Last Updated: May 17, 2013

News — Featured News

ELFA Releases Statement on FASB/IASB Exposure Draft

ELFA president and CEO William G. Sutton released a statement regarding FASB and IASB’s exposure draft that would dramatically revise the current lease accounting standard.

NYT: New Lease Accounting Proposal Portends Big Changes

The New York Times reports that the new lease accounting proposal backs off from some of the most controversial aspects of an earlier version and notes there will likely be considerable delay in making the rules effective, probably until 2017.

IASB, FASB Propose Changes to Lease Accounting

The IASB and FASB today published for public comment a revised exposure draft outlining proposed changes to the accounting for leases.

Leaseurope: Lease Accounting Changes May Hinder EU Growth

Leaseurope released an announcement stating that new proposals to change to IFRS lease accounting may hinder much-needed EU economic growth.

Banks Urge FASB & IASB to Agree on Credit Loss Standards

Accounting Today writes that 15 of the largest banks in the U.S. have written a letter to the chairman of the FASB and the IASB encouraging them to resolve their differences over credit loss standards.

Aircastle Plans to Double Leasing Assets to $10 Billion

Bloomberg reported that aircraft leasing company Aircastle plans to double its leasing assets to $10 billion over the next five years as rising travel to Asia spurs demand for planes.

Element Financial Continues Growth Trajectory in Q1

Element Financial reported total assets increased to $1.8 billion during Q1/13, up from $1.5 billion and $359 million in Q4/12 and Q1/12, respectively. The company said Q1 origination volume of $296 million was up 27% sequentially.

AIG Enters Deal to Extend ILFC Sale Deadline

According to a regulatory filing, AIG reached an agreement with a consortium of Chinese investors to extend by one month the deadline to complete a sale of AIG’s aircraft leasing unit.

Bosco: FASB Expects to Issue Lease Project ED May 16

Lease accounting expert Bill Bosco reported that FASB staff says barring any last minute issues the lease project exposure draft will be issued on May 16.

U.S. Firms on Track to Raise Most Money Since 2007

The Wall Street Journal reported that U.S. companies are on track to raise the most money through IPOs since before the financial crisis.

CapStar Expands Commercial Finance Team

CapStar Bank EVP Lee Palm has announced that Jim Ward, Larry Hawk and Tebin McDowell have joined CapStar’s Commercial Finance team as account executives.

RBS Names Van Saun to Replace Alemany as Citizens CEO

RBS said it has appointed current group finance director Bruce Van Saun as chairman and chief executive of Citizens Financial, replacing Ellen Alemany.

Capital One Hires Eight New Equipment Finance Officers

Capital One announced a major expansion of its Equipment Finance business, with the appointment of eight new sales officers. The new team members average more than 20 years of experience in equipment leasing and financing.

National Bank Holdings Launches NBH Capital Finance

National Bank Holdings said it has formed a new specialty finance division, NBH Capital Finance. Chris Randall, previously head of CoBiz Structured Finance, will lead the group.

Fifth Street Finance to Acquire Healthcare Finance Group

Fifth Street Finance said it has entered into a definitive agreement to acquire Healthcare Finance Group as a portfolio company.

GE Capital and Slate Kick off ‘Roadshow for Growth’

GE Capital and Slate Custom kick off their “Roadshow for Growth,” a six-month, multi-city tour that will address the issues of middle-market businesses, a sector that accounts for nearly 34% of total U.S. employment.

Former U.S. Ambassador to Canada Joins Element BOD

Element Financial announced the appointment of Gordon D. Giffin, former U.S. ambassador to Canada, to the company’s board of directors.

CIT Arranges $26MM Financing to Citizens Solar Holdings

CIT Group said it arranged a $26 million senior secured credit facility to Citizens Solar Holdings for the construction of five ground-mounted solar photovoltaic power generation facilities in Massachusetts.

FT: Dell, Soros Invest in Helicopter Leasing Company

The Financial Times reported that Michael Dell and George Soros are betting on future high levels of offshore oil production by investing in Waypoint Leasing, a helicopter leasing company.

Marlin Scores Big as Q1 Earnings More Than Double

Marlin Business Services said Q1/13 net income of $3.65 million was up from $1.65 million in Q1/12 or 121% higher. Marlin noted deposits were up 76% year/year and cost of funds was 118 BPs lower compared to Q1/12.

GE Agrees to Pay $40MM to Settle Investor Suit

Bloomberg reported that GE agreed to pay $40 million to settle shareholder claims that the company misled them about the quality of its loan portfolio beginning in September 2008.

