March 31, 2003 (Gig Harbor, WA) -- Orion First Financial, LLC (Orion)
announced that Union Safe Deposit Bank of Stockton, CA (Union Safe)
has further expanded its servicing relationship with the addition
of approximately 800 lease contracts recently acquired by the Bank
from Leverage Leasing Company of Omaha, NE in the amount of $15,200,000.
Kropschot Financial Services represented the seller in the transaction.
"We are pleased to be working with a progressive bank like
Union Safe. This is the third portfolio we have arranged for the
Bank to purchase and we are pleased to be part of the Bank's ongoing
commitment to the commercial equipment leasing market. Our goal
has been to help Union Safe successfully acquire select portfolios
and provide the highest level of service to maximize portfolio performance.
We look at the Bank's expansion with Orion as a validation of our
lease servicing and portfolio management capabilities," said
David T. Schaefer, President and Managing Member of Orion First
Financial, LLC.
Orion provides consulting and advisory services to Union Safe Deposit
Bank by assisting in the location of portfolios for acquisition,
portfolio analysis and in negotiation of the purchase. The services
provided by Orion allow 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 phases
of collection activity.
Karl Miller, Executive Vice President of Union Safe Deposit Bank,
stated, "Our relationship with Orion First Financial has enabled
us to significantly increase our equipment leasing portfolio, improve
our margins and maintain losses within a reasonable level. We are
very pleased with Orion's performance and look forward to a long-term
relationship."
Michelle Parker, Vice President and Team Leader of the Bank's Commercial
Leasing Group, noted that "The staff at Orion provides superior
service and has extensive knowledge in its respective areas of expertise.
The advisory capacity of Orion has been invaluable throughout the
transactions. Orion is a fully capable source for efficient lease
servicing."
About Orion First Financial, LLC
Orion First Financial provides a complete and comprehensive suite
of services to assist lending institutions and lessors successfully
compete in the commercial equipment leasing industry. With a concentration
in small-ticket leasing, Orion provides consulting and advisory
services, lease servicing and complete portfolio management. The
company has developed a funding mechanism by creating joint ventures
with lease originators and arranging warehouse and permanent financing.
Orion First Financial, located in Gig Harbor, WA, employs state-of-the-art
technology combined with years of management experience to insure
that lease portfolios are managed in a sound and cost-effective
manner.
About Union Safe Deposit Bank
Union Safe Deposit Bank, based in Stockton, CA, was founded in 1897
and is one of the oldest independent, community banks in California.
The Bank's Commercial Banking Group provides traditional commercial
lending services to business and agri-business customers, cash management
solutions and commercial real estate financing. Additionally, the
Bank's Financial Management Group provides investment management,
retirement planning and traditional trust services.
