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De Lage Landen Financial Services of Wayne, PA has announced that Steven R. Riggs has joined the company as vice president and general manager of its Financial Institutions Strategic Business Unit. He will be responsible for overall general management of the Financial Institutions SBU, including operations, originations, marketing and new business development. The business unit is the primary provider of small business leasing services to the U.S. banking industry. Prior to joining De Lage Landen, Riggs served as vice president, national accounts for the express Financial Solutions Division of GE Capital.
El Camino Resources (ECR) of Woodland Hills, CA has announced the completion of its corporate realignment and is rebuilding its leasing business, as well as expanding its high technology services in the United States. Once the largest independent leasing company in the world, ECR was forced to reduce the scope of its business and activities in late 2000. This reduction was imposed by its lead bank, following a roll up of several of ECR's banking relationships into the lead bank and the Federal Reserve tightening during calendar year 2000. El Camino has since successfully settled all of its obligations and has emerged in Mexico and the United States with leasing and technology services business units. In Mexico, the company went through a 12-month period of reduced activity, but is now a leader in independent leasing, having forged relationships with a number of leading banks in Mexico, and negotiated a $20-million line for leasing. In calendar year 2003, the Mexican operation achieved bookings for its own account of more than $20 million in new leased assets. This year, the company has extended its reach with new partnering programs and expects to book in excess of $50 million in new lease receivables.
FirstLease, Inc. of Fort Washington, PA, a subsidiary of Firstrust Bank, has formed First Lehigh Capital, a new division to originate municipal leases. First Lehigh Capital will be staffed by the team of leasing professionals from Lehigh Capital Access. Bob Kalb, former president of Lehigh Capital Access, has brought his entire team with him to FirstLease and will manage the new division.
GATX Corporation of Chicago announced that it has agreed to sell substantially all the assets and related non-recourse debt of its information technology leasing business, GATX Technology Services, to CIT Group Inc. The transaction is expected to close by July 31, 2004. Terms of the transaction were not disclosed. The GATX Technology assets being sold are expected to be approximately $520 million, 7% of GATX's total assets. GATX currently expects cash proceeds from the sale, net of non-recourse debt, to be in the range of $200 million.
GMAC Commercial Finance of Southfield, MI has announced that Doug Cain has recently joined the company's Equipment Finance Division's legal team as vice president/counsel and will be based in the Atlanta, GA office. Cain most recently served as AVP counsel for ORIX Financial Services, where he worked on a wide range of commercial finance and syndications matters, including lending and leasing transactions involving various asset classes.
In a separate announcement, GMAC CF has named Mark Brewer vice president, stressed account manager of the company's Equipment Finance Division. Brewer has more than 18 years of experience in the commercial finance industry and has served in various credit roles, most recently as vice president syndicated loan group with Fremont Investment and Loan. GMAC Commercial Finance is part of GMAC Financial Services and has been a wholly owned subsidiary of General Motors Corporation since 1919.
IKON Office Solutions, Inc. of Valley Forge, PA has announced the completion of a previously announced transaction with GE Commercial Finance for its U.S. leasing business. As part of the transaction, and subject to post-closing adjustments, IKON will sell certain assets and liabilities of IOS Capital LLC, IKON's captive leasing subsidiary in the United States, including a portion of its lease portfolio and the transfer of its facilities, systems and processes to GE. In addition, IKON has entered into a Program Agreement with GE for funding and servicing of IKON's lease originations in the United States, making GE the company's preferred lease-financing source in the United States. The company also announced today that it has signed a definitive agreement with GE to sell the company's approximate CN$220 million Canadian lease portfolio to GE. As part of this transaction, GE will also become IKON's preferred lease-financing source for its Canadian operations, with IKON to receive an origination fee of 3% on all new lease originations funded by GE.
Merrill Lynch Capital of Chicago has announced that its Equipment Finance Group has formed a Business Aviation Finance Team. In addition, the company announced that Joseph Dini has been named as vice president, group manager, of this newly formed team. Joining Dini are Richard Barret and Bradford “Ford” von Weise, as vice presidents, senior account executives. Dini has more than 35 years of business aviation experience, most recently serving as senior vice president-managing director of business aviation finance for GMAC. Barret is a 25-year veteran of the aviation finance industry, having recently held the position of senior vice president in the Business Aviation Finance Group at GMAC. The Business Aviation Finance Team serves as a strategic expansion of Merrill Lynch Capital's Equipment Finance Group offering aviation financing and leasing solutions to all levels of corporate users and individuals throughout the United States. The group focuses on transactions typically in the range of $5 million to $50 million.
Senour Designs, Inc. of Indianapolis has announced the formation of a strategic alliance with Cyence International, a provider of financial collaboration software and Ivory Consulting, a provider of pricing analysis software to create a first for the equipment leasing and finance industry: an integrated lease and loan transaction processing system designed from the front end to the back end. The alliance is positioned to develop a full-featured financial origination, credit, and accounting engine, called the Financial Instrument Tracking System (F.I.T.S.). With a beta release expected this fall, the product will allow leasing executives to collaborate throughout the lifecycle of a transaction at all levels using consistent, accurate, industry-specific metrics. Information can flow automatically from the sales and pricing departments to the booking and accounting functions of a leasing or lending institution with all parties working from the same template.
