FIRST CREDIT ADVISORS

First Credit Advisors originated in June of 2000, when a major municipal bond mutual fund management company signed a contract with R. Strand Kramer to provide credit research and reporting for their Kentucky municipal bond fund.  In 2004 that same management company asked Mr. Kramer if he could provide the same independent municipal portfolio credit advisory support for one of their western state funds.  Mr. Kramer partnered with Rodney E. Knox to set up First Credit Advisors that year.  By the end of the year First Credit Advisors was providing credit advisory support for six state-specific municipal bond funds with over $2 billion in holdings.

With the problems that have surfaced for the rating agencies and the bond insurers during the financial crisis that began in 2007 and which is still with us today, FCA has been approached by banks, trust departments and individual investors to research the credit quality of municipal bond holdings which have been downgraded or even dropped by the rating agencies. Investor oriented, private credit reviews by seasoned professionals is a service that is repeatedly provided for our clients.

In 2008, one of the nations's larger bank holding companies was referred to us by a client for help in appraising its' "hold-to-maturity" portfolio of municipal securities. Because First Credit Advisor's partners are also originating, structuring,  buying and selling municipal securities every day at First Kentucky Securities Corporation they are able to provide  clients with unequaled support in assessing credit risk and realistic price levels in today's complicated municipal securities market.  First Credit Advisors has been giving  this client quarterly appraisals of these diverse and often illiquid holdings since the July 1, 2008 quarter-end. Other clients have requested semi-annual and annual reviews on their holdings.

Rodney E. Knox

Mr. Knox began his career in the municipal bond industry with Bacon, Whipple & Co.,  Chicago, IL in 1968, becoming manager of their New York and Chicago municipal bond departments in 1975. Mr. Knox participated in all areas of the municipal bond industry from then until 1990 when he started his own municipal finance advisory firm in Tucson, AZ. In 1996 Mr. Knox became a Senior Underwriter and Trader for First Security Bank (now Wells Fargo Bank) in Salt Lake City, Utah. In 2001 Mr. Knox was asked to become the Senior Underwriter for Commerce Bank's St. Louis office. After a year in that start-up position Mr. Knox returned to municipal finance consulting work.  Mr. Knox has a BSBA in accounting from Northwestern University in Evanston, Illinois.

Philip Knox

As a Computer Science major at the Univeristy of Missorui, Philip oversees First Credit Advisors, St. Charles Office's data mangagement and internet operations. He has also served as a municipal credit analyst since 2009.  

R. Strand Kramer

Mr. Kramer joined First Kentucky Securities Corporation in 1985 as Vice President, becoming President in 1995 and Chairman of the Board in 2004.  He is presently involved in the Public Finance Department as well as directing the Trading and Underwritng Department. Mr. Kramer has worked with numerous Kentucky state and local issuers, both as fiscal agent and as managing underwriter. Prior to joining First Kentucky Securities, he was associated with Dupree & Company, Inc. as a fiscal agent and financial advisor.  Mr. Kramer has a Masters degree in Business Administration and a BA degree from the University of Kentucky.

Kirsten Kramer 

As a bond analyst and director of marketing for First Credit Advisors, Kirsten provides research services and marketing materials as well as special project assistance for First Kentucky Securities. She is an attendant of the College of William & Mary, a graduate of the University of Kentucky and has been with the firm since 2008.