Last Updated: May 16, 2012

News — Top Ten Stories

Commercial Credit Group Ownership Interest Sold

Equipment finance company Commercial Credit Group said it received a majority equity investment from funds affiliated with Lovell Minnick Partners, which purchased controlling ownership interest of Commercial Credit from Falfurrias Capital Partners.

JPMorgan Loses $2 Billion on Risk Unit’s ‘Grievous Mistakes’

Bloomberg reported that JPMorgan Chase CEO Jamie Dimon said during a conference call after yesterday’s market close the firm suffered a $2 billion trading loss after an “egregious” failure in a unit managing risks.

TAB Bank Closes 22 Equipment Loans/Leases in April

TAB Bank said it provided $31.4 million in credit facilities for several businesses during the month of April. Included in the total were 22 equipment loans and leases for an aggregate amount of $12.4 million.

Moody’s Bank Downgrades Risk Choking European Recovery

Bloomberg reported that Moody’s will this month start cutting the ratings of more than 100 banks, a move that risks pushing up their funding costs and forcing them to curb lending in a threat to economic growth.

Banks in Business Jet Financing Not In For Easy Ride

FlightGlobal reports that banks in business jet financing are not in for an easy ride as a result of the abundance of cash buyers. Banks are also feeling the pressure of low pricing as finance sources are returning to the market.

Largest Cat Dealer Awarded C$96 Million Mining Equipment Deal

Finning International, the world’s largest Caterpillar equipment dealer, said its U.K. and Ireland division has secured a seven-year mining equipment and service contract with Hargreaves Services for a total value of approximately C$96 million.

De Lage Landen, Kyocera Launch Kyocera Solar Finance

Kyocera Solar announced, in partnership with De Lage Landen, the launch of Kyocera Solar Finance, a program designed to provide loan and lease options to consumers seeking light commercial and mid-to-large commercial installations.

Monroe Capital Adds Industry Veteran as NY Region Group Head

Monroe Capital said Ben Marzouk has joined the firm as managing director, New York region group head. Prior to Monroe, Marzouk was with Praesidian Capital, Mid-Market Credit Advisors and CIT Group as managing director.

The Alta Group Facilitates First American EF Acquisition

Representing City National, The Alta Group said it was instrumental in helping the bank identify acquisition prospects, performing due diligence and providing advisory services in arranging and closing the bank’s acquisition of First American Equipment Finance.

GE Capital Coal-Plant Bankruptcy Plan Spurs Cut on Debt

Bloomberg reported that GE Capital is weighing a prepackaged bankruptcy for the debt issuer on a coal-fired power plant being taken back from Edison Mission Energy, spurring S&P to cut the rating on $640 million of notes.

De Lage Landen, LiuGong to Offer Financing in Canada

The Rental Equipment Register reported that LiuGong Construction Machinery and De Lage Landen have expanded their partnership to include wholesale and retail financing to LiuGong’s dealers and customers throughout Canada.

Read more...
Date Posted May 3, 2012

GE Capital: Healthcare CFOs Cautious About State of Industry

U.S. CFOs of middle-market companies in the healthcare industry continue to express concern over the state of their industry, while growing slightly more positive about the U.S. economy, according to the latest U.S. Mid-Market CFO Survey by GE Capital.

Read more...
Date Posted May 3, 2012

First Niagara Names Favre President, Commercial Finance

First Niagara Financial Group promoted Larry Favre to president of First Niagara Commercial Finance. He joined First Niagara in 2010 from NewAlliance Bank shortly before First Niagara acquired NewAlliance.

Read more...
Date Posted May 3, 2012

CapStar Expands Commercial Finance Department

CapStar Bank said that Lee Palm, SVP of Commercial Finance, has added four professionals to CapStar’s Commercial Finance Department, increasing staff to accommodate demand and serve an expanding market.

Read more...
Date Posted May 3, 2012

Sentencing for Five EFI Defendants Postponed

The Lancaster Intelligencer Journal reported that sentencing for five defendants in the Equipment Finance Inc. fraud case has been delayed from next week to September.

Marlin Q1 Net Income More than Doubles; Originations Up 54%

Marlin Business Services reported first quarter 2012 net income of $1.6 million, up 119% year-over-year. The company said first quarter lease production was $72.4 million, up from $47.0 million or 54% higher compared to the same period last year.

