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LINC TO MANAGE VENDOR FUNDING CO. LEASING PORTFOLIO

 LINC TO MANAGE VENDOR FUNDING CO. LEASING PORTFOLIO
 CHICAGO, Feb. 7 /PRNewswire/ -- LINC Scientific Leasing, a subsidiary of The LINC Group, Inc., has been appointed by Bank of Ireland First Holdings, Inc. to manage the entire lease and secured financing portfolio of its New York-based Vendor Funding Co., according to Martin E. Zimmerman, president and chief executive officer of The LINC Group, Inc.
 "This appointment presents a significant opportunity for LINC to apply our experience in health care and high technology equipment leasing to further expand our portfolio management business," said Zimmerman. LINC will manage Vendor Funding's portfolio, which at the end of 1991 had gross receivables in excess of $150 million, from its Chicago headquarters.
 A diversified equipment leasing company, Vendor Funding was formed in 1978 and acquired by First Holdings in 1987. The company has leased computers, printing, graphic arts and other equipment, primarily through leasing programs for manufacturers nationwide. First Holdings is a subsidiary of the Bank of Ireland, Dublin.
 LINC will provide a full range of services to manage the accounting, customer service, billing, collecting, tax reporting, asset recovery and remarketing responsibilities of Vendor Funding.
 "In our search for a portfolio managing company, we found The LINC Group to be of top caliber and the most qualified to manage the Vendor Funding portfolio. We are confident they will perform an outstanding job," said Charles H. Eppinger, executive vice president, Bank of Ireland First Holdings, Inc.
 "We believe this is a win-win situation for both sides and plays to our respective strengths," said Terrence J. Quinn, president and chief executive officer for LINC Scientific Leasing. "First Holdings can exit the leasing business and concentrate on banking while LINC can provide its expertise in leasing to successfully wind down Vendor Funding's portfolio over the next several years. This innovative solution offers considerable promise of good returns for both parties and continued quality service to leasing customers of Vendor Funding."
 LINC Management Services, an affiliate of LINC Scientific Leasing, will manage the portfolio under the project management of Kenneth V. Hachikian and John W. Snead.
 The LINC Group of financial services companies is the largest independent lessor in the U.S. specializing in health care, with a leased equipment portfolio in excess of $800 million.
 -0- 2/7/92
 /CONTACT: Sara Pearsaul, 312-946-1000, or Susan Pruyn, 312-988-2338, both for LINC/ CO: LINC Scientific Leasing, The LINC Group Inc. ST: Illinois IN: FIN SU:


SH -- NY036 -- 7749 02/07/92 11:53 EST
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Publication:PR Newswire
Date:Feb 7, 1992
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