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October 16, 2001
Headlines--- Rates rise in Treasury bill auction Maybe a Recession, and if So, Started Last Spring Lessor.com Says, “ Goodbye.” Anthrax Scare—What to Do—Where to Go RW Professional Has Not Filed Bankruptcy Leasecomm---The Good, the Bad, and the Ugly Centennial Bank/ FirstCorp to Deliver Business Leasing Solutions Multi-Sales Tax Up-Date—from ELA’s Dennis Brown Bain Capital Signs Letter of Intent to Invest $100 Million in Usi.net 1st Source Purchase Branches in Fort Wayne, Indiana Okay Financial Federal Renews Stock Repurchase Program Association for Financial Professionals New Directors Bank of America net income falls 54 percent
Investment Tax Credit Not Part of New Tax Proposals ##denotes press release ________________________________________________________________________ Early or late, you always do great. When it comes to the news Whether happy or blues You report it so well We just think you're swell So no matter the time Whether factual or rhyme Keep the info on flowin' 'Bout where the industry's goin' David I. Rabinovitz david-rab@mediaone.net ------------------------------------------------------------------------------------------------------------ Rates rise in Treasury bill auction The Treasury Department sold $13 billion in three-month bills at a discount rate of 2.200 percent, up from 2.180 percent last week. An additional $12 billion was sold in six-month bills at a rate of 2.160 percent, up from 2.150 percent. Both the three-month and six-month rates were the highest since Oct. 1 when the bills sold for 2.320 percent and 2.325 percent respectively. The new discount rates understate the actual return to investors 2.243 percent for three-month bills with a $10,000 bill selling for $9,944.40 and 2.214 percent for a six-month bill selling for $9,890.80. In a separate report, the Federal Reserve said Monday that the average yield for one-year constant maturity Treasury bills, the most popular index for making changes in adjustable rate mortgages, dipped to 2.39 percent last week from 2.40 percent the previous week. Has a Recession Already Started?; FRBSF Economic Letter No. 2001-29 Dated October 19, 2001 SAN FRANCISCO WHAT: Has a Recession Already Started? FRBSF Economic Letter No. 2001-29 dated October 19, 2001 In this latest Economic Letter, San Francisco Federal Reserve Bank Senior Research Advisor Glenn Rudebusch examines the definition and dating of recessions and argues that, even in light of recent data and events, a recession may not be a certainty because of the lack of synchronization in the declines of various sectors of the economy; however if a recession does occur, its start could well be dated to last spring. WHO: Glenn Rudebusch, Senior Research Advisor Federal Reserve Bank of San Francisco WHEN: Now available on the Internet at: www.frbsf.org/publications/economics/letter/2001/el2001-29.html WHY: Many people associate a recession with bad times -- high unemployment, low production, and a generally stagnant economy. Strictly speaking though, a recession is the period when overall economic activity is actually declining -- and production, employment, and sales are falling rather than just anemic or below normal. Rudebusch examines historical and current data and discusses the state of our current economic episode. CONTACT: San Francisco Federal Reserve Bank Lily Ruiz, 415/974-3240 lily.ruiz@sf.frb.org ( or go to our Leasing News List and see what happened to leasing last spring: http://www.leasingnews.org/list.htm ------------------------------------------------------------------------------------------------------------ Lessor.com Says, “ Goodbye.” The staff of Lessors.com, Inc. would like to thank the thousands of Lessors.com supporters from over 22 countries around the world. When we first launched Lessors.com a few years ago, we distribute our marketing messages via facsimile because our targeted audience didn't use email. Today, Lessors.com's base of support is reached via approximately 16, 000 emails messages per month. From the beginning, our supporters identified a void in effective networking of Internet and eCommerce technology resources within the equipment leasing markets. To fill this void, we began hosting high profile technology conferences for the equipment leasing industry that were overwhelmingly embraced by both business sectors. Our support base continued to experience phenomenal growth and last August we announced the launching of a new industry association, the "eLessors Networking Association" (eLNA). Again, the eLeasing community has responded quickly and eLNA will soon represent a national community of technology and online equipment leasing professionals. Effective immediately, the Lessors.com Web site will be discontinued, as many of the services previously provided by Lessors.com will become available to eLNA members from the eLNA Web site located at http://www.elessors.com. We invite the eLeasing community