Read more...
Date Posted May 1, 2012

Growing Green Campus Partners Names VP, Business Development

Energy project developer and financial solutions provider Green Campus Partners said that Joshua Briggs, formerly of Siemens Medical Financial Services, has joined the company as VP, Business Development.

Read more...
Date Posted May 1, 2012

Penske Truck Leasing, GE Capital Extend Partnership

Penske Truck Leasing said it has completed a series of transactions that include new equity investments from its existing partners, including GE Capital, and the partners have agreed to extend the term of the partnership to 2023.

Read more...
Date Posted May 1, 2012

Webster Bank Promotes Dowling to Senior Credit Executive

Webster Bank announced the promotion of Mark Dowling to senior vice president, senior credit executive. His previous experience includes being vice president, commercial financial services at GE Capital.

Read more...
Date Posted May 1, 2012

Report: Medical Equipment Leasing to Reach $56B by 2017

According to a report by Global Industry Analysts, the global market for medical equipment rental and leasing is forecast to reach $56 billion by the year 2017.

CIT Closes $753MM Equipment Lease Securitization

CIT Group announced that it closed a $753 million equipment lease securitization. CIT said it sold six classes of fixed rate notes in a private offering backed by a pool of equipment leases from CIT’s Vendor Finance business segment.

ELFA Issues Lease Accounting Project Update

The ELFA issued a lease accounting project update, noting that at the February meetings, the FASB/IASB could not agree on any of the three lessee accounting approaches. After the meeting, the Boards added a fourth approach that the ELFA has been recommending from the start of the leases project.

Cypress Financial Joins Summit Commercial Finance

Summit Commercial Finance announced the merger of Cypress Financial and the appointment of Terry Rozzini as SVP, Northwest sales for Summit Commercial. The company also said Jack Steward was appointed VP, direct originations for Summit.

AIG Sues Udvar-Hazy, Air Lease Alleging Theft of Trade Secrets

The Wall Street Journal is reporting that AIG is suing Steven Udvar-Hazy, former chief executive of its ILFC aircraft leasing business, Air Lease and former executives who previously worked at ILFC, alleging theft of trade secrets.

NY Attorney General Sues Northern Leasing Systems

Attorney General Eric T. Schneiderman announced a lawsuit against Northern Leasing Systems and its affiliates alleging that they fraudulently siphoned millions of dollars from their former customers.

Read more...
Date Posted April 24, 2012

City National Bank Acquires First American Equipment Finance

City National Bank said it has entered into a definitive agreement to acquire First American Equipment Finance, a privately owned, full-service mid-ticket equipment leasing company that owns and services approximately $325 million in assets.

Read more...
Date Posted April 24, 2012

Key EF Names VP Sales, Municipal & Specialty Vehicle Finance

Key Equipment Finance said it has named Don Phillips as vice president of sales, municipal and specialty vehicle finance, Key Government Finance. He returns to Key EF after serving at GE Capital and an energy technology startup.

Read more...
Date Posted April 24, 2012

TAB Bank Adds Personnel to Equipment Leasing Division

TAB Bank said it has added Bill Griffith as commercial equipment leasing manager and Mike Richardson as director of third party originations to its Equipment Leasing Division. Griffith joins TAB Bank from Padco Lease. Richardson has been with TAB since 2006 and previously served at UBS Bank.

Read more...
Date Posted April 24, 2012

Attorney to Argue Against Prison for Wife of Le-Nature’s CEO

The Pittsburgh Tribune-Review reported the attorney for Karla Podlucky, wife of Le-Nature’s former CEO, said because of her fundamentalist Christian beliefs, she never doubted that her husband’s purchase of $33 million worth of gems and jewelry was the result of business success rather than fraud.

NationaLease Appoints Sullivan VP, National Accounts

NationaLease said it has named Brian Sullivan as vice president of national accounts. He comes to NationaLease from the engine group at Navistar, where he most recently was North American on-highway sales manager.

GE Capital Contributes 55% of GE’s Q1 Earnings

According to GE’s report on first-quarter results, GE Capital’s earnings of $1.79 billion represented over 55% of GE’s total earnings of $3.25 billion from continuing operations.

