January 16, 2001

Headlines---
  TCF Leasing Acquires First Commercial Capital Corp.
    Sierra Cities "Insider" Comments
      Broker Needs Help with United Capital
        Nations Capital Credit,Chase Capital/BancUnion Warnings ( not confirmed )
          Penske Truck Leasing to Acquire Rollins Truck Leasing
            Heller Commercial Equipment Finance Tops $1 billion New BusinessVolume In 2000
              UPS To Acquire First International Bancor
                Sterling Bank Leasing in Formation
                  Mellon Reports Earning


      Sierra Cities--comments

" I am an ex-employee and don't want to burn any bridges, but they have a lot of problems...they have a lot of good people there still, but at the San Antonio conference, about nine months ago, there were 220 salesman, and today there is 80. I don't think they can get a lot more skinny than they are today... There a lot of good things going on, and I hope we can find a lot of good things going on there rather than this negativity."

name with held

"Pigs get fat--hogs get slaughtered. They are hogs. They were offered $6 by a bank before the VERT fiasco. They should have taken the money and run. ."

name with held

United Capital

With respect to United Capital, I would love to hear anyone's feedback on our situation. It seems like most of the brokers that have written you are expressing a situation where their vendor(s) have not been paid by United Capital. Our situation is a little different. We are due two commissions totaling around 10K that we have not been paid on. The two leases were pre-fundings. The vendors have been paid in full and our commissions were withheld until the equipment was installed and operational. Well, the equipment is now installed and operational and I cannot get my commissions from United Capital. They ignored my Demand Letter and I am to the point where I am going to hire an attorney and file suit. Before I do so, I thought it would be nice to hear anyone's feedback based on their experiences and/or legal knowledge. Please post my name and e-mail so, hopefully, I will get some good information from other brokers out there.

In your previous Newsletter, one broker mentioned that he was told by United Capital that the lessee must make their payment to Old Kent because the broker had been paid. This, despite the fact that the vendor had not been paid. Is paying the broker the point (along with lessee acceptance) at which the lease is booked and collectable from the lessee, whether or not the vendor(s) get paid? Since I haven't been paid, do I still own the leases despite the fact that United Capital has already paid the vendors? Should I instruct the lessee's to make their payments to me? What would United Capital do about this? Sue me? That's a laugher.

I know my attorney will answer all these questions but I would still like anyone's input or thoughts.

Thanks.

Jeff Wetter
jwetter@flexlease.com
(800)699-3539 ext. 25
www.flexlease.com

Title-Broker Fees Advice

Unfortunately, this happens time and time again to intermediaries. To avoid losing your leases to a potentially unscrupulous funding source, or simply a source caught in a funding crisis, be sure your assignment agreement contains a provision that title does not pass until you (the broker) have been paid in full (assuming the broker doc's the deal using themselves as nominal lessor). That is likely your only hook to claw back the deal - even in bankruptcy. Once title passes, you become a simple unsecured trade creditor. That simple one sentence reservation of title clause can save a lot of money, and even more importantly, your reputation and vendor relationships.

David Rabinovitz
david-rab@mediaone.net

Nations Capital Credit---BancUnion Trust

Leasing News has been looking into these complaints. Any additional information would be appreciated.

Please be advised that a big ring of bad people are going after the broker community. Nations Capital Credit, BankUnion Trust, Chase Capital Credit all in florida is run by Uncle, Nephew, & brother-in-law are representing as funding sources, approving deals, sending out docs and taking advances but not funding or sending back the advances. They have burned us for over $7,000.00 in advances. Nations has three complains already with the Attorney General. The f.B.I. has complaints and the economic crimes unit has complaints. The monitor is still allowing them to advertise. This must be stopped. Thanks & spread the word!!

CFR Leasing
Address = 1001 West Baker Rd., Suit
City = Baytown
State = TX
Zipcode = 77521
Phone = 281-427-3500
Fax = 281-427-2347
Email = GBRAD@CFRLEASING.COM

You must warn every one in regards to three companies. Bancunion Trust (behind the scene owner (Mike Sagaro) Nations Capital Credit (behind the scene owner (peter Gonzalez) Chase Capital Credit behind the scene owners (mike Sagaro and Peter Gonzalez) Big time fraud! Brokers beware!!!!

Name with held

Broker in NJ

( We are having trouble with confirmation on these, and any information you may have to correct or confirm this will allow us to post this on "Customer Complaint".

