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In the Marketplace
The Equipment Leasing Association has announced that the organization has officially changed its name to the Equipment Leasing and Finance Association ('ELFA'), reflecting the sector's evolution to offering multiple types of commercial finance products. Addressing association membership at its annual convention, ELFA Chairman Paul A. Larkins said, 'our industry has grown and evolved, and our members' business complexions have undergone seismic change. This backdrop facilitates a new name that is reflective of what our members do in their businesses. It speaks to our present and to our future.' ELFA members provide various types of financing for all types of equipment to U.S. and international companies, governments, and nonprofit organizations, from rail cars and aircraft to medical equipment and IT. The association represents more than 750 banks, financial services companies, captive finance companies, and affiliated service providers including lawyers, investment bankers, and consultants.
Additionally the ELFA announced that the association had adopted new Principles of Fair Business Practices, underscoring the membership's belief that leaders in the equipment finance industry should promote the highest ethical and professional standards to ensure continued growth. The Fair Business Practices and the related Code of Fair Business Practices, which was adopted earlier this year, are available at www.elaonline.com/aboutELA/elacode.cfm.
CIT Group Inc. of New York has announced that it has entered into an agreement through which it will acquire a substantial portion of the equipment leasing and finance assets of ICX Corporation, a subsidiary of Charter One Bank. The acquisition will add more than 250 new clients to CIT Equipment Finance, a CIT business unit. Many of these new clients are Fortune 1000 companies. The acquisition is expected to close in the fourth quarter of 2006, and the integration of the Group's systems and operations into CIT Equipment Finance's existing platforms is expected to be complete by the first quarter of 2007.
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