CapitalSource: Equipment Finance Portfolio Up 49%

CapitalSource reported that its equipment finance portfolio ended the first quarter 2013 at $622.2 million, up 49% from $417.9 million at the end of the same quarter in 2012.

TAB Trucking Report Indicates Renewed Economic Growth

TAB Bank’s Spring Trucking Report shows signs of renewed economic growth according to monthly truck tonnage, fuel costs, perceived business conditions, invoice size and industrial production.

Microdesk Named Outstanding Partner by EverBank CF

Microdesk announced that EverBank Commercial Finance has honored the company with the Outstanding Partner Award for 2012.

Univest Names Ex-DLL VP as Business Development Manager

Univest Capital said it has appointed Curtis Freifelder to VP and business development manager. He joins Univest after serving as U.S. region VP for De Lage Landen.

Volvo Q1 Financing Volume Lower; Income Up on Higher Margins

Volvo reported that its finance business Q1/13 new financing volume was $1.38 billion, down from $1.57 billion in Q1/12. Volvo said operating income of $57.7 million was up from $50.6 million driven mainly by stronger margins.

ATEL Capital Surpasses $3 Billion in Equipment Leased

ATEL Capital Group said that it has surpassed $3 billion in equipment lease and finance transactions (original cost of equipment).

De Lage Landen Launches Clipper Race Entry ‘One DLL’

Sail-World reported that De Lage Landen has launched its new Clipper 70 yacht entry that will take part in the Clipper 13-14 Round the World Yacht Race. The yacht will be named One DLL.

Golden to Replace Seidman as FASB Chair

Russell G. Golden was named as the next chairman of the Financial Accounting Standards Board, effective July 1, 2013. He will succeed current FASB Chairman Leslie F. Seidman, whose term ends on June 30.

Regions Q1 Earnings Rise 68% on Cost Cuts, Loss Provisions

Regions Financial reported Q1/13 net income of $335 million was up more than 68% compared to $199 million in Q1/12. The bank noted declines in non-interest expense and provision charges of $71 million and $107 million, respectively as contributing factors.

CIT Swings to Q1 Profit, But Misses Estimates

CIT Group reported Q1/13 net income of $163 million, $0.81 per share compared to a net loss of $427 million in Q1/12. Analysts polled by Thomson Reuters expected EPS of $0.89.

ELFA: March Volume Flat Y/Y, Up 45% From February

The ELFA’s Monthly Leasing and Finance Index indicated that overall new business volume for March was $6.8 billion, flat compared to volume in March 2012. New business volume was up 45% from February.

Cat Financial Q1 Profit Up 18%, Volume Off 5%

Cat Financial reported Q1/13 revenues and profit were up 2% and 18%, respectively compared to the quarter in 2012. New retail financing in Q1/13 was $2.90 billion, off 5% from the same quarter in 2012.

TCF: ‘Customer Driven Events’ Cause EF Revenue Drop

TCF Financial said Q1/13 leasing and equipment finance revenue was down 28% and 37%, respectively from Q1/12 and Q4/12 and noted the decreases were primarily due to lower operating lease and sales–type lease revenue growth in the portfolio as a result of “customer driven events.”

GE Capital Reports 9% Q1 Earnings Growth

GE reported that its GE Capital unit revenues and profit in the first quarter 2013 were $11.54 billion and $1.93 billion, respectively up 2% and 9% compared to the same quarter in 2012.

Industry Confidence Eases in April

The Equipment Leasing & Finance Foundation’s April 2013 Monthly Confidence Index for the Equipment Finance Industry indicates that overall, confidence in the equipment finance market is 54.0, an easing from the March index of 58.0, reflecting industry participants’ continuing concerns over the economy and the impact of federal policies on capital expenditures.

CIT Vendor Expands U.S. Healthcare Financing Group

CIT Vendor Finance announced the expansion of its U.S. Healthcare Equipment Financing group with the hiring of Timothy Morris, William Tice, Charles Phillips and Ian Fine as sales managers.

CSI Leasing, Barco Bring 3D Cinema Sound to Exhibitors

Barco North America and CSI Leasing announced they are helping movie exhibitors upgrade their auditoriums with 3D immersive cinema sound by offering a variety of financing solution options.

Bank of America Reports Higher Y/Y Q1 Earnings

Bank of America reported net income of $2.6 billion for the first quarter of 2013, up from $653 million in the same quarter one-year ago. Revenue, net of interest expense, rose 5% to $23.7 billion.

