Calvin Grigsby, President & CEO of Grigsby & Associates, Announces Rebuilding of New York Municipal Bond Desk Headed by Robert Ceresa.

SAN FRANCISCO -- Seeks New York Investment Banker to Manage All East Coast Accounts; Announces Reopening of Los Angeles Branch Office

Calvin Grigsby, President and CEO of Grigsby & Associates, has appointed veteran banker Robert L. Ceresa as executive vice-president and director of the municipal bond department in sales, trading and underwriting in New York. Additionally, Grigsby & Associates recently hired Anthony J. Shields (formerly of Prager, Sealy and UBS Paine Webber) as Vice President of institutional municipal sales and is in the process of expanding the personnel in the sales, trading and underwriting departments. The firm is also seeking a New York-based banker to manage the firm's East Coast accounts. Since the opening of the New York office, located at 150 Broadway, the municipal secondary trading volume has increased dramatically, with significant focus on zero coupon bonds, under Ceresa's guidance.

Ceresa, a twenty-five year municipal bonds veteran, most recently worked for M.R. Beal & Co. before reopening the New York branch of Grigsby & Associates last January (2005). Mr. Ceresa also managed Grigsby's New York sales and trading operation from 1995 through 1997. "We are charged with creating and developing a banking clientele for negotiated and competitive municipal issues and to be involved in sectors across the boards, such as general obligation, health care and revenue deals," Ceresa stated.

Another major announcement from the firm is the reopening of the Los Angeles branch office at 433 North Camden Drive, Suite 600 in Beverly Hills, California. Grigsby has charged Karen Gordy, one of the firm's respected public finance bankers (formerly with Prudential Securities) and managing directors, to provide banking services for Los Angeles and national clients from the L.A. office. "We want to be sure we can offer the same type of service to Los Angeles and other Southern California issuers as we have in the past," Calvin Grigsby stated. Since 1984 Grigsby & Associates has completed over 141 issues totaling $10.7 billion in municipal bonds for issuers located in Los Angeles County. Nationally, the firm has assisted local governments in raising well over $400 billion in tax-exempt capital, per Securities Data. Grigsby has additionally raised over $10 billion through public and private corporate offerings. Mr. Grigsby continues to manage all branch offices of the firm.

The bankers at Grigsby & Associates have been aggressively pursuing municipal finance deals and have recently completed the underwriting as co-manager in the $55 Million Peralta community college district G.O. bonds. The firm placed $8.8 million of the Peralta issue. The firm has also been re-appointed to the State of California underwriting pool as well as to the Los Angeles Redevelopment Agency underwriting pool.

Launched in 1981, G&A is wholly minority-owned and one of the oldest Investment Banking firms based in California. G&A is headquartered at 311 California Street, Suite 320 in San Francisco, California [phone] (www.grigsbyinc.com) with branch offices in New York, Chicago, Los Angeles and Miami.