to visit the eLessors Networking Association Web site today and establish your leadership position in the new eLeasing industry via charter membership. We sincerely appreciate your past support and hope to see you at eLNA. The staff of Lessors.com, Inc. Serious inquiries regarding the acquisition of the Lessors.com URL may be directed via email to URL@lessors.com. ( eLNA is listed with the non-profit leasing associations at: http://www.leasingnews.org/links_section.htm ) ------------------------------------------------------------------------------------------------------------ Anthrax Scare A letter open in the office of Senate Majority Leader Tom Daschle "had anthrax in it," President Bush says. The letter is field-tested twice and in both cases came up positive for anthrax, said Capitol Police Lt. Dan Nichols. He said the letter was sent to an Army medical research facility at Fort Detrick, Md., for further tests. We have changed our policy about opening mail, sorting envelopes in a new manner, before opening, as a matter of precaution. While the chances are remote, we don’t want to take any at all, and recommend all leasing companies and individual become more “comfortable” before randomly opening envelopes. info on how to
handle the mail For more information on Anthrax, go to: http://www.deskmedia.com/~reggie/Anthrax/intro.html --------------------------------------------------------------------------------------------------- RW Professional Has Not Filed Bankruptcy Leasing news heard from Salvatore D. Ferlazzo of Girvin &Ferlazzo,PC, representing RW Professional Leasing, Long Island, New York. We have been trying to confirm or deny the rumor floating around the leasing community. He says it “ain’t so.” We have asked him for an official statement or comment or e-mail or any comment from RW Professional Leasing, as we have not been able to obtain one. ________________________________________________________________________ Leasecomm---The Good, the Bad, and the Ugly What follows is a company release about the owner of Leasecom. There is a website on line regarding complaints about the practices of this company. Their prospective also makes mention of investigations and other complaints. http://www.thecomplaintstation.com/l/leasecomm_toc.htm A class action page goes to this site: http://www.arnoldkangas.com/index.htm http://www.willsart.com/WARNINGAG.htm Their home page: http://www.leasecomm.com/static/lc_about.html Leasing News has written articles on this publically held company. Leasing News tries to present all sides to a story to be as accurate and fair as possible. editor. ### ################### ######################### ##################### MicroFinancial Incorporated (ticker: MFI, exchange: New York Stock Exchange) News Release - MicroFinancial Inc. --MFI-- Comments On Third Quarter Results WALTHAM, Mass.,) -- MicroFinancial Incorporated, a leading national microticket financing source, today announced that while revenues for the third quarter ending September 30, 2001 will be in excess of a record breaking $36.1 million, net income will fall short of expectations. Earnings will be between $0.25 and $0.30 per share, on fully diluted shares of 13,094,690 versus analysts' expectations of approximately $0.43. MicroFinancial expects year to date earnings for the period ending September 30, 2001 to be between $1.18 and $1.22, on fully diluted shares of 12,988,959. "We analyzed our delinquency rates and our write-off trends and concluded that while our write-off rates have not materially changed, our increased delinquency rates argue for an increased funding of the allowance for credit losses of about $4 million" says Dr. Peter Bleyleben, President and CEO. "What we are seeing is the result of the combination of a worsening economic environment during most of 2001, culminating in September, with the higher delinquency rates associated with the lower credit quality business we underwrote at higher prices primarily through the third quarter of 2000" adds Richard F. Latour, EVP, COO and CFO. "Planning for a recessionary environment, since the third quarter of 2000 we have continually moved away from underwriting the lowest-grade business to focusing more on higher rated businesses. This resulted in a lower origination rate during 2001, but with the benefit of lower expected delinquencies on the recently written business. We believe that in adverse times like today, strong competitors like MicroFinancial, while not immune to the negative effects of an economic downturn, that have a strong balance sheet and a unique platform tailored to effectively manage microticket financing for superior profitability will come out ahead of weaker competitors with weaker balance sheets and operations. We successfully closed a securitization in September, thus underscoring the value and credibility we have earned and we believe will continue to earn going forward." concludes Dr. Peter Bleyleben. MicroFinancial Inc. (NYSE: MFI), headquartered in