Bank profits match analysts' targets

But Bank of America, plagued by bad loans, misses goals

MSNBC STAFF AND WIRE REPORTS
Jan. 16 - While the economy may be slowing, U.S. financial services companies didn't feel the pinch in the fourth quarter. A handful of the leading banks, including Citigroup Inc., Bank of New York Co. and Wells Fargo, reported robust quarterly returns Tuesday.

Second Largest buys Third Largest---

Penske Truck Leasing to Acquire Rollins Truck Leasing

READING, Pa., -- Penske Truck Leasing Co., LP, based in Reading, Pa. has agreed to acquire Rollins Truck Leasing Corp. (NYSE: RLC), based in Wilmington, Del. The acquisition will be made in a cash tender offer of $13 for each outstanding share of Rollins' common stock. The purchase price for the shares is approximately $754 million. The Rollins board of directors has unanimously approved the agreement.

"We are excited about the tremendous opportunity this purchase creates for both companies," said Roger Penske, chairman, Penske Truck Leasing. "Rollins and Penske Truck Leasing share the same values, commitment to our people and to our customers."

Rollins Truck Leasing Corp. is a national full-service truck leasing and rental company, which services more than 53,000 vehicles under various lease and maintenance agreements from approximately 270 locations in the U.S. and Canada.

"Because of our shared values, this represents the next step in our growth and the growth of our finest asset -- our people. It is also an excellent deal for all shareholders," said John W. Rollins, Jr., president and CEO, Rollins Truck Leasing Corp.

Penske Truck Leasing is a global transportation services provider headquartered in Reading, Pa., with annual revenues of approximately $2.7 billion. The company operates more than 152,000 heavy-, medium-, and light-duty trucks and serves customers from approximately 750 locations in the United States, Canada, Mexico, South America and Europe. Product lines include full-service leasing, contract maintenance, commercial and consumer rental, integrated logistics services and supply chain management.

The acquisition is subject to regulatory approval and customary closing conditions. Penske Truck Leasing expects to begin the tender offer within seven business days and the offer will be held open for a minimum of twenty business days, as required under Securities and Exchange Commission rules. This announcement is not an offer to purchase nor a solicitation of an offer to sell shares. The tender offer for the outstanding shares of Rollins common stock described in this announcement has not yet commenced. At the time the offer is commenced, Penske Truck Leasing will file a tender offer statement with the SEC and Rollins will file a solicitation/recommendation statement with respect to the offer. Investors and security holders of Rollins are urged to read each of the tender offer statement and the solicitation/recommendation statement referenced in this press release when they become available because they will contain important information about the transaction.

Investors and security holders may obtain free copies of the tender offer statement and the solicitation/recommendation statement when they become available and other documents filed by Rollins and Penske Truck Leasing with the SEC at the SEC's web site at www.sec.gov and from Rollins and Penske Truck Leasing.

Morgan Stanley Dean Witter advised Rollins in this transaction.

SOURCE Penske Truck Leasing

CO: Penske Truck Leasing; Rollins Truck Leasing Corp.

ST: Pennsylvania, Delaware

Heller Commercial Equipment Finance Topped $1 billion in New BusinessVolume In 2000

CHICAGO, -- Heller Financial's (NYSE: HF) Commercial Equipment Finance unit today announced late yesterday a record-breaking $1,002,313,064 in new business volume for the year 2000. It was the first time this 8-year-old group has achieved this significant milestone. Heller Commercial Equipment Finance has achieved impressive growth during its existence:

1993 - $172.9 million
1994 - $240.7 million
1995 - $349.7 million
1996 - $480.6 million
1997 - $542.4 million
1998 - $519.0 million
1999 - $771.8 million
2000 - $1 billion

Heller Commercial Equipment Finance, which has been led by Laird Boulden, Group President, since March 1997, provides financing and leasing for equipment, land and buildings in a variety of industries. Transactions range from $1 million to more than $50 million. The group also has specialized areas of expertise in Franchise Finance, Special Purpose Property, and Business Aviation. Heller Commercial Equipment Finance complements Heller's other leasing units: Global Vendor Finance and Capital Finance.

Heller Financial, Inc., is a worldwide commercial finance company providing a broad range of financing solutions to middle-market and small business clients. With nearly $20 billion in total assets, Heller offers equipment financing and leasing, sales finance programs, collateral -- and cash flow-based financing, financing for health care companies and financing for commercial real estate. The company also offers trade finance, factoring, asset-based lending, leasing and vendor finance products and programs to clients in Europe, Asia and Latin America. Heller's common stock is listed as "HF" on the New York and Chicago Stock Exchanges. Heller can be found on the World Wide Web at http://www.hellerfinancial.com .

