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Oklahoma Public Finance

We're at home in Oklahoma — just like you. And our team of knowledgeable leaders in municipal finance has years of experience in the Oklahoma municipal marketplace.

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  • Experienced Leader in the State

    In 1998, BOK Financial Securities effectively solidified the foundation of our public finance division by purchasing the assets of Leo Oppenheim & Co., Inc., a privately-owned investment banking firm established in 1919. Our services include underwriting, financial advisory services, debt policies and placement agent services. Today, as an Oklahoma-based municipal bond investment banking firm, we deliver results for Oklahoma clients. 

  • Opportunities in Funding Alternatives

    BOK Financial Securities has had the good fortune to work with many of the issuers in the State of Oklahoma. Our investment bankers help meet the capital improvement needs of many of Oklahoma’s state and local governments, colleges and universities, schools, Native American entities, hospitals, public trusts and corporations.

  • Qualified and Specialized

    We offer our Oklahoma clients a strong combination of underwriting capabilities, distribution network and financial advisory services. Rely on our knowledgeable relationship managers from our Investment Banking, Institutional Sales and Trading, and Retail Sales divisions.

Our Team

Investment Banker
405-272-2075
cgander@bokf.com

Chris Gander bio photo

Chris Gander has more than 21 years of experience in the municipal finance industry. Over the course of his career, Mr. Gander has served as a bond underwriter, financial advisor, or placement agent for a wide range of Oklahoma clients including state agencies, institutions of higher education, school districts, cities, counties, conservation districts, economic development districts, hospital districts, rural water districts and various types of public trusts.

Mr. Gander is Managing Director of Oklahoma Public Finance, providing investment banking services to our clients as well as managing our firm’s public finance activities throughout the state of Oklahoma. He has served as Banker on many of our State of Oklahoma bond issues over the last 20+ years. Additionally, Mr. Gander has served as Financial Analyst or Investment Banker on the majority of our firm’s Oklahoma underwritings since 2001. He has been with BOKF since March 2000.

Mr. Gander earned a Bachelor of Science degree in Economics from Southeastern Oklahoma State University. He is a Financial Industry Regulatory Authority registered representative, currently holding the Series 7, Series 50, Series 53, Series 54, Series 63, Series 65 and Series 79 securities licenses. Mr. Gander is also a Registered Investment Advisor and a Certified Financial Planner.

Investment Banker
405-272-2199
zrobinson@bokf.com

Zack Robinson bio photo

Zack Robinson has more than 13 years of experience in the municipal finance industry. He has been an investment banker since 2007 and over that time has served as a bond underwriter or financial advisor assisting state agencies, universities and colleges, school districts, and municipalities with their financing needs. Mr. Robinson is an Investment Banker and Vice President in our Oklahoma Public Finance group. He joined BOKFS in August 2010.

Mr. Robinson received his B.S. in Political Science from Oklahoma State University in 2005 and his Master of Business Administration from Oklahoma State University in 2007. He is a Financial Industry Regulatory Authority registered representative, currently holding the Series 7, Series 50, Series 66, and Series 79 securities licenses. Mr. Robinson is also a Registered Investment Advisor.

