Led by Director Keith Kolb, our top-ranked Public Finance team provides public entities with advisory and underwriting services from offices around the country.

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Keith Kolb

Keith A. Kolb, JD

Managing Director
Director of Public Finance

Keith oversees Baird’s Public Finance Department and has been involved in the structuring and restructuring of virtually all types of tax-exempt and taxable financings. He has extensive experience working with cities, counties, school districts, villages, special taxing districts and economic development issues, and is a frequent lecturer on public finance issues. Keith also is a member of Baird’s Fixed Income Capital Commitments committee.

Drew Kayner

Drew Kanyer

Managing Director
Municipal Trading, Underwriting and Sales

Drew came to Baird in 1990 to manage the firm’s municipal underwriting department. Previously, he served as a trader and underwriter for Firstar Bank for nine years. He handles the underwriting of over 500 issues per year with a total annual par value of $9.5 billion. Drew received his MBA from the University of Wisconsin-Milwaukee and received his bachelor’s degree from Indiana University.

Stephanie Warren

Stephanie Warren

Chief Operating Officer

Stephanie Warren is the Chief Operating Officer for Baird’s Fixed Income Capital Markets group and is responsible for financial oversight of the business, best practices and operational efficiencies. Prior to joining Fixed Income Capital Markets, Stephanie served as Vice President and Manager of the Capital Markets team within Baird’s finance operations. She joined Baird in 2003 and is a member of the Baird Women Associate Resource Group (WARG) Advisory Board and was the co-chair for the last annual event (2013) focused on professional development and networking for over 400 associates. Stephanie received both a masters and bachelor’s degree in Accounting from the University of Wisconsin – Milwaukee School of Business Administration.

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Colorado icon: toggle


210 University Avenue, Suite 900
Denver, CO 80206

Brian H. ColonBrian H. Colon
Managing Director & Branch Manager
Brian has more than 25 years of experience in public finance. As head of one of the most productive public finance offices in the Western United States, Brian has worked directly with numerous issuers across the region and with charter schools nationwide. He has structured many state and local government financings, had numerous speaking engagements in national conferences, and written for several industry publications.

James R. BlandfordJames R. Blandford
Managing Director
Jim has more than 23 years of public finance experience. Prior to joining Baird, Jim assisted major issuers in their issuance of transportation, sales and excise taxes, and enterprise system, education and annual appropriated lease financings throughout the Midwestern and Western United States.

Brian M. KelsoBrian M. Kelso

With several years of public finance experience, Brian has served as an investment banker for various Western and Midwestern issuers, giving him extensive knowledge of numerous financing methodologies. His experience includes general obligation, water/sewer revenue, certificates of participation, lease revenue and highway revenue bonds. He is also actively involved in tax-exempt financings for charter schools.

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Georgia icon: toggle


3060 Peachtree Road, Suite 1815
Atlanta, GA 30305


Todd L. BarnesTodd L. Barnes
Managing Director & Branch Manager
As Manager of Baird’s Atlanta Public Finance office, Todd has more than 28 years of experience in public finance. Responsible for clientele from Virginia to Alabama, Todd has served as senior manager for a variety of issues, including K-12 education, water and sewer, general obligation, sales tax, certificates of participation, lease revenue bonds, and higher education bonds on both a fixed rate and variable rate basis.


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Naperville | St. Charles


300 East Fifth Avenue, Suite 200
Naperville, IL 60563


Thomas J. GavinThomas J. Gavin
Managing Director & Branch Manager
Thomas has 35 years of experience in public finance and has been responsible for the development of the extensive public finance activities of his firms, including the coordination of their roles of $3 billion of public financings per year.

Thomas has worked directly with many major issuers on more than 1,000 transactions worth more than $30 billion. His experience has included key roles in financings for the states of Illinois, Michigan and Nevada; the cities of Baltimore, Chicago and Detroit; and the Chicago Transit Authority. He has structured many state and local government, general obligation, tax increment, lease revenue, recreation, public power, university, housing, hospital, and industrial development financings. He has spoken before municipal bond industry groups and written for industry publications. Three of the transactions on which he served won recognition by The Bond Buyer as “Deal of the Year.”

Stephan C. RobertsStephan C. Roberts
Stephan joined the Baird Public Finance team in 1998. Since then he has provided issuers, large and small, with leadership and investment banking expertise. Stephan provides services to such large clients as the Cities of Chicago, and St. Louis and the State of Illinois. He has also worked with the Chicago Transit Authority, the Villages of Addison, Glen Ellyn and Tinley Park, the Cities of Moline, Rochelle, Rockford and Woodstock, and the Rock Island County Metropolitan Mass Transit District. In total, he has served on over $15 billion in bonds. Stephan seeks to provide innovative solutions to solve clients’ unique needs. Testament to his skills was his participation on The Bond Buyer’s Midwest Regional Deal of the Year Award in 2005 on a complicated transaction and Nontraditional Deal of the Year in 2009. Another of his clients won the award again in 2011 for the National Small Issue Deal of the Year.