Waltham, MA, and with additional locations in Woburn, MA, Herndon, VA 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 any forward-looking statements made by or on behalf of the Company. Readers should not place undue reliance on forward-looking statements, which reflect the management's view only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking 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 inherent in the Company's business, see the risks factors described in documents the Company files from time to time with the Securities and Exchange Commission. CONTACT: MicroFinancial Inc. Richard F. Latour EVP and COO, CFO 781-890-0177 #### ################################ ################################### Centennial Bank and FirstCorp Form Alliance to Deliver Business Leasing Solutions
PORTLAND, Ore--Centennial Bank (Nasdaq:CEBC) announced today that it has entered into an agreement with FirstCorp, a full-service and independent business leasing company with headquarters in Portland. Together Centennial Bank and FirstCorp will serve the needs of Northwest small cap and middle market companies seeking a broad assortment of equipment leasing services. The partnership is effective immediately. Centennial's FirstCorp leasing alliance will be managed by Centennial's Commercial Banking Division and become a vendor partner within Centennial's Merchant Banking Group located in Tigard. "FirstCorp's business leasing role provides an integrated and natural extension of Centennial Bank's service philosophy to be a premier provider to the Pacific Northwest business community," said Ted R. Winnowski, President and Chief Executive Officer of Centennial Bancorp. "We are very excited to provide such a broad range of lease financing choices through FirstCorp to small and middle-sized firms in the markets we serve." "The addition of FirstCorp has been met with strong initial enthusiasm from our business clients," said Michael Paul, Executive Vice President of Centennial's Commercial Banking Division. Paul noted that these services are consistent with Centennial's on-going objective to provide additional financial services to customers. The bank offers a convenient access to FirstCorp through its web site address at www.centennialbank.com. "We think our business client bases are highly complementary," said Scott Edwards, Regional Sales Manager for FirstCorp. "We are confident that our two combined organizations will be highly advantageous to both our companies and our abilities to attract and satisfy the needs of new business customers." Originally established in 1980, FirstCorp has a long history of success in the equipment leasing business. FirstCorp has developed an expertise in serving several specific market niches, including venture leasing, broadcast leasing and hospitality leasing. Centennial Bancorp is a bank holding company organized in 1981, whose principal subsidiary is Centennial Bank, both headquartered in Portland. Centennial Bank is an Oregon-based business bank which currently operates twenty-two banking offices. Twelve are in the Portland metropolitan area; two in Vancouver, Washington; one in Salem; and six in Lane County. Centennial Bank has announced it will open a new full-service office in Gresham in January 2002. The Bank also operates seven Commercial Banking Centers. Centennial Bancorp's common stock is traded on the NASDAQ National Market and the Russell 2000 Index under the symbol "CEBC." For more information, please contact Centennial Bancorp, 1 SW Columbia Street, Suite 900, Portland, Oregon 97258. Telephone: 503/ 973-5556; FAX: 503/973-5557. Web address: www.centennialbank.com. -0- This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements concerning the continued financial performance of the company and the nature and timing of third-party vendor services. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially than those anticipated. Specific risks include, but are not limited to, general business and economic conditions and the integration of vendor services with the company's systems, as well as other factors listed from time to time in Centennial Bancorp's SEC reports. The company has no obligation to update or amend any forward-looking statements in this release. CONTACT: Centennial Bank Ted R. Winnowski, President and CEO Neal McLaughlin, Executive VP and CFO Brian Scott, VP and Marketing Director 503/973-5556 ### #################### ############################# ############### Multi-Sales Tax Up-Date The working relationship between the National Conference of State Legislatures (NCSL) Task Force representing state legislators, Governing States and the Streamlined Sales Tax Project (SSTP or Project) composed of state departments of revenue is a subject of growing discussion. Enactment of the Streamlined Sales and Use Tax Agreement (Agreement) in 3 states this year without endorsement by the NCSL Task Force created apprehension that more states may adopt revisions completed by the Project in