.com Global Financing Network. eCredit.com will
also utilize NetTransact internally to deliver electronic invoices to its customer
base which includes Eastman Chemical, Chevron, Cisco, Fidelity, Ryder System,
Intel, Gateway, Microsoft and Fleet Leasing.
"Electronic invoicing and payments is a very important initiative for us that
we believe will enhance the relationships we have with our customers, partners
and global information providers," said Peter McKay, president of eCredit.com.
"NetTransact delivers tremendous benefits and by offering the service, we provide
additional functionality that can help to extend our position in the marketplace."
The eCredit.com Global Financing Network is a hosted service that assists customers
in minimizing the risk associated with crediting and financing business transactions.
The solution collects and automatically processes data from global information
sources, such as Dun & Bradstreet, Experian, Equifax and Veritas, and automates
the business credit decision process. The Global Financing Network helps to reduce
the time and increase the accuracy in qualifying customers for transactions at
the point of sale.
In
order to assist customers with system integration, project management and training,
eCredit.com leverages consulting partnerships with companies such as Deloitte
& Touche, LLP and Computer Sciences Corporation (NYSE: CSC). eCredit.com also
has relationships with technology providers such as VeriSign, Open Market, Yantra
and Idapta.
"eCredit.com is a fast-growing, dynamic company and we are very excited to partner
with them to deliver the benefits of our solution to their customers and partners,"
said Dan McGurl, chairman and CEO of Bottomline Technologies. "NetTransact and
the eCredit.com Global Financing Network are highly complementary and we look
forward to a strong relationship as we work together to enable companies to automate
processes that are currently paper-based."
Bottomline's
NetTransact software is a secure interactive system that allows companies to present
billing information and receive payments electronically. NetTransact integrates
with billers' and payers' existing receivables and payables management processes
and provides trading partners with opportunities to communicate online before
funds are transferred. Payers have the ability to review invoices online, modify
them if necessary, approve them for payment and schedule the date of funds transfer.
Channel partners for NetTransact include Citibank, FleetBoston Financial, UPS
Capital and Northern Trust. Hosting partners for NetTransact include Agilera,
Magnet Communications and Princeton eCom, leading providers of electronic billing
services.
About
eCredit.com
eCredit.com is a leading provider of credit, financing and receivables management
solutions for Fortune 500, diversified financial services and e-commerce companies.
Its software solutions and services run on the eCredit.com Global Financing Network,
an Internet-based platform that connects businesses to financing partners and
global information sources in real time at the point-of-sale. Included among the
Company's customers are Eastman Chemical, FleetBoston Financial, Gateway, Ryder
System and insuranceOrder.com (a subsidiary of Trilogy Software). eCredit.com,
headquartered in Dedham, Mass., is a partner company of Internet Capital Group
(NASDAQ: ICGE). For additional information, visit eCredit.com on the Web at www.ecredit.com.
About
Bottomline Technologies
Bottomline
Technologies(R) (NASDAQ: EPAY) is the leading provider of Web-enabled billing,
payment, and electronic banking solutions for the business-to-business market.
Bottomline's three integrated e-business offerings enable corporations and financial
institutions worldwide to integrate, automate, and streamline the entire financial
supply chain. PayBase(R) provides a pathway from traditional paper checks to electronic
payments, as well as sophisticated messaging, remittance, and anti-fraud tools.
NetTransact(TM), the Company's business-to-business bill presentment and payment
suite, enables enterprise billers and their trading partners to electronically
present, adjudicate, and pay bills online. Bottomline's BankQuest(TM) is a corporate
and institutional browser-based electronic banking platform that provides information
reporting and transactional services for cash management, trade finance, and securities
processing. Today, Bottomline's offerings are utilized by over 5,500 organizations
representing every major industry sector. Founded in 1989, Bottomline maintains
its corporate headquarters in Portsmouth, NH and international headquarters in
Reading, England. Bottomline also has satellite offices located in most major
cities. For more information, dial (800) 243-2528 or visit Bottomline on the web
at www.bottomline.com.
