A Singular Focus on Municipal Finance

Hutchinson, Shockey, Erley & Co. is an investment bank and broker-dealer that specializes exclusively in municipal securities. With more than fifty employees and offices in eight states, we provide public finance services to state and local governments and maintain a robust underwriting, trading and institutional sales platform. Our commitment to the municipal securities market has been unwavering since 1957.

Our senior management team leads a dedicated and experienced group of professionals who believe in the firm’s mission to provide superior service to our clients under all circumstances. HSE has leveraged its experience and expertise to become one of the most active participants in the municipal bond market, ranking nationally among the top ten competitive underwriters by volume for six consecutive years.

Firm History


Founded in Chicago in 1957, Hutchinson, Shockey, Erley & Co. bears the name of the firm’s founder and two early associates. From its inception HSE has specialized exclusively in municipal securities, and through six decades this singular focus has helped HSE grow its client relationships from a small number of Illinois banks to encompass hundreds of institutional investors and municipal issuers across the country.

Through the 1960s, ‘70s and ‘80s HSE’s primary business was institutional sales and trading. In the 1990s the firm’s public finance investment banking business began in earnest with the addition of experienced banking personnel in Chicago and in newly established offices in Phoenix and Milwaukee. The firm has gone through its most significant period of growth during the last seven years, as a sales office was opened in Kansas City and public finance offices were opened in Houston, Denver, Los Angeles, St Clair Shores (Michigan) and Espanola (New Mexico).

Today, HSE plays an integral role in the municipal securities market and is looked to as a leader in the industry. The firm’s public finance group provides underwriting and advisory services to cities, counties, school districts, utility systems, and special districts across the country. The trading and sales team maintains relationships with institutional money managers of all sizes and strategies from coast to coast. Our competitive underwriting program is among the most active and successful in the industry, and HSE has been nationally ranked among the top ten underwriters by volume for six consecutive years. The firm’s greatest strength is the experience, expertise and integrity embodied in its employees, some of whom have been a part of HSE for over 30 years. The firm is wholly owned by employee shareholders and led by an experienced management team and internal board of directors. All of HSE’s shareholders maintain a deep commitment to the firm’s long-term goals and are actively involved in its day-to-day business operations. Every employee understands that HSE’s success is dependent upon our clients’ success, and providing superior service in meeting client needs is our abiding goal.

Management Team


Thomas E. Dannenberg, President and CEO

Tom Dannenberg is President and Chief Executive Officer of Hutchinson, Shockey, Erley & Co. As CEO he oversees all operations at the firm’s eight offices across the country. Tom began his career at HSE in 2004 as a member of the institutional sales team, becoming a partner of the firm in 2007 and a director in 2009. He became the firm’s President and CEO in 2012. Prior to his work in the municipal securities industry, he spent five years working in several capacities for the federal government. Tom has a master’s degree from the University of Chicago and a bachelor’s degree from Bradley University. He holds Series 7, 24, 50, 53, and 63 licenses and serves as Chairman of the Board of Directors of the Bond Dealers of America.

Douglas R. Fox, Chief Operating Officer – Head Trader

Doug Fox is HSE’s Head Trader and Chief Operating Officer. He began his career in the municipal bond industry in 1986, when he joined HSE’s trading desk. In nearly 30 years with the firm Doug has worked closely with sales and banking personnel to align HSE’s trading efforts with client needs. In addition to supervising all commitment activity, Doug sits on the Board of Directors and serves as the firm’s Secretary. He has a bachelor’s degree from Indiana University and holds Series 7, 24, 52, 53, and 63 licenses.

Dennis J. Crowley, Executive Vice President – Sales Manager

Dennis Crowley has served as HSE’s Sales Manager since 1996, been on the Board of Directors since 1995, and worked in the municipal bond industry since 1980. He has worked in municipal sales at HSE since 1993, and previously served 9 years in municipal bond sales at Kemper Securities Corp. He is a member of the Municipal Bond Club of Chicago and is the Chairman of the Alumni Schools Committee for the University of Notre Dame in DuPage County. Mr. Crowley graduated in 1978 from the University of Notre Dame with a BBA in Finance. He holds Series 7, 24, 52, 53, and 63 licenses.

James Van Metre, Executive Vice President – Underwriting

Jim Van Metre manages all competitive underwriting and handles certain trading situations for the firm. He has been at HSE since 2008. Prior to joining HSE, Jim worked in a variety of trading and underwriting capacities at other firms, most recently at Lehman Brothers. Jim has a BA from Colorado College and a MBA from Columbia University. He holds Series 3, 4, 7, 8, 24, 52, 53 and 63 licenses.

