NEW YORK, Jan. 19, 2017 /PRNewswire/ -- Build America Mutual, the first mutual municipal bond insurer, today announced that John White, Chairman of the PFM Group, has been elected to join its Board of Directors. As CEO of PFM for more than 30 years, Mr. White played a key role in building its municipal advisory division, Public Financial Management, into the largest independent financial advisor to municipal bond issuers in the United States.
"John White brings a unique combination of municipal market knowledge and experience managing and growing a major financial services company to BAM's Board," said Robert Cochran, Chairman and Managing Director. "We look forward to his perspectives on how we can advance our mission of building BAM into a municipal market utility that serves issuers, dealers, and investors with efficient market access, durable ratings, and enhanced transparency." In his role on BAM's board, Mr. White will represent the interests of the company's municipal members, who are exclusively U.S. public sector issuers of essential-purpose municipal bonds.
Prior to joining PFM in 1980, Mr. White held policy-making positions in various aspects of local, state and federal governments, including serving as director of the transition staff when Congressman William Green was elected Mayor of Philadelphia, and later as a transition advisor to Edward G. Rendell, also a BAM director, when he was elected Mayor of Philadelphia in 1991 and Governor of Pennsylvania in 2002.
"BAM's unique mutual ownership structure benefits both issuers and investors with long-term credit security. BAM's exclusive focus on the US municipal bond market is one of the things that attracted me to the company, and I look forward to working with BAM's experienced leadership to serve even more communities in the future," Mr. White said.
Mr. White succeeds Hon. Richard G. Ravitch, who left the board in September after he was named to the Federal Oversight Board for Puerto Rico that was established under the PROMESA legislation.
About Build America Mutual
BAM is a mutual bond insurance company operated for the benefit of its members – the cities, states and other municipal entities that use BAM's financial guaranty to lower their cost of borrowing. BAM is sponsored by the National League of Cities.
Through January 15, 2016, BAM has insured approximately $35 billion of municipal securities form more than 2,200 municipal issuers nationwide. Learn more at http://buildamerica.com/mission/
For more information, please contact:
Michael Stanton, Head of Corporate Strategy and Communications
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SOURCE Build America Mutual