Underwriting Administrator
405-272-2132
jedwards@bokf.com

Public Finance Analyst
405-272-2228
cbertelli@bokf.com

Executive Assistant
405-272-2383
cbaskett@bokf.com

Recent Transactions

Date Amount of Offering Issuer/Description
01/31/24 $1,310,000 Memorial Hospital of Texas County (Oklahoma) Authority
Sales Tax Revenue Note, Taxable Series 2024
01/30/24 $7,020,000 Nichols Hills, City of
General Obligation Bonds, Series 2024
12/28/23 $7,560,000 Midwest City - Del City Public Schools
General Obligation Building Bonds, Series 2023B
12/21/23 $2,355,000 Carlton Landing Economic Development Trust
Tax Increment Revenue Note, Taxable Series 2023
12/19/23 $23,000,000 Durant City Utilities Authority
Series 2023 Clean Water SRF Promissory Note to
Oklahoma Water Resources Board
12/14/23 $26,040,000 Cleveland County Educational Facilities Authority
(Norman Public Schools Project)
Educational Facilities Lease Revenue Bonds, Series 2023C
12/12/23 $3,460,000 Sapulpa Public Schools
General Obligation Building Bonds, Series 2023B
12/07/23 $2,940,000 Lawton Water Authority
Utility System Revenue Note, Series 2023
12/07/23 $30,000,000 Lawton Water Authority
Series 2023C Drinking Water SRF Promissory Note to
Oklahoma Water Resources Board
11/08/23 $4,105,000 Duncan Public Utilities Authority
Series 2023A Clean Water SRF Promissory Note to
Oklahoma Water Resources Board
11/08/23 $8,630,000 Duncan Public Utilities Authority
Series 2023B Promissory Note to Oklahoma Water Resources Board
11/08/23 $4,930,000 Alva Utility Authority, Woods County, Oklahoma
Series 2023 Promissory Note to Oklahoma Water Resources Board
10/26/23 $4,080,000 Guymon Public Schools
General Obligation Building Bonds, Taxable Series 2023
10/26/23 $1,675,000 Alva Economic Development Authority
Sales Tax Revenue Note, Series 2023
10/18/23 $9,240,000 Kiowa County Public Facilities Authority
Sales Tax Revenue Bonds, Series 2023
10/05/23 $30,000,000 Lawton Water Authority
Series 2023B Clean Water SRF Promissory Note to
Oklahoma Water Resources Board
09/15/23 $27,295,000 Canadian County Educational Facilities Authority
(Mustang Public Schools Project)
Educational Facilities Lease Revenue Bonds, Series 2023B (Taxable)
09/15/23 $97,645,000 Canadian County Educational Facilities Authority
(Mustang Public Schools Project)
Educational Facilities Lease Revenue Bonds, Series 2023A
08/30/23 $6,050,000 Moore, City of
General Obligation Bonds of 2023
08/23/23 $14,000,000 Edmond Public Schools
General Obligation Building Bonds, Series 2023
08/10/23 $44,425,000 Lawton Water Authority
Series 2023A Promissory Note to Oklahoma Water Resources Board
08/10/23 $3,110,000 Pittsburg County Rural Water & Sewer District No. 20
Series 2023 Promissory Note to Oklahoma Water Resources Board
08/10/23 $19,455,000 Rogers County Rural Water & Sewer District No. 3
Series 2023 Promissory Note to Oklahoma Water Resources Board
07/27/23 $850,000 McLoud Public Schools
General Obligation Building Bonds, Taxable Series 2023
07/27/23 $3,500,000 Newcastle Public Schools
General Obligation Combined Purpose Bonds, Series 2023
07/27/23 $1,950,000 Newcastle Public Schools
General Obligation Building Bonds, Taxable Series 2023
07/20/23 $1,000,000 Porter Public Works Authority
Series 2023 Promissory Note to Oklahoma Water Resources Board
07/10/23 $14,960,000 Midwest City - Del City Public Schools
General Obligation Combined Purpose Bonds, Series 2023
07/10/23 $1,600,000 Midwest City - Del City Public Schools
General Obligation Building Bonds, Taxable Series 2023
07/06/23 $2,525,000 Duncan Public Schools
Combined Purpose General Obligation Bonds, Taxable Series 2023
07/06/23 $1,875,000 Clinton Public Schools
General Obligation Building Bonds, Taxable Series 2023
06/28/23 $16,000,000 Sapulpa Public Schools
General Obligation Building Bonds, Series 2023
06/27/23 $1,060,000 Ketchum Public Schools
General Obligation Combined Purpose Bonds, Taxable Series 2023
06/15/23 $1,000,000 Sulphur Public Schools
General Obligation Building Bonds, Taxable Series 2023
06/09/23 $13,140,000 Creek County Rural Water District No. 2
Series 2023 Drinking Water SRF Promissory Note to
Oklahoma Water Resources Board
06/08/23 $14,125,000 Mustang Public Schools
General Obligation Combined Purpose Bonds, Series 2023