This
press release may contain forward-looking statements that involve risks and uncertainties,
including statements regarding expected benefits of use of the Company's products
and future growth or results. Among the important factors which could cause actual
results to differ materially from those in the forward-looking statements are
competition, market demand, technological change, strategic relationships, recent
acquisitions, international operations and general economic conditions. For additional
discussion of factors that could impact the Company's financial results, refer
to the Company's Form 10K filed September 2000 and Form 10Q filed May 2000.
CONTACT:
Bottomline Technologies
eCredit.com
Tim Aberle Roopa Bhide (603) 559-5246
(781) 752-1275
taberle@bottomline.com
roopa@ecredit.com
KEYWORD:
MASSACHUSETTS NEW HAMPSHIRE
Finova To Receive $350 New Capital
Leucadia National to Invest $350 Million in Finova
The Finova Group and Leucadia
National Corporation announced today that they signed a letter agreement under
which Leucadia National would invest up to $350 million in Finova. Under the terms
of the transaction, Leucadia National agreed to purchase 10 million shares of
a new Payment in Kind Convertible Preferred Stock ("PIK Convertible Preferred")
for $250 million. The PIK Convertible Preferred will have a liquidation preference
of $25 per share and a 14% coupon payable in kind for a period of five years,
after which time the coupon will, at Finova 's option, be payable either in cash
or in kind. The shares will be convertible into 100 million Finova common shares
from June 30, 2006 until the tenth anniversary of issuance.
The PIK Convertible Preferred will vote with the common stock and receive 20 votes
per share. The agreement is subject to reaching a mutually satisfactory arrangement
with Finova 's bank group and certain other customary conditions, including regulatory
approvals.
As
soon as practical following the purchase of the PIK Convertible Preferred by Leucadia,
Finova will issue up to an additional $150 million of PIK Convertible Preferred
by way of a rights offering to its existing common shareholders. Leucadia National
has agreed to act as a standby purchaser of $100 million of that offering. The
transaction contemplates that a minimum of $350 million and up to $400 million
in equity capital will be infused into Finova.
Finova
has also agreed to issue, concurrent with the purchase of the PIK Convertible
Preferred, a 10-year warrant to Leucadia National, allowing it to acquire up to
20% of Finova 's outstanding shares (subject to anti-dilution provisions) for
$125 million. The agreement includes a provision that could result in a distribution
to common shareholders or holders of PIK Convertible Preferred and the Leucadia
warrant in 2006, based upon the performance of Finova 's loan and lease portfolio.
In conjunction with the investment, Leucadia National will have the right to appoint
six members to a newly constituted ten member Board of Directors. Finova Chairman
John Teets said, "We are delighted to be associated with Leucadia National. Their
long history of highly successful investments in the financial services industry
brings a wealth of experience to Finova as we seek to regain the confidence of
the market and build the value of our franchise for the benefit of our shareholders,
customers and employees." Matt Breyne, Finova 's President and Chief Executive
Officer stated, "This agreement follows due diligence by Leucadia National and
is the culmination of our strategic review process. We expect to work quickly
with Leucadia and Jay Alix & Associates to present a comprehensive plan to our
bank group."
Leucadia National Corporation is a holding company for its consolidated subsidiaries
engaged in property and casualty insurance (through Empire Insurance Company and
Allcity Insurance Company), manufacturing (through its Plastics Division), banking
and lending (principally through American Investment Bank, N.A.) and mining (through
MK Gold Company). Leucadia also currently has equity interests of more than 5%
in the following domestic public companies: Carmike Cinemas, Inc. (6% of Class
A Shares), GFSI Holdings, Inc. (6%), Fidelity National Financial, Inc. (9%), Jordan
Industries, Inc. (10%) and PhoneTel Technologies, Inc. (7%).
Odds and Ends---
54 Leasing Companies Major Changes
Affinity Leasing, Washington ( 12/2000 to close )
American Business Leasing
( gone )
Balboa Capital ( Founder Byrne "...office available any time he wants
to use it" ).
