The Residuals (Fleet Capital Leasing)

The Residuals (Fleet Capital Leasing)

The Residuals, an amateur rock band formed by executives of Fleet Capital Leasing, Providence, RI (a division of FleetBoston Financial Corporation, now Bank of America), won the 2003 Fortune Battle of the Corporate Bands competition at the Rock & Roll Hall of Fame and Museum in Cleveland, OH, defeating over 40 entries and seven other finalists in the national contest.

The Residuals began in late 2000 when, during an evening barbecue event, part of a national sales meeting for FleetBoston executives in Colorado Springs, CO, several attendees entertained the crowd with an impromptu jam session conducted on rented musical instruments, belting out covers of a few rock standards. The results were rough, but promising.

Upon returning to Providence, a few members of this Colorado pick-up band, including J. William (Bill) Kell, David Parr, Mike Kelleher, and Ed Medici, decided to continue playing together, and began jamming once or twice a week in Bill's basement. Howard Merritt joined Fleet in early 2001, and was invited to join the group as vocalist that May. Later that year, the as-of-yet unnamed band began playing company events, small gigs and open-mike nights at venues in the Providence area. In early 2002, Bill Kell came up with the band's new name, a play on the business term "residual" and on the fact that the band consisted of members of the 2000 Colorado jam session who decided to stick it out, the "remainders" or "residuals". The name also alludes to the fact that all of the band's members are over 40 years of age.

In late 2002 the Residuals expanded their sound with the addition of a horn section, comprised of Bob Merrill on tenor sax and Jeff Johnson on alto sax. This seven-piece lineup was maintained for two years, through the 2003 Fortune championship and the band's return engagement at the Rock Hall of Fame in October 2004. With the departure of Johnson to Arizona in mid-2004, the Residuals revamped their sound immediately after the October Cleveland gig, dispensing with the horn section and dropping guitarist Kelleher. The new four-piece (Kell on drums, Medici on bass/guitar, Parr on keyboards/guitar/bass, and Merritt on vocals) played several gigs in the Providence area in late 2004 and through mid-2005, when Merritt relocated to Virginia. The current Residuals consist of Kell, Parr, and Medici, with Kelleher and Merritt filling in occasionally.

Sample song: "Brand New Cadillac" by The Residuals:

Band members:

J. WILLIAM KELL (drums, vocals, backing vocals) - The leader and driving force behind the Residuals, Bill Kell is the Chief Operating Officer and Chief Credit Officer for Bank of America (formerly Fleet Capital) Leasing, a position he has held for the past eight years. He has been in the commercial equipment leasing business for over thirty years. A Georgia native, Bill has been drumming since high school, and he has served as a drummer for several superb semiprofessional bands throughout high school, college, and his professional life.

DAVID W. PARR (piano, organ, keyboards, bass, backing vocals) - David Parr is Vice President and Group Senior Counsel of Bank of America Leasing, providing legal support for middle-market and large corporate direct lease origination and syndication. He had served since 1998 in a similar capacity at BancBoston Leasing, which merged into Fleet Capital Leasing in 1999. David began practicing law in 1983. He has a BA from Trinity College, a JD from Syracuse University (where he was a senior law review editor), and an LLM in tax law from Boston University. David has played keyboards since he was 10 years old and also plays guitar, bass and mandolin. David is also an award-winning home brewer and certified beer judge.

EDWARD M. MEDICI (bass guitar, rhythm guitar, backing vocals) - Ed Medici is Vice President and Syndicator at Bank of America Leasing, providing capital markets placement services for middle-market and large corporate financings. He has a BA from Connecticut College, a JD (cum laude) from Roger Williams University (where he was a senior law review editor), and is a member of the Rhode Island Bar. Ed has played guitar since he was 12 years old.

MICHAEL E. KELLEHER (guitar, backing vocals) – Mike is a Vice President and Underwriter in Bank of America Leasing’s Commercial Credit Group, a position he has served in for the last six years. He has over 20 years experience in the commercial banking industry. A graduate of State University of New York (SUNY) at New Paltz, Mike also has an MBA from SUNY Albany. He has been playing guitar and piano since he was a teenager, and has been a member of several other non-professional bands.

HOWARD F. MERRITT (vocals) – Howard Merritt was Manager for Business Development in Fleet Capital (now Bank of America) Leasing’s Corporate Development Group, and has held that position for three years. He has since left the company. A Naval Academy graduate, Howard spent eight years in the Navy as a Supply officer, prior to leaving the service and attaining his MBA degree at the University of Virginia in 1997. In March 2003, he emerged as the victorious contestant on an episode of NBC's “The Weakest Link” game show.

ROBERT E. MERRILL (tenor saxophone) – Bob Merrill is Vice President and Senior Managed Assets Division (MAD) Team Leader at Bank of America Leasing, a position he has held with the company for six years. Bob began playing the sax in 5th grade, and played actively through high school and college (BS in Chemistry from Boston College; MBA from Babson College). In addition to his financial background, as a young man Bob spent two summers working as a gravedigger at the Duxbury, MA town cemetery.

JEFFREY R. JOHNSON (alto saxophone) – Jeff Johson was the lone band member not in the financial services industry. He is Director of Technology for Sumika Electronic Materials, Inc. (SEM), a subsidiary of Sumitomo Chemical Company, Ltd. He holds a BS in Chemistry from Indiana University and a Ph.D. in Chemistry from the University of Pittsburgh. Jeff has played woodwinds since elementary school, and spent 7 years playing in various U.S. Army bands around the world.

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