Churchill Stateside Securities LLC (CSS)

Churchill Stateside Securities, LLC (CSS) is an independent broker-dealer, registered with the U.S. Securities and Exchange Commission (SEC), a member of the Financial Industry Regulatory Authority, Inc. (FINRA), and MSRB registered.  CSS is headquartered in Alpharetta, Georgia and is wholly owned by Churchill Stateside Group, LLC (CSG).

Founded in 2009, CSS offers its clients municipal bond underwriting and private placement activities, generally focused on Low Income Housing Tax Credits (LIHTC), Renewable Energy Tax Credits, and Historic Rehabilitation Tax Credits.

CSS clients include what we believe are some of the largest and most respected companies in the country.

Check the background of Churchill Stateside Securities, LLC and your investment professional on FINRA’s BrokerCheck.

David Carr
Mr. Carr has over 25 years’ experience as a senior financial manager focused almost exclusively on tax structured investments. He most recently was a Principal and CFO of Hunter Chase & Company, a real estate private equity company. Mr. Carr had primary responsibility for Hunter Chase’s New Markets Tax Credit Program, where he was responsible for raising and managing $134 Million in NMTC structured investments. Prior to joining Hunter Chase, Mr. Carr was the COO for Key Housing Capital’s (“KHC”) Tax Advantaged Equity Group. Mr. Carr had direct responsibility for syndicating, structuring and negotiating in excess of $1 Billion in Low Income Housing Tax Credit investments. Prior to joining Key, Mr. Carr was a partner at The Boston Financial Group, a national LIHTC syndicator, acting as controller for the Property Management division. Mr. Carr also has held the role of CFO for Eardish Corporation, music based social network located in Studio City, CA. Mr. Carr is a retired CPA, having started his career at Ernst & Whinney, leaving as a Tax Manager. He graduated with honors from the University of Massachusetts, Amherst with Bachelors Degree in Business Administration.
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Guy Spieler
Mr. Spieler is President with over 30 years of municipal bond experience. He will be responsible for underwriting of bonds created through 4% LIHTC projects for Churchill Stateside Securities institutional accounts and for expanding the bond underwriting/trading platform as additional opportunities are presented. At his most recent firm in Chicago, Guy opened an office and started a municipal bond underwriting group that participated in over 400 municipal bond transactions. These municipal bond deals totaled over $5.6 billion in par amount in the most recently completed calendar year. In addition to his underwriting role, Mr. Spieler was also a secondary trader in the municipal bond market working with five institutional salespeople as well as 30 generalists. Previous major firms where Mr. Spieler worked include Lehman Brothers, Banc One and Incapital LLC. Mr. Spieler graduated from the State University of New York at Buffalo and holds B.S. in Business Administration. He currently holds Series 7, 24, 50, 53, 54 and 63 licenses.
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In the municipal bond market, CSS works with developers to underwrite Municipal Bond transactions.  These developers typically receive 4% LIHTC from various state allocations. Churchill Stateside Group combined with Churchill Stateside Securities has unique integrated capabilities for:

  • Mortgage underwriting;
  • Tax credit syndication;
  • Bond underwriting.

CSS/CSG are one of the few that offer combined service capabilities in the 4% LIHTC marketplace. This gives developers the capability to work with one entity during every step of their transactions.

Because of the relationship with CSG, the bonds are underwritten and offered by and through CSS and the underlying property is thoroughly underwritten by Churchill Mortgage Investment during the HUD or USDA mortgage loan application process.

Significant Churchill Stateside Municipal Bond Participants:

Guy Spieler:

  • 30+ years in the municipal bond business as an underwriter and secondary trader;
  • Significant long term relationships with various institutional accounts.
  • Contact Guy at or 312-788-2623

William (Mitch) Michalak:

  • 30+ years’ experience in various aspects of the investment business;
  • Significant background in tax credit monetization and in securities analysis and finance;
  • expert in Hospital, HMO, Home Care, and HCIT;
  • provided financial valuation and strategic consulting relating to health care services and technology investments for large private capital funds;
  • provided market research and financial plans for several HMO, PPO, Medical Device, and HCIT companies.
  • Contact Mitch at or 404-250-4190

Underwriter’s Council:

  • Norris George & Ostrow PLLC
  • Wade Norris and Ethan Ostrow have played a major role since 2008 in developing the short-term cash-backed bond structure to satisfy the 50% test on financings using taxable FHA, Rural Development and other loans;
  • underwriter’s counsel on well over one hundred 100 such financings


For over 35 years, CSG’s team has helped developers secure financing for LIHTC projects.  Their team of professionals has directly participated in the origination, underwriting and asset management of more than $3 billion of LIHTC investments.

Our team is actively expanding our developer base through industry contacts and attendance at various industry conferences.

CSS looks forward to working interested developers in the near future.


For over a decade CSG’s team has provided critical financing to developers of solar facilities across the nation. CSG has become a leading provider of tax equity capital to the solar industry. Consequently CSG can design solutions that meet the specific needs and preferences of its investor clients. Investors can leverage CSG’s competent and experienced team to minimize the internal resources required to take advantage of these competitive tax benefits. In addition to traditional economically motivated investors, CSG increasingly works with companies that are looking to supplement their sustainability initiatives while producing financial benefits.


Check the background of Churchill Stateside Securities, LLC and your investment professional on FINRA’s BrokerCheck.