06/08/23 $5,540,000 Mustang Public Schools
General Obligation Building Bonds, Taxable Series 2023
06/08/23 $8,500,000 Sand Springs Public Schools
General Obligation Combined Purpose Bonds, Taxable Series 2023
06/07/23 $4,385,000 El Reno Municipal Authority
Series 2023 Promissory Note to Oklahoma Water Resources Board
06/07/23 $6,580,000 Rogers County Rural Water District No. 4
Series 2023 Promissory Note to Oklahoma Water Resources Board
06/01/23 $765,000 Rogers County Rural Water District No. 3
Utility System Revenue Note, Taxable Series 2023
06/01/23 $10,000,000 Edmond Public Works Authority
Sales Tax Revenue Note, Taxable Series 2023C
06/01/23 $34,000,000 Edmond Public Works Authority
Sales Tax Revenue Note, Series 2023B
06/01/23 $37,100,000 Edmond Public Works Authority
Sales Tax Revenue Note, Series 2023A
05/26/23 $2,180,000 Cleveland County Educational Facilities Authority
(Norman Public Schools Project)
Educational Facilities Lease Revenue Bonds, Series 2023B (Taxable)
05/26/23 $58,570,000 Cleveland County Educational Facilities Authority
(Norman Public Schools Project)
Educational Facilities Lease Revenue Bonds, Series 2023A
05/09/23 $4,915,000 Elgin Public Works Authority
Sales Tax Revenue Note, Series 2023
04/27/23 $5,580,000 Norman Public Schools
General Obligation Combined Purpose Bonds, Series 2023
04/27/23 $3,480,000 Norman Public Schools
General Obligation Building Bonds, Taxable Series 2023
04/07/23 $7,600,000 Altus Municipal Authority
Series 2023B Drinking Water SRF Promissory Note to
Oklahoma Water Resources Board
03/30/23 $54,990,000 Moore Public Schools
General Obligation Combined Purpose Bonds, Series 2023
03/23/23 $40,000,000 Edmond Public Schools
General Obligation Combined Purpose Bonds, Series 2023
03/09/23 $905,000 Lawton Public Schools
General Obligation Bonds, Taxable Series 2023B
03/09/23 $13,075,000 Lawton Public Schools
General Obligation Bonds, Series 2023A
03/08/23 $28,000,000 Lawton Water Authority
Series 2023 Drinking Water SRF Promissory Note to
Oklahoma Water Resources Board
03/07/23 $126,000,000 Oklahoma City Public Schools
Combined Purpose General Obligation Bonds, Series 2023
02/28/23 $1,840,000 Comanche County Rural Water District No. 2
Series 2023 Drinking Water SRF Promissory Note to
Oklahoma Water Resources Board
01/05/23 $8,400,000 Nichols Hills, City of
General Obligation Bonds, Series 2023
12/30/22 $1,700,000 Alva Utility Authority
Series 2022 Drinking Water Promissory Note to the
Oklahoma Water Resources Board
12/22/22 $8,100,000 City of Lawton, Oklahoma
General Obligation Bonds, Series 2022
12/22/22 $1,385,000 Carlton Landing Economic Development Trust
Tax Increment Revenue Note, Taxable Series 2022
12/12/22 $22,500,000 Altus Municipal Authority
Series 2022 Clean Water SRF Promissory Note to the
Oklahoma Water Resources Board
12/01/22 $20,000,000 Moore Economic Development Authority
Lease Revenue Credit Facility
11/17/22 $3,570,000 Moore Economic Development Authority
Sales Tax Revenue Note, Series 2022B
(Municipal Capital Improvement Projects)
11/14/22 $3,620,000 El Reno Municipal Authority
Promissory Note, Series 2022
11/07/22 $72,900,000 Lawton Water Authority
Series 2022 Clean Water SRF Promissory Note to the
Oklahoma Water Resources Board
11/04/22 $24,965,000 Grady County School Finance Authority
(Chickasha Public Schools Project)
Educational Facilities Lease Revenue Note, Series 2022
11/04/22 $51,690,000 Newcastle Educational Facilities Authority
(Newcastle Public Schools Project)
Educational Facilities Lease Revenue Note, Series 2022
11/02/22 $810,000 Newcastle Public Schools
General Obligation Combined Purpose Bonds, Series 2022
11/02/22 $570,000 Chickasha Public Schools
General Obligation Combined Purpose Bonds, Series 2022
09/02/22 $440,000 El Reno Municipal Authority
Series 2022 Clean Water SRF Promissory Note to the
Oklahoma Water Resources Board
08/31/22 $65,635,000 Shawnee Municipal Authority
Series 2022 Clean Water SRF Promissory Note to the
Oklahoma Water Resources Board
08/30/22 $5,400,000 City of Moore, Oklahoma
General Obligation Bonds of 2022B
08/23/22 $14,000,000 Edmond Public Schools
General Obligation Building Bonds, Series 2022
07/28/22 $5,215,000 Chickasha Public Schools