John J. PiemonteJohn J. Piemonte
Vice President
John joined the Baird Public Finance team in 2011 and has 18 years of experience in underwriting, investment banking and fixed income sales. Before coming to Baird, John led a nationwide effort to issue tax-credit bonds and direct-subsidy bonds authorized by the ARRA. He is a Certified Treasury Professional® and has deep knowledge of derivative sales.

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St. Charles

2435 Dean Street, Building 2B
St. Charles, IL 60175


William M. HepworthWilliam M. Hepworth, CPA
Managing Director & Branch Manager
Bill works with school districts, park districts and other local governmental agencies throughout the state of Illinois, assisting clients in recognizing and developing potential financial resources. Prior to joining Baird in 2002, he worked as an auditor for local government and as a financial advisor to school districts for debt management and fiscally prudent expansion plans. Bill is a Certified Public Accountant.

Linda J. BobertLinda J. Bobert

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Michigan icon: toggle

Lansing | Traverse City


215 South Washington Square, Suite 150
Lansing, MI 48933


Brian J. LeflerBrian J. Lefler
Managing Director & Branch Manager
Brian has provided investment banking and advisory services to Michigan clients for more than 23 years on more than $9 billion of tax-exempt and taxable debt. His extensive experience includes local units of government, primary and secondary education, public school academies, public and private higher education institutions, and healthcare and nonprofit organizations. Brian also assists the state of Michigan and its authorities in both long- and short-term facility financing.

Rachael A. EubanksRachael A. Eubanks
Rachael provides support on financial advisory and investment banking engagements for state governments, governmental authorities, municipalities and nonprofit organizations. Her experience includes project finance; advance and current refundings; rated, non-rated and credit-enhanced financings; fixed, variable and auction rate transactions; customized financial modeling and credit analysis; and rating agency, credit analyst and board presentations.

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Traverse City

1001 Bay Street
Traverse City, MI 49684


Warren M. Creamer III
Managing Director
Warren is responsible for the development and structuring of general obligation and revenue issues for counties, cities, building authorities, downtown development authorities, tax increment authorities, townships and school districts. He has considerable experience in many areas of municipal finance, including advance refundings, general obligation and dedicated tax bonds, bonds for school districts, student loans, water, sewer and electric revenue bonds, and various tax-increment-supported bonds.

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Minnesota icon: toggle

777 E. Wisconsin Avenue
Milwaukee, WI 53202

Paul DonnaPaul Donna
Managing Director
Paul joined Baird from Northland Securities where he was a senior vice president in the firm's public finance department, specializing in structuring financings for municipalities of all sizes throughout Minnesota and the upper Midwest. Prior to that, he spent two years at the former Miller Johnson Steichen Kinnard and was also a financial advisor for Springsted Incorporated. Paul is a past president of the Minnesota Institute of Public Finance. He is affiliated with Minnesota Rural Education Association. Paul holds a bachelor's degree in economics from St. Cloud State University.

Michael HoheiselMichael Hoheisel
Managing Director
Michael joined Baird from Northland Securities where he most recently was a senior vice president specializing in education financing. Prior to his time there, he was a client representative with Springsted Incorporated. He is affiliated with the Minnesota School Boards Association, the Minnesota Association of School Administrators, the Minnesota Association of School Business Officials, the Minnesota Institute of Public Finance and Minnesota Rural Education Association. Michael holds a bachelor's degree in management and finance from St. John's University.

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North Carolina icon: toggle


380 Knollwood Street, Suite 440
Winston-Salem, NC 27103


Ryan MaherRyan Maher
Ryan provides issuers in the Southeastern United States with investment banking and financial advisory services. His financing experience encompasses all solution types, including fixed-rate, variable-rate and derivatives-based structures. Ryan’s financing experience includes transactions for state and local governments, water and sewer systems, acute healthcare and senior living providers, and economic development projects. In 2008, he completed the first traditional fixed-rate tax increment financing in North Carolina. He is a regular lecturer at the School of Government at the University of North Carolina.

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Ohio icon: toggle


10 West Broad Street, Suite 2500
Columbus, OH 43215


Tanya HahnTanya K. Hahn
Managing Director & Branch Manager  
Tanya is responsible for providing financing expertise to Baird's government, municipal, school district, higher education and nonprofit clients in addition to healthcare and senior living facilities nationally. She also expands the overall expertise of Baird's Public Finance business in community development financing. Tanya received national recognition when she was awarded The Bond Buyer’s prestigious Deal of the Year award for the Midwest region in 2010 for her role as lead manager in the transaction.

Jeff C. FivecoatJeff C. Fivecoat

Jeff focuses on the financing needs of healthcare and senior living facilities. With more than 13 years of experience planning, structuring and closing projects for acute-care healthcare facilities, Jeff works with senior managers and boards to prioritize and select appropriate financing structures for hospital renovations and facility replacement projects. His work has assisted with more than $200 million in community hospital financings.

