St. Louis-based Stern Brothers & Co. has promoted veteran banker Terrence Finn to president and chief executive officer, replacing Donald A. Estell, who has taken the newly created position of company chairman.
The management shift went into effect Jan. 2.
Finn started at Stern as a vice president in 1990, with a focus mainly in multifamily housing. In 2000, he was appointed to senior executive vice president, a position he held until the beginning of this year.
“I’m excited about the future of the company and my involvement in building on the successful base that we already have in place,” Finn said.
The firm, which was founded in 1917, has offices in Chicago, Kansas City, Indianapolis, Tampa, and Wichita. The company is also looking to open an office in Denver, Finn said.
Stern is “looking to expand the business and looking to get some good quality hires around the country in our areas of specialization,” Finn said. “We have a good business model platform and are just looking to expand on that in a good way.”
Areas of expertise at the firm include multifamily housing bond issuance, which Finn noted makes up about half of its deals each year. Additionally, the company focuses on variable-rate remarketing — a portfolio in excess of $2 billion — as well as transportation development districts, tax increment financing, rural hospitals, and higher education.
In 2006, Stern worked as senior manager for $650.2 million of bond sales and as co-manager for $27.8 million of bond issuances, according to Thomson Financial. It is also listed as the sixth-largest national health care financial adviser in the 2006 Bond Buyer’s Mid-Year Sector-by-Sector Review.
Prior to joining Stern Bros., Finn worked at A.G. Edwards & Sons Inc. as a senior investment banker beginning in 1983. He earned a bachelor’s degree from the University of Notre Dame in 1980 and went on to earn his MBA from the St. Louis University School of Business in 1982.