The
Bancorp Group, Inc. (Southfield, MI) (Not accepting news business. The BOD of
the parent bank is assessing what to do with the leasing
subsidiary.....currently servicing portfolio but not originating. no longer
in business )
Bankvest (bankrupt)
Bombadier ( reported having problems,
not confirmed )
BSB Leasing (11/2000 closed to accepting new buisness )
Charter Financial ( purchased by Wells Fargo 9/5/2000 )
Colonial Pacific (11/98)
purchased by GE Capital 5/2000 no more re-brokered applications, except from one
or two sources, such as Steve Dunham's Leasing Associates
)
Commerce Security ( 9/99 closed to leasing broker program )(11/99 last fundings)
Comstock Leasing ( 3/2000 Unicapital then Linc and discontinued operation
this date )
Copelco ( 4/2000 sold to Citibank/10/2000 stock down rated/10/2000
ceases broker business, many complaints in manner turning
off faucet )
Creative Capital" of Bloomfield Hills, MI. ( shut-down 3/2000
)
Dana ( sold off, active as captive )
DVI Capital ( out of broker )
El
Camino Leasing, Woodland Hills, Caifornia (10/2000 No longer taking broker business
)
eLease ( June/July/2000 senior management changes )
FMA Finance ( reportedly
closed to brokers )
Fidelity ( 4/2000 acquired by EAB, a wholly owned subsidiary
of ABN AMRO Bank N.V., headquartered in the Netherlands, raising funds )
Finova
( out of market place )( 10/2000 Dow Jones headlines "Finova Stock Falls As Buyout
Hopes Wane 10/2000 Dow Jones notes stock falling and problems
at Finova 11/2000 Announces they will discontinue business,
sell units 11/2000 Suspends Dividend 11/2000 Leucadia National to Invest $350
Million in Finova ))
First State Bancorp, Albuquerque,
N.M ( 3/2000 sold leasing division-$64 million---)
Franklin Leasing, Des Moines,
Iowa--owned by Liberty Bank-- (2/2000)-no longer writing leases ( limited by regulations
and leases are for sale ).
Franchise Mortagage Acceptance Corporation (FMAC)
11/1999 purchased by Bay View Commercial Corporation (Bay View Bank) 9/2000 discontinuing
all franchise loan and lease production.
Golden Gate Funding ( 2/99 purchased
by Westover Financial )
Heller Financial's Commercial Services Unit ( 10/99
purchased by CIT )
Imperial Credit Industries (ICII) ( sold portfolio )
Japan Leasing Credit claims ( JLC --6/99 purchased by Orix )
Lease Acceptance
Corp---( ceases broker business 7/26/2000 )
Leasing Solutions ( bankrupt )
Liberty Leasing ( closed, California company )
Linc Capital ( out of vendor
and broker business, Nasdaq halts stock sales, $13.4 loss last quarter,10/2000
assets for sale )
Lyon Credit Corporaton ( 9/99 purchased
by Hudson United Bancorp )
Manifest Group--( 9/1/2000 purchased by US Bancorp
Leasing and Financial, "...a win for all the parties involved,"
Brian Bjella.
Matsco Financial ( purchased by Greater Bay Bank )
Merit
Leasing ( gone )
Metwest Leasing, Spokane Wa. ( 9/2000 advising brokers that
they have run out of funds so they are unable to fund
a transaction we have there for funding. 11/2000 Metwest Leasing Spokane, WA.
is pulling the plug, confirmed by five sources. )
Metrolease--reports
closing operation,John Blazek at Evergreen Leasing, Hathcock losing assets, will
not confirm nor deny; many serious rumors of serious fraud
floating around the marketplace, including debt to Textron
Financial.)
NationsCredit, Business Leasing Group (1/29/99 sold to Textron**)
*"The Business Leasing Group of Nations Credit was sold to Textron and we still
do broker business," Jim Merrilees, very well respected individual
in the leasing industry..
NIA National Leasing ( 3/2000 purchased by Lakeland
Bancorp )
New England Capital ( sold to Network Capital Alliance a division
of Sovereign Bank. Sovereign did hire two people who will
run a sales office in CT, doing basically the same deals with the same people
as before. Little will change in that aspect.