Michael K. BurnsMichael K. Burns
Mike has served as financial advisor to several port authorities, economic development officers and state agencies to promote economic development within Ohio. Mike has structured and implemented the financing of projects that include governmental guarantees, grants, subsidies, low-interest-rate loans and bonds issued within state and regional bond fund programs. In addition, Mike provides financial advisory and underwriting services to governmental entities and school districts. These services include the financial modeling, preparation of rating presentations, and underwriting of general obligation bonds, revenue bonds and certificate of participations.

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328 NE Davis Street, Suite 3
McMinnville, OR 97128


David C. Ulbricht
Managing Director & Branch Manager
David heads Baird’s public investment banking operations in the Pacific Northwest. A leading expert in special district finance, he has more than 25 years of experience structuring and underwriting the full spectrum of bond issues for school districts, cities, counties, special districts, healthcare, affordable housing, port districts, nonprofits and industrial developments across the Western United States.

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140 South Village Avenue, Suite 10
Exton, PA 19341


Leslie L. BearLeslie L. Bear
Managing Director & Branch Manager
Les manages Baird’s Exton Public Finance office and has more than 24 years of public finance experience, specializing in school district general obligation debt issuance and investment services. He has spoken before numerous state and national conventions on debt management and investments.

Dan O'BrienDaniel C. O’Brien

Dan O’Brien is based in Baird’s Exton, Pennsylvania office and is responsible for all aspects of project and client management for clients in a variety of public finance sectors. Prior to joining Baird, Dan was a public finance banker with Janney Montgomery Scott. Before that, he served as a bond attorney with Stevens & Lee and as a financial analyst with PNC Capital Markets and Commerce Capital Markets. His experience also includes working in the city of Philadelphia’s Office of the Director of Finance, where he managed the debt issuance of the city and its related agencies.

Dan’s experience also includes financings for state issuers, counties, municipalities, school districts, charter schools, private secondary schools, senior living providers, colleges and universities, and economic development agencies.

Jamie ShelbyJames C. Shelby
James has more than 24 years of experience in public finance and has specialized in public and higher education, housing, transportation, infrastructure, and project financings.

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Wisconsin icon: toggle


777 East Wisconsin Avenue
Milwaukee, WI 53202


John A. MehanJohn A. Mehan
Managing Director & Branch Manager
John has worked on a wide variety of taxable and tax-exempt municipal financings. He served as the lead investment banker on the Lambeau Field, Brown County, Wisconsin Arena and Green Bay Convention Center financings, as well as the financings for the Milwaukee Public Schools – Neighborhood Schools Initiative. John has been involved with economic development matters for many municipal issuers, including the Redevelopment Authority of the city of Milwaukee, the Community Development Authority of the city of Madison and the Redevelopment Authority of the city of Green Bay. He also has extensive experience in financings for private colleges, technical colleges and universities, including financing the Al McGuire Center for Marquette University. Prior to joining Baird in 1987, John served as assistant city manager and director of finance for the city of Webster Groves, Missouri.

Brian C. BrewerBrian C. Brewer
Managing Director
Brian has served Wisconsin school districts for the past 12 years. During his career, he has utilized his quantitative experience to develop financial solutions for more than half of the school districts in Wisconsin. Brian focuses on developing customized, cost-efficient financing plans that meet the specific needs of each district in the primary areas of long-term debt management, capital planning and referendum financing.

Bradley D. ViegutBradley D. Viegut
Managing Director
Brad provides investment banking services to municipalities and counties throughout Wisconsin. His expertise includes the analysis and creation of tax increment districts, negotiation of development agreements, long-term capital planning, refunding analysis and construction fund optimization. He also teaches the fundamentals of municipal finance to municipal clerks and treasurers through the University of Wisconsin-Green Bay.

Michel D. ClarkMichel D. Clark
Since joining Baird in 2000, Mike has assisted many school districts with successful debt referendums totaling more than $250 million. With his experience as an assistant superintendent, Mike is uniquely qualified to support the financial service functions related to the business services office. He served as a commissioner of the Wisconsin School District Liquid Asset Fund, was an active member of the American Association of School Business Officials, chaired the Nominating Committee of the Wisconsin Association of School Business Officials and was a member of the School Administrators Alliance's School Finance Project Team.

Brian C. RuechelBrian C. Ruechel
After a 31-year career in municipal government finance, Brian works with all levels of local units of governments. He began his government finance career with the city of Green Bay in 1979 and became the city's assistant finance director in 1986. He held that position for 13 years until accepting the finance director/treasurer position with the city of Manitowoc. Brian holds an honorary membership with the Wisconsin Government Finance Officers Association and a lifetime membership with the Municipal Treasurer’s Association of Wisconsin.

Lisa M. VoisinLisa M. Voisin
Lisa has served Wisconsin school districts for more than 20 years, assisting with more than 3,000 school and municipal financing transactions. Her experience includes referendum planning, customized building project financing plans, budget forecasting models, tax-credit bond analysis and refinancing applications. In addition, Lisa has taught more than 30 courses in school budget forecasting and was an instructor on municipal finance at the University of Wisconsin-Green Bay and the University of Wisconsin-Whitewater. Actively involved in the financial impact analysis of consolidations, she has developed and implemented a school consolidation model used by more than 40 districts statewide in the past 10 years.

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