December before the new Governing States organization can review and possibly amend the documents. Specifically, will the revised Agreement containing new definitions and amended rules written by the Project be sent to Governing States before it becomes model legislation? Yes. Will the Project concurrently share the document with state governments? Yes, with the executive branch. Is this a contradiction? No. What follows are my observations of this process. <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /> First, Streamlined Sales Tax Project supports establishment of Governing States as the body that will review Project revisions to the Agreement before it is released as model legislation. SSTP backs this appraisal including amendments deemed necessary by Governing States. Second, most state revenue departments were assigned to the Project by the executive branch not the legislative branch of government. Some have an additional legislative mandate. At the end of the day, most report not only to their revenue department but the Governor. A few have a legislative reporting obligation as well. Following the December meeting in Denver it is not realistic to expect them to withhold the product of their work from principals within the executive branch to whom they answer. Might this result in the revised Agreement being considered by a state legislature before Governing States examines it? Yes, but at that point it is the legislative branch that is driving consideration in the absence of review by Governing States. Some consider the aforementioned as revenue officials coyly circumventing the Governing States process set up to review the Agreement prior to release as model legislation. I see it as consistent with previous experiences I've had over the years with state revenue departments. Leadership of the SSTP has assured me that there is no intent or desire to circumvent the Governing States. It is all part of one process that is a valuable alliance between the executive and legislative branches. However, it cannot erase lines of authority to which each branch must answer. Dennis Brown Bill Russell Thank you for the insightful information every day. It's been a long time since the Celtics won anything, Russell became coach in '66, not '96. Kevin_Cook ( Sorry my typo. We’ve got the Warriors out here. Maybe we should trade. editor ) BofA, now owned by Nations Bank, Reports More Losses The banking company said its third quarter net income was $841,000, compared to $1.83 million at the same time last year. Per share profit dipped from $1.11 a share in the third quarter of 2000. Based on operating earnings that don't include a $1.25 billion in costs to leave auto leasing and sub prime lending businesses, the bank said it made $2.09 billion, or $1.28 per share. That was compared to operating earnings of $2.18 billion, or $1.31 a share, for the same quarter a year ago. Bank of America net income falls 54 percent REUTERS CHARLOTTE, N.C. – Bank of America Corp. said Monday its quarterly net income dropped 54 percent as the No. 3 U.S. bank holding company put aside money to protect against bad loans resulting from the slowing economy and took a $1.25 billion charge to exit businesses. Deadly Sept. 11 attacks on New York and Washington pushed the economy to the brink of recession as consumers stopped spending, large airlines fired thousands of workers and share prices tumbled. As the slowdown eats into corporate profits, some big companies have struggled to repay bank debts. The bank reported third-quarter net income of $841 million, or 51 cents a share, down from $1.83 billion, or $1.10 a share, a year earlier. Earnings were $2.09 billion, or $1.28 a share, before a charge to exit auto leasing and the sub prime real estate lending business, which involves home loans to people with poor credit histories. Year-ago earnings before special items were $2.18 billion, or $1.31 a share. Wall Street had expected a profit of $1.15 to $1.29 a share, with an average estimate of $1.25, according to research firm Thomson Financial/First Call. Revenues rose 5 percent to $8.72 billion as low U.S. interest rates helped loan growth. The Federal Reserve has lowered interest rates nine times so far this year in efforts to prevent a recession. Despite the recent spate of rate cuts, Bank of America suffered from bad loans and lower gains on investments in the third quarter. Net charge-offs, or loans for which the company does not expect repayment, rose to $1.5 billion from $435 million a year ago. The latest figures included $635 million in charge-offs related to the sub prime real estate business, along with $135 million from selling problem commercial and consumer loans. Net interest income, or money the bank makes from lending, rose 14 percent to $5.29 billion, helped by low rates. But noninterest income fell 7 percent to $3.43 billion on lower market-sensitive revenues, including a $400 million drop in investment gains. U.S. stock markets shut down for