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In the Marketplace
The global law firm of Vedder Price has announced that Tom Zimmer has joined the firm's Global Transportation Finance Team as a shareholder in the San Francisco office. Zimmer was formerly a partner at Pillsbury Winthrop Shaw Pittman and co-head of their Transportation Finance Group.
Wells Fargo & Company has completed its purchase of the North American portions of GE Capital's Commercial Distribution Finance and Vendor Finance businesses as well as a portion of its Corporate Finance business, totaling $27.4 billion of assets, including approximately $24 billion of loans. The remaining international segment of the transaction is expected to close later this year. The total acquisition includes assets of approximately $31 billion as well as businesses employing approximately 2,800 team members. Effective March 1, GE Capital's Commercial Distribution Finance (CDF) business adopted the tradename Wells Fargo Commercial Distribution Finance. GE Capital's Vendor Finance will adopt the tradename Wells Fargo Vendor Financial Services. GE Capital's Corporate Finance business provides senior secured asset-based loans as well as equipment leases and loans to middle-market customers. Wells Fargo purchased a portion of this business, which is being integrated into its existing Capital Finance and Equipment Finance businesses.
Key Equipment Finance of Superior, CO has named Steve Licardi as leasing manager for its industrial division, where he will be responsible for growing new and existing vendor relationships in the industrial market. Prior to joining Key, Licardi was a senior vice president with First Financial Equipment Finance .
Santander Bank of Boston has named Siobhan Schroth to the role of head, middle-market banking, in its Corporate and Commercial Banking division. Schroth joined Santander in September 2015 from Bank of America, where she was president and market executive, middle market for Global Commercial Banking in the New York metro area. In her new role, Schroth will oversee the heads of the bank's four middle market regions ' Mid-Atlantic, New England, New York and New Jersey.
Stonebriar Commercial Finance ( SCF ) of Plano, TX, has announced that Jeff Griffin has joined the company as Vice President and Director of Rail Leasing, initiating SCF's origination efforts in the rail sector. Griffin joins SCF after spending the last 8 years with SMBC Rail Services and its predecessor companies.
The Equipment Leasing and Finance Association (ELFA) has released a number of new tools to help lessors and lessees prepare for new lease accounting rules issued recently by the Financial Accounting Standards Board. ELFA is encouraging businesses to prepare now for the new rules, which take effect in 2019 for public companies and a year later for private firms. The resources show that although the rules will change how operating leases are accounted for on corporate balance sheets, they won't diminish the many benefits of leasing and financing equipment.
The tools for Lessors, which are available on ELFA's website include: FAQ: Answers to Your Questions About the New Rules; The Top 6 Tips for Lessors to Prepare for the New Rules; a White Paper: Navigating the New Lease Accounting Standard ' Learn what's new in the rules; what the implications are; and what lessees and lessors need to do to prepare for the transition; and an additional White Paper: Changes in Lease Accounting ' Understand changes in the new rules; educate your sales teams, vendor partners and end-users about the rules; and allay potential customer concerns about the impending changes.
The tools for lessees are customer-ready so that ELFA members may share them directly with end-users and other stakeholders. They include: FAQ: Answers to Your Questions About the New Rules; Top 5 Tips for Lessees to Prepare for the New Rules; and an Infographic: Top 5 Tips to Prepare for the New Lease Accounting Rules.
The tools may be accessed at http://bit.ly/1TICXay.
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