General Obligation Building Bonds, Federally Taxable Series 2022
07/14/22 $30,885,000 Clinton Public Works Authority
Educational Facilities Lease Revenue Bonds, Series 2022
(Clinton Public Schools Project)
07/14/22 $20,600,000 Murray County Educational Facilities Authority
Educational Facilities Lease Revenue Bonds, Series 2022
(Sulphur Public Schools Project)
07/07/22 $21,780,000 Midwest City - Del City Public Schools
$19,875,000 General Obligation Combined Purpose Bonds, Series 2022
$1,905,000 General Obligation Building Bonds, Federally Taxable Series 2022
07/06/22 $3,200,000 Clinton Public Schools
General Obligation Bonds, Series 2022
07/06/22 $2,525,000 Duncan Public Schools
Combined Purpose General Obligation Bonds, Taxable Series 2022
07/06/22 $5,980,000 Newcastle Public Schools
General Obligation Building Bonds, Federally Taxable Series 2022
06/29/22 $19,340,000 Mustang Public Schools
$13,260,000 General Obligation Combined Purpose Bonds, Series 2022
$6,080,000 General Obligation Building Bonds, Federally Taxable Series 2022
06/29/22 $5,000,000 Lawton Water Authority
Series 2022A Drinking Water SRF Promissory Note to the
Oklahoma Water Resources Board
06/28/22 $3,935,000 McCurtain County Rural Water District No. 5
Utility System Revenue Note, Taxable Series 2022A
06/24/22 $2,545,000 Comanche County Rural Water District No. 2
Series 2022 Drinking Water SRF Promissory Note to the
Oklahoma Water Resources Board
06/24/22 $730,000 Pontotoc County Rural Water District No. 6
Series 2022 Drinking Water SRF Promissory Note to the
Oklahoma Water Resources Board
06/17/22 $854,000 McCurtain County Rural Water District No. 5
Utility System Revenue Note, Taxable Series 2022
06/16/22 $1,200,000 Ketchum Public Schools
General Obligation Combined Purpose Bonds, Taxable Series 2022
06/16/22 $1,620,000 McLoud Public Schools
General Obligation Building Bonds, Federally Taxable Series 2022
06/16/22 $1,600,000 Sulphur Public Schools
General Obligation Building Bonds, Series 2022
05/19/22 $74,465,000 Edmond Public Works Authority
Series 2022B Promissory Note to the 
Oklahoma Water Resources Board
05/12/22 $9,175,000 Altus Municipal Authority
Sales Tax Revenue Note, Series 2022
05/12/22 $3,780,000 Wewoka Public Works Authority
Utility System Revenue Note, Series 2022
04/28/22 $45,000,000 Edmond Public Works Authority
Series 2020D Drinking Water SRF Promissory Note to the 
Oklahoma Water Resources Board
04/28/22 $140,000,000 Edmond Public Works Authority
Series 2022A Drinking Water SRF Promissory Note to the 
Oklahoma Water Resources Board
04/21/22 $1,500,000 Moore Economic Development Authority
Sales Tax Revenue Note, Taxable Series 2022
(Municipal Capital Improvement Projects)
04/14/22 $52,000,000 Edmond Public Schools
General Obligation Combined Purpose Bonds, Series 2022
04/07/22 $890,000 Porter Public Works Authority
Series 2022 Drinking Water SRF Promissory Note to the
Oklahoma Water Resources Board
04/06/22 $8,800,000 Lawton Public Schools
$7,600,000 General Obligation Bonds, Series 2022A
$1,200,000 General Obligation Bonds, Taxable Series 2022B
03/30/22 $33,025,000 Moore Public Schools
$32,025,000 General Obligation Combined Purpose Bonds, Series 2022
$1,000,000 General Obligation Building Bonds, Federally Taxable Series 2022
03/24/22 $5,400,000 City of Moore, Oklahoma
General Obligation Bonds of 2022
03/23/22 $32,000,000 Norman Public Schools
$30,100,000 General Obligation Combined Purpose Bonds, Series 2022
$1,900,000 General Obligation Building Bonds, Federally Taxable Series 2022
03/16/22 $915,000 Choctaw County Rural Water, Sewer, Gas & Solid Waste Mgmt District No. 6
Utility System Revenue Note, Series 2022
03/16/22 $6,485,000 El Reno Municipal Authority
Series 2022 Promissory Note to the 
Oklahoma Water Resources Board
03/10/22 $5,700,000 City of Midwest City, Oklahoma
General Obligation Bonds, Series 2022
03/09/22 $3,130,000 Pryor Public Works Authority
Sales Tax Revenue Note, Series 2022
01/31/22 $6,600,000 City of Nichols Hills, Oklahoma
General Obligation Bonds, Series 2022
01/27/22 $8,000,000 Oklahoma City Public Schools
General Obligation Bonds, Series 2022A
01/27/22 $3,635,000 El Reno Municipal Authority
Sales Tax Revenue Note, Series 2022A
01/27/22 $7,715,000 El Reno Municipal Authority
