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January 24, 2001
Headlines--- Mellon Leasing for Sale? Correction: Saddleback Does Not Accept Broker Business Equifax/UAEL Announcement "Now Official" Penske Truck Leasing Commences Tender Offer Heller Puts "Spin" on Being Downgraded to "Stable" by Fitch also adds," (the economy) faces a credit crunch that could impair smaller lessors' ability to compete effectively," Merill-Lynch Says "Rocky Road" and It Tastes Like Ice Cream for Bond Buyers Progress Finance Declares Divident ( yes, there are a number of leasing companies doing very well today.editor ) New Wireless Management to Revolutionize Biz ------------------------------------------------------------------------------------------- Correction: Saddleback Does Not Accept Broker Business Kit, Please revise your comment/summary for Saddleback Financial Corporation. "Saddleback Financial ( 1/2001 Prez. Warren Emard in business, looking for new business from brokers." Saddleback is still in business, but we have never actively sought out Broker business. We are still originating business through vendors and directly to lessees. Please delete the comment about broker business as we do not accept broker business. It is our understanding that broker business should be referred to BSB. Thanks. ********************************************** Rich Balkcum Saddleback Financial Corporation 625 The City Drive, Suite 140 Orange, CA 92868 tel. 714-938-9500 x309 * fax 714-938-9510 ********************************************** --------------------------------------------------------------------------------------- Mellon Leasing for Sale? " Mellon US Leasing was told last Tuesday that the division is for sale. They were told it would not be sold to a competitor, which leads him to believe there may be an overseas suitor. He said Mellon booked about $1 billion in leases last year. Apparently the sales staff was given retention bonuses, and most of them have a lot in the pipeline, so they plan to stay. My friend actually thinks it will be positive since Mellon tightened up the credit standards quite substantially after purchasing US Leasing." Name With Held ------------------------------------------------------------------------------------------------ LeaseExchange.com It is our goal to be accurate and fair, report the news, and in our experience from Metrolease to UniCapital and others we hear things first as "rumors." We understand from two reliable sources that LeaseExchange is "automated" and up and running, but they have very limited funds. Many people have been let go. We hear other eLease companies who received "investment money" are running on "low" as the internet is not bringing them enough money even to make overhead. Some have cut back, cutting the overhead, but very few of them have entered the "black." These companies are basically "automated" super brokers, or "aggregate funders," as they like to call themselves. Several other names have been reported to us, and I have confirmed with principals as a reporter, but on a confidential basis. Many of the actual funding sources are more aware about the "volume" and it appears that without additional venture capital, many of the eLease companies will not been around in three to six months, except perhaps in an "on line" basis only. Something like "auto pilot." editor -------------------------------------------------------------------------------------------- Reaction to: Association Membership Dues Comparison
http://www.leasingnews.org/links_section.htm Great job, Kit! I really don't know why you are in the leasing business as your heart and talents are obviously in journalism. I saved your report and even printed it on real paper to put in a binder (computers don't always work; paper does). Thanks for providing the leasing business with this remarkably valuable service. Bob T. BoTei@aol.com ( Bob Teichman, Teichman Financial Training ) ---------------------------------------------------------------------------------------------- Barney Miller---- Kit.....Abe Vigoda is alive and well and living in NYC. Before I left Copelco/CitiCapital in Sept.'00, I had the pleasure of standing on a grocery line with Mr.Vigoda. He has aged quite a bit, but what a class act. He was in from NYC visiting his grandchildren, who were in a local school play that evening. Your e-mail blurp just sparked that memory. Regards, Shawn McGill,VenServ smcgill@venserv.com P.S. Citicorp purchased Copelco Capital in 5/00! ( She was referring to the Detective Fish in "Barney Miller," the tv show anniversary premiere was yesterday. The announcement was 4/00, but McGill is correct, and we will correct the Citicorp date. Thank you. We are still looking for accurate dates for the following: merican Business Leasing ( gone ) 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) . Imperial Credit Industries (ICII) ( sold portfolio ) Leasing Solutions , San Jose( bankrupt ) Merit Leasing ( gone ) Prime Leasing, Minnesota ( no longer doing business ) Rockford ( sold to American Express ) USA Capital Leasing ( gone-bk ) The List can be viewed "on line" at: http://www.leasingnews.org/list.htm ( as reported last week and we posted, but they asked us to remove for the formal announcement today. ) --------------------------------------------------------------------------------------------- Equifax Launches Small Business Financial Exchange to SupportLending to Small Businesses ( we reported on this last week, then they asked us to remove from our site, and we accomodated them. Here is the official announcement today. editor ) Top US Lenders to Participate in Commercial Exchange United Association of Equipment Leasing to Support ATLANTA, Jan. 24 /PRNewswire/ -- Equifax Inc. (NYSE: EFX) today announced a revolutionary new service capability -- a member-owned data exchange to assist financial institutions in making credit decisions about small businesses. Managed by Equifax to meet the needs of top U.S. banks and lenders, the Small Business Financial Exchange will enable member financial institutions to report and maintain comprehensive trade data on small businesses. "The Small Business Financial Exchange fills a critical gap in the lending community," said Tom Chapman, chairman and chief executive officer of Equifax Inc. "It's the first and only source for lenders to see the total aggregated loan exposure and performance of small business owners. Equifax's comprehensive expertise as the trusted steward of information makes the Exchange possible." The Exchange will provide data