WASHINGTON, Nov. 13, 2008 (GLOBE NEWSWIRE) -- The Equipment Leasing and Finance Association (ELFA) announces its new Board of Directors and Officers, who will serve during the next 12 months. James J. Ambrose, President, Equipment Finance, GE Healthcare Financial Services is the Chairman of the Board and Kenneth R. Collins, Jr., Chairman, President and CEO, Susquehanna Commercial Finance, Inc. is now Chairman-elect.
The Chairman-elect and new board members were recommended by ELFA's nominating committee and approved by a vote of the general membership.
"The equipment finance industry faces significant challenges resulting from the unprecedented combination of recent macroeconomic events and we will continue to face pressure over the next several quarters from the fallout in the financial markets," said James J. Ambrose, President, Equipment Finance, GE Healthcare Financial Services. "The Association's president, Ken Bentsen and ELFA staff have made great strides to keep our members and the larger financial community aware and informed about how these critical issues will impact our industry. The ELFA is positioned not only to respond to this challenge, but to affect it as well on our behalf," said Ambrose.
"During my tenure as ELFA Chairman, I look forward to driving broader and deeper engagement of our member companies with the ELFA staff, standing committees, business councils as well as with the board to best position our industry to weather this economic storm and bring opportunities for growth to our membership," said Ambrose.
"We are extremely pleased to have Jim Ambrose to chair the Association at a time of tremendous upheaval in the capital markets and the economy," said ELFA president, Kenneth E. Bentsen, Jr. "As the equipment finance sector weathers these uncertainties, association members and the industry at large will benefit from his leadership and global financial experience and that of our strong Board of Directors and Officers. ELFA is prepared to confront the challenges ahead," said Bentsen.
Mr. Ambrose has over 26 years of experience within the GE business community, where he has held several leadership positions in marketing, product management and sales. His current position is president of the global Equipment Finance organization within GE Healthcare Financial Services (HFS). HFS Equipment Finance includes: GE Healthcare equipment financing, vendor program financing, healthcare and dental practice financing and has operations in the U.S., Europe, Asia and Latin America. He holds a Bachelor's degree from Boston College and an MBA in Finance from New York University.
Mr. Ambrose has been an active member for over seven years and has held previous leadership positions with the ELFA as Chairman-elect, Vice Chairman, Director and as a member of the Finance Committee of the Board.
The new members of the ELFA Board of Directors include:
* Justin Cooper, President, CHP Consulting * John W. Heist, Jr., Vice President - Syndications, CCA Financial, LLC * David T. Schaefer, President, Orion First Financial, LLC * Larry A. Smilie, Managing Director, Banc of America Leasing * Kris A. Snow, President - CIT Vendor Finance * William F. Stephenson, Global Chief Commercial Officer, De Lage Landen Financial Services
Kenneth E Bentsen, Jr. continues to serve as President. John M. Butler, President and CEO, John Hancock Leasing Corporation, Curt F. Glenn, Senior Vice President - Portfolio Management, GATX Corporation, and David A. Merrill, President, Fifth Third Leasing Company were elected by the Board of Directors to serve as ELFA Vice Chairs. Edward A. Groobert, Esq., Dykema Gossett, continues to serve as secretary and Thomas M. Jaschik, President, BB&T Equipment Finance, is elected by the Board of Directors to serve as treasurer.
William H. Verhelle, CEO of First American Equipment Finance is immediate past chair. In addition to Mr. Cooper, Mr. Heist, Mr. Schaefer, Mr. Smilie, Ms. Snow and Mr. Stephenson, the following are also members of the ELFA Board of Directors:
* Kent M. Adams, President, Caterpillar Financial Services Corporation * George K. Booth, Managing Director, Black Rock Capital LLC * Aylin N. Cankardes, President, Rockwell Financial Group * Edward Castagna, President, Nassau Asset Management * Glenn P. Davis, Vice President, NorLease, Inc. * Crit DeMent, Chairman, CEO, LEAF Financial Corporation * Christa Hemans, President, Court Square Leasing Corporation * James McGrane, President & CEO, US Express Leasing, Inc. * Richard Remiker, Chief Administrative Officer, RBS Asset Finance * Robert J. Rinaldi, Executive Vice President, National City Commercial Capital Company, LLC "NC4" * Philip R. Rosenblatt, Partner, Nutter, McClellen & Fish, LLP * Frederick S. Summers, Chairman & CEO, Vision Financial Group, Inc. * Adam D. Warner, President, Key Equipment Finance
About the Equipment Leasing and Finance Association
The Equipment Leasing and Finance Association is the trade association that represents companies in the $650 billion equipment finance sector which includes financial services companies and manufacturers engaged in financing capital goods. Its more than 700 members include independent and captive leasing and finance companies, banks, financial services corporations, broker/packagers and investment banks, as well as manufacturers and service providers. For more information, please visit www.elfaonline.org
The ELFA is also the premier source for statistics and analyses covering the equipment finance sector. To access ELFA's comprehensive industry information, please visit http://www.elfaonline.org/ind/research/
The Equipment Leasing and Finance Association logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5375
Media/Press: For a photograph of Mr. Ambrose or if you have any questions about ELFA, please contact Diane Helyne Zyats at ELFA at dzyats@elfaonline.org or 202-238-3438.