Newcourt
( sold off )
Onset Capital ( Irwin buys 87% equity )
Orix 10/2000 "long-term
Outlook has been revised from Stable to Negative" Credit Allianchat it has changed
its name to ORIX Financial Services, 9/2000 Japanese Bank
President Committs Suicide (Orix is a 14.7% shareholder
in bank having problems ), ( 8/2000 closes small ticket vendor division in Portland,
Oregon, "Business as usual (in New Jersey and with brokers),"
says Steve Geller 11/8 New President at Orix appointed
11/10 First Six Month Profits up 14% at Orix! )
Phoenix ( both divisions closed
)
Republic
Leasing, South Carolina 9/27/2000 ( "The expected result will be a sale of Republic
Leasing"---Dwight Galloway )
Rockford ( sold to American Express )
Scripp
Financial ( 6/29/2000 ( purchased by US Bancorp )
SDI ( closed to broker programs
)
SFC Capital ( 9/15/2000 purchased by Trinity Capital )
SierraCities
(11/2000 acquired by Vertical Net Credit )
T&W, Washington (10/2000 filed
Chapter 11. Creditors meeting on 12-4-00 Seattle. Case # 00-10868 US Bankruptcy
Court Western District of Wash. 206-553-7545. Debtor Attorney-Marc Barreca 206-623-7580)
Transamerica ( for sale, but no buyers, so taken off marketplace, no longer
for sale )
Unicapital ( $11.4 million first quarter loss chairman,CEO,CFO
resign, 38 employees cutback, BofA extends credit to November
20, as Unicapital closes down divisions, not accepting new business, winding down,
reportedly to file bk Nov 15 ).
Varilease ( 11/2000
closed down )
USA Capital Leasing ( gone-bk )
any
corrections, additions, comments will be appreciated. We are presently working
on dividing the list into last twelve months and prior.
e-mail lists.
If you have received e-mail with many addresses on it, it is because I am now
being more active in seeking readers. Many people send e-mail and note who it
is going to. I have saved a few, or am using new ones, and when I hit reply all,
it goes to all and names all. I never diviluge e-mail addresses of people receiving
Leasing News.
-------------------------------------------------------------------------------------------------
Siemens Financial Services, Inc. and CapitalStream Team Up to Take FinancingInitiatives
Online
Siemens Financial Services Collaborates With CapitalStream.com to Establish
Private Network That Streamlines Financing Processes
BRIDGEWATER,
N.J., and SEATTLE, Nov. 13 /PRNewswire/ -- Siemens Financial Services, Inc. (SFS
Inc.)
today announced its agreement with CapitalStream to begin using CapitalStream.com
as a private network to streamline its financing processes and increase service
to its partners and vendors. SFS Inc. plans to advance its e-commerce initiatives
in the U.S. by using CapitalStream's hosted network and its workflow software.
An affiliate of Siemens AG (Munich, Germany), SFS, Inc. offers customized financial
solutions for industrial companies, service providers and public contractors.
"CapitalStream
is helping us reduce costs by streamlining our manual financing processes, increasing
our efficiency and allowing us to track our business with superior management
and reporting capabilities," said Bill Zadrozny, President and CEO of Siemens
Financial Services, Inc. "More importantly, CapitalStream's network will help
us better serve our partners and customers and provide a platform to accommodate
the future growth of our equipment finance and leasing business."
"By using CapitalStream, SFS Inc. is able to rapidly go to market with an online
financing solution capable of handling origination, customer communication, and
documentation, all the way to booking," said Stephen Campbell, president and CEO
of CapitalStream. "Our solution will not only help SFS Inc. address its sales
and operations goals, but also better position the company's future e-commerce
initiatives. The CapitalStream platform is able to support both traditional channels
as well as developing e-commerce channels and is gaining rapid acceptance in the
commercial finance industry."
Initially,
SFS Inc. will use CapitalStream to automate its equipment sales financing business
by allowing vendors to send financing applications online to SFS Inc. SFS Inc.
will also implement CenterPoint, the CapitalStream's enterprise workflow software,
to improve workflow and document management productivity and to integrate with
its backend systems. SFS Inc. then plans to use CapitalStream to offer private
label financing through its partners' web sites.