on loans, credit card exposure and leasing history, with the ability to integrate consumer data to provide a total picture of a small business owner's risk and exposure. The Small Business Financial Exchange, which will be available in the second quarter of 2001, is Equifax's second commercial credit exchange and reflects the company's experience gained with fourteen domestic and over thirty worldwide exchanges. Fifteen of the 20 largest U.S. small business lenders currently are members. They include: Advanta Corporation (Nasdaq: ADVNB ADVNA), AmSouth Bancorporation (NYSE: ASO), Bank of America Corporation (NYSE: BAC), Bank One Corporation (NYSE: ONE), BB&T Corporation (NYSE: BBT), Capital One Financial Corporation (NYSE: COF), SunTrust Banks, Inc. (NYSE: STI), United Association of Equipment Leasing (UAEL), Wachovia Corporation (NYSE: WB) and Wells Fargo & Company (NYSE: WFC). "The Small Business Financial Exchange will profoundly impact the ability of financial institutions to support the small business community, now estimated at 25 million by the Small Business Administration," said Bill Catucci, executive vice president, Equifax Information Services. A recent survey conducted by the National Small Business United organization and Arthur Andersen found that 24 percent of small and mid-sized businesses are unable to obtain adequate financing. The lack of information available to lenders can contribute to the number of small businesses that do not qualify for loans. Addressing this deficiency, the Exchange will assist members in managing acquisition risk, preventing fraud, managing portfolios and locating "skipped" accounts. "By creating a quality credit repository, the Small Business Financial Exchange will greatly enhance our lending capability to the small business market," said John Donohoe, consumer credit risk management executive, Bank of America. "It will help us to make loans faster and improve the quality and efficiency of the credit decisions process which equates to better service for our customers." "The Small Business Financial Exchange initiative is critical to the continued success of small business lenders, regardless of portfolio size," said Marc L. Bernstein, executive vice-president and Business Direct division manager at Wells Fargo Bank. "I can think of nothing more important in "decisioning" a small business's credit than knowing what other bank loans that business already has and how they have managed them. Equifax is addressing what has been up until now a disturbing blind spot in our business." "The concept of a member-owned and managed data exchange is extremely appealing considering the current evolution in reporting business performance data," said Steve Bauer, vice president and national risk manager for Business and Community Banking at Bank One. "This exchange has the potential to change the entire informational landscape for extending business credit. The framework is set to attract vast amounts of predictive and meaningful data." "The UAEL, which represents more than 500 equipment lessors, brokers and funding sources throughout North America, is pleased to represent the equipment leasing industry," said Bob Rodi, president of the United Association of Equipment Leasing. He added, "We are certain that our members can make a valuable contribution that will lead to better portfolio management, thereby improving the availability of equipment leases and loans to our customer base." About Equifax Inc. Equifax (www.equifax.com ), a worldwide leader in enabling and securing global commerce, brings buyers and sellers together through its information management, transaction processing, direct marketing, and customer relationship management businesses. Atlanta-based Equifax serves the financial services, retail, credit card, telecommunications/utilities, transportation, information technology and health care industries and government. Equifax offers knowledge, expertise, convenience and security to provide value-added solutions and processes for its customers wherever they do business, including the Internet and other networks. Equifax employs about 13,000 associates in 17 countries with sales in almost 50 and has $1.9 billion in revenue. Statements in this press release that relate to Equifax's future plans, objectives, expectations, performance, events and the like are "forward- looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Future events, risks and uncertainties, individually or in the aggregate, could cause actual results to differ materially from those expressed or implied in these statements. Those factors could include changes in worldwide and U.S. economic conditions that materially impact consumer spending and consumer debt, changes in demand for the Company's products and services, risks associated with the integration of acquisitions and other investments, and other factors discussed in the "Forward-looking Information" section in the management's discussion and analysis included at Part II, Item 7 in the Company's annual report on Form 10-K for the year ended December 31, 1999, and 10-Q for the period ending September 30, 2000. CONTACT: Dave Mooney of Equifax Inc., 404-885-8117, or dave.mooneyl@equifax.com , or Caroline Campbell of Ketchum, 404-879-9277, or caroline.campbell@ketchum.com , for Equifax Inc. SOURCE Equifax Inc. CO: Equifax Inc.; Advanta Corporation; AmSouth Bancorporation; Bank of America Corporation; Bank One Corporation; BB&T Corporation; Capital One Financial Corporation; SunTrust Banks, Inc.; United Association of Equipment Leasing; Wachovia Corporation; Wells Fargo & Company ST: Georgia, Alabama, North Carolina, Pennsylvania, Virginia, Illinois, California IN: FIN CPR MLM SU: PDT JVN 01/24/2001 08:30 EST http://www.prnewswire.com --------------------------------------------------------------------------------------- Progress Financial Corporation Declares Cash Dividend
BLUE BELL, Pa., Jan. 24 /PRNewswire/ -- The Board of Directors of Progress Financial Corporation (Nasdaq: PFNC) (the "Company") has declared its regular quarterly cash dividend on its common stock, according to W. Kirk Wycoff, Chairman, President and Chief Executive Officer. The cash dividend of $.06 per share will be paid on February 16, 2001 to shareholders of record on January 31, 2001. Progress Financial Corporation is a unitary thrift holding company headquartered in Blue Bell, Pennsylvania.
The business of the Company consists primarily
of the operation of Progress Bank, which serves
businesses and consumers through sixteen full
service offices.
