Professor Allayannis has taught in the First Year Finance program and elective courses in "Portfolio," "Valuation" and "Financial Institutions and Markets" as well as in programs in Darden's Executive Education, the CFA Institute, SNL Financial and the World Bank. His primary research focus is on corporate risk management, exchange-rate risk, capital structure and corporate financial policies. His research has been published in leading finance journals, such as the Journal of Finance, Journal of Financial Economics and Review of Financial Studies. He was the recipient of the Outstanding Faculty Award in 2002, 2005, 2009 and 2010, as well as the Wachovia Award for Research Excellence in 2002. Between 2005-07, Allayannis was a director in Citigroup's Global Financial Strategy Group in the Investment Banking Division. He worked extensively with clients in the financial institutions and industrials sectors advising on a broad range of issues such as capital structure, credit ratings, capital distribution policies, valuation and risk management. He was involved in several strategic and financing transactions. Allayannis also published several Citigroup reports on risk management in emerging markets, the impact of energy prices on corporate financial strategies and the value creation of divestitures in the financial services sector.

Avi J. Barak is a Managing Director in the Research Department of Sandler O'Neill + Partners, L.P., where he focuses on regional and community banks and thrifts. In 2006, Forbes.com/StarMine ranked Mr. Barak the #2 stock picker for the Commercial Banks industry. From 2007 through 2009, Mr. Barak was the winner of the SNL Dartboard Challenge, the first three-time winner since the inception of the contest. Mr. Barak joined Sandler O'Neill + Partners, L.P., in April of 2003 from Prudential Securities, Inc., where he began his career in equity research focusing on mid-cap banks. Mr. Barak earned his B.A. from Cornell University in 2002, with a double major in Economics and Psychology.

Prior to joining Second Bank & Trust in 1993 as the bank's Senior Lender, Ed spent 13 years with Bank of America in North Carolina. While with Bank of America, Ed served as Credit Analyst, Branch Manager, Branch Administrator, middle market Commercial Lender and the last four years as a Senior Credit Policy Officer covering the western region of North Carolina, Research Triangle Park and Baltimore, MD. In December 1996 Ed was appointed President and CEO of Second Bank & Trust and also elected to the Board of Directors of Second National Financial Corporation. In 1998 Ed was named President and CEO of the newly formed Virginia Commonwealth Financial Corporation which was the holding company for Second Bank & Trust, Virginia Heartland Bank, Caroline Savings Bank and Virginia Commonwealth Trust Company. Ed became President and CEO of Virginia Financial Group, Inc. when Virginia Financial Corporation and Virginia Commonwealth Financial Corporation formally completed their merger in January 2002. Ed continued in the capacity of President and CEO when Virginia Financial Group, Inc. and FNB Corporation completed a Merger of Equals in March 2008 forming the new company, StellarOne Corporation. StellarOne currently has total assets of $3 billion and deposits of $2.4 billion. The organization maintains a network of 56 full-service financial centers, one loan production office, and 60 ATMs serving the New River Valley, Roanoke Valley, Shenandoah Valley and Central and North Central Virginia.

Currently, Ed serves as a director of the VBA Board and as a member of their Executive Committee. He is a past Director of the VBA Benefits Board and the VBA Insurance Board, and a past member of the VBA Governmental Relations Committee. Ed is a Past Director and Treasurer of Culpeper Regional Hospital and was Chair of their Finance Committee. Ed was also a past Director and President of the Culpeper Chamber of Commerce. Ed is a member of the Culpeper Presbyterian Church and a past Chairman of its Personnel and Finance Committee.

A graduate of the University of North Carolina at Chapel Hill, Ed later obtained an MBA degree with concentrations in finance and management from UNC, Greensboro.

Jeff Berg is a Senior Vice President - Group Credit Officer in Moody's Financial Institutions Group with a focus on insurance companies. As Group Credit Officer, Jeff has responsibility for monitoring ratings quality as well as assisting in the development and implementation of rating methodologies and practices across all insurance groups.