Sales Tax Revenue Note, Series 2022B
Date Amount of Offering Issuer/Description Role
02/07/24 $4,120,000 Oklahoma Water Resources Board
State Loan Program Revenue Bonds, Series 2024A		 Senior Manager
12/21/23 $205,000,000 Grand River Dam Authority
Revenue Bonds, Series 2023		 Co-Manager
12/13/23 $3,340,000 Oklahoma Development Finance Authority
Oklahoma State System of Higher Education
Master Equipment Lease Revenue Bonds, Series 2023A		 Sole Underwriter
11/30/23 $9,770,000 Oklahoma Development Finance Authority
Oklahoma State System of Higher Education
Master Real Property Lease Revenue Bonds, 2023B		 Sole Underwriter
11/08/23 $43,475,000 Oklahoma Water Resources Board
State Loan Program Revenue Bonds, Series 2023C		 Senior Manager
10/26/23 $500,000,000 Oklahoma Turnpike Authority
Oklahoma Turnpike System
Second Senior Revenue Bonds, Series 2023		 Co-Manager
08/10/23 $174,670,000 Oklahoma Water Resources Board
State Loan Program Revenue Bonds, Series 2023B		 Senior Manager
08/03/23 $3,780,000 Oklahoma Development Finance Authority
Oklahoma State System of Higher Education
Master Real Property Lease Revenue Bonds, Series 2023A		 Sole Underwriter
06/07/23 $46,370,000 Oklahoma Water Resources Board
State Loan Program Revenue Bonds, Series 2023A		 Senior Manager
05/18/23 $175,000,000 Oklahoma Water Resources Board
Revolving Fund Revenue Bonds - Drinking Water Program
Series 2023A (2019 Master Trust)		 Co-Manager
05/11/23 $36,625,000 Oklahoma State University
General Revenue Bonds, Series 2023		 Co-Manager
04/06/23 $15,100,000 The University of Oklahoma on behalf of the
University of Oklahoma Health Sciences Center
General Revenue Bonds, Taxable Series 2023B		 Co-Manager
04/06/23 $32,225,000 The University of Oklahoma on behalf of the
University of Oklahoma Health Sciences Center
General Revenue Bonds, Series 2023A		 Co-Manager
02/23/23 $150,000,000 Oklahoma Water Resources Board
Revolving Fund Revenue Bonds-Clean Water Program, Series 2023		 Co-Manager
11/10/22 $4,120,000 Oklahoma Development Finance Authority
Oklahoma State System of Higher Education
Master Real Property Lease Revenue Bonds, Tax-Exempt Series 2022B		 Sole Underwriter
10/19/22 $81,565,000 Oklahoma Development Finance Authority
(Summit Utilities Oklahoma, Inc.)
Ratepayer-Backed Bonds, Series 2022 (Federally Taxable)		 Co-Manager
09/07/22 $696,920,000 Oklahoma Development Finance Authority
(Public Service Company of Oklahoma)
Ratepayer-Backed Bonds, Series 2022 (Federally Taxable)		 Co-Manager
08/25/22 $1,354,200,000 Oklahoma Development Finance Authority
(Oklahoma Natural Gas Company)
Ratepayer-Backed Bonds, Series 2022 (Federally Taxable)		 Co-Manager
07/26/22 $267,265,000 Oklahoma City Water Utilities Trust
Utility System Revenue Refunding Bonds, Taxable Series 2022		 Co-Manager
07/20/22 $761,654,000 Oklahoma Development Finance Authority
(Oklahoma Gas and Electric Company)
Ratepayer Backed Bonds, Series 2022 (Federally Taxable)		 Co-Manager
07/19/22 $363,150,000 Tarrant County College District (Texas)
General Obligation Bonds, Series 2022		 Co-Manager
06/14/22 $36,300,000 Oklahoma Capitol Improvement Authority
State Facilities Revenue Bonds, Taxable Series 2022C
(Oklahoma Department of Veterans Affairs Project)		 Co-Manager
06/02/22 $22,425,000 Oklahoma Development Finance Authority
Oklahoma State System of Higher Education
Master Real Property Lease Revenue Bonds, Tax-Exempt Series 2022A		 Senior Manager
05/17/22 $25,395,000 City of Oklahoma City, Oklahoma
General Obligation Refunding Bonds, Series 2022		 Sole Underwriter
05/17/22 $74,465,000 Oklahoma Water Resources Board
State Loan Program Revenue Bonds, Series 2022B		 Senior Manager
05/12/22 $22,455,000 Oklahoma State University
General Revenue Bonds, Series 2022		 Co-Manager
04/19/22 $47,085,000 Oklahoma Capitol Improvement Authority
State Facilities Revenue Bonds, Federally Taxable Series 2022B
(National Guard Museum Project) 		 Senior Manager
04/07/22 $17,650,000 Oklahoma Capitol Improvement Authority
State Facilities Revenue Bonds, Federally Taxable Series 2022A
(Oklahoma Conservation Commission Project)		 Co-Manager
03/16/22 $29,260,000 Oklahoma Water Resources Board
State Loan Program Revenue Bonds, Series 2022A		 Senior Manager

