A Singular Focus on Municipal Finance

Hutchinson, Shockey, Erley & Co. is an investment bank and broker-dealer that specializes exclusively in municipal securities and is a wholly-owned subsidiary of Huntington Bancshares, Inc. With more than fifty employees located in offices across the country, 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 commitment to the public sector and embrace Huntington’s overarching dedication to making lives better, helping businesses thrive, and strengthening the communities we serve. HSE has leveraged its experience and expertise over six decades to become one of the most active participants in the municipal bond market. The recent merger with Huntington adds a depth of resources that will help us become one of the most impactful, as well.

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 municipal bond issuers and institutional investors 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 decade, as the public finance practice expanded and offices were opened in a number of cities in the Midwest and in the southwestern US.

In 2018, the firm joined Huntington as a standalone broker-dealer within the bank’s Capital Markets group, adding talented professionals and expanding its presence in the market. As a part of the merger with Huntington, HSE has been aligned with other public sector-focused colleagues to create the Government and Nonprofit Finance team. This combination positions HSE as the municipal securities business of Huntington and has afforded us the ability to offer a more complete set of solutions to address our clients’ needs while providing a more dynamic customer experience.

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. As a part of Huntington, we are committed to the communities where we live and work, and the firm’s greatest strength remains the experience, expertise, and integrity embodied in its employees, some of whom have been a part of HSE for over 30 years.

Executive Team


Thomas E. Dannenberg, President

Tom Dannenberg is the President of Hutchinson, Shockey, Erley & Co. In this role he oversees all business operations at the firm. Tom began his career at HSE in 2004 as a member of the institutional sales team, eventually joining the management team and Board of Directors in 2009. He became the firm’s President in 2012. Prior to his work in the municipal securities industry, he worked 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 on the Board of Directors of the Bond Dealers of America, where he served as Chairman of the Board in 2017.

Douglas R. Fox, Head of Trading & Underwriting

Doug Fox is HSE’s Head of Trading & Underwriting, and in this role he supervises all capital commitment activity at the firm. He began his career in the municipal bond industry in 1986, when he joined HSE’s trading desk. In his more than 30 years with the firm, Doug has worked closely with sales and investment banking personnel to align HSE’s trading efforts with client needs. He has a bachelor’s degree from Indiana University and holds Series 7, 24, 52, 53, and 63 licenses.

Thomas Rossley, Sales Manager

Tom Rossley joined HSE in 2009 and became Sales Manager in 2017. He began his municipal securities career in 1983 with Griffin Kubik Stephens & Thompson, Inc. in Chicago. In 1986 he began a 23-year institutional municipal sales career with Lehman Brothers, and for a brief time, Barclays Capital. Tom graduated in 1982 from Drake University with a B.S. in Finance. He holds Series 7, 53 and 63 licenses.

James Van Metre, Competitive Underwriter

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 B.A. from Colorado College and an M.B.A. from Columbia University. He holds Series 7, 24, 52, 53 and 63 licenses.

Doug DeAngelis, Public Finance Manager

Doug DeAngelis began his Public Finance career at HSE in 1992. After serving in positions of increasing responsibility at several other firms, he returned to HSE in 2015 and now jointly manages the Public Finance Investment Banking team. Doug has a bachelor’s degree in Finance from Marquette University and an M.B.A. from the University of Chicago Booth School of Business. He holds Series 7, 24, 50, 52, 52 and 63 licenses.

Ryan Kozak, Public Finance Manager

Ryan Kozak joined HSE through the firm’s 2018 merger with Huntington Bancshares, Inc., where he was the Group Head of Public Finance. At HSE he shares responsibility for managing the Public Finance Investment Banking team. He has more than 15 years of experience in the industry and has served public entities both as a municipal advisor and investment banker. Ryan has an M.S. in Financial Engineering from Kent State University and a B.S. in Finance from Ohio University. He holds Series 7, 53 and 63 licenses.

Nancy Meier, Chief Financial Officer, Chief Compliance Officer

Nancy Meier joined HSE in 1998. She is the Chief Financial Officer and Chief Compliance Officer 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.

Mark Borrelli, General Counsel

Mark Borrelli is General Counsel of HSE. Before joining HSE, Mark was a Partner in the Chicago office of Sidley Austin LLP, where he represented clients, including broker-dealers, investment advisors and clearing agencies, on transactional, compliance and enforcement matters relating to securities and commodities. Mark was formerly an Assistant Regional Director with the Enforcement Division of the Securities and Exchange Commission and is a former chair of the Chicago Bar Association Securities Law Committee. Mr. Borrelli received his J.D. degree, summa cum laude, from the University of Illinois College of Law, where he was a member of the Order of the Coif, a Harno Fellow, and on the Dean’s List. He received a B.S. degree with highest honors from the University of Illinois.

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