SOURCE Heller Financial, Inc.
CO: Heller Financial, Inc.
ST: Illinois

UPS To Acquire First International Bancorp, Expanding UPS Capital's Financial Services

ATLANTA & HARTFORD, Conn.--(BUSINESS WIRE)--Jan. 16, 2001--

Acquisition to Add Government-Backed Loan Programs

To UPS Capital's Supply Chain Financing Solutions

United Parcel Service, Inc. (NYSE: UPS) and First International Bancorp, Inc. (NASDAQ: FNCE) today announced a definitive merger agreement by which UPS will acquire First International Bancorp, Inc., the parent company of First International Bank, for approximately $78 million in UPS Class B common stock, based on the closing price for UPS Class B common stock on Friday, Jan. 12, 2001.

For a description of certain terms of the merger, including the merger consideration, potential reductions in the merger consideration and the creation of an escrow with respect to shares issued in the merger, see "Summary of the Transaction."

The acquisition will add First International's innovative structured trade finance and commercial lending programs to the expanding capabilities of UPS Capital Corp., the financial services subsidiary of UPS. UPS believes the acquisition will create a powerful combination of financial, shipping and logistics solutions for customers that will enable them to better manage their supply chains through the integration of funds, goods and information.

First International's expertise in government-backed lending will enhance UPS Capital's financial services portfolio, which currently includes global trade finance, asset-based lending, factoring, payment solutions and equipment leasing.

First International is a national leader in the use of U.S. government-guaranteed loan programs made available by the Small Business Administration (SBA), the Department of Agriculture (USDA) and the Export-Import Bank of the United States (Ex-Im Bank). It primarily serves small and medium-sized manufacturers, distributors and wholesalers (annual sales of $1 million to $50 million) in the United States and international emerging markets. First International offers loans in amounts up to $10 million each, and, at Sept. 30, 2000, had a managed loan portfolio of approximately $1.2 billion, approximately two-thirds of which is substantially guaranteed or insured by U.S. government agencies and other sources.

UPS expects the acquisition to be non-dilutive to earnings per share in 2001 and slightly accretive in 2002.

"First International serves small and medium-sized businesses that have traditionally been underserved by financial institutions," said Bob Bernabucci, chief executive officer of UPS Capital. "UPS and UPS Capital also are focused on this customer segment with distribution and financial solutions so we believe this combination will be compelling. Additionally, First International's experienced sales force of 95 lending officers and 14 international representatives and its worldwide network provide UPS Capital with additional channels for reaching customers. Finally, First International shares UPS's commitment to controlled and disciplined growth."

Brett N. Silvers, First International's chairman and CEO, commented, "First International's lending solutions and responsive service are a fit with UPS Capital. Our business customers will benefit from UPS Capital's extensive product offerings. The financial backing of UPS Capital's AAA-rated parent, UPS, will provide First International with significantly greater resources and more efficient funding to build our platform."

UPS is the world's largest express carrier and largest package delivery company, serving more than 200 countries and territories. Headquartered in Atlanta, the company is located on the Web at www.ups.com. UPS was recently named the "World's Most Admired" mail and package delivery company for the third consecutive year in a Fortune magazine survey.

UPS Capital Corp. is a wholly owned subsidiary of UPS and is a key component of UPS's business strategy of enabling the flow of goods, information and funds. Combined with other UPS subsidiaries, UPS Capital's financial services can leverage technology, transportation, e-commerce and logistics solutions for total, efficient supply chain management, allowing companies to focus on their core businesses. UPS Capital has the following business groups: Equipment Leasing, Distribution Finance, Payment Solutions, Card Transaction Solutions and Global Trade Finance. It also has a subsidiary, Glenlake Insurance Agency, Inc. UPS Capital is based in Atlanta and resides on the Web at www.upscapital.com.

First International Bank (www.firstinterbank.com), a world leader in the use of SBA, USDA and Export-Import Bank loans, provides innovative credit, trade and financial solutions for small and medium-sized industrial businesses. The company has approximately 200 employees, including 95 experienced lending officers and 14 international representatives. Established in 1955, the Bank is a subsidiary of publicly traded First International Bancorp, Inc. (NASDAQ: FNCE), with headquarters in Hartford, Conn.