Pacific Western Bank Acquires Celtic Capital

Pacific Western Bank completed the acquisition of Celtic Capital, an asset-based lending company. Pacific Western Bank acquired all of the capital stock of Celtic for $18 million in cash.

Reuters: Judge Dismisses Claims Against Banks in GE Lawsuit

Reuters reported that a federal judge dismissed claims against Goldman Sachs, JPMorgan Chase and 40 other defendants that they helped mislead investors in General Electric’s $12.2 billion stock offering in 2008.

AIG Commercial Asset Finance Provides $105MM Loan for U-Haul

AIG Commercial Asset Finance said it has provided a $105 million loan for properties managed by U-Haul.

TCF Reports First Net Loss in 17 Yrs on Balance Sheet Repositioning

TCF Financial reported a first quarter 2012 net loss of $282.9 million inclusive of a net, after-tax charge of $295.8 million related to balance sheet repositioning. TCF said the action resulted in TCF’s first quarterly loss in 17 years.

Clifford to Lead Huntington Equipment Finance Syndication

Huntington Bank announced Patricia Clifford has joined the Equipment Finance group as head of syndication, structuring and pricing. Previously, Clifford was vice president of third party origination for First Financial Corporate Services.

TD Bank Hires VP, Healthcare Financial Services

TD Bank has named Linda L. Walker as vice president, senior loan officer in Healthcare Financial Services in West Palm Beach, FL. Prior to TD Bank, she served as SVP at Presidential Healthcare Credit, senior loan officer at Suntrust Bank and VP at GE Healthcare Finance.

GE Promotes its Positive Impact Amidst Criticism

General Electric is working to defend its reputation with a recently launched campaign that highlights the company’s altruism and positive impact on its communities. Earlier this month, protesters rallied in front of the company’s Fairfield, CT headquarters.

Bid-Rigging Trial Begins for Former GE Funding Execs

The Bond Buyerreports that the big-rigging trial for three former executives at GE Funding began on Monday, April 16. Government prosecutors charged the three with fixing bids for municipal bond investment contracts between 1999 and 2006.

TAB Bank Names SVP, National Strategic Alliance Director

TAB Bank said it added Bob Kassebaum to the business development team as SVP and national strategic alliance director. He spent the last six years with Marquette Commercial Finance as SVP of sales and marketing.

Five Point Capital Completes Sale of Company

Five Point Capital announced the completion of its recent sale and transition of the company to David Gilbert, founder and 50% shareholder of Five Point Capital. In addition to acquiring full ownership in the company, Gilbert will assume the position of CEO.

Accounting Firm Settles Lawsuit Over Le-Nature’s Loan

Bloomberg reported that accounting firm BDO Seidman settled investor claims over a $285 million loan made to Le-Nature’s before the drink maker went bankrupt in 2006, citing a court filing.

EverBank CF Hires Healthcare Business Development Manager

EverBank Commercial Finance announced Greg Sanker has joined the company’s healthcare platform as business development manager. Previously, Sanker spent 20 years with Citigroup, most recently as VP of strategic business development in the healthcare, hospital, industrial and government sectors.

Associated Bank Announces New Hires, Promotions

Associated Bank announced that Mark Palazzo has been hired as SVP, commercial banking team leader for the Cincinnati market. The bank also said it promoted Kevin Kehoe and Jennifer Hall to SVP and hired Brett Miller as SVP, relationship manager.

Former EFI Officer to Testify in Fraud Case

The Lancaster Intelligencer Journal reported that Joseph M. Braas, Equipment Finance Inc.’s SVP and COO, will testify against two of his former employees at their loan fraud trial in Philadelphia.

Read more...
Date Posted April 10, 2012

CapStar Commercial Finance Ramps Up for Growth

CapStar Commercial Finance announced the hiring of Dale Willett, Steve Hunter and Michael Russing as senior risk manager, buy/sell syndication manager and senior account executive, respectively.

Read more...
Date Posted April 10, 2012

Creekridge Capital Expands Technology Sales Force

Creekridge Capital said it has hired Bob John as a regional sales manager within its technology division. John previously held executive positions in technology sales and channel partner financing at IBM Global Finance.