Jeff joined Moody's in 2003 as the accounting specialist supporting the insurance sectors and was one of the founding members of Moody's Accounting Specialists Group, whose role is to also publish research on complex reporting topics. In 2004, Jeff changed his primarily role to that of a fundamental credit analyst within the US property & casualty insurance team.

Prior to joining Moody's, Jeff spent 12 years in public accounting, most recently with PricewaterhouseCoopers LLP where he was a Senior Manager in the Insurance Audit Practice in New York City. Jeff's previous experience included a tour in the Accounting Consulting Services Group of PwC's National Office. Jeff is a Certified Public Accountant and graduated magna cum laude from Skidmore College in New York.

Randy Binner is a senior analyst and senior vice president covering the life & health and property/casualty insurance sectors at FBR Capital Markets & Co. (FBRC). Prior to this role, he was an analyst and VP with FBRC's insurance research team for three years and an associate analyst for four years, where he supported the coverage of more than 30 multi-line, P/C, brokerage, and reinsurance lines companies. He also has two years of industry experience at Travelers, where he managed environmental and asbestos liability claims.

In 2009, Mr. Binner was ranked the No. 2 earnings estimator in the insurance sector by Financial Times/StarMine. He was also recognized in The Wall Street Journal's Best on the Street awards, ranking No. 4 for stock picking in the life insurance industry in 2009. Mr. Binner received his M.B.A. in finance from George Washington University and his B.A. in history from Colorado College.

William P. Bowden, JR. is a senior consultant with The Regulatory Fundamentals Group LLC and is based in New York City. Mr. Bowden has over 30 years of experience advising financial institutions and throughout his career he has served as Chief Counsel of the Office of the Comptroller of the Currency and General Counsel of many prestigious financial institutions.

Mr. Bowden was Chief Counsel of the Office of the Comptroller of the Currency where he served under President Bush and Clinton and on transition team between their two administrations. He was a member of a six-person Policy Group responsible for all major management decisions affecting the agency. He participated in major financial institution policy decisions through various interagency mechanisms, including regular meetings with counterparts at Treasury, Federal Reserve, FDIC, OTS, SEC, Justice Department and the White House. He was also in charge of reorganizing the legal department to increase efficiency of 140 attorneys in Washington and six other cities. In the federal agency, he was responsible for test litigation leading to four 9-0 Supreme Court decisions upholding major OCC policy initiatives.

As a General Counsel of the international insurance brokerage firm, Willis Group Holding Company, Mr. Bowden was responsible for developing and managing global legal, compliance, corporate secretarial, audit and government relations functions. He was a member of the firm's global executive committee with management responsibility for all aspects of firm's business.

From 1997 to 2001, Mr. Bowden served as General Counsel of Societe Generale where he was recruited to upgrade New York-based legal and compliance department as part of a three-fold increase of SG's corporate and investment banking presence in the United States. He strengthened SG's involvement with senior federal and state legislative representatives, regulatory officials and major trade groups. He also strengthened SG's global corporate ethics, legal and compliance management committees responsible for coordinating and implementing corporate policies in these areas.

As General Counsel of CS First Boston, Inc., Mr. Bowden centralized, systematized and enhanced the global compliance management process to minimize regulatory risk in each jurisdiction in which the firm did business. He organized new business support procedures for analyzing, structuring and implementing proposals for all new products and services, and also tightened procedures for retention and use of outside counsel.

As Deputy General Counsel of Marine Midland Bank, Inc., Mr. Bowden structured and negotiated all Marine Midland and HongkongBank acquisitions, divestitures and strategic investments in US and Canada. He also assumed general compliance responsibility for all Western Hemisphere HongkongBank offices following integration of Marine Midland and HongkongBank operations.

Early in his career, Mr. Bowden also served as Associate General Counsel of Citicorp where he was responsible for Citicorp's corporate banking and corporate funding activities, and also served as a General Counsel and Secretary of Alaska Interstate Company. He was also an Associate Attorney at Davis Polk & Wardwell.

