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.

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William J. Michalak

CHIEF COMPLIANCE OFFICER

+1 404 250 4190

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Mr. Michalak is the Chief Compliance Officer of Churchill Stateside Securities, LLC and a member of the Churchill Stateside Securities, LLC Board of Directors. Bill brings more than 30 years of service as a Chief Executive Officer, Chief Financial Officer, and senior analyst consultant in the fields of investment banking, health care, and state tax credit monetization. He served as Chief Operating Officer for Stateside Capital, LLC at the time of its inception where he also developed corporate marketing and sales strategies. His experience includes: Investment Banking, working with Reg. D convertible preferred and equity private placements; President of Tower Tax Credits, LLC directly responsible for development and placement of state tax credit funds invested in LIHTC properties; Senior Consultant to the Atlanta office of Shattuck Hammond Partners where he provided financial valuation and business viability consulting relating to health care technology and services; interim CEO for Meridian Health Group, LLP; Vice President of Research for Wachovia Securities, Inc. and The Robinson-Humphrey Company. Mr. Michalak is the past President, Chief Executive Officer, and co‑founder of Specialty Care Networks in Atlanta, and Health Care Options, Inc. in Mobile, Alabama. Mr. Michalak graduated from Villanova University with a Bachelor of Arts degree, and later earned a Master of Business Administration at Roth Graduate School of Business Administration of Long Island University. He also served on the faculty of Emory University as an adjunct Professor of Business and Economics. Bill holds his Series 50 license.

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Guy Spieler

PRESIDENT

+1 312 788 2623

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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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Joseph Switzer

SENIOR VICE PRESIDENT, INVESTOR RELATIONS

+1 404 497 8894

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Mr. Switzer is Senior Vice President of Churchill Stateside Securities. He specializes in tailoring offerings to market segments such as insurance companies and physician groups. Mr. Switzer has throughout his career been a developer of and investor in market leading innovations in the financial services and other industries.Within the financial industry, Mr. Switzer was a Senior Vice President at the Robinson Humphrey Co. who specialized in the distribution of high growth southeastern securities to institutional and high net worth individual clients. Earlier in his career he was a cash management officer at the First National Bank of Atlanta and, and he was also a Senior Vice President at Oppenheimer & Co. Mr. Switzer also has been prominent in the development of new industries outside of Financial Services. Mr. Switzer was one of the initial drivers of the competitive telephone industry with his founding of National Telephone Services, which was one of the fastest growing companies in that industry, reaching $80 million in revenues in three years. He was also the founder of the Consumer Financial Network, the first competitive insurance marketplace on the internet with over one million employee subscribers.

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David Carr

VICE PRESIDENT, INVESTOR RELATIONS & ASSOCIATE DIRECTOR OF FINANCE AND ACCOUNTING

+1 760 804 6025

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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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James Ward

VICE PRESIDENT, INVESTOR RELATIONS

+1 925 888 9878

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Mr. Ward is Vice President, Investor Relations of Churchill Stateside Securities. He is primarily focused on the development and maintenance of relationships with institutional investors in the renewable energy tax credit market. Mr. Ward works directly with Mr. Switzer in sourcing, structuring and tailoring renewable energy tax credit projects for potential investors. Mr. Ward was born and raised in Melbourne, Australia. He began his career as an attorney at global law firm, Minter Ellison, where he specialized in property development matters. He transitioned into the investment banking industry in 2015 when he moved to the United States. Mr. Ward was a Director of the Carreden Group from 2016 – 2018 where he was responsible for bringing new investors into the renewable energy tax credit market. Mr. Ward graduated from the University of Melbourne and holds a Bachelor of Law and a Bachelor of Property & Construction. In addition, he maintains Series 7 & Series 63 securities licenses in the United States.

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4% LIHTC MUNICIPAL BONDS

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 gspieler@cssecurities.com 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 wmichalak@cssecurities.com 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

LOW INCOME HOUSING TAX CREDITS

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.

RENEWABLE ENERGY TAX CREDITS

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.