About the MAC
Board of Trustees
2023-2024 Board of Trustees

Seated (L to R):
Robin Redford, MAC Vice Chair, Ramirez & Co., Inc.; Don Gonzales, MAC Chair, Estrada Hinojosa & Company, Inc.;
Mark McGruder, MAC Immediate Past Chair, BOK Financial Securities, Inc.

Standing (L to R):
Laura Lusk, MAC CFO; Rick Menchaca, UMB Bank; Ester Flores, Hilltop Securities Inc.; Randall Hawkins, Raymond James;
Chad Runnels, RBC Capital Markets; Stephen Eustis, Baird, Andrew Friedman, SAMCO Capital Markets, Inc.;
Shawnell Holman, Cabrera Capital Markets, LLC ; Laura Slaughter, MAC Executive Director

Donald Gonzales
Estrada Hinojosa & Company, Inc.
14414 Blanco Rd, Suite 320
San Antonio , TX 78216
Robin Redford
Vice Chair
Ramirez & Co., Inc.
1250 S. Capital of Texas Highway , Building 3, Suite 400
Austin , Tx 78746
Mark McGruder
Immed. Past Chair
BOK Financial Securities, Inc.
333 West Campbell Road , Suite 400
Richardson , TX 75080-3548
Stephen Eustis
4801 Woodway Drive , Suite 118-E
Houston , TX 77056
Ester Flores
Hilltop Securities Inc.
717 North Harwood Street, Suite 3400
Dallas , TX 75201
Andrew Friedman
SAMCO Capital Markets, Inc.
1020 NE Loop 410 , Suite 640
San Antonio , TX 78209
Randall Hawkins
Raymond James
5956 Sherry Lane , Suite 1900
Dallas , TX 75225
Shawnell Holman
Cabrera Capital Markets, LLC

Houston , TX
Rick Menchaca
UMB Bank
18756 Stone Oak Parkway , Suite 200
San Antonio , TX 75258
Chad Runnels
RBC Capital Markets
200 Crescent Court , Suite 1545
Dallas , TX 75201


Donald Gonzales

Senior Managing Director

Estrada Hinojosa & Company, Inc.

Mr. Gonzales is Senior Managing Director and Manager of the San Antonio office of Estrada Hinojosa & Company, Inc. and also serves on its Board of Directors. He is a Certified Public Accountant with over thirty years of financial consulting and investment banking experience serving governmental entities. He has been the Lead Banker in financings throughout Texas for cities, counties, housing finance corporations, schools (both higher education and public education), enterprise fund supported entities such as water, sewer, electric, gas and airport facilities, hospital districts, and mobility projects. Mr. Gonzales has represented and assisted numerous entities in the preparation of rating agency and insurance company presentations. His transportation financial advisory and underwriting experience includes Alamo RMA, Donna International Toll Bridge, San Antonio International Airport, VIA Metropolitan Transit Authority, Bexar County Rail District, Central Texas Regional Mobility Authority, Brazoria County Toll Road Authority, Hidalgo County Regional Mobility Authority, and Fort Bend Grand Parkway Toll Road Authority. Mr. Gonzales has testified before Congress as an expert witness as well as the predecessor agency of the Texas Commission on Environmental Quality (TCEQ) regarding utility system finance. He has completed more than $400 million of projects through the Texas Water Development Board, numerous single-family housing transactions and completed the first North American Development Bank (NADBank) bond transaction. In the last five years, he has completed municipal bond financings totaling more than $5 billion. Prior to his investment banking career, Mr. Gonzales worked in public accounting and was the Staff Director for the Texas School Performance Review for Texas State Comptroller John Sharp. While working in public accounting, he has performed tax and management consultant services for various accounting firms. Mr. Gonzales' 25+ years of public accounting experience with a concentration in taxation will be of significant value in assisting in the review and analysis of various types of financial and tax-related issues that may be contemplated. Locally, he has served as past Chairman of the Witte Museum Board of Trustees, St. George Episcopal School Board of Trustees and Chaired various committees on the San Antonio Hispanic Chamber of Commerce. He is married and the father of two teenage daughters.

Robin Redford

Senior Managing Director

Ramirez & Co., Inc.