DLL’s Agricredit Acceptance in Program With ACI

Farm Equipment magazine reported that ACI Distributors entered into an agreement with Agricredit Acceptance, a De Lage Landen affiliate, for inventory and retail customer financing.

Wells Fargo Expands Technology Finance in UK

Wells Fargo Capital Finance announced the expansion of its Technology Finance lending capabilities in the UK. Steven Osborne, previously an underwriter with Burdale Financial, will lead the initiative for the London-based team.

Rabobank: No Bonuses, Wage Increases for Two Years

Rabobank announced it has reached an agreement with its trade unions to prune back it collective labor agreement until the end of 2015. The new agreement includes the abolishment of variable remuneration, no general wage increase and a pension plan amendment.

NewStar Financial Hires Managing Director in Chicago

NewStar Financial said it has hired banker Wes Frangul as a managing director in its Chicago office. Frangul will join Jason Wendorf and Eric Barton to broaden NewStar’s regional marketing activities.

Wells Fargo Lease Financing Shows Highest Commercial Yield

In a presentation on its commercial loan portfolio, Wells Fargo showed that its lease financing component average balance in the first quarter 2013 was $12.4 billion with a corresponding yield of 6.78%, which was, by far, the highest return of all the bank’s commercial loan elements shown in the report.

Bosco: FASB Proceeds Despite Complexity Concerns

Bill Bosco, lease accounting expert and president of Leasing 101, writes that FASB on April 10 tentatively decided to move forward with issuing an exposure draft on lease accounting next month despite concerns about the financial reporting complexity that may result from the proposed model.

JPMorgan Reports Record Q1 Earnings, EPS

JPMorgan Chase reported record net income of $6.5 billion for the first quarter of 2013, compared with net income of $4.9 billion for the same period a year earlier. EPS were also a record $1.59, exceeding analysts’ estimates of $1.38.

Element Avoids ‘Market Heroin’ for Leasing Business

In an article on Element Financial, Bloomberg quotes CEO Steve Hudson as saying that selling repackaged leases to life insurance companies helped his firm avoid the “financial market heroin” that almost ruined his first leasing venture 14 years ago.

Bloomberg: Thain Transforms CIT Into M&A Target

Bloomberg reported that John Thain has transformed CIT into an enticing takeover target for some of the largest banks.

NXT Capital Names Head of Healthcare Finance

NXT Capital said it hired Stuart Smartt as managing director, head of Healthcare, for the Corporate Finance Group. He joins NXT Capital from CIT, where he was a director in the company’s Healthcare group.

DLL Receives LEED Gold Certification for U.S. Headquarters

De Lage Landen said it received LEED Existing Building Operation and Maintenance Gold Certification for its U.S. headquarters in Wayne, PA, a recognition that affirms DLL’s commitment to incorporating responsible practices into business operations.

First National Capital Posts Record Funded Volume in Q1/13

First National Capital, a commercial equipment and aviation finance provider, said the company posted a record $45.8 million in funded volume for Q1/13.

On Deck Adds Lu as VP, Capital Markets

On Deck announced that Zhengyuan Lu has been named VP of Capital Markets. Previously, he was managing director of Gleacher & Company’s Asset Finance Group.

CIT’s Thain Achieves Highest Scores for Liability Management

According to a recently released proxy statement, CIT said CEO John A. Thain’s 2012 compensation totaled $8.25 million. Thain’s performance assessment shows highest scores achieved for liability management.

NXT Capital Closes $358MM CLO

NXT Capital said it has closed NXT Capital CLO 2013-1, a $358 million CLO. Wells Fargo Securities served as the lead manager, structuring agent and bookrunner and BMO Capital Markets GKST served as co-lead manager.

Cole Taylor EF Hires Sr. Syndicator; Opens CA Office

Cole Taylor Equipment Finance said it hired of Eric Staczek as SVP, syndications. In addition, the company announced the opening of a new office in San Clemente, CA, which will be led by Jeffrey M. Giannelli.

Bloomberg: Moody’s CDO Grades in S&P Suit Almost ‘Identical’

Bloomberg reported that Moody’s issued “virtually identical” grades on the same CDOs that prompted the DOJ to sue Standard & Poor’s.

Key Equipment Finance Names VP, Federal Sales

Key Equipment Finance said it has named Kristina M. Decker vice president of federal sales for Key Government Finance.

MC Healthcare Finance Hires Managing Director

MC Healthcare Finance, an affiliate of Monroe Capital LLC, said Glenn Flinn has joined the firm as a managing director to establish a Dallas office. He previously served with CapitalSource Finance, Healthcare Financial Partners, Heller Financial and GE Capital.

