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Ten years hence

John W. Rosenthal, Sr. and Paul H. Schultz, Chief Executive Officer and Managing Member of Rosenthal Partners Capital Advisors LLC and the John W. and Maude Clark Professor of Finance

February 5, 2010

John W. Rosenthal, Sr.  and Paul H. Schultz

John W. Rosenthal, Sr. currently serves as Chief Executive Officer and Managing Member of Rosenthal Partners Capital Advisors LLC and has been in this position since July of 2009.  Prior to that, Mr. Rosenthal was Chairman of the Advisory Board of Directors for the Northern Region of Old National Bank from June 2008 until June 2009.  Prior to that service, he held the position of Northern Region CEO and member of the Executive Leadership Group for Old National Bank.  Mr. Rosenthal was Chairman, President and Chief Executive Officer of St. Joseph Capital Corporation and St. Joseph Capital Bank from 1996 until its successful sale to Old National Bancorp, the parent company of Old National Bank, in February 2007.  During his tenure as CEO of St. Joseph Capital, the bank grew to $500 million in assets, 80 employees and over 2,000 clients.  Of particular significance is the asset quality record achieved by St. Joseph Capital during this period of rapid growth.  During the 10-plus year history of the St. Joseph Capital Bank, it experienced only one loan charge-off of $83,000, which was fully recovered subsequent to the sale to Old National Bancorp.  Original investors in St. Joseph Capital’s initial public offering realized $40 per share in cash upon the consummation of the acquisition of St. Joseph Capital by Old National Bancorp compared to their initial investment of only $10 per share.  This equated to an approximate 14.4% internal rate of return for St. Joseph Capital investors who acquired their stock in the initial public offering.  He also had a distinguished career in Correspondent Banking at both The First National Bank of Chicago and Indiana National Bank prior to founding St. Joseph Capital.

Complementing his banking experience, Mr. J. Rosenthal is involved as a member in J2MD LLC, a firm that owns three commercial real estate properties.  He also serves as a member of the board of directors of Materials Processing, Inc., a privately owned metal stamping company, a position he has held since 1997.  He is very actively involved in community affairs, currently serving or having served as a member of the board for 15 not-for-profit entities, for which he served as chairman for seven of them.  Mr. Rosenthal was the recipient of the 2002 Ernst & Young Entrepreneur of the Year Award for the Northern District of Indiana.  He is a graduate of the University of Notre Dame and a former faculty member of the Graduate School of Banking at the University of Wisconsin and the Seminar for College Faculty where he taught for four summers.

Paul H. Schultz is the John W. and Maude Clark Professor of Finance at the University of Notre Dame. He received his B.A. from Macalester College, and his MBA and Ph.D. in Finance and Economics from the University of Chicago. His expertise is in corporate finance and market microstructure. His recent research interests include the collapse of internet stock prices, arbitrage and the prices of dual class shares, and the ability of mutual funds to pick stocks.

Schultz’s paper, “Options and the Bubble,” co-authored with Robert Battalio, was named as one of eight finalists for the 2006 Smith Breeden Award, given by the Journal of Finance. He had previously won the Smith Breeden Award for his paper “Why Do Nasdaq Market Makers Avoid Odd-Eighth Quotes” co-authored with Bill Christie. He has also received several outstanding teaching awards, as well as grants and fellowships, including the Morgan Stanley Equity Market Microstructure Research Grant in 2004.

 


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