CHICAGO — Philadelphia-based PNC Capital Markets this month expanded its public finance banking presence to Illinois with the hiring of Walter Stock in Chicago.
Stock started earlier this month as a managing director. He previously worked for 10 years in the public finance group at Mesirow Financial Inc. as a managing director.
“In his new role, Stock will focus on business development among the local government sector,” PNC said in a statement.
The firm hopes to add additional bankers in Chicago and remains intent on expanding into Florida. It also has its eye on expanding other offices, according to Thomas Henson, PNC’s head of public finance.
In addition to launching a new municipal transportation team working out of its headquarters earlier this year, the firm announced plans for a three-state expansion into Florida, Illinois, and Michigan. It hired Anton Colon — who formerly worked for National City on the corporate finance side and at Mesirow — to establish a Grand Rapids, Mich., office. The firm also opened a Cincinnati office.
PNC doubled the size of its public finance team between 2003 and 2007. It now has more than 40 muni finance professional among its ranks and is seeking to expand to other regions, building on its reputation in the Northeast as a strong middle-markets senior manager.
The growth spurt comes after PNC Financial Services Group acquired National City Corp. in 2008. The two firms completed the integration of their public finance groups — PNC Capital Markets and NatCity Investments Inc. — late last year.
PNC ranks 20th so far this year nationally, senior managing 103 deals valued at $2 billion. It ranked 22nd last year, down from its 14th place finish in 2008, according to Thomson Reuters. PNC ranks 15th so far this year in the Midwest, senior managing 23 deals worth $625 million. It finished 28th last year and was 17th in 2008.