BANKING & FINANCE
BANKING & FINANCE: Willis Lease engine pool expands to five with Aloha
Monday, March 3, 2008
BY WILLIAM JASON
STAFF REPORTER
Sausalito-based Willis Lease Finance Corp. (Nasdaq:WLFC) added Aloha Airlines to its aircraft engine-sharing pool, expanding the number of airlines to five since the pool was formed in October 2006.
Willis leases spare commercial aircraft, engines and parts to airlines, engine manufacturers and maintenance and overhaul providers. The company’s engine-sharing pool lets airlines rent spare engines from each other – and from Willis – using a Web-based tracking system.
“This will be the wave of the future,” said Charlie Willis, the company’s CEO.
The engine pool covers CFM56-7B engines used to power Boeing 737 aircraft. In addition to Aloha, WestJet, American Airlines, Southwest Airlines and Alaska Airlines have all signed up for the service.
Willis Lease recorded $29.8 million in revenue in the third quarter of 2007, ending the quarter with $825 million in assets.
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In the latest example of credit union consolidation, Angwin-based Silverado Credit Union joined Credit Union Shared Resources, a system for credit unions to share online banking and lending services. The group now includes six credit unions, all of which remain independent entities.
Santa Rosa-based Community First Credit Union, the North Bay’s second-largest credit union, became the first North Bay credit union to join the consortium last November. The con-sortium’s other members include Allied Credit Union of Stockton, Tracy Federal Credit Union of Tracy and First Federal Credit Union and Community Trust Credit Union, both of Modesto.
“With our current configuration, we could add another 20 like-sized credit unions,” said Frank Michael, CEO of Allied Credit Union and a founder of the consortium.
Silverado Credit Union reported $42.5 million in total assets and 6,509 total members as of Dec. 31.
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Community bank examiners are taking a closer look at commercial real estate loans, according to the American Bankers Association’s annual Community Bank Competitiveness Survey.
Of the bank chiefs surveyed, 39 percent said commercial real estate was their examiner’s greatest focus, the highest percentage named for any topic and an increase from 27 percent last year. The Bank Secrecy Act, which was last year’s top-reported examiner concern at 52 percent, dropped to second place with 35 percent.
The survey also showed strong expectations for future mergers and acquisitions. More than a third of banks larger than $100 million said they expect to acquire another bank within five years. The percentage jumped to 46 percent for banks larger than $200 million, 52 percent for those above $500 million and 69 percent for banks larger than $1 billion.
However, less than 8 percent of those surveyed expected their own bank to be acquired.
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Financial advisory firm Retirement Capital Strategies is expanding in Napa, where the company plans to move out of a 1,200-square-foot office into a 4,200-square-foot space at the new Napa Square project.
Based in San Jose, the company gained a Napa presence in 2005 when it acquired Butler Investment Management Group.
The company, which currently has three advisers, said it plans to double its staff later this year.
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Submit items for this column to William Jason at 707-579-2900 ext. 225,
wjason@busjrnl.com or fax 707-579-8475.