Read more...
Date Posted April 10, 2012

Wells Fargo Hires Former KeyBank Wine Industry Specialist

According to the North Bay Business Journal, Wells Fargo hired Perry DeLuca as industry head and team leader for the Wine, Food & Beverage group. DeLuca was previously with KeyBank’s Capital Markets division as director and national head of wine industry finance.

Read more...
Date Posted April 10, 2012

CIT Appoints Brandman EVP/Chief Administrative Officer

CIT Group announced the appointment of Andrew T. Brandman as executive vice president and chief administrative officer effective Monday, April 9. He will report directly to chairman and CEO John A. Thain.

ATEL Leasing Hires Fosina as EVP

ATEL Capital said it has named Ken Fosina as executive vice president of ATEL Leasing. His background includes over 25 years of sales, executive management and consulting experience with companies such as Capital Associates and Mellon US Leasing.

Hana Financial Hires Ex-CIT VP Marsha as SVP, Atlanta

Hana Financial said it has named John Marsha as SVP and regional marketing manager of its Atlanta office. The former CIT VP will broaden the scope of Hana Financial’s marketplace through new business development and networking.

Nations EF Provides $32MM of Loans/Leases in March

Nations Equipment Finance said it provided $32 million of term loans and leases to 12 new and existing customers in March.

TIP Capital Hires Purcell as SVP

TIP Capital said it has hired Bill Purcell as senior vice president. Purcell is the former president and CEO of US Bancorp Equipment Finance.

Signature Bank Names Rabin to Lead New Specialty Finance Group

Signature Bank said it has formed a new subsidiary, Signature Financial, focused on equipment finance and leasing, transportation financing and taxi medallion financing. Walter Rabin, joins Signature Financial as president in June 2012, will lead the team.

LEAF Commercial Capital Continues Field Sales Expansion

LEAF Commercial Capital announced the continued expansion of its field sales force with the addition of three leasing industry veterans. In their new roles as regional sales managers, Ed O’Toole, Aimee Ridgway and Melissa Carroll will support the national account and vendor programs in the office equipment and technology/telephony markets.

Survey Reveals 15 Hottest Equipment Sectors

Medical equipment, oil/gas/energy and machine tools are the hottest equipment sectors in 2012, according to a recent survey of asset managers and consultants by the Independent Equipment Company in cooperation with the ELFA.

Wells Fargo EF Names Olson VP, Office Equipment Financing

Wells Fargo Equipment Finance said it has named Mike Olson vice president of its office equipment finance division. Prior to joining Wells Fargo, Olson spent 18 years with the Office Equipment Vendor Services group of U.S. Bank Equipment Finance.

Leasing Industry Veterans Join MultiSource Capital

MultiSource Capital said it has named Danny Lebovics as president and Thane Sinclair as general manager. Previously, Lebovics spent 14 years in leadership roles with CIT. Sinclair spent 17 years at Xerox Canada in sales and lease management roles and also served in CIT’s vendor division.

Great American Group Expands Midwest Regional Team

Great American Group, a provider of asset disposition, valuation and appraisal services, has relocated to new office space in downtown Chicago due to growth in its Advisory and Valuation Services business in the Midwest, the company said.

Wells Fargo Equipment Finance Names Business Banking SVP

Wells Fargo Equipment Finance said it has named Rob DeMaranville as senior vice president of its Business Banking division. Prior to joining Equipment Finance, DeMaranville served as senior vice president for Wells Fargo SBA Lending.

LFC Capital Adds Specialists in Emerging Growth Finance

LFC Capital, a provider equipment leasing and term-debt financing to healthcare providers, said it has added two senior financial advisors to its emerging growth finance practice in the life sciences and healthcare.

Hawker Beechcraft Preparing to File Bankruptcy

Reuters is reporting that aircraft maker Hawker Beechcraft is preparing to file for bankruptcy protection in the next several weeks. The aircraft maker is currently working with its lenders under a forbearance agreement that is scheduled to expire June 29, 2012.

