The largest African-American, Latino and woman-owned investment bank in the United States has changed its name to Siebert Cisneros Shank & Co., LLC, effective Monday, to reflect its ownership structure.
SCSCO, known since its founding 20 years ago as Siebert Brandford Shank & Co., made the change to reflect last year's change in ownership, which now includes equity partner Henry Cisneros. Cisneros is the former U.S. Secretary of the Department of Housing and Urban Development and the former Mayor of San Antonio.
Co-founder Suzanne Shank is Chairwoman and Chief Executive Officer of the firm and is its majority owner. Cisneros' interest in the company is the second largest.
Shank announced its new corporate structure last November where Cisneros also became an partner in the company along with former New York City Comptroller William C. Thompson, who is the firm's Chief Administrative Officer and a Managing Director; Sean Duffy, Managing Director of Institutional Sales; and equity partner Victor Miramontes, previously CEO of North American Development Bank.
The company was started in 1996 by Shank and the late Muriel Siebert, the first woman to own a seat on the New York Stock Exchange, along with former chairman Napoleon Brandford III, who is now retired.
"Founding and growing a firm to national prominence with trailblazers Muriel Siebert and Napoleon Brandford, both highly regarded finance titans, was an incredible honor and journey," Shank said. "We were able to achieve many firsts – first MWBE [Minority and Woman-Owned Business Enterprise] to break into the Top 10, first MWBE to lead a deal over $1 billion, and first MWBE to lead transactions in many jurisdictions across this nation."
Cisneros told The Bond Buyer that was an exciting time for him to be in public finance – and with this company.
"I have only admiration for the foresight and vision and courage of those who organized the original firm: Muriel Siebert, the first female face of Wall Street; Napoleon Brandford, a pioneer in the municipal finance field; and Suzanne Shank, who came into the firm young, but had the discipline and stamina to build it into the highest profile firm of its kind in the business," Cisneros said.
He added that he enjoys working with Shank "who brings an engineer's attention to detail and matches it with a deep financial background. It's a pleasure working with someone so professional."
Looking to the future, Shank said she sees SCSCO continuing to branch out as its moves ahead into its next 20 years.
"As we enter the 20th anniversary of our founding I am thrilled to continue [the founders'] legacy with the accomplished team of new partners I gained last year," she said. "The new ownership team has been an overwhelming success and there is no limit to what Siebert Cisneros Shank can achieve."
Since its founding in 1996, the firm has conducted over $1.2 trillion of municipal bond transactions and $1 trillion of corporate bond and equity deals. The company's business includes municipal bond underwriting along with corporate debt and equity underwriting, investment banking and execution services.
"We announced our new management in November of 2015 and this change in name is simply reflecting a new reality," Shank told The Bond Buyer. "But this name change is an equally exciting event as we move forward with the new principals, especially Henry who has vast experience as both a former HUD secretary and as a Mayor."
Shank said Cisneros' "knowledge and experience only make us better when we have someone on our team who has faced these issues before."
In 2015, the company said it ranked third nationally in overall deal size for senior managers of municipal bond negotiated deals and came in at Number 12 for all issuance. For the 18th year in a row, it was America's Number 1 MWBE firm.
"I am both honored and humbled to have my name attached to such a dynamic and successful firm," Cisneros said. "I have been very impressed with our banking team and its ability to handle the largest financial transactions, outperforming larger firms and delivering outstanding results for our clients."
With dual headquarters in New York and Oakland, SCSCO has 17 offices in the United States, including Atlanta, Boston, Chicago, Dallas, Detroit, Ft. Lauderdale, Houston, Los Angeles, Miami, Philadelphia, Sacramento, San Antonio, Seattle, St. Louis and Washington, D.C.
"This has happened at a time that's exactly right for the industry. This firm represents the face of the country – through its officers and staff," Cisneros said. "We reflect America's demographics and have a real respect for both its heritage and its diversity."
He added that the firm's rededication comes at a time when there's a renewed interest in infrastructure of all kinds, and that there's been a burst of commitment to rebuilding and renewing the country's infrastructure.
"Having worked in every state in our nation, I recognize that there is immense work to be done in terms of financing major public infrastructure," said Cisneros, "And I am certain SCSCO will play a significant role in that effort."