The Company also offers a diversified array
of financial services including equipment leasing
through Progress Leasing Company, with offices
in Blue Bell, Pennsylvania, and financial planning
services and investments through Progress Financial
Resources, Inc., headquartered in Philadelphia,
Pennsylvania; and asset based lending through
Progress Business Credit. In
addition, the Company also conducts commercial
mortgage banking and brokerage services through
Progress Realty Advisors, Inc. with locations
in Blue Bell, Pennsylvania; Richmond and Chesapeake,
Virginia; Woodbridge, New Jersey; and Raleigh,
North Carolina. Corporation; venture capital activities managed by Progress Capital Management, Inc.; and financial and operational management consulting services for commercial clients through KMR Management, Inc. located in Willow Grove, Pennsylvania. The Company's common stock is traded on the Nasdaq Stock Market, National Market under the Symbol "PFNC". SOURCE Progress Financial Corporation CO: Progress Financial Corporation ( full report at end of Leasing News ) ----------------------------------------------------------------------------------------------- CarBiz.com to exchange equity for assets of Automotive FinanceCorporation the financing arm of ALLETE's automotive services division
TORONTO, Jan. 24 /PRNewswire/ - CarBiz.com Inc. (CDNX: CZ), a leading provider of Internet and software solutions to the North American automotive industry, today announced that it has signed a Letter of Intent with US-based Automotive Finance Corporation (AFC) - a division of ALLETE Corporation (NYSE: ALE) - to exchange a portion of its equity for AFC's Micro 21 assets, in an all stock deal valued at US$1.8 million, subject to regulatory and Exchange approval. The purchase price will be paid by the issuance of 2,500,000 Series A Units and 2,898,214 Series B Units of CarBiz, each at an ascribed price of $0.504 per Unit. Each Series A Unit consists of one common share of CarBiz and one purchase warrant exercisable into one common share of CarBiz for a period of 12 months from closing date at a purchase price of $2.25 (CDN). Each Series B Unit consists of one common share of CarBiz and one purchase warrant exercisable into one common share of CarBiz for a period of 24 months from closing date at a purchase price of $2.40 (CDN). Additionally, as a part of the letter of intent, at the next annual general meeting of CarBiz, shareholders will be asked to approve the issuance of 4,601,786 purchase warrants to ALLETE exercisable into one common share of CarBiz for a period of 24 months from closing date at a purchase price of $2.40 (CDN), subject to regulatory and Exchange approval. Also, a small group of shareholders who, as a collective group, hold approximately 8.55 million CarBiz shares, will grant ALLETE a right of first refusal, for a period of 36 months from the closing date, to acquire additional shares. Micro 21 provides AFC with a portfolio of dealer services to its 15,000 dealer-client base, including a Finance and Insurance (F&I) software solution designed to improve dealers' efficiency in the areas of vehicle financing. As a result of this investment, CarBiz will be a primary provider of technology products to AFC. AFC is the largest independent dealer floor plan financing company in North America, and is a wholly-owned subsidiary of ALLETE: a multi-services company based in Duluth, MN. Over the past five years AFC's market presence has expanded significantly to over $400 million in auto floor plan receivables. "We are looking forward to a mutually beneficial relationship with CarBiz.com," said John Fuller, CEO and President of AFC. "Many of our dealer clients currently require technology solutions and products that we do not offer; by selling Micro 21 to CarBiz.com we will now be able to offer our 15,000 dealers comprehensive solutions that are cost effective and easily integrated." "This transaction represents a tremendous opportunity for CarBiz.com to introduce itself to a huge network of automobile dealers, and will enable us to bundle our solutions and products with AFC's solutions," said Carl Ritter, CEO of CarBiz.com. "Our technology and training products have excellent synergies with AFC, allowing us to aggressively grow our business with their 15,000 dealers." ABOUT CARBIZ.COM Carbiz.com provides Internet and software solutions for the automotive industry. Its technology solutions offer a suite of dealer front-end management tools, and a complete e-commerce platform designed to connect financial institutions, credit bureaus, automobile dealers and consumers online. Carbiz.com's solutions allow consumers and dealers to establish a relationship via the Internet and other means, allowing consumers to search for dealers and vehicles, apply for vehicle financing and leasing, and provides them with a variety of financing options. Carbiz.com's technology solutions increase automobile dealers efficiency, improve their relationships with customers, expand their customer base by generating sales leads, and provides them with the tools needed to design, develop, and maintain their own web site. Carbiz.com's solutions are currently in use by over 6,000 North American automobile dealers. Forward-Looking Statements Investors should take note that certain statements in this press release are forward-looking and may not give full weight to all of the potential risks and uncertainties. These forward-looking statements include statements that are subject to risks and uncertainties (e.g., the risk that the transaction may not close). Forward-looking statements are subject by their nature to risks and uncertainties, and actual results, actions or events could differ materially from those set forth in the forward-looking statements. Any forward- looking statements speak only as of the date made. The Company is not undertaking to update any information in the foregoing reports until the effective date of its future reports required by the securities laws. The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. SOURCE Carbiz.com, Inc. -------------------------------------------------------------------------------------- eCredit.com Names Christopher Richmond as New Chief Executive Officer
DEDHAM, Mass.--(BUSINESS WIRE)--Jan. 24, 2001-- Former GE Capital Executive to Lead eCredit.com in Next Phase of Growth eCredit.com today named Christopher H. Richmond as chief executive officer and a member of the company's board of directors. Company founder Venkat Srinivasan will continue as chairman, driving eCredit.com business and technology vision. Richmond was formerly president and CEO of the Commercial Equipment Financing (CEF) business of General Electric (GE) Capital Corp. CEF is GE's eighth largest business and recently ended a record year in sales revenue, growing to $22 billion. Under Richmond's direction, CEF met or exceeded its revenue projections for more than 20 consecutive quarters. "Bringing in Chris as CEO will help us secure the company's position as market leader in providing credit and underwriting solutions that drive financial liquidity in commerce," said Srinivasan. "Chris joins us from a company that is one of the world's best senior executive training grounds and brings the industry stature and collaborative management style that will help eCredit.com build long-lasting market leadership." According to Richmond, "eCredit.com has a very attractive value proposition - providing financial tools that help companies make money, which is critical in today's economic climate. It also has a sustainable business model that targets multiple, related markets where eCredit.com has demonstrated domain expertise and a strong customer track record. The company is at the beginning of what should be an exciting, high-growth market opportunity." Richmond joined GE Capital in 1991 and was promoted to president of GE Capital, Commercial Equipment Financing in 1994. Under his leadership, CEF had a portfolio of $42 billion and businesses in 11 countries in North America, Europe, Asia and