Paul M. Thompson, Executive Vice President – Public Finance

Paul Thompson has worked in HSE’s Wisconsin office since 1998. He is a graduate of Rutgers University and began his career in Public Finance in 1978. Prior to that, he was a staff member to the Wisconsin Legislature’s Joint Committee on Finance with the Legislative Fiscal Bureau. In that capacity, he worked on several major pieces of legislation, including the original tax increment law, property assessment and taxation policies and the shared revenue program. Paul’s most recent activity has focused on economic development and tax increment financing issues. He holds Series 52 and 63 licenses.

Nancy Meier, Chief Financial Officer

Nancy Meier joined HSE in 1998. She is the Chief Financial Officer, Chief Compliance Officer and Treasurer for the firm. Prior to HSE, Nancy was the Business Manager for a school district in northern Illinois. Nancy has a B.S. degree in Business Administration and a master’s degree in School Business Management from Northern Illinois University. She holds Series 7, 24, 27, 53 and 99 licenses.

Community Involvement


HSE believes that our future depends on healthy, vibrant communities and opportunities for youth to fulfill their potential. To that end, we support numerous non-profit organizations in the communities where our employees live and work, and where we do business.

Membership in Leading Professional Organizations

Industry Involvement

  • Arizona Association of School Business Officials (AASBO)
  • Arizona City/County Management Association (ACMA)
  • Association for Governmental Leasing & Finance (AGLF
  • Association of School Business Officials International (ASBO)
  • Colorado Association of School Boards (CASB)
  • Colorado Association of School Business Officials (CASBO)
  • Government Finance Officers Association (GFOA)
  • Illinois Association of School Boards (IASB)
  • Illinois Association of School Business Officials (IASBO)
  • Illinois City/County Management Association (ILCMA)
  • Illinois Government Finance Officers Association
  • International City/County Management Association (ICMA)
  • League of Wisconsin Municipalities
  • Municipal Advisory Council of Texas (MAC)
  • Regional Municipal Operations Association
  • Special District Association of Colorado (SDA)
  • Texas Municipal League (TML)
  • The National Association of County Park & Recreation Officials (NACPRO)
  • Wisconsin Association of School Business Officials (WASBO)
  • Wisconsin City/County Management Association (WCMA)
  • Wisconsin Government Finance Officers Association (WGFOA)
  • Council of Development Finance Agencies
  • Tyler Chamber of Commerce
  • Corpus Christi Chamber of Commerce
  • San Antonio Chamber of Commerce
  • County Road Association of Michigan
  • Michigan Association of School Administrators
  • Michigan Association of Counties
  • Michigan Association of County Administrative Officers
  • Michigan Association of County Drain Commissioners
  • Michigan Institute for Educational Management
  • Michigan Association of County Treasurers
  • Michigan Association of School Boards
  • Michigan City Managers Association
  • Michigan Municipal Finance Officers Association
  • Michigan Municipal League
  • Michigan Association of School Business Officials
  • Michigan Association of Public School Academies
  • Michigan Government Finance Officers Association
  • The Bond Club of Chicago
  • National Federation of Municipal Analysts
  • Chicago Municipal Analyst Society
  • Women in Public Finance

Community Involvement

HSE actively supports the following:

  • Corpus Christi Food Bank
  • Bexar County Food Bank
  • East Texas Food Bank
  • Houston Food Bank
  • Capital Area Food Bank
  • South Plains Food Bank
  • Houston Community College Foundation
  • Boys and Girls Club of Corpus Christi
  • Judson Independent School District Foundation
  • Conroe Independent School District Foundation
  • Bastrop Independent School District Foundation
  • Greater San Antonio After School All Stars
  • Leadership Corpus Christi

Our employees actively contribute funding and time to the following organizations:

  • Illinois High School Association
  • Chicago Food Depository
  • Robert R. McCormick Foundation
  • Lansing Indiana Soccer Club
  • Little League International
  • South Side Little League (Chicago)
  • Children for Peace
  • First Tee of Greater Kansas City
  • Paralyzed Veterans of America
  • Brazos Higher Education Foundation
  • Barrio Dogs
  • Galveston Island Animal Shelter
  • Phoenix Thunderbirds
  • Arizona Educational Foundation
  • United Cerebral Palsy of Central Arizona
  • Arizona Hispanic Chamber of Commerce
  • Safari Club International
  • Drake University Board of Trustees
  • Daughters of the American Revolution
  • Friends of GCE Lab School Foundation
  • Friends of Jones College Prep
  • Autism Speaks
  • Leukemia & Lymphoma Society
  • Chrysalis Ministries
  • Road Senior Valley Promise
  • Project Row Houses
  • Houston Tomorrow
  • Blueprint Houston
  • Art League of Houston
  • U.S. Military Veterans Parade Association
  • St. Ignatius College Prep
  • Horizons for Youth
  • American Diabetes Association

Recent Engagements