SFS,
Inc. recently announced a private label agreement with First International Bank,
a subsidiary of First International Bancorp Inc., to provide comprehensive lease
processing and operational support to facilitate First International's equipment
leases to its industrial customers.
About
Siemens Financial Services
"Siemens Financial Services," comprised of Siemens AG's worldwide independently
operated financial services affiliates, is an international financial services
provider with a strong customer focus and more than 1,000 employees over 30 countries,
offering customized financial solutions ranging from sales and investment financing
to fund management.
Siemens
AG is an industry leader in telecommunications; energy and power; lighting and
precision materials; industry and automation; and healthcare, and a key player
in microelectronics and components; transportation; building technologies; information
systems and other products. In fiscal 1999 (10/1/98 to 9/30/99), Siemens AG's
U.S. businesses, with more than 64,000 employees, recorded sales of $14.8 billion.
Siemens AG, based in Berlin and Munich, is one of the world's largest electrical
engineering and electronics companies and employs 443,000 people worldwide in
193 countries.
About
CapitalStream
Seattle-based
CapitalStream is a leading provider of hosted e-commerce solutions -- including
customer program management tools, workflow automation, and an online transaction
network -- for the global commercial finance market. The company's e-commerce
solution, CapitalStream.com, provides the infrastructure that enables private
label and customer managed online capabilities for finance companies, manufacturers
and B2B e-commerce companies to capture, grow and service customers. CapitalStream
has been an established industry leader for over five years, and has helped several
hundred financial organizations increase their competitiveness, customer service
and profitability.
SOURCE CapitalStream
CO: CapitalStream; Siemens Financial Services, Inc.;
Siemens AG
ST: Washington, New Jersey IN: FIN CPR MLM SU: CON 11/13/2000 07:15
EST http://www.prnewswire.com
National City and National Women Business Owners CorporationTeam Up to Promote
Women Business Enterprise Certification
Certification
Enhances Visibility for Manufacturing Firm in Michigan
CLEVELAND, Nov. 13 /PRNewswire/ -- Gaining certification as a women-owned business
can help women open doors, participate in supplier diversity programs and be more
competitive in bids for both private and public contracts. Yet, only a small percentage
of the 9.1 million women-owned businesses in the U.S. have obtained this valuable
certification.
To
educate more women business owners about the benefits of certification, National
City has joined forces with the National Woman Business Owners Corporation (NWBOC).
Together, they will promote the benefits of certification to women business owners
across Ohio, Pennsylvania, Michigan, Illinois, Indiana and Kentucky.
"At
National City, we welcome women business owners and are committed to helping them
meet their goals," said Kaylee Marcum, women business owner segment manager in
National City Small Business Banking. "Becoming certified as a women-owned business
could be the difference between success or failure of the business. To give women
business owners that edge, we are working with NWBOC to present educational forums
on certification and procurement opportunities."
National City has signed an exclusive five-year corporate partnership agreement
with NWBOC. As part of its commitment to the NWBOC, National City will promote
certification, serve on the NWBOC's Corporate Advisory Board and be an active
participant in NWBOC conferences and programs.
The NWBOC will highlight its relationship with National City through its Web site,
newsletter and other publications.
National
City customer Katie Chambers obtained certification as a women- owned business
in 1997. She is president and an owner of Electro Optics Manufacturing Inc., in
Wyandotte, Michigan, a leading manufacturer of components and tools for installation
of fiber optic cable.
"We
pursued certification to endorse our status as a business owned by women. As a
marketing tool, certification helps us reach businesses that want to work with
women-owned businesses," said Chambers. "Certification is also a value-added piece
for our customers, who are proud to say they work with women-owned businesses,"
she said.
Established
in 1960, Electro Optics became a women-owned business in 1992. Organizing the
corporate documentation required for certification was a worthwhile exercise in
itself, according to Chambers. "Certification has opened a lot of doors and enhanced
our visibility, but it is still up to the individual company to pursue those leads
and prove itself."