Australia. CEF provides facilities and equipment financing to middle market companies. Prior to joining GE, Richmond was president and chief operating officer at the engineering and electronics consulting firm, Syska and Hennessey in New York. He also has 20 years experience in the public sector. "Horizontal services, such as finance, are the enablers of e-commerce, and eCredit.com is uniquely positioned to capitalize on the enormous opportunity created by helping its customers harness the power of the Internet to transform their businesses," said Ken Fox, co-founder and managing director at Internet Capital Group (NASDAQ: ICGE) and eCredit.com board member. "Chris Richmond's decision to lead eCredit.com is a strong validation of the company's fundamentals as a strong business. We believe he will bring the world-renowned management practices and operational discipline of GE to the dynamic, fast-growth environment of eCredit.com, helping drive revenue, profitability and long-term value." About eCredit.com eCredit.com enables Fortune 1000 companies, financial services organizations and e-businesses to transform business processes throughout the financing supply chain to strengthen customer relationships, increase customer purchasing power, and grow the bottom line. eCredit.com solutions automate credit and underwriting to better manage risk and deliver a portfolio of financing options at the point-of-sale. Included among the Company's customers and partners are CIT, Eastman Chemical, GMAC, Fleet Leasing, Gateway and Ryder System, Inc. eCredit.com, headquartered in Dedham, Mass., is a member of the Internet Capital Group partner company network. For additional information, visit eCredit.com on the Web at www.ecredit.com. CONTACT: Roopa Bhide eCredit.com (781) 752-1275 roopa@ecredit.com ------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Heller Puts "Spin" on Being Downgraded to "Stable" by Fitch They also state in the press release: "Along with the forecast for strong growth, McGrane cautioned that the leasing industry in general faces a credit crunch that could impair smaller lessors' ability to compete effectively, in that they are unable to borrow at competitive spreads. 'The flip side to growth in the equipment leasing industry is the need for greater amounts of capital to foster and sustain that growth,' he said. '"But because the money markets have tightened and securitizations are not being as well received in the capital markets, small leasing companies will have trouble securing the funding they need to compete.' (remember most of the business news is from press releases written by professionals who want to make everything to their advantage, change poor to great, make everything "hunky-dory." You need to read the entire press release, not just the first paragraph or two to get the full picture ( as noted above ). editor ) ( their press release ) 2001 Forecast :Equipment Leasing Industry Poised for Strong Performance AmidCooling Economy, Reports Heller Financial ( They are saying," If you have cash, now is the time to ask for a lease or a loan." ) Heller Financial, Inc. (NYSE: HF) predicts that the equipment leasing industry is on track for a solid performance in 2001, experiencing rising revenues even as the domestic economy continues to slow. Jim McGrane, Group President, Heller Global Vendor Finance, said equipment leasing is well positioned to take advantage of a cooler economic climate. "With GDP growth expected to decline in 2001, companies will be especially conscious of preserving cash, which makes leasing a very attractive option relative to purchasing," he said. "We already are seeing signs that more companies are electing to lease critical equipment rather than finance equipment purchases." McGrane also sees an opportunity for many equipment lessors to take advantage of recent developments in online technology to significantly streamline lease transaction processing, provide a higher level of service and further enhance revenues. Such technology is expected to particularly benefit those that specialize in lease transactions valued up to $100,000 and often feature standardized items. "We believe 2001 will be the 'year of execution' as many in the industry begin to reap the benefits of technological advances, especially those of us in small-ticket leasing," said McGrane. "The dramatic efficiency gains online technology offers will make leasing more profitable for lessors and more attractive to end-users." McGrane added that since the average small-ticket lease is approximately one-tenth the size of a lease in the middle-market segment, technology is vital for achieving the economies of scale that help compensate for the lower per-transaction revenues of smaller leases. According to McGrane, the industry now faces the challenge of deploying this specialized online technology in the leasing marketplace. "With outstanding new tools being developed specifically for small-ticket equipment leasing applications, the focus shifts to implementation," he said. "The key issue for lessors will be convincing the market to adopt the new technology on a broad scale." McGrane acknowledged that technology has already provided significant gains in processing efficiency, one of the leasing industry's chief concerns. He cited the Equipment Leasing and Finance Foundation's "State of the Industry Report 2000," which described technological advances as triggering a 7.5 percent decrease in average application turnaround time for small- and micro-ticket leasing. Along with the forecast for strong growth, McGrane cautioned that the leasing industry in general faces a credit crunch that could impair smaller lessors' ability to compete effectively, in that they are unable to borrow at competitive spreads. "The flip side to growth in the equipment leasing industry is the need for greater amounts of capital to foster and sustain that growth," he said. "But because the money markets have tightened and securitizations are not being as well received in the capital markets, small leasing companies will have trouble securing the funding they need to compete." McGrane said he expects more consolidation within the industry, with larger, investment-grade lessors possibly acquiring smaller competitors, facilitated by larger lessors' ready access to funds through the capital markets. Heller Global Vendor Finance, part of the company's Leasing Services business unit, structures, markets and services global and domestic leasing programs for equipment manufacturers, distributors and dealers. It offers the expertise necessary to service both high-volume, small-ticket transactions, and larger, more customized enterprise structures. According to Heller, equipment-leasing industry highlights for 2001 are likely to include: -- Technology paving the path to increased business and profitability. For lessors and vendors alike, online technology is positioned to change the landscape for the majority of equipment leasing transactions under $100,000. With processing that previously required hours or days now capable of being completed in a matter of minutes, the leasing option will have greater appeal for end-users while enhancing lessors' operating margins. "An increasingly larger percentage of standardized, flow-oriented, small-ticket transactions will be facilitated online as new technology is implemented," McGrane observed. "Still, there will always be a need for human expertise in handling larger transactions that require customized structures." McGrane added that Heller would continue to serve both segments. "Our technological capacity and service capabilities allow us to meet the needs of customers at either end of this dynamic spectrum," he said. -- Addressing the talent shortfall in the industry. "As today's leasing industry advances, it requires a rare combination of both business and technological skills," McGrane said. "And, because equipment leasing is a relatively small industry that consolidation is making even smaller, it's easier for a competitor to identify and raid your star