Portfolio Financial Servicing Company Engaged to Provide Multi-State Sales, Use and Personal Property Tax Services

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PORTLAND, OR.  Portfolio Financial Servicing Company (“PFSC”), a third party servicer of commercial and consumer leases, loans and annuity-type contracts, announced today that it has been engaged to perform nationwide sales, use and personal property tax return preparation, filing and treasury services for a recently formed equipment leasing division of a bank holding company.  Terms of the agreement remain confidential.

Under the agreement, PFSC will provide its client with nationwide sales and use tax return preparation and filing services and will prepare and file annual personal property tax renditions.  PFSC will also perform treasury services, complete tax registrations as its client enters new jurisdictions, and provide audit support and other ad hoc services related to sales, use and personal property tax administration.

In response to this new engagement, John Enyart, President of PFSC, stated, “We are delighted to have entered into a multi-year tax administration agreement with our client.  Given the industry success our client’s management team has exhibited in the equipment leasing industry, we expect them to have a prompt and significant presence very quickly.  By selecting PFSC as its service provider, our client will be able to focus on developing origination channels and other critical areas of its business, while leveraging PFSC’s people, processes and technology to perform tax administration services.  Sales, use and personal property tax administration has been a core competency at PFSC for many years and we sincerely appreciate the confidence our client has placed in PFSC and our capabilities”.

About Portfolio Financial Servicing Company

Portfolio Financial Servicing Company (“PFSC”) is a third party private label servicer of commercial and consumer leases, loans and annuity type transactions (inclusive of structured settlements, lottery prize, and royalty-based receivables).  Since 1992, PFSC has serviced billions in asset value for a diverse group of clients across the U.S.  PFSC provides a comprehensive suite of services including primary servicing, successor servicing, and backup servicing.  PFSC also provides certain a la carte services such as document custodianship, multi-state vehicle titling and multi-state sales/use and personal property tax reporting and compliance.  For more information, visit www.pfsc.com