four days after last month's attacks, hurting many banks' Wall Street-type business. Bank of America shares closed at $54.60 in Friday New York Stock Exchange trade. The stock has gained about 27 percent in the first nine months of the year, vastly outperforming the Standard & Poor's index of banks, which fell 5.6 percent in that time. Investment Tax Credit Not Part of New Tax Proposals By Shailagh Murray, Wall Street Journal Congress is headed for a partisan showdown this week over whether to include public-works spending aimed at bolstering national security and unemployment aid in the economic stimulus package. In a party-line vote, the Republican-controlled House Ways and Means Committee approved a stimulus package that includes mostly business-tax cuts, some of them permanent. The package includes, but well exceeds, the priorities laid out by President Bush, who had sought a stimulus program of $60 billion to $75 billion. Most of the extras, including capital-gains tax relief, were included at the urging of business groups and conservatives. Congress's Joint Tax Committee estimated the package would cost $100 billion for the current fiscal year and nearly $160 billion over 10 years. House leaders said they hope to bring the vote to the floor, setting the stage for contentious negotiations with the Democratic-controlled Senate. "I'm disappointed, really, that the House is going off on all of its tangents once again," said Senate Majority Leader Tom Daschle of South Dakota. The White House is seeking a middle ground with the stimulus package. Spokesman Ari Fleischer said Bush "wants to work closely with the Democrats" and called the action "the beginning of the process." Dismissing many of the House provisions as "handouts to those who probably don't need it," Daschle said Democrats view the stimulus package as an opportunity to jump-start business investment, such as through a depreciation bonus, and to bolster consumer spending, such as through the rebate checks. They also intend to commit large sums to jobless aid and to security-related improvements to public infrastructure such as hospitals, rail lines and utilities. The House bill's major provisions came from Bush's wish list. In an attempt to stir business investment, the committee approved a 30% depreciation bonus on capital assets for three years and a two-year increase in the small-business expensing limit to $35,000 from $24,000. The legislation also called for repealing the corporate alternative minimum tax, or AMT; giving $300 to low-wage workers who didn't receive a rebate in the last round of tax cuts; and immediately adopting the 25% individual income-tax rate, scheduled to take effect in 2006, to replace the 28% rate. The committee also would tap existing government funds to issue $9 billion grants to states to extend unemployment relief and to provide $3 billion in health-care assistance. Although Bush had called for repealing the corporate AMT, House Republicans went much further. They chose to refund all AMT credits accrued by companies since the tax was introduced in 1986. That bumped up the 2002 cost to more than $25 billion, compared to $4 billion just for repeal. On the capital-gains front, the bill would permanently repeal the five-year holding period and reduce rates on adjusted net capital gains to 8% and 18% from the 10% and 20% rates, respectively. The bill also would temporarily increase to $4,000 for 2001, and $5,000 for 2002, the amount in capital losses that can be deducted against capital gains. The normal deduction is $3,000 per year. The legislation would add a three-year extension of the net operating loss carry-back period to five years, from the current two-year level. It extended various tax credits scheduled to expire this year. In one of its costliest provisions, the bill would permanently extend temporary exceptions for certain types of foreign income for U.S. multinational banks, financial services and insurance firms. That measure alone would save firms more than $21 billion over 10 years. Committee Democrats tried but failed to strike the refund of AMT credits and to increase aid for unemployed people. Rep. Fortney Stark (D., Calif.) called the AMT refunds "virtual theft of the taxpayers' money." Rep. Jim McCrery (R., La.) defended the AMT credits as "one of the most stimulative aspects of the package," because they would produce a cash windfall for struggling capital-intensive manufacturers, such as auto makers, who are most likely to pay the AMT. Bain Capital Signs Letter of Intent to Invest $100 Million in Usi.net USInternetworking is a company that leases software over the Internet USi is a full-service provider with a variety of solutions available to meet any business need. USi currently has over 150 clients spread across many industries, including financial services, manufacturing, chemicals, retail, health care and insurance. USi has a growing roster of industry-leading clients, along with SiebelNet customers hosted at USi..