performers. With talent at a premium, it's critical to develop strategies to reduce turnover." The equipment leasing industry now faces the challenge of blending the skills of veteran professionals who have broad industry knowledge and proven sales ability with the technology savvy of newer employees, he added. -- Pursuit of new international opportunities. "All of the elements are in place for leasing to take hold in parts of the world where it has thus far been an under utilized financing option, particularly the Asia Pacific region," said McGrane. "In countries like Japan, Korea and China, the fast-paced business climate fosters the potential for tremendous expansion in our industry." McGrane added that many businesses see leasing as particularly advantageous during their rapid-growth stages, when financing a purchase may be prohibitively costly for a developing company. McGrane also sees possibilities for accelerated growth in Latin America, though he cautioned that the region's inflationary economies and political instability are potential obstacles. Heller Financial, Inc., is a worldwide commercial finance company providing a broad range of sophisticated, collateralized financing solutions. With $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 . The statements made by the Company in this news release may include certain forward-looking statements that reflect the Company's current expectations regarding its future growth, results and performance. These forward-looking statements are subject to a variety of risks and uncertainties, which could cause the Company's future growth, results and performance to differ materially from those expressed in, or implied by, these statements. Information concerning these risks and uncertainties is contained in the quarterly and annual reports that the Company files with the Securities and Exchange Commission. SOURCE Heller Financial, Inc. ------------------------------------------------------------------------------- Rocky Road Except for " High-yield Investment Grade Corporate Bonds" ( their press release ) Merrill Lynch Fixed Income Analysts, Strategists Forecast Superior Returns in 2001
Merrill Lynch (NYSE: MER) analysts and strategists today said that high-yield and select investment grade corporate bonds should provide superior returns in 2001, compared to last year. Improving liquidity, narrower swap spreads and positive returns should be the highlights of 2001, said Thomas Sowanick, Merrill Lynch chief global fixed income strategist. Financial markets should benefit from the additional funds freed up by the ongoing retirement of government debt, he said. Swap spreads could continue to narrow, but it is unlikely that the old lows will be tested. "We find the most compelling values in government markets and in the high-yield sectors," Mr. Sowanick said. In the US, investors should use treasuries to satisfy their needs for long duration assets and focus exposure to spread products on the shorter end of the curve, said Kenneth Hackel, Merrill Lynch chief US fixed income strategist. "The recent decline in mortgage rates has triggered the early stages of a prepayment wave in mortgage backed securities," Mr. Hackel said. "With the overall mortgage market now trading above par, we believe that investors should be very cautious in their allocations to this sector," he added. The combination of weaker economic growth and reduced government funding needs should lead to another year of solid returns for the global fixed income markets, said Karim Basta, global fixed income strategist. "Global fixed-income investor exposure to the Euro remains extremely high," Mr. Basta said. "This suggests limited downside for the US dollar and reinforcing our overweight US dollar allocation in our recommended global bond portfolio." Action on US interest rates by the US Federal Open Market Committee could be felt worldwide. Even though the market is pricing to at least 100 basis points easing this year, Merrill Lynch maintains a bias for a steeper yield curve for the first half of 2001, said Gerald Lucas, Merrill Lynch senior government strategist. "The Republicans may be more sympathetic toward maintaining a minimum amount of marketable debt," Mr. Lucas said. Meanwhile, the supply of municipal bonds won't keep up with demand, said Philip Fischer, Merrill Lynch municipal bond strategist. Merrill Lynch expects issuance of municipal bonds to be flat to slightly up from last year, he said. "Investors should not be overly concerned about the Bush tax bill," Mr. Fischer added. "The Congress will go after the most readily available options such as the marriage penalty, not marginal tax rates. This suggests that the demand for municipals will continue." Given uncertainty about both credit fundamentals and the economic backdrop, Merrill Lynch recommends that investors avoid having a long-term view about the year ahead, said Mary Rooney, head of Merrill Lynch's derivatives and credit strategy. "Given our expectation of a continuation of high spread volatility, shorter-term tactical trades should outperform longer-term fundamentally-oriented strategies," Ms. Rooney said. Merrill Lynch has more than 900 analysts in 26 countries and is highly ranked for the quality of its research. Institutional Investor (II) magazine has rated Merrill Lynch the number one firm for equity research in Asia, Europe, Latin America and the United States. Merrill Lynch also won II's latest Global Fixed Income survey. The firm was voted number one by The Wall Street Journal in its 2000 All-Star Analyst Survey for the fourth year in a row. It has also won research polls conducted by Primark Extel, Finance Asia, Latin Finance, Reuters, and Emerging Markets Investor among others. Merrill Lynch is one of the world's leading financial management and advisory companies with offices in 44 countries and total client assets of about $1.7 trillion. As an investment bank, it is the top global underwriter and market maker of debt and equity securities and a leading strategic advisor to corporations, governments, institutions, and individuals worldwide. Through Merrill Lynch Investment Managers, the company is one of the world's largest managers of financial assets. For more information on Merrill Lynch, go to www.ml.com. -------------------------------------------------------------------------------------------- -------------------------------------------------------------------- Please send to a colleague. We give you permission to print any or all of our newsletter. No advertising, banners; accurate, fresh, insider news ------------------------------------------ Penske Truck Leasing Commences Tender Offer for All Outstanding Shares OfRollins Truck Leasing Corp.
READING, Pa., Jan. 24 /PRNewswire/ -- Penske Truck Leasing Co., L.P., based in Reading, PA, announced today the commencement of a tender offer to acquire all of the outstanding shares of common stock (including the associated rights) of Rollins Truck Leasing Corp. (NYSE: RLC), based in Wilmington, Del., for $13.00 net per share in cash. The tender offer is being made pursuant to the Agreement and Plan of Merger by and among Penske Truck Leasing Co., L.P., Sun Acquisition Corporation, an indirect wholly owned subsidiary of Penske Truck Leasing, and Rollins Truck Leasing Corp., which the parties entered into and announced on January 15, 2001. The tender offer is scheduled to expire at 12:00 Midnight, New York City time, on Wednesday, February 21, 2001, unless extended in accordance with the Merger Agreement and applicable law. The consummation of the tender offer is subject to customary closing conditions, including that a majority of the outstanding Rollins shares are tendered, that the Hart-Scott-Rodino waiting period expires or is terminated and that Rollins maintain tangible net equity of at least $321 million until the tender offer is completed. Georgeson Shareholder Securities Corporation is acting as Dealer Manager for the tender offer and Corporate Investors Communications, Inc. is acting as Information Agent. 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 144,000 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. 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. This announcement is not an offer to purchase nor a solicitation of an offer to sell shares. Penske Truck Leasing has filed a tender offer statement with the SEC and Rollins has filed a solicitation/recommendation statement with the SEC 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 because they contain important information about the transaction. Investors and security holders may obtain a free copy of the tender offer statement, the solicitation/recommendation statement and other documents filed by Penske Truck Leasing and Rollins with the SEC at the SEC's web site at www.sec.gov and from Penske Truck Leasing or Rollins. SOURCE Penske Truck Leasing CO: Penske Truck Leasing; Rollins Truck Leasing Corp.; Georgeson Shareholder Securities Corporation ST: Pennsylvania, Delaware -------------------------------------------------------------------------------------------- Major Changes to Come in Wireless Service Brience Goes Live on Evolve ServiceSphere in Only Six Weeks