GE Opens Edison Era Time Capsule, Turns On 100-Year-Old Bulb

GE said it recently opened a century-old time capsule. Among the items uncovered were five light bulbs. GE lighting engineers screwed one of the bulbs into a socket and it started to emit a soft glow, a distant incandescent echo of Thomas Edison’s ingenuity.

De Lage Landen Appoints New Head of U.S. Syndications

De Lage Landen said it promoted Rebecca Ricci to the role of director, Syndications. In this role, she replaces Bennett Viverito, who retired at the end of 2011. Ricci is a 15-year veteran of DLL.

Pacific Western Bank Announces New Name for Leasing Division

Pacific Western Bank said that Pacific Western Equipment Finance is the new name of the former Marquette Equipment Finance. Pacific Western Bank acquired Marquette in January 2012.

GE Capital, Corporate Finance Hires Lending/Leasing VPs

GE Capital, Corporate Finance said it hired Matt Brewer and Tory Spadafora as VPs to specialize in meeting the lending and leasing needs of mid-size Ohio companies.

SEC Sues Wells Fargo in $60 Billion RMBS Case

The SEC has applied to a U.S. District Court for an order enforcing subpoenas issued during its investigation into possible fraud in the offer and sale of nearly $60 billion of residential mortgage-backed securities by Wells Fargo.

LeasePlan’s Truck Division Appoints New Syndications Director

LeasePlan USA, a provider of vehicle leasing and fleet management solutions, said it appointed Angie Gates to director, syndications for its Truck Division. Prior to joining LeasePlan in 2004, Gates was a transaction coordinator at ORIX Financial.

TIP Capital Hires Regional Vice President

TIP Capital said it hired Michael Vienhage as regional vice president – central region. He previously served as managing partner at Cloud Commerce and as VP of sales and marketing at CSI Leasing.

GreatAmerica Leasing, Samsung Launch Finance Program

GreatAmerica Leasing and Samsung Electronics America said they have launched an equipment finance program to help qualified Samsung dealers expand their market share and provide additional incentives to their customers.

DLL Buys Permanent TSB Bank’s Ag Leasing Portfolio For $65MM

Ireland’s RTE News reported that De Lage Landen has acquired Permanent TSB Bank’s agricultural leasing portfolio worth $65 million.

Harbor Capital Acquires Mishawaka, Forms Harbor Capital Leasing

Harbor Capital said it has expanded its presence in the leasing industry with the acquisition of Mishawaka Leasing and the formation of Harbor Capital Leasing.

LEAF Announces New VP, Marketing & Communications

LEAF Commercial Capital said it promoted Michelle Speranza to VP, marketing and communications. She will be responsible for leading and developing corporate marketing strategies and increasing brand recognition in the marketplace. She joined the company in 2005.

Postal Worker Charged in $4MM Truck Leasing Fraud

A postal worker faces felony charges for submitting fraudulent invoices totaling more than $4 million from his truck leasing company to the U.S. Postal Service, according to documents filed in the U.S. District Court in Oakland, CA.

TCF Launches TCF Capital Funding

TCF National Bank announced the creation of a new commercial banking division called TCF Capital Funding. The new unit will specialize in asset-based and cash-flow lending to smaller middle-market companies across the U.S.

TD Equipment Finance Promotes Kurek

TD Bank said it has promoted Edward M. Kurek, III, to commercial portfolio loan officer IV in TD Equipment Finance. He joined TD Bank in 2004 as a credit specialist and most recently served as a commercial portfolio loan officer III at TD Equipment Finance.

Fitch Expects to Rate GreatAmerica Leasing $377.5MM ABS

Fitch Ratings said it expects to rate a GreatAmerica Leasing securitization encompassing a pool of $377.5 million in notes secured by leases primarily originated by the office equipment group.

Webster Capital Finance Expands, Hires Three Regional VPs

Webster Bank announced the targeted expansion of Webster Capital Finance with the addition of three well-known veteran lenders in the transportation, construction and manufacturing finance arena.

GE Merges GECS Into GE Capital Corporation

In a filing, GE said it merged its wholly owned subsidiary, GE Capital Services, with and into wholly owned subsidiary, GE Capital Corporation.

Bloomberg: GE Capital Now Seen Safer Than Biggest Banks

Bloomberg noted in article on GE Capital, that GE’s finance arm is pulling away from the largest U.S. banks in the eyes of credit traders and investors, signaling the end to more than three years of repression for declining profits during the financial crisis.