TCF Leasing, Inc. of Minnetonka, MN has acquired VGM Leasing, Inc. of Waterloo, IA, which manages an approximate $120-million lease portfolio, and operates under the trade name VGM Financial Services. VGM Leasing, Inc. was founded in 1991 and provides equipment financing primarily in the home health care industry. It was one of 18 companies affiliated with the VGM Group of companies; however, the ownership of the other companies of the VGM Group was not affected by this transaction. In conjunction with the acquisition, TCF Leasing entered into a long-term agreement to be the exclusive provider of financing for the VGM Group. VGM Financial Services will continue to market under the same trade names currently used and all employees will be retained in the Waterloo offices.
Moritt Hock Hamroff & Horowitz LLP of Garden City, NY has announced that one its partners, Leslie Ann Berkoff, has been selected as one of Long Island's Top 50 Women by the Long Island Business News. Berkoff has been practicing law for 14 years, concentrating in bankruptcy and related litigation.
De Lage Landen Financial Services of Wayne, PA has announced that Steven R. Riggs has joined the company as vice president and general manager of its Financial Institutions Strategic Business Unit. He will be responsible for overall general management of the Financial Institutions SBU, including operations, originations, marketing and new business development. The business unit is the primary provider of small business leasing services to the U.S. banking industry. Prior to joining De Lage Landen, Riggs served as vice president, national accounts for the express Financial Solutions Division of GE Capital.
El Camino Resources (ECR) of Woodland Hills, CA has announced the completion of its corporate realignment and is rebuilding its leasing business, as well as expanding its high technology services in the United States. Once the largest independent leasing company in the world, ECR was forced to reduce the scope of its business and activities in late 2000. This reduction was imposed by its lead bank, following a roll up of several of ECR's banking relationships into the lead bank and the Federal Reserve tightening during calendar year 2000. El Camino has since successfully settled all of its obligations and has emerged in Mexico and the United States with leasing and technology services business units. In Mexico, the company went through a 12-month period of reduced activity, but is now a leader in independent leasing, having forged relationships with a number of leading banks in Mexico, and negotiated a $20-million line for leasing. In calendar year 2003, the Mexican operation achieved bookings for its own account of more than $20 million in new leased assets. This year, the company has extended its reach with new partnering programs and expects to book in excess of $50 million in new lease receivables.
FirstLease, Inc. of Fort Washington, PA, a subsidiary of Firstrust Bank, has formed First Lehigh Capital, a new division to originate municipal leases. First Lehigh Capital will be staffed by the team of leasing professionals from Lehigh Capital Access. Bob Kalb, former president of Lehigh Capital Access, has brought his entire team with him to FirstLease and will manage the new division.
GMAC Commercial Finance of Southfield, MI has announced that Doug Cain has recently joined the company's Equipment Finance Division's legal team as vice president/counsel and will be based in the Atlanta, GA office. Cain most recently served as AVP counsel for ORIX Financial Services, where he worked on a wide range of commercial finance and syndications matters, including lending and leasing transactions involving various asset classes.
In a separate announcement, GMAC CF has named Mark Brewer vice president, stressed account manager of the company's Equipment Finance Division. Brewer has more than 18 years of experience in the commercial finance industry and has served in various credit roles, most recently as vice president syndicated loan group with Fremont Investment and Loan. GMAC Commercial Finance is part of GMAC Financial Services and has been a wholly owned subsidiary of
Senour Designs, Inc. of Indianapolis has announced the formation of a strategic alliance with Cyence International, a provider of financial collaboration software and Ivory Consulting, a provider of pricing analysis software to create a first for the equipment leasing and finance industry: an integrated lease and loan transaction processing system designed from the front end to the back end. The alliance is positioned to develop a full-featured financial origination, credit, and accounting engine, called the Financial Instrument Tracking System (F.I.T.S.). With a beta release expected this fall, the product will allow leasing executives to collaborate throughout the lifecycle of a transaction at all levels using consistent, accurate, industry-specific metrics. Information can flow automatically from the sales and pricing departments to the booking and accounting functions of a leasing or lending institution with all parties working from the same template.
TCF Leasing, Inc. of Minnetonka, MN has acquired VGM Leasing, Inc. of Waterloo, IA, which manages an approximate $120-million lease portfolio, and operates under the trade name VGM Financial Services. VGM Leasing, Inc. was founded in 1991 and provides equipment financing primarily in the home health care industry. It was one of 18 companies affiliated with the VGM Group of companies; however, the ownership of the other companies of the VGM Group was not affected by this transaction. In conjunction with the acquisition, TCF Leasing entered into a long-term agreement to be the exclusive provider of financing for the VGM Group. VGM Financial Services will continue to market under the same trade names currently used and all employees will be retained in the Waterloo offices.
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