IFC Credit Announces Completion of FIRSTCORP Acquisition

MORTON GROVE, Illinois, February 28, 2003 -
IFC Credit Corporation announced today that it has completed its acquisition of First Portland Corporation dba FIRSTCORP. IFC Credit has purchased all of the outstanding capital stock of FIRSTCORP, and plans to merge the company with its own operations over the next six months.

FIRSTCORP, based in Portland, Oregon is an independent small-ticket lessor providing services to end-users primarily through manufacturer and dealer channels. The company has developed relationships with sales organizations in healthcare, computer, manufacturing industries, and others to help these equipment vendors increase sales productivity and improve customer service. FIRSTCORP accomplishes this through the efforts of their direct sales force utilizing an advanced online, real-time lease processing system.

Rudolph D. Trebels, President and Chief Executive Officer of IFC Credit, stated: “FIRSTCORP is an excellent strategic fit for IFC. The acquisition results in a stronger company with increased capabilities, and supports our strategy of growth both through internal operations and acquisitions.” In February 2002, IFC acquired Spectrum Medical Leasing, Inc., a lessor specializing in the healthcare market.

Highlights of the combined company include:

• 10,000 leases under management totaling $200 million in receivables.
• 120 employees located in the metropolitan areas of Chicago, Los Angeles, Dallas, Atlanta, New York, and Portland, with IFC’s headquarters being maintained in Morton Grove, Illinois.
• 32 sales and marketing professionals serving the vendor services, middle market, and venture leasing market segments.
• Assimilation of FIRSTCORP’s business platform into IFC Credit’s leasing operations, with lease operations being directed by John Estok, former President of FIRSTCORP.
• Integration of FIRSTCORP’s web-based Lease Sales Manager™ front-end software with IFC Credit’s LeasePlus™ software, both products of Lease Team, Inc. of Omaha, Nebraska.


Media Contact

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

bcascarano@
ifccredit.com