Joshua Siegel and Matt Mayers pioneered pooled investment strategies in small financial institutions while members of Citigroup Global Markets Inc. in the late 1990s. Their ground breaking research on bank default rates and conversations with bank regulators led to the development and execution of the first bank trust preferred securitization (Regional Diversified Funding I) in March 2000. This landmark transaction ushered in a new era for small financial institutions seeking to raise regulatory capital and opened the door for investors seeking access to this underinvested opportunity.