Summary of the Transaction

Under the terms of the merger agreement, First International Bancorp, Inc. shareholders will receive UPS Class B common stock in exchange for shares of First International Bancorp, Inc. common stock, based on the number of shares of First International Bancorp common stock outstanding at closing. Based on First International having approximately 8.3 million shares outstanding as of Sept. 30, 2000, UPS would issue approximately 1.3 million shares of UPS Class B common stock in the merger or approximately 0.160 shares of UPS Class B common stock for each share of First International Bancorp, Inc. common stock. The exchange ratio is subject to a "collar" if the transaction is completed after July 31, 2001.

The aggregate merger consideration paid by UPS is subject to reduction under certain circumstances based on the net book value of First International Bancorp at the closing. In addition, based on the Jan. 12, 2001 closing price for UPS Class B common stock, approximately 10% of the stock to be issued in the merger will be placed in escrow pending the performance of First International's loan portfolio during the 12 months following the closing and the resolution of any indemnification claims with respect to First International's representations, warranties and covenants in the merger agreement. The escrow and the potential reduction in the merger consideration are described in the merger agreement, which will be filed with the Securities and Exchange Commission.

The transaction is subject to bank regulatory approvals, the approval of First International Bancorp, Inc.'s shareholders, review under Hart-Scott-Rodino and other customary closing conditions. In connection with the execution of the merger agreement, key shareholders of First International Bancorp, Inc., controlling approximately 53% of the outstanding shares, have agreed to vote their shares of First International Bancorp stock in favor of the transaction. The transaction is expected to close mid-to-late second quarter 2001.

As a condition to the completion of the acquisition, prior to closing, First International Bank will sell all of its deposits, approximately $260 million, to a third party subject to regulatory approval. As a result, First International Bank will cease to be a federally insured depository institution regulated by the FDIC and First International Bancorp, Inc. will cease to be a bank holding company regulated by the Board of Governors of the Federal Reserve System. Following the acquisition, First International Bank will operate as a non-depository bank chartered by the State of Connecticut Department of Banking, and will be subject to Connecticut's state banking laws and regulations.

Except for historical information contained herein, the statements made in this release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

Forward-looking statements include statements regarding the intent, belief or current expectations of UPS and its management regarding the company's strategic directions, prospects and future results, as well as statements relating to regulatory approvals required in connection with the proposed transaction, the prospects and financial condition of the combined operations of UPS and First International Bancorp, the ability of the parties to successfully consummate the transaction and integrate the operations of the combined enterprises and other statements relating to future events and financial performance. Such forward-looking statements involve certain risks and uncertainties. Important factors may cause actual results to differ materially from those contained in forward-looking statements. These include the failure of the proposed transaction to be completed for any reason, the competitive environment in which UPS operates, economic and other conditions in the markets in which UPS operates, strikes, work stoppages and slowdowns, governmental regulation, increases in aviation and motor fuel prices, cyclical and seasonal fluctuations in operating results and other risks discussed in filings that UPS has made with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 1999, which discussions are incorporated herein by reference.

Many important factors could also cause actual results to differ materially from those in the forward-looking statements made by or about First International. Such factors include, but are not limited to, changes (legislative, regulatory and otherwise) in the banking and commercial finance industries and those specifically relating to the continuation in their present form of the government guaranteed loan programs utilized by First International; the ability of First International to continue its recent growth in an increasingly competitive market for loan originations; disruption in the capital markets which may delay or prevent First International from receiving funding under warehouse lines of credit or completing loan sales and securitizations; and other risks identified in First International's Securities and Exchange Commission filings.

UPS and First International Bancorp, Inc. will be filing a proxy statement/prospectus and other relevant documents concerning the merger with the United States Securities and Exchange Commission. These documents will contain important information, and we urge investors to read them. Investors will be able to obtain the documents free of charge at the SEC's website. www.sec.gov. Please read the proxy statement/prospectus carefully before making a decision concerning the merger.

CONTACT:

UPS, Atlanta
Peggy Gardner, 404/828-6051
pgardner@ups.com

or

UPS Capital
Irene Moore, 404/828-6571
imoore@ups.com

Sterling Bancorp Plans Launch of New Leasing Subsidiary and Appoints NewPresident of Sterling Bank Leasing, Inc.

NEW YORK, Jan. 16 /PRNewswire/ -- Sterling Bancorp (NYSE: STL) today announced the planned formation of Sterling Bank Leasing Inc. a subsidiary of Sterling National Bank. Mr. Louis J. Cappelli, Chairman was quoted as saying, "As our leasing business grows in national prominence, we are establishing this new entity to strengthen and enhance our focus on this important business segment."

