For Immediate Release - March 03, 2011

Treasurer Steven Grossman Keeps Promise and Breaks New Ground

Names Siebert Brandford Shank and Co. as Senior Lead Manager

Company becomes first women-owned, minority-owned firm to hold position

Boston , MA - Massachusetts State Treasurer Steven Grossman announced today the selection of the senior lead manager of an $80 million refinancing project and in doing so, made history. The winner was Siebert Brandford Shank & Co. LLC, headed by President and Chief Executive Officer Suzanne Shank. SBS is believed to be the first minority-owned, women-owned firm to ever hold such a post for a Commonwealth bond issue.

The refunding transaction is expected to save Massachusetts taxpayers approximately $7 to $10 million (subject to market conditions), and the naming of SBS honors one of the promises Grossman made when he was seeking the post of Treasurer.

Grossman said, "I have a deep commitment to ensuring that women-owned and minority-owned businesses can compete for Treasury business in Massachusetts. Based on creativity, innovation and superior performance, SBS was awarded this deal because they were number one across the board in competing with the largest investment banks in America."

President and CEO Suzanne Shank was recently named one of the 25 most powerful women in Finance by USBanker.com. In the article it was noted that SBS broke into the top 10 of municipal bond underwriters last year. Their average deal size was second only to Goldman Sachs. Last year, the company was the lead underwriter in bond deals for the Dallas/Fort Worth International Airport, the Cleveland Airport System, the New York City Municipal Water Finance Authority, and the City of Detroit.

Here in the Commonwealth, SBS has been involved in financing for the MBTA, Massport and served as the Financial Advisor on the 2010A Build America Bonds (BABs) competitive bond offering.

###