Source Capital Corp. has activated a leasing subsidiary, Source Capital Leasing Co., and put the former head of leasing from another Spokane financial institution in charge.
Ronald E. Schutz becomes executive vice president of the new subsidiary after less than two years as president and chief executive officer of USB Leasing Inc., a subsidiary of United Security Bancorporation.
Also making the move to Source from USB are Mark S. Hull, assistant vice president, and Shelly M. Minnick, administrative assistant.
Schutz said Source Leasing will negotiate and hold small leases for its own portfolio, and work with other financial institutions on larger deals.
“It’s just a matter of marketing,” said Schutz, who added that Source’s Seattle and Portland offices will give the small commercial lender beachheads outside the Inland Northwest.
At USB, meanwhile, President William “Bud” Dashiell said Jeffrey Verble has added president of USB Leasing to his duties as president of the company’s mortgage subsidiary.
Leasing yielded a substantial profit to USB in 1996 and that should continue given the deals that have several years left to expiration, he said. Leasing growth has exceeded forecasts, Dashiell said. , DataTimes