Public
and Private Agencies Accept Certification
The
NWBOC's national certification program for women-owned and controlled businesses
was established as an alternative to the multiple state and local certifications
required by many public and private sector agencies. More than 100 of these agencies
now accept NWBOC certification in place of the individual state and local ones.
"A company
must be 51 percent or more owned and controlled by a woman or women to be certified
as a woman business enterprise by NWBOC," according to Janet Harris-Lange, president
of the NWBOC. "The certification application is extensive, requiring references,
legal and financial documents. The entire process takes about 90 days including
the committee review, interviews and a site visit. We do a thorough job and that
adds to its credibility in the business community," she said.
To find out more about NWBOC certification, call National City's Bonnie Vantol-Smith
or Terri Brooks at 1-888-NCB-4BIZ (622-4249) or contact NWBOC at 800-675-5066,
by fax, 561-881-7364, or by e-mail: info@nwboc.org.
Certification
requirements and applications are posted at www.nwboc.org.
Profile of National City Corp. National City Corp. is committed to giving small
business owners the innovative banking services they need to grow their businesses.
In addition to traditional banking services, National City offers specialized
lines of credit, online banking and payroll services, employee benefit packages,
flexible leasing programs, and deposit-only ATM cards. National City is the number
one Small Business Administration lender in its six-state market, with more than
1,200 branches in Ohio, Pennsylvania, Indiana, Illinois, Kentucky and Michigan.
Through its Small Business Initiative, National City is expanding small business
banking product lines and providing more than $1.2 billion in small business loans
during 2000.
National
City Corp. (NYSE: NCC) is an $85 billion financial holding company based in Cleveland,
Ohio. The company offers a full range of financial services for individuals and
businesses. National City has offices in Ohio, Pennsylvania, Michigan, Indiana,
Kentucky and Illinois. National City can be found on the World Wide Web at www.national-city.com.
National
Women Business Owners Corporation
NWBOC,
a not-for-profit organization affiliated with the National Association of Women
Business Owners (NAWBO), undertook the National Certification Program as a public
service for corporations, government agencies and women business owners. The program's
objective is to increase the opportunities for women entrepreneurs to compete
for corporate and government business while slashing the number of "front" operations.
NWBOC, 1411 K Street, Suite 1300, Washington, DC; 800-675-5066, 561-881-7364 (fax)
and e-mail: info@nwboc.org.
SOURCE
National City Corp.
CO: National City Corp.; National Woman Business Owners
Corporation
ST: Ohio, Pennsylvania, Michigan, Illinois, Indiana, Kentucky
IN: FIN
SU: JVN 11/13/2000 10:59 EST
http://www.prnewswire.com
LENDX Appoints New CEO
LENDX
announced today it has appointed Craig White as its new President and Chief Executive
Officer, effective immediately.
White
brings over 20 years of finance, technology and management experience to LENDX.
Prior to joining the company, he was President of Hewlett-Packard Credit Corporation,
the equipment finance unit of Hewlett-Packard Company (HP). HP Recented split
its company into two, with one company leaving on its own ( CIT is now doing the
capitive vendor program ). White expressed enthusiasm about his new role at LENDX:
"I look forward to leading the domestic and international growth of LENDX, a company
that is squarely focused on providing value to Fortune 2000 and middle market
corporations, as well as equipment finance industry members. The opportunities
are endless for creating web-enabled efficiencies and real value throughout the
equipment finance lifecycle."
Robert Frick, Chairman of LENDX and former Vice
Chairman of Bank of America, said, "Craig's appointment reinforces LENDX's leadership
position in the online equipment finance arena. Not only was he a senior executive
at one of the world's most recognized companies, but he is also ideal in the three
key areas of focus at LENDX: providing industry expertise, technological innovation
and an unwavering emphasis on customer service. His background, capabilities,
and personal commitment to enhancing the equipment finance experience for all
industry players make him the right person to lead LENDX."
White
holds a Master's degree with honors in finance and accounting from Arizona State
University and graduated from the Executive Program at Stanford University. In
addition, he earned a BA in Business Economics, graduating with highest distinction
from Central Washington State University.