Robin Redford is a Senior Managing Director at Ramirez & Co., Inc., leading the Texas Group since joining the Firm in 2011. Robin also co-leads the Firm’s national Housing Finance team. Robin has more than 20 years of general markets and specialty underwriting experience beginning in New York City at her prior firms where she specialized in housing finance, including providing financial advisory services to the Texas Department of Housing and Community Affairs and the North Carolina Housing Finance Agency. Prior to entering the public finance field, she lived in Washington, D.C. and worked in the Urban Institute’s Housing Policy Center conducting field research and contributing to publications on a wide variety of topics including Community Development Corporations, non-profit parks organizations and public participation in the arts. Robin is active in, and a founding member of, the Texas Chapter of Women in Public Finance and past president of the Chapter. She is a former board member and executive officer of National Women in Public Finance and chair of its 2019 National Conference. She is a past recipient of the Women’s Bond Club of New York’s “Rising Star” award. Robin has been active in charitable organizations, serving on non-profit boards such as LifeTime Arts and Thomas Cole National Historic Site. Robin is originally from Austin, Texas and played college soccer and post-college select teams, and now continues her love of the sport coaching her sons’ soccer teams. Robin has a BA in both economics and history from Rice University, a Master of Public Affairs from the University of Texas at Austin and holds Series 7, 53 and 63 licenses.

Mark McGruder

Managing Director/Head of Municipal Trading/Underwriting

BOK Financial Securities, Inc.

Mark McGruder joined BOK Financial Securities, Inc.'s Texas Municipal Finance Team in March 2019, and is responsible for the daily management of the firm's municipal trading and underwriting activities. Prior to joining BOKFS, Mr. McGruder was a Senior Vice President for the Investment Banking division at UMB Bank, and previously served as Managing Director and Head of Municipal Syndication for Hilltop Securities Inc., where he served as the senior municipal underwriter for 14 years. Mr. McGruder has more than 26 years of industry experience. Mr. McGruder is a Financial Industry Regulatory Authority registered representative, currently holding Series 7, 52, 53 and 63 licenses.

Stephen Eustis

Managing Director


Stephen Eustis joined Baird in January 2015 from RBC Capital Markets where he most recently was a senior public finance banker. He also worked as a financial analyst and support banker. He has assisted in the completion of more than 500 special district transactions during his career. Stephen focuses on Texas special districts including municipal utility districts, levee improvement districts, municipal management districts and improvement districts. He has provided financial advisory services to several master-planned communities including The Woodlands, Sienna, Springwoods Village, Clear Lake City Water Authority and Woodforest. Stephen holds a Bachelor of Science degree in finance from Trinity University. Mr. Eustis is registered with FINRA and holds the Series 7, Series 50, Series 53, Series 54 and Series 63 licenses.

Ester Flores

Senior Vice President

Hilltop Securities Inc.

Ester Flores is a Senior Vice President at Hilltop Securities Inc., based in Dallas. She has twelve years of experience providing investment banking and financial advisory services to municipal debt issuers throughout Texas, Colorado, Oklahoma, Mississippi and Kentucky. She joined Hilltop, formerly First Southwest Co. in 2009. She has helped structure and execute more than 240 transactions totaling par amount of approximately $25 billion for issuers including higher education institutions, state agencies and transportation authorities. In 2020 the Bond Buyer named Ms. Flores among its 2020 Rising Stars. The program honors municipal finance professionals under the age of 40 whose strong leadership and innovative thinking have improved their community and the public finance industry. She currently serves on the Texas Women in Public Finance Executive Council. She holds a B.B.A. in Finance with a minor in Spanish from University of North Texas and holds the Series 7, 50 and 63 licenses.

Andrew Friedman

Senior Managing Director

SAMCO Capital Markets, Inc.

Andrew T. Friedman is a Senior Managing Director at SAMCO Capital Markets, Inc. focused on municipal advisory. He joined SAMCO on January 15, 2015. Mr. Friedman previously served at Southwest Securities, Inc., RBC Capital Markets and began his career in public finance at the Municipal Advisory Council of Texas. During his career at SAMCO he has served over 125 Cities, Schools and Utilities while advising on the issuance of 540 obligations totaling nearly $5,000,000,000. One transaction was selected by The Bond Buyer as “Deal of the Year – Southwest Region” for 2021. Andrew graduated from Texas Tech University with degrees in Finance and Accounting. Additionally, he maintains Series 7, Series 50, Series 63 and Series 79 licenses from the Financial Industry Regulatory Authority. Andrew, his wife, Ashley and their two daughters reside in San Antonio, Texas where they are active supporters of several charitable organizations.