their press release: ##### ############ ########################## ######### USinternetworking, Inc. (USi, Nasdaq: USIX), the leading Application Service Provider (ASP), today announced that Bain Capital Partners, LLC (Bain), a private investment firm with $12 billion of assets under management, has executed a letter of intent with USi providing for an equity investment of $100 million. The investment is contingent upon a number of conditions including among others a balance sheet restructuring, execution of definitive documentation, any necessary regulatory approvals, and final legal and accounting due diligence. Pursuant to the letter of intent, Bain and USi would work together to restructure the balance sheet and implement a recapitalization plan. The investment, upon completion, is expected to fund the Company through cash flow positive, while maintaining a strong balance sheet. ### ###################### ########################## Please send to a colleague as we are trying to build our readership. You may quote or print anything from Leasing News without our permission. #### ########################## ######################## Financial Federal Corporation Renews Stock Repurchase Program
NEW YORK--(BUSINESS WIRE)-- --Financial Federal Corporation ("FIF" - NYSE) announced today that the Board of Directors has increased the amount available under the Company's Stock and Convertible Debenture Repurchase Program from $6.6 million to $20.0 million. The Company may repurchase its Common Stock and/or Convertible Debentures in the open market at times and prices that it considers appropriate based on market conditions. There are currently 16,636,546 shares of Financial Federal Common Stock and $91,195,000 face amount of Convertible Debentures outstanding. The program was initiated in August 1996 and, to date, 422,611 shares (as adjusted for stock splits) of Common Stock have been repurchased at an aggregate cost of $6,733,550 and $8,800,000 face amount of Convertible Debentures have been repurchased at an aggregate cost of $7,151,000. Steven F. Groth, Chief Financial Officer, commented as follows: "The purpose of the Stock Repurchase Program is to enhance shareholder value by mitigating the dilutive effect of the Company's Stock Option Plan." This document contains forward-looking statements, involving management assumptions, risks and uncertainties. Readers are referred to the documents filed by the Company with the SEC, specifically the most recent reports on Forms 10-K and 10-Q, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. Financial Federal Corporation specializes in financing industrial, commercial and professional equipment through installment sales and leasing programs for manufacturers, dealers and end users nationwide. In addition to its New York office, the Company has six full-service operations centers in Texas, Illinois, New Jersey, North Carolina, Georgia and California, and numerous additional marketing locations throughout the country. For additional information, please visit us at www.financialfederal.com. ### ############################# ############################ ######### Approval Granted for 1st Source Purchase of Branches in Fort Wayne, Indiana
SOUTH BEND, Ind--1st Source Corporation (Nasdaq:SRCE), parent company of 1st Source Bank, today reported the Federal Reserve Bank of Chicago and the Indiana Department of Financial Institutions have granted approval for 1st Source to purchase 13 banking center offices from Standard Federal Bank in the Fort Wayne, Indiana area. 1st Source will acquire approximately $214 million in deposits along with branch facilities located in Fort Wayne, New Haven, Bluffton, Auburn, Columbia City and Huntington, Indiana. According to Christopher J. Murphy III, Chairman of 1st Source Corporation, "We're eager to serve our new clients as soon as the transformation can be completed and are excited to become a part of the Fort Wayne market. Our highest priority is the satisfaction of our new customers and welcoming our new colleagues into the 1st Source family. We'll work very hard to minimize any disruptions during the change and look forward to the opportunities for growth presented in Fort Wayne and the additional regional communities." When complete, 1st Source Bank will have 57 banking center locations in Northern Indiana and 7 locations in southwestern lower Michigan. The acquisition of the branches in Fort Wayne is expected to be completed in mid-November. 1st Source Corporation takes pride in its identification as the largest locally owned financial institution headquartered in the Northern Indiana-Southwestern Michigan area. While delivering a comprehensive range of consumer and commercial banking services, 1st Source Bank has distinguished itself with innovative products and highly personalized services. 