Contact Us

Christopher A. Gander
Investment Banker
405-272-2075
cgander@bokf.com

Zack Robinson
Investment Banker
405-272-2199
zrobinson@bokf.com

Jeff Edwards
Underwriting Administrator
405-272-2132
jedwards@bokf.com

Cameron Bertelli
Public Finance Analyst
405-272-2228
cbertelli@bokf.com

Cecile Baskett
Executive Assistant
405-272-2383
cbaskett@bokf.com

Securities, insurance, and advisory services offered through BOK Financial Securities, Inc., member FINRA/SIPC and an SEC registered investment adviser. Services may be offered under our trade name, BOK Financial Advisors. Invest­ment and insurance products are: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Investments involve risk, including loss of principal. Past performance does not guarantee future results. There is no assurance that the investment process will consistently lead to successful investing. Asset allocation and diversification do not eliminate the risk of experiencing investment losses. Risks applicable to any portfolio are those associated with its underlying securities.

This document does not constitute advice or a recommendation or offer to sell or a solicitation to deal in any security or financial product. It is provided for information purposes only and on the understanding that the recipient has sufficient knowledge and experience to be able to understand and make their own evaluation of the proposals and services described herein, any risks associated therewith and any related legal, tax, accounting or other material consid­erations. Recipients should not rely on this material in making any future investment decision. To the extent that the reader has any questions regarding the applicability of any specific issue discussed above to their specific portfolio or situation, you are encouraged to consult with a qualified lawyer, accountant, or financial professional.

BOKF, NA is the bank subsidiary of BOK Financial Corporation (BOKF), a financial services holding company (NASDAQ:BOKF). BOKF offers trust and wealth management services through its subsidiaries including BOKF, NA (and its banking divisions Bank of Oklahoma, Bank of Texas, Bank of Albuquerque, and BOK Financial) and investment advisory services through its non-bank subsidiaries Cavanal Hill Investment Management, Inc., and BOK Financial Private Wealth, Inc., each an SEC registered investment adviser, and BOK Financial Securities, Inc., also an SEC registered investment adviser and registered broker/dealer, member FINRA/SIPC (each an “Investment Affiliate”) (collectively, “BOKF”).

INVESTMENT AND INSURANCE PRODUCTS ARE: NOT FDIC INSURED | NOT GUARANTEED BY THE BANK OR ITS AFFILIATES | NOT DEPOSITS | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY | MAY LOSE VALUE.