IFC Credit Corporation Announces Acquisition of FIRSTCORP

MORTON GROVE, Illinois, January 31, 2003 -
IFC Credit Corporation announced today that it has signed a definitive agreement to acquire First Portland Corporation dba FIRSTCORP, based in Portland, Oregon.

FIRSTCORP is a leading small-ticket lessor of office equipment. The company serves equipment suppliers and end-users of equipment through a direct sales force, and through an advanced online lease processing system. Rudolph D. Trebels, President and CEO of IFC Credit, commented: “The acquisition of FIRSTCORP is an excellent strategic fit for IFC Credit, and results in our becoming one of the largest independent lessors in the industry.”

Len Ludwig, Chief Executive Officer of FIRSTCORP commented, “Since the two companies have complimentary strengths and areas of expertise, the new combined entity will be in a position to offer customers a complete menu of products and services.” Mr. Trebels concluded: “We expect a smooth integration of FIRSTCORP’s business into our operations, and will work to maximize the benefits of the expanded services and customer base. These factors, combined with greater financial resources and broadened management and service teams, should result in efficiencies and further growth.”

As a result of the acquisition, IFC Credit will have an expanded market presence through staffed offices in Chicago, Irvine, Dallas, Atlanta, New Jersey, Portland, and Morton Grove, IL. The transaction is expected to close by February 10, 2003. Terms of the transaction were not disclosed.


Media Contact

Brian Cascarano
Vice President of Marketing
(847) 663-6700

bcascarano@
ifccredit.com