Equilease Financial Services, Inc. announced that it has been retained by SL Financial Services Corporation of Westport, Connecticut to provide account servicing and reporting for SL Financial's $260 million portfolio of middle-ticket equipment leases and loans. In conjunction with this, Equilease has hired several of SL Financial's employees.

"We're very enthusiastic about the opportunity to work with SL Financial's management and staff in servicing its existing portfolio along with its financial reporting requirements," said Gary Silverhardt, President and CEO of Equilease.

Nils Boenicke, Chief Executive Officer of SL Financial, said, "We selected Equilease because of its proven skill in managing a portfolio like ours. We were seeking a creative and flexible organization that has a demonstrated understanding of our customers and corporate needs."
 
SL Financial Services was ranked among the largest bank leasing companies by The Monitor. As a wholly owned subsidiary of SüdLeasing GmbH, SL Financial Services is part of LBBW Financial Group (Landesbank Baden Württemberg) of Stuttgart, Germany, an A+ rated bank with assets of around EUR 374 billion (as of 31 December 2010) and some 13,000 employees in the Group .Over the past several years, Equilease has built a robust financial asset servicing infrastructure with seasoned personnel experienced in all aspects of equipment lease portfolio management and financial reporting, including customer service and collections, credit analysis, documentation, billing, accounting, financial and tax reporting, and legal and asset management.
 
Equilease has obtained an SSAE-16 certification (Statement on Standards for Attestation Engagements No. 16, now the AICPA's standard for examination of controls at service organizations.) of its leasing services system and the design and operating effectiveness of its internal controls.
 
Equilease also has extensive experience in rapidly and accurately transitioning portfolios from third parties to its own systems. Since 2002, Equilease has purchased and transitioned more than thirty equipment lease portfolios representing over $1 billion of original asset cost. For further information, contact: John Guadagno, jguadagno@eqfsdirect.com 203-354-1703 Equilease Financial Services, Inc. 50 Washington Street South Norwalk, CT 06854