Randall Hawkins

Managing Director

Raymond James

Randall Hawkins is a Managing Director at Raymond James & Associates, Inc. While currently underwriting and trading municipal debt throughout the country from the Dallas office, Randall has placed a keen focus on Bank Qualified issuers in Texas. Within the last 13 years, his Bank Qualified group has competitively underwritten (mostly sole managed) over 2,300 transactions in municipal debt , with over 600 transactions of those issuers domiciled in Texas. After initially hired at Morgan Keegan in 2005 as an Institutional Portfolio Accountant, Randall became proficient on a wide variety of Fixed Income products. He later moved on to the firm's Asset/Liability group, specializing in depository financial sheet performance and interest rate shock analysis. Utilizing his experience with banks’ portfolio parameters and liquidity needs, Randall applied his knowledge and skillset to both negotiated and competitive new issue underwriting and secondary trading roles in 2008. He received his Bachelor’s degree in Business Administration in Finance from The University of Tennessee at Knoxville and his MBA from the University of Memphis. He currently holds Series 7 and 63 security licenses. Randall and his wife reside in the DFW metropolitan area with their 3 young children.

Shawnell Holman

Cabrera Capital Markets, LLC

Shawnell Holman, Executive Director for the UBS Public Finance Department, focuses on municipal financings for issuers across the Southwest region. Ms. Holman has participated in the issuance of over $30 billion of municipal bonds. Prior to joining UBS in 2017, Ms. Holman served as Managing Director of Siebert Williams Shank's Houston office. Ms. Holman also enjoyed a long tenure in the City of Houston Controller's Office, managing the City's multi- billion debt and investment portfolios for nearly a decade. She holds the following industry licenses: Municipal Securities Representative (Series 52), Municipal Securities Principal (Series 53), Municipal Advisor (Series 50) and Uniform State Law (Series 63). A native Houstonian, Ms. Holman earned a BA in Economics and English from Rice University and an MBA from the University of Houston at Victoria. In addition to serving as the President of the Texas chapter of the National Association of Securities Professionals (NASP) from 2012-2017, Ms. Holman is a Leadership Houston alum (Class 35), and currently chairs the Mentoring Committee for Women in Public Finance-(Texas chapter). An active community participant, she previously served on the boards of Project Rowhouse, an arts and life enrichment outreach effort, and Row House Community Development Corporation, an organization focused on providing affordable housing. A lifelong lover of the arts, Ms. Holman currently serves as a Board Advisor for the Theater Under the Stars (TUTS).

Rick Menchaca

Sr. Vice President & Mgr - Texas Region

UMB Bank

Rick Menchaca joined UMB Bank, n.a. Capital Markets Division in 2019 as a Senior Vice President and Manager of the Texas Region's Public Finance Group. Rick has been in public finance since 2011, after having a 22-year career in city management as the City Manager in the cities of San Marcos and Midland, Texas. In the past 13 years, he has been involved in over 475 bond transactions with over $23 billion in par value. Rick was also a trustee on the Texas Municipal Retirement System Board for 13 years. He has a Master of Public Administration from Texas Tech University and holds FINRA Series 52, 53 and 63 licenses.

Chad Runnels


RBC Capital Markets

Chad Runnels is Director at RBC Capital Markets. A 17-year veteran of the municipal bond industry, Mr. Runnels is primarily responsible for origination, distribution and trading of fixed income municipal securities on both a taxable and tax-exempt basis. He has served as lead underwriter on more than 1,500 transactions totaling more than $50 billion in various interest rate environments and sectors including school districts, cities, counties, state agencies, municipal utility districts, utility systems, higher education systems and transportation agencies via negotiated and competitive sales. Mr. Runnels is responsible for underwriting activities in many of RBC’s core southwest states including Texas, Colorado, New Mexico and Arizona. His coordination of these efforts allows him to be involved in all senior and co-managed transactions originated from RBC’s Dallas underwriting desk. A lifelong Texas resident, Mr. Runnels holds a BBA in Finance from Texas Tech University and is a FINRA registered securities representative, currently holding series 7, 52, 53, 66 and 79 licenses. Chad and his wife reside in Dallas with their three children.