Kluga to Lead Popular Equipment Finance

Popular Community Bank announced the appointment of Dale Kluga to lead its national equipment finance business, Popular Equipment Finance.

CFO: Wait Continues for Lease Accounting Clarity

CFO notes, with insight and commentary from Bill Bosco, that businesses may have to wait a while longer for clarity on how their staff members will account for equipment leases under the lease accounting project.

NXT Capital Launches Equipment Finance Business

NXT Capital announced the launch of NXT Capital Equipment Finance, a new business that will be led by equipment finance industry veteran Michael Gay. The group will provide loans and leases from $2 million to $20 million.

Pacific Rim Capital Selects LeaseWave From Odessa

Pacific Rim Capital said it has selected LeaseWave lease and loan management software by Odessa Technologies to automate and administer its front and back office processes.

ATEL Ventures Provides Financing to Enevate

ATEL Ventures said it provided financing to Enevate, a developer of advanced rechargeable lithium-ion batteries.

Macquarie Provides $50MM Equipment Facility to Teranga

Teranga Gold said it has entered into a $50 million equipment finance facility with Macquarie Bank.

SunTrust Equipment Finance Hires Marketing VP

SunTrust Equipment Finance & Leasing said it has hired Geralyn Kaiser as marketing vice president of its Bank Client Group.

ELFA President Sutton Visits Commonwealth Capital

ELFA president and CEO William Sutton met with Commonwealth Capital’s CEO Kimberly A. Springsteen-Abbot to discuss the benefits ELFA offers to its 575 member companies.

Rabo AgriFinance Promotes Haezebroeck to Vendor Finance SVP

According to a post on CropLife, Rabo AgriFinance has promoted Brian Haezebroeck to senior vice president, managing director – Vendor Finance.

Direct Capital to Commit $300MM to Franchise Industry

Direct Capital said it will commit $300 million in 2013 to help fuel the growth of the franchise sector and will continue to build new programs that alleviate the challenges faced by franchisees.

GE Capital 2012 Food Chain Investments Top $16B

In its most recent industry research update on Food, Beverage and Agribusiness, GE Capital notes that as of December 2012, its Americas unit committed $16.3 billion in investments across the value chain.

FSA Finalizes New Rules for Financial Benchmarks

The Financial Services Authority said it has finalized new rules and regulations for financial benchmarks that should help restore the trust that has eroded by the LIBOR scandal.

India High Court Supports Departure of ILFC’s First Aircraft

International Lease Finance announced the successful removal of its A321 aircraft from India following Delhi’s high court decision to allow the departure of the aircraft that was on lease to Kingfisher Airlines.

Chicago Freight Car Leasing Hires VP/Sales

Chicago Freight Car Leasing announced that Rhonda Zielinski has joined the company as vice president of sales and customer support. Zielinski was previously with Navistar.

WSJ: Sale of Dell Financial Could Be Worth $5 Billion

The Wall Street Journal reported that the Blackstone Group’s expression of interest in Dell involves partly financing any deal by selling Dell’s financial services unit, in a deal that could be valued at about $5 billion.

CFO: Lenders Have Ample Liquidity to Fund CAPEX

CFO reported that financiers are chomping at the bit to fund capital equipment purchases, but borrowers and lessees are not cooperating.

WSJ: GE Capital, Blackstone Discussed Dell Finance Unit Bid

The Wall Street Journal reported that GE Capital and Blackstone have discussed jointly pursuing Dell’s financial services business, citing people familiar with the matter.

GE Capital Said to Buy Allianz Loan Book

According to several Australian press reports, GE Capital has agreed to acquire Allianz Australia’s $400 million debtor finance book.

WSJ: Heavy Trucks Throttle Back

The Wall Street Journal notes in an article on the trucking industry that heavy-duty truck sales, while rising modestly in recent years, remain far off their 2006 peak as operators squeeze more years out of vehicles already on the road.

Onset Funds Operating Lease for Building Materials Supplier

Onset Financial said it has funded a $1.85 million operating lease for a supplier of building materials in the western United States.

WSJ: JPMorgan Management Rating Downgraded by OCC

The Wall Street Journal reported that JPMorgan was downgraded in a confidential government scorecard over concerns about the company’s management and its board.

WFEF: 2013 Transportation Landscape ‘More of the Same’

Reports from Wells Fargo economists indicate that the transportation industry landscape in 2013 is going to be “more of the same,” said Jon Eide, national sales manager, Wells Fargo Equipment Finance, in the company’s Q1/13 Trucking Quarterly.

