Portfolio Financial Servicing Company Selected by Two Northwest Banks as Successor Servicer for Commercial Auto Lease Portfolio

PORTLAND, OR. Portfolio Financial Servicing Company (“PFSC”) announced today that it has entered into a definitive agreement with two regional banks located in the Northwest to service and administer the wind down of a commercial auto lease portfolio. Terms of the servicing agreement remain confidential.

In its capacity as Successor Servicer, PFSC will be responsible for substantially all servicing functions, including invoicing and ACH processing, payment posting, early and late stage collections, modifications and renewals, equipment repossessions, sales/use and personal property tax billing and reporting, insurance tracking and insurance claims processing, vehicle titling, and financial and managerial reporting. John Enyart, President of PFSC, commented, “Servicing leases and managing the disposition of commercial and consumer auto assets has been a core competency at PFSC for many years. We look forward to assisting both of these financial institutions with the ongoing management and wind down of their respective portfolios”.

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.