1st Source also competes for business nationally by offering specialized financing services for used private and cargo aircraft; automobiles for leasing and rental agencies; heavy duty trucks, construction and environmental equipment. The corporation presently includes 52 banking locations in twelve counties, 8 Trustcorp Mortgage offices in Indiana, Ohio, Michigan and North Carolina; and 23 locations nationwide for the 1st Source Bank Specialty Finance Group. With a history dating back to 1863, 1st Source has a tradition of providing superior service to customers while playing a leadership role in the continued development of the communities in which it serves. 1st Source may be accessed on its home page at "www.1stsource.com." Its common stock is traded on the Nasdaq Stock Market under "SRCE" and appears in the National Market System tables in many daily newspapers under the code name "1st Src." . Except for historical information contained herein, the matters discussed in this document, and other information contained in 1st Source's SEC filings, may express "forward-looking statements." Those "forward-looking statements" may involve risk and uncertainties, including statements concerning future events, performance and assumptions and other statements that are other than statements of historical facts. 1st Source wishes to caution readers not to place undue reliance on any forward-looking statements, which speak only as of the date made. Readers are advised that various factors -- including, but not limited to, changes in laws, regulations or generally accepted accounting principles; 1st Source's competitive position within the markets served; increasing consolidation within the banking industry; unforeseen changes in interest rates; any unforeseen downturns in the local, regional or national economies -- could cause 1st Source's actual results or circumstances for future periods to differ materially from those anticipated or projected. 1st Source does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to any forward-looking statements to reflect the occurrence of unanticipated events or circumstances after the date of such statements. Except for the historical information contained herein, this press release contains forward-looking statements that are provided to assist in the understanding of anticipated future financial performance. However, such performance involves risks and uncertainties which may cause actual results to differ materially from those in such statements. ### ################## ############################ ############# Association for Financial Professionals Elects New Members To Its Board of Directors
CHICAGO, / -- Members of the Association for Financial Professionals (AFP, http://www.AFPonline.org ) elected new officers and directors to its 2001-2002 board of directors during an election held in conjunction with The AFP 22nd Annual Conference, taking place in Chicago October 14-17. The following officers will serve one-year terms, beginning Wednesday, October 17, 2001: Rebecca I. Flick, Chairman Rebecca Flick is director of treasury for The Home Depot, where she is responsible for all of the company's treasury and corporate finance activities (excluding mergers and acquisitions). In addition, she oversees the stock administration department and The Home Depot's associate relief organization, the Homer Fund. Prior to joining The Home Depot, Flick was assistant vice president of credit products in the U.S. Large Corporate group of Bank of America. She has been an AFP member since 1997, was elected to the board of directors in 1999, and was vice chairman and treasurer of the board this past year. Flick has served on several AFP volunteer task forces including the Board Finance, Government Relations, Retail Industry Forum, Book Development and Pinnacle Award committees. Denise Laussade, CCM, Vice Chairman and Treasurer Denise Laussade is vice president of finance and the primary investor relations contact for Dan River Inc., a $600 million vertically-integrated textile manufacturer. Her areas of responsibility also include treasury, accounts receivable, credit administration and risk management. Laussade previously worked at Darden Restaurants, Inc. for 13 years in several positions ranging from accounting information systems manager to assistant treasurer and director of cash management. She also held positions at Chase Manhattan Bank and Texaco, Inc. An AFP member since 1988, she is a member of the Board Policy committee, is past chairman of AFP's Annual Conference task force, and a past member of the Pinnacle Award committee. Laussade is a former member and officer of the Central Florida Treasury Management Association, and earned her Certified Cash Manager credential (CCM) in 1990. Anne E. Hollingsworth, CCM, Vice Chairman and Secretary Anne Hollingsworth is manager of banking operations for ChevronTexaco Corporation where her responsibilities include managing the centralized cash positioning, forecasting efforts and execution of money transfers for the corporation and its subsidiaries. Prior