Gerald P. Ennella has been appointed President of Sterling Bank Leasing Inc. Mr. Ennella, will be responsible for managing this important strategic effort and expanding the leasing initiatives for the wholesale, vendor and direct leasing groups. He brings with him over 25 years of experience in the leasing industry, most recently as Executive Vice President of a publicly owned leasing company.

"This move is consistent with Sterling's strategy of focusing on high margin niche businesses with exceptional growth opportunities," said Mr. Louis J. Cappelli. "With the addition of Mr. Ennella, we will continue to provide quality leasing services in the tri-state region and accelerate the expansion of our national leasing program. He comes on board to take us forward in this new venture. The wealth of industry experience he brings will be vital to the continued success and future growth of Sterling Bank Leasing. We are excited to have Gerald Ennella join our team."

Mr. Ennella lives in Bayville, New York with his wife, Maryann and two children. He holds a Masters degree in Money and Banking from Adelphi University in Garden City, New York and a Bachelors degree from Hunter College.

Sterling Bancorp (NYSE: STL - news) is a banking and financial services company with assets of $1.2 billion. Its principal banking subsidiary is Sterling National Bank, founded in 1929. Sterling provides a wide range of products and services, including commercial lending, asset-based finance, factoring/accounts receivable management, international trade financing, commercial and residential mortgage lending, equipment leasing, trust and estate administration and investment management services. Sterling has operations in the metropolitan New York and Washington, DC areas, as well as Virginia and other mid-Atlantic states and conducts business throughout the U.S. More information is available on the company's Website, http://www.sterlingbancorp.com.

SOURCE Sterling Bancorp

CO: Sterling Bancorp; Sterling Bank Leasing Inc.; Sterling National Bank

ST: New York

IN: FIN

SU: PER

TCF Leasing, Inc. Acquires First Commercial Capital Corp.

MINNETONKA, Minn., - TCF Leasing, Inc.late yesterday announced that it recently acquired First Commercial Capital Corp (FCCC) of Eden Prairie, Minn. FCCC is a leasing and equipment financing company that generated $20 million in lease originations in 2000. Terms of the acquisition were not announced.

(Photo: http://www.newscom.com/cgi-bin/prnh/20010115/MNM010 )

As a result of the acquisition, Bill Henak, President of FCCC, will join TCF Leasing, Inc. as Executive Vice President and General Manager for its vendor, franchise and wholesale finance small ticket division, TCF Express Leasing. In addition, he will be responsible for large ticket leasing. Mr. Henak founded FCCC in 1995, having previously served as Executive Vice President for Computer Leasing, Inc., where he directed national institutional marketing and corporate equity placement activities for 11 years. FCCC's six other employees will be retained by TCF Express Leasing.

"Bill is a great addition to our management team," said Craig R. Dahl, President of TCF Leasing, Inc. and Executive Vice President of TCF Financial Corporation (NYSE: TCB). "His broad leasing background along with the experienced team of leasing professionals he brings with him enhances our business capabilities."

TCF Leasing, Inc. is a wholly owned leasing and equipment finance subsidiary of TCF Financial Corporation (TCF). TCF is an $11.2 billion national financial holding company with banking offices in Minnesota, Illinois, Michigan, Wisconsin, Colorado and Indiana. Other TCF affiliates provide mortgage banking and annuity and mutual fund sales.

SOURCE TCF Financial Corporation

CO: TCF Financial Corporation; TCF Leasing, Inc.; First Commercial Capital Corp.

ST: Minnesota, Colorado

Mellon Reports Record Full-Year and Fourth Quarter 2000 Results;Launches Strategic Review of Leasing and Asset-Based Lending Businesses

PITTSBURGH, Jan. 16 /PRNewswire/ -- Mellon Financial Corporation (NYSE: MEL) today announced record full-year 2000 diluted earnings per share of $2.03, an increase of 10 percent compared with $1.85 per share in 1999, which included 3 cents per share for the combined effect of nonrecurring items noted below. The Corporation also announced record fourth quarter 2000 diluted earnings per share of 52 cents, an increase of 11 percent compared with 47 cents per share in the fourth quarter of 1999. The earnings per share increases were achieved despite the impact of the previously-disclosed May 2000 expiration of a long-term mutual fund administration contract with a third party. Core business sectors' contribution to earnings per share, which excludes the revenues and related expenses from this contract as well as the impact of divestitures, and other non-core activity from all periods, increased 26 percent year over year and 25 percent quarter over quarter.

( did not put all earnings numbers on line. editor )

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