Leading Wireless Application Developer Manages Critical Business Processes With Evolve ASP Solution EMERYVILLE, Calif., Jan 24 /PRNewswire/ -- Evolve(R) (Nasdaq: EVLV), a leading provider of eBusiness solutions that optimize the service chain, today announced that Brience(TM), Inc., one of the fastest-growing, global providers of mobile infrastructure software that powers the Adaptive Web, has successfully implemented Evolve's ServiceSphere(R) -- in only six weeks -- to strategically manage their professional resources and automate their time and expense management. As the leader in wireless applications, Brience offers enterprise solutions designed to let companies dynamically customize and deliver any information to any wireless or broadband device. "We were looking for a fully functional web-based professional services automation (PSA) solution that would provide for total visibility throughout our value chain allowing us to provide our clients with the right set of skills at the right time," said Keyur Patel, Chief Strategy Officer, Brience, Inc. "We selected Evolve's ASP (application service provider) ServiceSphere because it was the clear choice for a solution that will support and manage our global growth. Not only did the Evolve solution meet our stringent quality requirements but they were also willing to partner with us to ensure success and get us live without delay." Kurt Heikkinen, Evolve Vice President of Worldwide Customer Service noted, "With embedded best practices for effective implementation, the Evolve RapidConnect(TM) implementation methodology ensures our customers get up to speed quickly, can take charge of the technology and are able to realize benefits rapidly. We are excited to stay connected with Brience as it streamlines its value-creating business processes, becomes more efficient and continues to grow." Evolve ServiceSphere's sophisticated collaboration engine streamlines every phase of service delivery, from new business development and pipeline management, to team building, project management, online and offline time-and-expense reporting, billing and revenue analysis. Under a partnership that extends beyond customer/client relationship, Evolve and Brience are working together to bring Brience's technology to mobile-enable Evolve's ServiceSphere application for wireless application platform (WAP) cellular phones, personal digital assistant (PDA) devices on Palm, Windows CE or RIM-based platforms, and other future devices as the wireless industry matures. About Brience Brience is one of the fastest-growing, global providers of mobile infrastructure software that powers the Adaptive Web. Brience extends existing business infrastructure to support a multitude of communication networks and Internet devices, providing increased accessibility, improved business efficiency, and a compelling end user experience. Brience, with headquarters in San Francisco, California and 19 offices worldwide, serves the Global 2000. Additional information Brience can be found at http://www.brience.com or by calling 866-BRIENCE. About Evolve Evolve provides solutions for integrating and streamlining the core business processes that are critical to professional service organizations: managing project opportunities, professional resources and service delivery. We call it Connecting the Service Chain(TM). Nearly 100 leading service organizations have chosen Evolve, including the professional service divisions of product-based companies like E.piphany, Ericsson, Exodus, Novell, Siemens, and Sun Microsystems; professional service firms such as EDS, marchFIRST, Razorfish, and Scient; and the IT departments of large corporations including Fleet Capital Leasing. Evolve is headquartered in Emeryville, Calif. (San Francisco Bay area), and has offices throughout North America and in the UK. Additional information is available at www.evolve.com or 888-2EVOLVE. Safe Harbor Statement This news release contains forward-looking statements, including but not limited to statements regarding Evolve's customers and partners, the benefits of our solution, new and future product plans, and the success of the company's products and services in meeting customer's needs. Actual results could differ and such differences could be material. These statements involve risks and uncertainties, including without limitation that the customer may not achieve the benefits anticipated from such products, and our product rollouts may not occur as anticipated. The company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this release. Investors are encouraged to review the company's filings with the Securities and Exchange Commission for a discussion of additional factors that could affect Evolve's future performance. NOTE: Evolve, the Evolve logo, ServiceSphere, RapidConnect, "Connecting the Service Chain", and Evolve. Connect. Thrive." are registered trademarks or trademarks of Evolve Software, Inc. CONTACT: Shannon Hart of Evolve, 510-428-6000, or shart@evolve.com; or Cynthia Randall of hypelab, 415-977-1344, or cynthia@hypelab.com, for Evolve; or Mara McFalls of Brience, 415-547-3521, or mmcfalls@brience.com; or Susan Corkery of Horn Group, 415-905-4036, or scorkery@horngroup.com, for Brience. SOURCE Evolve Software, Inc. CO: Evolve Software, Inc.; Brience ---------------------------------------------------------------------------- Progress Financial Corporation Announces Fourth Quarter Operating Earnings Of $1.8 Million, or $.31 Per Share
BLUE BELL, Pa., Jan. 24 /PRNewswire/ -- Progress Financial Corporation (the "Company")(Nasdaq: PFNC) today reported fourth quarter 2000 operating earnings of $1.8 million, or diluted earnings per share of $.31, before gains on sale of securities and the Maryland Leasing Division and other charges amounting to $420,000 or $.07 per share. After the one-time gains and charges, the Company reported fourth quarter 2000 net income of $1.4 million, or diluted earnings per share of $.24 compared to net income of $2.0 million, or diluted earnings per share of $.32, for the fourth quarter of 1999. Results for the fourth quarter of 1999 included $931,000 of client warrant income compared to $41,000 of client warrant income during the current quarter. Net income for the twelve months ended December 31, 2000 totaled $7.3 million, or diluted earnings per share of $1.22, compared to net income of $6.7 million, or diluted earnings per share of $1.10, for the twelve months ended December 31, 1999. Results for the twelve months ended December 31, 2000 included $3.5 million of client warrant income compared to $4.2 million for the comparable period in 1999. Commenting
on the fourth quarter results, W. Kirk Wycoff,
President and CEO, stated, "Although the
quarter included a number of non-recurring items
of income and expense, I am delighted with core
operating earnings, and the nearly 20% increase
in deposits from our franchise expansion.