Key Equipment Finance Names North American Rail Director

Key Equipment Finance said it has named Andrew J. Falcone director, North American rail. Before joining Key, Falcone spent 19 years at BTMU Capital, the last two years as managing director of Beacon Rail Leasing.

GE Capital, Brunswick Extend BAC Joint Venture

Brunswick and GE Capital, Commercial Distribution Finance announced an extension of their joint venture, Brunswick Acceptance Company, through 2016.

NYT: JPMorgan’s ‘Follies, For All To See’

In her weekly column in the Sunday NY Times, Fair Game columnist, Gretchen Morgenson, writes that the Senate report detailing the trading fiasco at JPMorgan shows that the financial system is “at greater risk than you know thanks to dissembling traders and bumbling regulators.”

De Lage Landen’s Portfolio Grows to $40.6B in 2012

De Lage Landen said its managed portfolio grew 5% to $40.6 billion and net income reached $1.9 billion in 2012.

Report: JPMorgan Misled Investors on Derivatives Bet

Bloomberg reported that JPMorgan’s efforts to hide trading losses, outlined in a Senate report, may ignite debate over whether the largest U.S. bank is too big to manage.

Fitch Affirms GreatAmerica Leasing ABS

Fitch Ratings said it has affirmed the ratings of GreatAmerica Leasing Receivables Funding, LLC Series 2012-1 noting the transaction has exhibited strong performance with losses well within Fitch’s initial expectations.

Ina Drew to Appear Before Senate Subcommittee

Bloomberg reported that former JPMorgan chief investment officer Ina Drew will testify before a U.S. Senate investigations panel in her first public appearance since her departure from the bank after it disclosed its initial trading losses.

Fitch: FASB Impairment Rule Could Hit U.S. Banks’ Reserves

Approval of a FASB proposal on the treatment of credit losses for loans and other financial assets could eventually force U.S. banks to book expected losses early, putting pressure on reserve levels and reported earnings, according to Fitch Ratings.

SunTrust Equipment Finance Hires Marketing VPs

SunTrust Equipment Finance & Leasing said it has hired Lea Reeves and Bob Sommers as marketing VPs based out of Atlanta and Washington D.C., respectively.

GE Capital Provides $16MM in Marine Fleet Financing

GE Capital, Corporate Finance provided $16 million in equipment financing to the Dutra Group. The funds refinance existing debt used to support the company’s marine fleet.

Northern Leasing Issues Statement on AG Settlement

In a letter to the Monitor, Northern Leasing issued a statement regarding the company’s settlement with the NY Attorney General.

Sentence of Former LeNature’s Executive Upheld

The Pittsburgh Tribune-Review reported that a federal appeals court has refused to reduce the 15-year prison sentence of a former executive of LeNature’s.

Webster Hires Former GE Franchise Finance VP

Webster Bank announced that Abdallah Igram has joined the bank as SVP, senior relationship manager. Igram was previously with GE Capital Franchise Finance as VP, Northeast originations.

Chase Names Walker Head of Middle Market Banking

Chase announced that Steve Walker has been named national head of Core Middle Market Banking, which serves companies with annual revenues between $20 million to $500 million.

NY Attorney General Reaches Settlement With Northern Leasing

New York Attorney General Eric T. Schneiderman said his office has reached a multi-million dollar settlement with a group of New York City-based business equipment leasing companies that schemed to drain nearly $11 million from the bank accounts of small business customers.

Fed: Largest Banks Much Stronger Post Financial Crisis

The Fed announced that the nation’s largest banks have continued to improve their ability to withstand an extremely adverse hypothetical economic scenario and are collectively in a much stronger position than before the financial crisis.

IASB Publishes Revised Proposals for Loan-Loss Provisioning

The IASB published for public comment a revised set of proposals for the impairment of financial instruments. The proposals are intended to develop a more forward-looking provisioning model, which recognizes expected credit losses on a more timely basis.

WFEF: Construction Executives Optimistic Heading Into 2013

Construction contractors and equipment distributors are optimistic that local non-residential construction activity will improve in 2013, marking the second consecutive year with an optimistic reading, according to a survey by Wells Fargo Equipment Finance.

WSJ: UK Financial Services Authority Slow on LIBOR

The Wall Street Journal reported that the UK Financial Services Authority published a critique of its own handling of the LIBOR scandal, saying it failed to act on a series of warnings that banks were trying to manipulate rates.

Creekridge Capital Expands in Ophthalmology Market

Creekridge Capital said it has added Scott Preiser as a sales manager responsible for growing the company’s current and potential vendor partners in the ophthalmology market.

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