Position Name Company City Photo
Chair Tilghman Naylor Jefferies LLC Dallas
Vice Chair Laura Powell Wells Fargo Securities San Antonio
Immed. Past Chair George Williford First Southwest Company Dallas
Member Christopher Allison Allison, M.E. & Co., Inc. San Antonio
Member Jim Buie Raymond James Dallas
Member Alix Cethoute SAMCO Capital Markets, Inc. Dallas
Member David Gordon Estrada Hinojosa & Co., Inc. Dallas
Member Mark Pryce Citigroup Global Markets Inc. Past Board Members
Member Jorge Rodriguez Coastal Securities, Inc. San Antonio
Member R. Dustin Traylor RBC Capital Markets San Antonio
Year Name Company Photo
2023 Donald Gonzales Estrada Hinojosa & Company, Inc.
2022 Mark McGruder BOK Financial Securities, Inc.
2021 Danielle Bradford Piper Sandler & Co.
2020 Mark Nitcholas Baird
2019 Mario Carrasco Citigroup Global Markets Inc.
2018 Chris Allen RBC Capital Markets
2017 Jorge Rodriguez FTN Financial
2016 Laura Powell Wells Fargo Securities
2015 Tilghman Naylor Jefferies LLC
2014 George Williford First Southwest Company
2013 Matthew Boles RBC Capital Markets
2012 Ron Caloss Raymond James | Morgan Keegan
2011 Thomas (Tom) Nolan, III Estrada Hinojosa
2010 Anne Burger Entrekin First Southwest Company
2009 Duncan L. Lamme RBC Capital Markets
2008 Douglas A. Whitt Southwest Securities
2007 Duane L. Westerman SAMCO Capital Markets
2006 Drew K. Masterson First Southwest Company
2005 Gary Machak RBC Dain Rauscher
2004 Mark McLiney Southwest Securities
2003 David Holland Coastal Securities, Inc.
2002 David Medanich First Southwest Company
2001 Robert Estrada Estrada Hinojosa & Company, Inc.
2000 Jodie L. Jiles Bear Stearns & Company, Inc.
1999 Richard Ramirez Chase Securities of Texas, Inc.
1998 George Janning First Southwest Company
1997 Vincent A. Matrone Goldman, Sachs & Company
1996 Gary Utkov Principal Financial Management, Inc.
1995 Stephen A. Claiborn Lehman Brothers
1994 Stephen J. Young Dean Witter Reynolds, Inc.
1993 Bob Vanosky Rauscher Pierce
1992 Jack Addams Merrill Lynch
1991 Leon Johnson First Southwest Company
1990 Ross A. Moring Bank One
1989 Lawrence R. Catuzzi Underwood, Neuhaus
1988 Jim Gilley First Southwest Company
1987 Ira Green Westcap Securities
1986 Thomas Anderlitch Rauscher Pierce Refsnes, Inc.
1985 Bob Jones First City National Bank
1984 Lewis W. Pollok, III Texas American Bank
1983 Delton Bennett, Jr. PaineWebber
1982 John J. Fosdick Greer Moreland Fosdick Shep
1981 Fred L. Baker Kidder, Peabody
1980 W. Roy Tucker, Jr. Underwood, Neuhaus
1979 Milton Halpern Rauscher Pierce Refsnes, Inc.
1978 John W. Brandenberger E.F. Hutton
1977 Samuel E. Maclin Russ Securities Corp.
1976 John M. Greer Greer Moreland Fosdick, Inc.
1975 John B. Clayton, III First National Bank in Dallas
1974 Thomas W. Masterson Underwood, Neuhaus & Co., Inc.
1973 William A. Beinhorn, Jr. Russ Securities Corp.
1972 Joe W. Ellis First Southwest Company
1971 Charles L. Wood Rowles, Winston & Co., Inc.
1970 W. A. Jeffers Dittmar & Co., Inc.
1969 John S. Davis Republic National Bank of Dallas
1968 S. David Arnspiger Rowles, Winston & Co., Inc.
1967 George C. Mead Dittmar & Co., Inc.
1966 Ted R. Alexander Texas Bank & Trust Company of Dallas
1965 Wilbur H. Frederking Fridley & Frederking
1964 Arnold J. Kocurek Rauscher, Pierce & Co., Inc.
1963 Paul W. Utley Goodbody & Co.
1962 Jack C. Payne Dallas Union Securities Co. Inc.
1961 R. N. Eddleman Eddleman, Pollok & Fosdick, Inc.
1960 E. S. Emerson Emerson & Company
1959 Taylor B. Almon Rauscher, Pierce & Co., Inc.
1958 Lewis W. Pollok, Jr. Eddleman-Pollok Co.
1957 William F. Parvin Austin, Hart & Parvin
1956 W. C. Jackson, Jr. First Southwest Company
1955 W. E. Knickerbocker McClung & Knickerbocker
1954 W. Travis Sykes Dewar, Robertson & Pancoast