to her current position, she was assistant treasurer for Chevron U.S.A. Inc. Hollingsworth also has held treasury positions in bank relations and cash management, and corporate and project financing at Chevron. She has been an active member of AFP since 1988, and currently serves on the Government Relations and Board Policy committees. She chaired AFP's Electronic Commerce Conference task force and has been a member of AFP's Annual Conference and Pinnacle Award committees. Hollingsworth was elected to the board of directors in 1998, and earned her CCM credential in 1989. AFP's New Directors AFP members also elected five directors to the board at today's annual meeting, each of whom will serve three-year terms beginning October 17: R. Evan Hardin, CCM, Director Evan Hardin is vice president and treasurer of Paragon Trade Brands, a manufacturer of store brand diapers and training pants with annual sales of $500 million, where he is responsible for all corporate financial and insurance activities. Hardin previously spent 13 years with paper and packaging manufacturer Rock-Tenn Company in various positions ranging from financial analyst to vice president and treasurer. He also has worked for the Federal Deposit Insurance Corporation and the Mascarello Development Corporation. An AFP member since 1990, Hardin currently serves on AFP's Political Action and Government Relations committees. He earned his CCM credential in 1994. Donald L. Hollingsworth, CCM, Director Donald Hollingsworth is assistant treasurer and manager of banking and investor services at Ameren Corporation, a utility with $3.9 billion in operating revenue. Hollingsworth manages the daily liquidity, banking and cash management for all Ameren-affiliated companies, and for the administration of the company's equity and debt securities. Hollingsworth is the current chairman of AFP's Payments Advisory Group, and has served on AFP's Utilities Industry task force. He was also a contributor to AFP's Standardized RFPs: Effective Tools for Selecting Cash Management Banks publication. A member since 1992, Hollingsworth became a CCM in 1994. (Note: Anne Hollingsworth and Don Hollingsworth are not related) Bradley D. Larson, CCM, Director Brad Larson is assistant treasurer at PETsMART, a $2.3 billion, 550-store retailer where his responsibilities have included cash management and forecasting, sales audit, banking relationships, investments, debt, leasing, foreign exchange and stock benefit plans. He was previously director of treasury at Payless ShoeSource, where he spent 15 years in various finance, store operations and information technology positions. Currently, he chairs AFP's Working Capital Management task force and is a member of the AFP Manual of Treasury Policies task force. He also served on the Retail Industry Forum, Electronic Commerce Conference and the Standardized RFPs for Treasury, Volume II task forces. Larson earned his CCM credential in 1996 and has been an AFP member since 1995. Lisa S. Morgan, CCM, Director Lisa Morgan is treasurer at Morgan, Lewis & Bockius, LLP, a 128-year-old law firm with revenues of more than $500 million. As treasurer, Morgan ensures appropriate levels of liquidity and flexibility for the firm, including facilitating banking relationships, structuring and monitoring derivative instruments, and all foreign exchange activities and exposures. She is a current member and past president of the Philadelphia Treasury Management Association, and a member of AFP's Executive Education Advisory committee. She also served on the Institute Advisory committee of AFP. Morgan earned her CCM credential in 1994 and has been an AFP member since 1993. Sally M. Smedal, CCM, Director An AFP member since 1991, Sally Smedal, CCM, is treasurer and director of corporate accounting at Basic American, Inc., where she is responsible for all corporate treasury and corporate accounting functions. She has worked at Basic American since 1994 in various positions including marketing manager of new product development and assistant treasurer. She previously spent 12 years at Chevron Corporation where she held positions within the treasury, information systems, accounting and auditing functions. Smedal currently chairs AFP's CCM committee, previously chaired the CCM Test committee and was a member of the Item Writer's task force. She earned her CCM credential in 1994 and passed the CPA exam in 1983. The Association for Financial Professionals in Bethesda, Maryland, supports more than 14,000 individual members from a wide range of industries throughout all stages of their careers in various aspects of treasury and financial management. AFP is the preferred resource for financial professionals for continuing education, financial tools and publications, career development, certifications, research, representation to legislators and regulators, and the development of industry standards. |
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