This past Monday, The Kresge Foundation — one of the nation’s leading social services and philanthropic nonprofits fostering economic and social change — announced investment banker Suzanne Shank as one of its newest members to join the foundation’s board of trustees, The Bond Buyer reports.
Both Shank and her colleague — finance scholar Michael Barr — were named trustees to serve on the governing body for the private, national foundation.
“Suzanne and Michael are extraordinary additions to our Board of Trustees,” Kresge Board Chair Elaine D. Rosen stated in a news release. “Their individual expertise in finance and banking and combined community development leadership—specifically in low-income communities—will further bolster the foundation’s efforts to expand opportunity for people living in America’s cities.”
Following their initial 4-year terms, per the foundation’s governance rules, Shank and Barr’s trustee appointments could extend to a maximum of 16 years, The Bond Buyer shares.
The Kresge Foundation has made a major impact on the Detroit community, investing millions in programs specifically aimed at economic development in urban areas and Black entrepreneurs, Black Enterprise reports.
Shank and Barr will now have a chance to join their legacy and expand their impact in communities across the country as well.
According to Black Enterprise, Shank is president/CEO and the largest shareholder of Siebert Williams Shank & Co.. — the largest minority and women-led financial firm in the country.
Before the firm’s merger in 2019, Shank served as the CEO of Siebert Cisneros Shank L.L.C., a firm she helped co-found that went on to become the first MWBE firm to rank among the top 10 in the U.S. municipal debt underwriters. She was also the first MWBE to lead a municipal underwriting worth over $1 billion in principal amount, a news release shares.
Shank is an accomplished businesswoman, according to the foundation’s website, as she serves as a board member and advisor to numerous industry and civic organizations, including Consumers Energy Company, Rocket Companies, the Charles H. Wright Museum of African American History, Wharton School Graduate Executive Board, Spelman College and Global Citizen.
Black Enterprise also reports that she was honored by USA Today as one of its Women of the Century and Ebony Magazine as one of its Power 100 of 2020.