Mergers & Acquisitions

GE Capital will acquire a majority stake in CitiCapital, the North American commercial lending and leasing business of Citigroup, in a cash transaction the companies expect to conclude by the third quarter of 2008. The deal will add roughly $13.4 billion in assets to GE Capital's Commercial Finance business. Among the CitiCapital equipment finance business lines GE Capital will acquire through the deal will be Healthcare Finance, Private Label Equipment Finance, Material Handling Finance, Franchise Finance, Construction Equipment Finance, Bankers Leasing, and CitiCapital Canada, while the Tax Exempt Finance business will remain a Citi asset. GE Capital and Citi are also investigating strategic cross-sell relationships with commercial clients.

De Lage Landen, Eindhoven, the Netherlands, completes the acquisition of Siemens Leasing Kft. and Siemens Finance Zrt. in Hungary, which now become De Lage Landen Finance Zrt. and De Lage Landen Leasing. Kft. This change does not affect the employees, or the management.

State Bancorp, Inc., Jericho, New York, parent company of State Bank of Long Island, signs an agreement with Main Street Bank, Kingwood, Texas, for the sale of substantially all of the assets of State Bank's leasing subsidiary, Studebaker-Worthington Leasing Corp. Studebaker will operate as a division of Main Street Bank and continue its national equipment leasing business from its present Jericho, New York office with its current senior management, including CEO Kenneth Paston.