He earned his law degree from Columbia University.

Mr. Boyle founded Paragon Capital Group with William G. Areklett in May 2006. Together with Mr. Areklett, Mr. Boyle oversees the advisory, capital raising and investing activities of ParaCap Group, which is PCG's broker/dealer subsidary, and directs the investment strategy of Paragon Invesment Advisors, which is a PCG subsidiary that serves as the general partner of a long/short equity hedge fund. Throughout his 20-year career, Mr. Boyle has been responsible for capital raising and M&A transactions totaling several billion dollars. During that time, he has gained significant expertise in the insurance and financial services sectors.

Prior to founding Paracap, Mr. Boyle was a Managing Director and the Head of Insurance Investment Banking Group for Friedman, Billings, Ramsey & Co. At FBR, Mr. Boyle was responsible for founding the insurance practice which became a leading insurance equity underwriter. Additionally, he led multiple recapitalization, merger and acquisition and run-off transactions for insurance company clients while with FBR. Previously, Mr. Boyle worked for five years in the Financial Institutions Group of McDonald Investments where he was involved in executing numerous merger and acquisition transactions in the bank and thrift and insurance sectors. Before working at McDonald, he worked for four years as a bank examiner for the U.S. Treasury Department, Office of the Comptroller of the Currency, and prior to that as a financial analyst with Capitol American Financial Corp.

Mr. Boyle is a Chartered Financial Analyst and received his Bachelor of Science in Finance from the University of Akron.

Jennifer Burns began her career at the Federal Reserve Bank of Richmond in 1991 as a community bank examiner in the Banking Supervision and Regulation department. Since that time, she has held various roles within the department and in 1998 she became the Central Point of Contact for Bank of America. In 2002, she was promoted to vice president responsible for oversight of the large financial institution and large complex banking organizations. Ms. Burns was appointed by the Richmond Board of Directors to senior vice president of the Supervision, Regulation and Credit department in 2010.

Jeff Davis joined Guggenheim Partners in March 2010 as a Managing Director within the (public) equities capital markets unit where his coverage universe will be focused primarily on regional banks-a space he has covered for many years. Prior to Guggenheim Mr. Davis headed the Financial Institutions Group (FIG) at FTN Equity Capital Markets from 2000 to early 2010 when FTN elected to exit the equities business.

Under Mr. Davis' leadership as Director of Research for FIG, coverage of bank, thrift and insurance companies increased from nil in mid 2000 to approximately 165 stocks by 2006 when the coverage universe was at its peak. In addition to overseeing the FIG effort at FTN, Mr. Davis' coverage universe has been focused on small, mid and large cap banks located primarily in the Southeast and Midwest. Institutional Investor, the Wall Street Journal and Forbes/Starmine have recognized FTN's coverage of financial stocks as among the best in the industry, including most recently for calendar years 2004 (Davis-Forbes/Starmine), 2006 (Davis-WSJ and Forbes/Starmine) and 2008 (Davis-FT/Starmine). Before joining FTN, Mr. Davis was the regional bank and thrift analyst at Nashville, Tennessee, based J.C. Bradford & Co., which was acquired by Paine Webber in 2000.

Prior to joining JCB, Mr. Davis spent ten years at Mercer Capital Management, a valuation and transaction advisory firm that provides advisory services to financial institutions and corporations throughout the U.S. During 1995-1999, Mr. Davis headed Mercer Capital Advisors, which provided M&A and transaction advisory services for financial institutions, private middle market businesses, and small public companies for purposes of acquisitions, LBOs/recaps, and capital raises. Mr. Davis began his in career commercial at AmSouth-Mobile in 1985.

Mr. Davis is a periodic speaker at industry gatherings, including SNL Securities/UVA's annual analyst training seminar, the ABA, various state banking meetings as well as security industry gatherings in addition to making several presentations to the boards and executive management teams of small and large banks each year. He is a periodic guest on CNBC, Bloomberg TV and Bloomberg Radio and is regularly quoted in the American Banker, the Wall Street Journal, Reuters, and other media outlets.