BCI Aircraft Leasing CEO Convicted of $50MM Fraud

The chief executive of BCI Aircraft Leasing, Brian Hollnagel, was convicted of six counts of wire fraud and one count of obstruction of justice by a federal jury in a $50 million fraudulent financing scheme.

Reuters: CIT Offers $75MM to End Fraud Lawsuit

Reuters reported that CIT asked a federal judge to approve a $75 million settlement proposal with former CIT shareholders in a class-action securities fraud lawsuit over actions preceding the large commercial lender’s 2009 bankruptcy.

Fifteen of U.S. Largest Banks Pass Stress Test

The Federal Reserve said 15 of the 19 bank holding companies that were the subject of a stress test were estimated to be able to maintain capital ratios above all four of the regulatory minimum levels under an extremely adverse hypothetical economic scenario.

TCF Takes $293MM Charge on Balance Sheet Repositioning

TCF Financial said it has taken steps to reposition its balance sheet by prepaying long-term debt and selling mortgage-backed securities. TCF noted the actions will result in a one-time, net after tax charge of $293 million.

DLL’s Slaats Offers Electric Vehicle to Lease Partner

De Lage Landen said its CEO Ronald Slaats has offered an electric car to lease partner Technogym in support of the wellness company’s green ambitions objectives.

City National Hires Four From GE Capital Franchise Finance

City National Bank said it has hired four new bankers in Seattle to focus on franchise finance and will open a loan production office in Seattle. The new bankers came from GE Capital Franchise Finance.

Wells Fargo EF: Improving Trucking Climate Should Continue

In the recent Wells Fargo Equipment Finance Trucking Quarterly, Wells Fargo senior economist Sam Bullard noted, “While we agree that the improving climate in the trucking industry should continue this year, we remain mindful of the challenges the U.S. economy faces.”

Grant Thornton Backs Alternative Lease Accounting Models

Accounting Today reported that Grant Thornton has released a new paper calling for an overhaul in the current thinking of the FASB and IASB on lease accounting standards, instead advocating the use of two different lease accounting models.

Immelt: GE Capital to Build Upon Mid-Market Lending & Leasing

In his annual letter to shareholders, GE chief executive Jeff Immelt said that he expects GE Capital’s earnings rebound to continue in 2012 and that GE Capital will build upon mid-market lending and leasing, financing in GE domains and a few other specialty finance segments.

CIT Acquires $200MM Aircraft Loan Portfolio

CIT said it has purchased a $200 million aircraft loan portfolio consisting of seven aviation loan facilities to several U.S. airlines. The loans are secured by in-production Boeing and Airbus aircraft.

Read more...
Date Posted March 8, 2012

Alta Group Closes $50MM Funding for CLE Leasing

Hugh Swandel, senior managing director of The Alta Group in Canada, announced the establishment of a $50 million facility for CLE Leasing, an independent provider of equipment leasing and financing to businesses across Canada.

Read more...
Date Posted March 8, 2012

TD Bank Names Braca Head of Corporate and Specialty Banking

TD Bank named Greg Braca as Head of U.S. Corporate and Specialty Banking, reporting to TD’s president and CEO Bharat Masrani. Braca will be responsible for corporate banking, in partnership with TD Securities, as well as commercial real estate, healthcare, equipment finance, asset-based lending, and dealer commercial services.

Read more...
Date Posted March 8, 2012

Nations EF Opens Offices in Chicago, Cleveland, Tampa

Nations Equipment Finance said it has opened offices in Chicago, Cleveland and Tampa. These new offices are in addition to existing offices in New York, Dallas and its headquarters in Norwalk, CT.

Read more...
Date Posted March 8, 2012

De Lage Landen Earnings Up 51% Year/Year

Rabobank reported that its De Lage Landen leasing business net profit rose 51% to $400 million, up from $264 million in 2010. The bank noted that the increase reflected an increase in margins, recovery of residual value gains and lower bad debt costs.

News — Top Ten Stories

SPONSORED LINKS

SUBMIT YOUR PRESS RELEASES

About

Classifieds

Advertising

Information

Subscribe