Average earning assets for the fourth quarter of 2000 were $835.2 million compared to $668.2 million for the same period in 1999. The growth in assets relates primarily to higher commercial loan production and an increase in available for sale securities funded by significant deposit growth. Average loans (gross) increased $87.5 million, or 18%, compared to the same quarter of 1999. Consequently, tax-equivalent interest income for the fourth quarter of 2000 increased $4.4 million, or 31%, over the same period in 1999. Net interest income increased $1.1 million, or 15%, compared to the fourth quarter of 1999. The net interest margin was 3.99% compared to 4.29% for the same period in 1999. Loans and leases outstanding totaled $543.1 million at December 31, 2000 compared to $503.7 million at December 31, 1999. This increase was primarily due to a $56.2 million increase in commercial business loans and a $16.3 million increase in commercial real estate loans. These increases were partially offset by a $30.8 million decrease in lease receivables due to the previously announced sale of the Company's Maryland-based leasing division. The Company reported non-performing assets of $5.8 million at December 31, 2000 and December 31, 1999. The Company's non-performing assets to total assets ratio at December 31, 2000 was .63% compared to .75% at December 31, 1999. The non-performing loans to assets ratio was .44% at December 31, 2000 compared to .74% at December 31, 1999. During the quarter ended December 31, 2000, the Company recorded a $1.7 million provision for loan and lease losses (including the previously announced $1.2 million additional provision) due to loan and lease growth and the level of non-performing and delinquent loans and leases. This resulted in a $441,000 increase in the provision for loan and lease losses from the comparable period in 1999. Net charge-offs increased by $290,000 from the comparable quarter in 1999. The ratio of the allowance for loan and lease losses to total loans and leases has increased significantly to 1.36% at December 31, 2000 compared to 1.18% at December 31, 1999. Non-interest income for the quarter ended December 31, 2000 amounted to $6.5 million, compared to $6.1 million for the same period in 1999. During the quarter, the Company recognized $41,000 in client warrant income compared to $931,000 in the same period of 1999. Loss in the unconsolidated entities was $802,000 during the quarter ended December 31, 2000 compared with income from equity in unconsolidated entities of $1.9 million in the 1999 quarter. The loss in the unconsolidated entities primarily relates to the Ben Franklin Mezzanine Debt Fund and NewSpring Ventures Venture Capital Fund. The Company recognized a $1.7 million gain on the sale of its Maryland-based leasing division which closed during the fourth quarter of 2000. Fee income increased $1.4 million primarily due to an $808,000 increase in mutual fund annuity and insurance commissions, a $205,000 increase in management fees generated by the Company's subsidiary Progress Capital Management, Inc., which manages the mezzanine debt and venture capital funds, and an increase of $426,000 in consulting fees generated by the Company's subsidiary KMR Management, Inc., which provides financial and operational management consulting services for commercial clients. During the fourth quarter, the Company decided to sell its AMIC Division of Progress Realty Advisors which conducts business primarily in Virginia and North Carolina. As a result, the Company recognized a one-time expense of $373,000 relating to reduction of goodwill associated with the AMIC Division. Total non-interest expense was $10.8 million for the quarter ended December 31, 2000 compared to $9.1 million for the quarter ended December 31, 1999. Excluding non-recurring expense of $373,000 related to the sale of the AMIC Division in the fourth quarter of 2000, non-interest expense increased $1.4 million. This increase was primarily due to increases in salaries and employee benefits of $1.1 million as a result of additional employees to staff three new bank branches, the acquisition of KMR Management, Inc., the staffing of Progress Capital Management, Inc., and from other new positions established within the Company. Occupancy and furniture, fixtures and equipment expenses increased $298,000 mainly due to a new operations center, bringing data processing in-house, and new branch openings. Capital securities expense increased $173,000 due to the issuance of $6.0 million of 11.445% capital securities in July 2000. Total assets increased to $914.2 million at December 31, 2000 from $768.9 million at December 31, 1999. Total deposits increased to $617.5 million at December 31, 2000 from $521.4 million at December 31, 1999. Deposit growth of 18.4% was primarily the result of new commercial business customer relationships and retail branch expansion. Progress Financial Corporation is a unitary thrift holding company headquartered in Blue Bell, Pennsylvania. The business of the Company consists primarily of the operation of Progress Bank, which serves businesses and consumers through sixteen full service offices. The Company also offers a diversified array of financial services including equipment leasing through Progress Leasing Company, with offices in Blue Bell, Pennsylvania, and financial planning services and investments through Progress Financial Resources, Inc., headquartered in Philadelphia, Pennsylvania; and asset based lending through Progress Business Credit. In addition, the Company also conducts commercial mortgage banking and brokerage services through Progress Realty Advisors, Inc. with locations in Blue Bell, Pennsylvania; Richmond and Chesapeake, Virginia; Woodbridge, New Jersey; and Raleigh, North Carolina. The Company also receives fees for the construction and development of assisted living communities through Progress Development Corporation; venture capital activities managed by Progress Capital Management, Inc.; and financial and operational management consulting services for commercial clients through KMR Management, Inc. located in Willow Grove, Pennsylvania. The Company's common stock is traded on the Nasdaq Stock Market, National Market under the Symbol "PFNC". Progress Financial Corporation Consolidated Statements of Financial Condition (Dollars in Thousands) December 31, December 31, 2000 1999 Assets: (Unaudited) (Audited) Cash and due from banks: Non-interest bearing $25,360 $15,648 Interest bearing 59,637 24,278 Trading securities - 3,267 Investments and mortgage-backed securities Available for sale at fair value (amortized cost: $207,795 and $147,529) 205,166 149,518 Held to maturity at amortized cost (fair value: $40,225 and $32,914) 41,940 34,309 Loans and leases, net (net of reserve: 7,407 and $5,927) 535,712 497,738 Premises and equipment 18,343 15,600 Other assets 28,091 27,395 Net assets of discontinued operations - 1,188 Total assets $914,249 $768,941 Liabilities and Shareholders' Equity Liabilities: Deposits $617,543 $521,439 Short-term borrowings 79,360 50,767 Other liabilities 31,954 22,475 Long-term Debt: Federal Home Loan Bank advances 102,000 85,000 Other debt 10,000 24,000 Subordinated Debt 3,000 3,000 Total liabilities 843,857 706,681 Corporation-obligated mandatorily redeemable capital securities of subsidiary trust holding solely junior subordinated debentures of the Corporation 20,232 14,451 Commitments and contingencies - - Shareholders' equity: Serial preferred - 1,000,000 shares authorized but unissued - - Junior participating preferred stock - $.01 par value - 1,010 shares authorized but unissued - - Common stock, $1 par value; 12,000,000 shares authorized; 5,814,000 and 5,680,000 shares issued; including treasury shares of 125,000 and 152,000; and unallocated shares held by the Employee Stock Ownership Plan of 0 and 14,000 5,814 5,680 Other shareholders' equity, net 46,145 40,895 Net accumulated other comprehensive income (loss) (1,799) 1,234 Total shareholders' equity 50,160 47,809 Total liabilities, Corporation-obligated mandatorily redeemable capital securities of subsidiary trust holding and shareholders' equity $914,249 $768,941 Progress Financial Corporation Consolidated Statements of Operations (Dollars in Thousands, except per share data) Three Months Ended Twelve Months Ended December 31, December 31, 2000 1999 2000 1999 (Unaudited) (Unaudited) (Unaudited) (Audited) Interest income: Loans and leases, including fees $13,644 $10,860 $51,132 $40,952 Mortgage-backed securities 3,125 2,055 10,461 8,008 Investment securities 1,121 838 4,115 2,346 Other 426 223 1,320 868 Total interest income 18,316 13,976 67,028 52,174 Interest expense: Deposits 7,003 4,808 24,162 16,759 Short-term borrowings 1,572 432 4,707 2,199 Long-term borrowings 1,494 1,570 6,306 6,474 Total interest expense 10,069 6,810 35,175 25,432 Net interest income 8,247 7,166 31,853 26,742 Provision for loan and lease losses 1,666 1,225 4,416 3,548 Net interest income after provision for loan and lease losses 6,581 5,941 27,437 23,194 Non-interest income: Service charges on deposits 514 584 2,236 2,097 Lease financing fees 397 298 1,433 1,223 Mutual fund, annuity and insurance commissions 1,710 902 4,605 2,669 Loan brokerage and advisory fees 540 688 2,193 2,385 Gain (loss) from sale of securities 270 (125) 533 (347) Gain from sale of leasing division 1,686 - 1,686 - Client warrant income 41 931 3,523 4,188 Equity (loss) in unconsolidated entities (802) 1,909 (2,791) 2,524 Fees and other 2,189 882 6,124 2,848 Total non-interest income 6,545 6,069 19,542 17,587 Non-interest expense: Salaries and employee benefits 5,406 4,300 20,180 15,850 Occupancy 618 448 2,302 1,495 Data processing 223 353 1,098 1,171 Furniture, fixtures and equipment 563 435 2,147 1,477 Professional services 827 641 2,466 1,943 Capital securities expense 572 399 1,907 1,595 Other 2,584 2,483 8,206 8,117 Total non-interest expense 10,793 9,059 38,306 31,648 Income from continuing operations before income taxes 2,333 2,951 8,673 9,133 Income tax expense 907 994 3,016 3,101 Income from continuing operations 1,426 1,957 5,657 6,032 Gain on sale of discontinued operations, net of tax - - 1,519 - Income from discontinued operations, net of tax - 4 123 639 Net income $1,426 $1,961 $7,299 $6,671 Basic income from continuing operations per common share $.25 $.33 $.98 $1.04 Diluted income from continuing operations per common share $.24 $.32 $.95 $.99 Basic net income per common share $.25 $.33 $1.26 $1.15 Diluted net income per common share $.24 $.32 $1.22 $1.10 Dividends per common share $.06 $.05 $.21 $.17 Basic average common shares outstanding 5,731,664 5,851,322 5,793,607 5,778,014 Diluted average common shares outstanding 5,889,374 6,064,781 5,984,594 6,085,859 Progress Financial Corporation Supplemental Data Three Months Ended Twelve Months Ended December 31, December 31, 2000 1999 2000 1999 (Dollars in Thousands, except per share data) Profitability Measures: Return on average assets .63% 1.08% .88% .98% Return on average equity 11.41 17.33 15.16 15.47 Net interest spread (FTE) (B) 3.27 3.67 3.50 3.63 Net interest margin (FTE) (B) 3.99 4.29 4.17 4.24 Efficiency ratio 74.37 65.12 71.40 65.01 Diluted net income per common share (A) $.24 $.33 $1.22 $1.10 Selected Loan Data: Non-performing assets $5,784 $5,767 $5,784 $5,767 Ratio of non-performing assets to total assets .63% .75% .63% .75% Ratio of allowance for loan and lease losses to total loan and leases receivable 1.36 1.18 1.36 1.18 Ratio of allowance for loan and lease losses to non-performing loan and leases receivable 183.61 103.96 183.61 103.96 Loan delinquency ratio 2.25 2.21 2.25 2.21 Ratio of loans and leases to deposits 87.95 96.59 87.95 96.59 Selected Equity Data: Book value per share (A) $8.82 $8.26 $8.82 $8.26 Tangible book value per share (A) 8.28 7.41 8.28 7.41 Dividends per common share (A) .06 .05 .21 .17 Average equity to average assets 5.56% 6.23% 5.78% 6.33% Tier 1 risk-based capital ratio (Bank) 9.79 8.90 9.79 8.90 Total risk-based capital ratio (Bank) 11.04 10.01 11.04 10.01 Tier 1 leverage ratio (Bank) 6.46 6.30 6.46 6.30 Selected Average Balances: Loans, gross $565,995 $478,535 $541,178 $454,479 Earning assets 835,202 668,187 773,271 635,453 Total assets 894,731 720,182 833,305 680,857 Deposits 604,321 502,207 561,450 452,998 Equity 49,723 44,899 48,141 43,131 (A) Per share amounts have been restated to reflect the 5% stock dividend distributed to shareholders on August 31, 2000. (B) FTE represents a fully tax equivalent basis. Progress Financial Corporation Supplemental Balances Period-End Balances At: December 31, December 31, % Change 2000 1999 Loans and Leases, Net: Commercial business $175,972 $119,807 46.9% Commercial real estate 178,874 162,588 10.0 Construction, net of loans in process 60,172 58,813 2.3 Single family residential real estate 34,676 40,554 (14.5) Consumer 37,242 34,918 6.7 Leases receivable 56,183 86,985 (35.4) Total loans and leases 543,119 503,665 7.8 Allowance for loan and lease losses (7,407) (5,927) 25.0 Loans and leases, net $535,712 $497,738 7.6% Deposits: Non-interest-bearing demand deposits $88,356 $65,305 35.3% NOW and SuperNow 104,047 80,086 29.9 Money Market 37,157 35,015 6.1 Passbook and Statement Savings 27,337 31,517 (13.3) Time deposits 360,646 309,516 16.5 Total Deposits $617,543 $521,439 18.4% SOURCE Progress Financial Corporation CO: Progress Financial Corporation ST: Pennsylvania IN: FIN SU: ERN 01/24/2001 16:03 EST http://www.prnewswire.com
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