Mr. Dwelle joined RBC in June 2008 following its acquisition of Ferris, Baker Watts. He has been following the property/casualty insurance industry since January 2001 and has led the insurance equity research effort since early 2006. His regular publications include a weekly insurance newsletter Insurance Observations, an annual reserve study, timely industry updates and quarterly reports on the 27 property/casualty insurance, reinsurance and insurance brokerage companies under RBC coverage. Mr. Dwelle received his B.S. in accounting from the University of Richmond, an MBA from the London Business School and has held the CFA designation since 2000. The Wall Street Journal named Mr. Dwelle the industry's top property casualty insurance analyst in its 2007 Best on the Street Survey.

Mr. Johnson is a Portfolio Manager with a background in equity research and fixed income. Prior to joining Philo Smith, Mr. Johnson spent seven years in equity research covering life insurance companies for Friedman, Billings, Ramsey and Lehman Brothers, and an additional two years in equity research at CIBC researching bank stocks. Prior to equity research, Mr. Johnson worked at Coopers and Lybrand on consulting assignments within the Capital Markets group. He began his career in 1987 at Bankers Trust Co. and then spent seven years with Merrill Lynch in the fixed income division. Mr. Johnson holds a BA in economics from the University of Pennsylvania and an MBA from Columbia University.

Bill founded MPS in 1995 bringing over 20 years of industry experience to assessing IRR and enhancing balance sheet performance. He provides strategic direction, product development and technical expertise to the firm. As a former senior vice president with ALM model vendor Sendero Corporation, he headed their client services group. While a vice president at the Federal Home Loan Bank of Cincinnati, Bill managed an IRR and CRA reports service bureau and was a lead member of the team that designed Thrift Bulletin 13 (TB-13), the path breaking thrift IRR regulation. He also has 10 years university teaching experience. Bill is a frequent speaker at industry forums and has published extensively.

Mr. Mabry is Managing Director and Manager of the Keefe, Bruyette & Woods, Inc. office in Richmond, Virginia. There he is responsible for directing the firm's investment banking activities in the Southeastern U.S. Mr. Mabry began his career at First Union National Bank in Charlotte, N.C. in 1979. In 1983 he joined Keefe, Bruyette & Woods in New York, NY where he developed merger and acquisition and capital markets business for the firm. In 1991 he joined Wheat First Securities in Richmond, Virginia and later became manager of the corporate finance department. After the firm's merger with First Union Securities (now Wachovia Securities) in 1998, Mr. Mabry became co-head of corporate finance for Wachovia Securities. Mr. Mabry rejoined Keefe, Bruyette & Woods in 2000. In 1979 Mr. Mabry received his B.A. from UNC-Charlotte and in 1983 received an M.B.A. from UNC-Chapel Hill.

Michael Nannizzi is an Executive Director and senior analyst covering the insurance sector. Mike joined Oppenheimer in 2008, focusing on P&C insurance, and in his first full year covering the sector he was honored as the Best Up & Comer Insurance analyst in Institutional Investor's 2009 All-America Research Survey. Prior to being named Bear Stearns senior life insurance analyst in 2008, Mike's coverage focused primarily on specialty finance and mortgage finance companies. Before coming to Wall Street, Mike worked at Macromarkets, a niche company founded by Yale economist Robert Shiller. Mike began his career as an auditor for Ernst & Young and holds the CPA designation. Mr. Nannizzi graduated from Marquette University with a B.S. in Accounting/Spanish Literature and holds an M.B.A. from NYU's Stern School of Business.

