December 27, 2001 (Gig Harbor, WA) -- Orion First Financial, LLC
(Orion) announced that it has signed an agreement with Union Safe
Deposit Bank of Stockton, CA (Union Safe) to provide complete portfolio
servicing to the bank for approximately 1500 lease contracts recently
acquired by the bank.
"We are pleased to be working with a progressive bank like Union
Safe Deposit Bank. The services provided by Orion First Financial,
LLC will enable the bank to broaden their lending activities allowing
them to successfully compete in today's equipment leasing marketplace."
said David T. Schaefer, President and Managing Member of Orion First
Financial, LLC.
In addition to portfolio servicing Orion provided consulting and
advisory services to Union Safe Deposit Bank by assisting them in
locating portfolios for acquisition, providing analytical services
and in negotiating of the purchase. The services provided by Orion
allows banks and other lending institutions the ability to invest
in small ticket, high margin leases without additional overhead or
the hiring of specialized management. Orion's services include billing,
tax administration, customer service and all collection activity.
Karl Miller, Executive Vice President of Union Safe Deposit Bank
stated "The success of our bank in the future depends upon our
ability to provide a wide range of services to our business customers,
expand our customer base and increase our profit margins. Our relationship
with Orion First Financial will enable us to increase the asset base
of the bank with improved margins in a cost-effective manner. We look
forward to a long relationship with Orion First Financial."
About Orion First Financial, LLC
Orion First Financial provides a complete and comprehensive suite
of services to assist lending institutions in all segments of portfolio
management. With a concentration in small ticket leasing Orion provides
consulting and advisory services, portfolio administration, tax administration
and complete collection support. Orion First Financial located in
Gig Harbor, Washington employs state of the art technology combined
with years of management experience to insure that lease portfolios
are handled in an effective manner.
About Union Safe Deposit Bank
Union Safe Deposit Bank was founded in 1897 and is one of the oldest
independent community banks in California. The Bank's Commercial Banking
Group provides cash management solutions, commercial real estate financing,
and traditional commercial banking services to business and agribusiness
customers. Additionally, investment management, retirement planning
and traditional trust services are provided to consumers and commercial
customers by the Bank's Financial Management Group.
