Westrock Group to Present at 66th Annual Convention of the National Congress of American Indians - Will Present at Luncheon on Tribal Economic Development Bonds (“TEDBs”); Focus on New Opportunity for Tribes
New York and Palm Springs, CA (October 14, 2009) – Financial services firm Westrock Group today will speak at a luncheon at the 66th Annual Convention of the National Congress of American Indians (“NCAI”). The NCAI Convention is being held this week at the Palm Springs Convention Center in California.
Dana Reed, Head of Marketing for Westrock Group and Dennis Ickes, Head of Tribal Services for Westrock Group will discuss next steps for Tribes that have received an allocation of tax-exempt Tribal Economic Development Bonds (“TEDBs”) from the U.S. Government. They will also provide information about the second round of the Government’s TEDB allocation now scheduled for January 2010.
“These new tribal bond allocations provide the first opportunity for Indian Country to work with a tribally-owned financial services company to access the capital markets in this way,” said Dana Reed. “We at Westrock are thrilled to be in a position to advise Tribes about the advantages these instruments can offer.”
In February, President Obama signed into law the American Recovery and Reinvestment Act of 2009 ("ARRA"), which authorized $2 billion in TEDBs. Westrock Group’s Tribal Services Advisory Group assists American Indian Tribes in gaining access to capital and will also advise on facilitating the funds of TEBD allocations.
On September 9, 2009, Westrock Group announced it had been acquired by the Lower Brule Sioux Tribe of Lower Brule, South Dakota, making it the first 100% tribally owned financial advisory firm and one of the largest minority-owned financial services firms in the country.
About Westrock Group, Inc.
Headquartered in New York, Westrock Group, Inc., is a financial services holding company offering a range of institutional and wealth management services. The Group is comprised of three subsidiaries: Westrock Advisors, Westrock Institutional Group and Westrock Asset Management.
Founded in 1995, Westrock Advisors and Monarch Financial are the firm’s flagship full-service independent broker-dealer. Dedicated to the needs of institutional and qualified investors, Westrock Institutional Group and Westrock Asset Management were established in August 2009. As of June 30, 2009, Westrock Group had approximately $1.2 billion in assets under management and 128 employees. http://www.westrockgroupinc.com.
For more information:
John McInerney
Makovsky + Company
(212) 508-9628 jmcinerney@makovsky.com
Liz Pierce
Makovsky + Company
(212) 508-9698 lpierce@makovsky.com