Former N.J. State Treasurer Joins Ryan Beck

The growing brokerage adds to its Municipal Finance Department.Ryan Beck & Co. today announced that John E. McCormac, 47, has been named managing director in the firm’s expanding Municipal Finance Department. Earlier this week, McCormac stepped down as state treasurer, after some four years of service under Governors James McGreevey and Richard Codey.

At Florham Park-based Ryan Beck, a broker-dealer with 43 offices in 15 states, he will work on transactions involving local municipalities and nontaxable entities. McCormac, a CPA, has a B.A. in accounting from Rutgers University and an M.B.A. in finance from St. Johns University.

As treasurer, he oversaw 3,500 employees in 12 divisions; advised on fiscal and budgetary policy; and managed the presentation of four annual budgets totaling some $100 billion. McCormac also pushed corporate tax reform and worked to diversify the state’s investment portfolio.

“Ryan Beck’s continued expansion of its nontaxable unit–marked by the recent addition of 20 professionals–represents another investment in the institutional side of our business, following the hiring of 62 professionals over the past two years in our equity capital markets group and taxable fixed income area,” said Bonnie Siegal, Ryan Beck’s municipal finance managing director.

Ryan Beck is a wholly owned subsidiary of BankAtlantic Bancorp (NYSE: BBX), which rose $0.02 to $14.84 in morning trading.