Timothy B. Nee is President and Owner of both Dorman Consulting Associates and TEACH Insurance, LLC. An experienced marketer and product manager, Mr. Nee has held positions with direct profit and loss responsibility as a Product Manager with Progressive Casualty Insurance Company and as Director of State Operations with Liberty Mutual Insurance Company. Mr. Nee has experience in all marketing channels, including independent agencies, captive agencies, internet, and inbound/outbound telemarketing. Mr. Nee has also been Director, Marketing and Analysis with Capital One Small Business and a Consultant with Bain & Company, an international management consultancy.

Mr. Nee earned a Bachelor of Arts with honors from the University of Virginia and holds a Master of Business Administration with honors from the Harvard Business School.

Kevin has worked his entire career in the insurance industry and has been primarily involved in insurance education since 1996.

Prior to 1996 he was a senior vice president of an international insurance/ reinsurance consulting firm providing management and accounting services to private and public institutions. Mr. Oates has held a number of industry management and academic positions, including various executive financial positions with holding companies, underwriting organizations; and as vice-president, reinsurance operations, with a reinsurance intermediary. In 1988, he co-founded a consulting firm, which was subsequently merged into an international network.

For eight years, he was an adjunct instructor of accounting at Queens College, Rutgers University, and for three years was an instructor in property/casualty insurance accounting and annual statement preparation at the New York College of Insurance.

Kevin is a graduate of New York University, and received an MBA in Corporate Finance from Rutgers University. He is a Fellow of the Life Management Institute (FLMI), and holds the Associate in Reinsurance (ARE), and Associate in Insurance Accounting and Finance (AIAF) designation from the Insurance Institute of America. He is the author of the Reinsurance Accounting Chapter of the Strain Reinsurance Textbook and a contributing author to the NAIC Receiver's Handbook.

Gennie manages the Counterparty Risk Analyst Team for State Street Bank, focusing on financial institutions worldwide. She is also an instructor for State Street's credit training programs. Gennie has been with State Street since 2000 and has 10 years of combined operations, analysis and project management experience. Previously, she was at the former FleetBoston Financial.

Gennie graduated summa cum laude with a B.S. in Banking, Finance and Economics from the University of Messina, Italy, and holds a Master of Business Administration from ISIDA Business School of Palermo, Italy. Gennie is also a CFA Charterholder and a member of the Providence Society of Financial Analysts.

May 1, 2008
Jason Polun is a vice president of T. Rowe Price Associates, Inc., and a research analyst in the U.S. Equity Division of T. Rowe Price Associates, Inc. He follows money center banks and specialty finance companies. Jason is a vice president and Investment Advisory Committee member of the Equity Income and Financial Services Funds. Prior to joining the firm in 2007, he was employed by Wellington Management Company, LLP, as a vice president and an equity research analyst, where his coverage included aerospace and defense, energy, packaged food, restaurant, and chemical companies. Jason earned a B.S. in business and finance from Mount St. Mary's College and an M.B.A. in finance and accounting from the Wharton School, University of Pennsylvania, where he was a Palmer Scholar. Prior to earning his M.B.A., Jason was a vice president and a credit analyst with Merrill Lynch Investment Managers as well as a fixed-income associate analyst and research associate at T. Rowe Price Associates, Inc. He has also earned the Chartered Financial Analyst designation.

Deborah Prutzman is the Chief Executive Officer of The Regulatory Fundamentals Group LLC. She has an exceptionally wide-ranging and deep background in the domestic and international financial services industry, with depth in regulatory risk management and corporate governance. She has earned a reputation for helping financial institutions thrive despite difficult business circumstances.

Mrs. Prutzman has assembled a team of highly-skilled experts with decades of expertise in bank regulatory environments. RFG's objective is to bring its clients a level of counsel, creativity and practical expertise that cuts across complex technical areas in a manner that is not readily available elsewhere.

