Allfirst Bank said yesterday that it was ranked as the ninth-largest trustee nationwide for new long-term municipal bond issues in the first quarter of the year, according to data from Thomson Financial Investment Banking.
The bank, which is a unit of Baltimore-based Allfirst Financial Inc., was trustee on 19 new issues with a total volume of $659.5 million.
US Bank ranked first and was trustee on 125 long-term municipal new issues totaling $2.9 billion.
Allfirst rose from 11th in last year's first quarter and 12th in the first quarter of 2000, according to Thomson, which is based in Newark, N.J.
"This has been a market that we have been developing for a number of years," said Richard H. Bass, senior vice president of Allfirst Trust Co., a wholly owned subsidiary of Allfirst Bank.
Trustees for municipal bond issues ensure that a project is operating as proposed under the financing document and that the interests of the bondholders are protected.
Bass said Allfirst has been helped by expanded marketing efforts, a reputation as a good servicer and a strong market for municipal bond financing both nationwide and in Maryland.