As General Counsel to the Merrill Lynch Global Bank Group, Mrs. Prutzman conceived and managed the reorganization of Merrill's US banking operations to create a full service federal thrift, which enabled Merrill to offer banking services throughout its network of financial advisors. She built and recruited a 60+ person team of legal and compliance professionals. Her team handled regulatory and product issues with a unique focus on "knowledge management" systems designed to assure both quality and consistency of results and business partner understanding of key issues. As part of this process, Mrs. Prutzman designed the compliance infrastructure and recruited the compliance team professionals for the Merrill banks in the United States. In addition, she was able to obtain favorable regulatory rulings in a variety of circumstances, including the handling of "brokered deposits".

Mrs. Prutzman has also served as General Counsel of CLS Services, the world's foreign exchange netting system during its start-up stages. In the absence of precedent, she developed rules and contracts that satisfied the laws and regulations of 13 jurisdictions and allowed 63 of the world's largest financial institutions to clear foreign exchange transactions on a real time, continuously linked basis. She recruited and staffed the legal and compliance functions.

Earlier in her career, Mrs. Prutzman was General Counsel for the New York Clearing House Association, where she developed an expertise in payment system matters and was instrumental in the drafting of Article 4A of the Uniform Commercial Code, the law that governs electronic funds transfer in the United States. Also, Mrs. Prutzman served as Senior Vice President and Deputy General Counsel of Chemical Bank where her team was responsible for the legal issues associated with the bank's major strategic initiatives, including bank acquisitions and the shaping of legislative initiatives and relations with regulators.

Mrs. Prutzman has been a partner at Paul, Weiss, Rifkind, Wharton & Garrison and Arnold & Porter, where she concentrated on banking issues.

She earned her law degree from Columbia University.

Mr. Schramm has extensive experience in bank mergers and acquisitions, mutual-to-stock conversion appraisals, fixed income asset-backed financing, and business plans. His previous experience includes co-founding the Financial Institutions Group at Triangle Capital Partners, serving as Managing Director for the Trident Securities division of McDonald Investments where he was involved in numerous bank mergers and acquisitions, and consulting for Arthur Anderson & Co. where he worked with companies in the financial services, healthcare, manufacturing, distribution and utilities industries. Mr. Schramm received his Bachelor's degree from Northwestern University and an M.B.A. from Duke University. Mr. Schramm is an Accredited Senior Appraiser certified in business valuation by the American Society of Appraisers.

Mr. Segal has nearly 20 years of investment and commercial banking experience, both domestically and abroad. Mr. Segal's expertise is based on optimizing a company's return on its financial assets and ensuring that there is adequate liquidity and capital to support its strategic objectives. Areas of specialization include M&A, strategic spin-offs and partnerships, asset sales and securitizations, interest rate hedging strategies, and sourcing external sources of financing from a broad array of institutional and private investors. Throughout his career, Ken's efforts have resulted in billions of dollars worth of financing solutions for companies of all sizes, from the smallest start-ups to the Fortune 10. Mr. Segal, who previously was a principal with JM Seas, earned his Bachelor's Degree in Chemistry, Magna Cum Laude, from Bowdoin College in 1987 and he holds an M.B.A. in Finance and Accounting from the University of Chicago Graduate School of Business. He holds Series 7, 24 and 63 designations with the FINRA and has served on the Board of Directors for many entities.

Mr. Walls developed his expertise in the field of bank valuation during his 8 year tenure in the Investment Banking division of Lehman Brothers where he served as a Senior Vice President in its Financial Institutions Group. He has extensive expertise in M&A as well as debt and equity financing. In addition, Jon possesses an in-depth understanding of valuing, structuring, negotiating and executing complex transactions for financial institutions.

Most recently, Mr. Walls served as Chief Investment Officer and acting Chief Financial Officer for a mid-sized California-based mortgage lender where he was responsible for managing a pool of investment funds and for the overall administration of the company’s finance and accounting operations. Jon has also taught business classes as a guest lecturer at the University of California at Irvine and recently received a Commendation from the State of California for his role as instructor of a business leadership program.

Jon earned an MBA with an emphasis on finance from the Harvard Graduate School of Business and a JD, cum laude, with an emphasis on Taxation from Harvard Law School.