Gov. Bruce Rauner has appointed George Obernagel of Waterloo to the Illinois Finance Authority.
Rauner said Obernagel’s years of experience as an executive in local banking will bring an important perspective to the board.
For more than 25 years, Obernagel worked for two community banks in Belleville. He was the vice president, trust officer and farm manager for Union Planters Bank until 2001 and then became the vice president, trust officer and farm manager for West Pointe Bank and Trust until 2004.
Obernagel is the owner of his family farm, with locations in Illinois, Arkansas and Nebraska. He also owns the Waterloo Republic Times newspaper and is a part-owner of seven John Deere dealerships.
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Obernagel earned his bachelor’s degree from McKendree University.
Finance Authority board members are not paid, but they are reimbursed for expenses.
The Illinois Finance Authority provides access to low-cost capital to public and private institutions that are aligned with the state’s mission of fostering economic development, creating and retaining jobs, and improving quality of life for Illinois residents. The agency’s programs have spanned every county and helped capitalize thousands of projects, assisting farmers and agri-businesses, business and industry, school districts and higher education institutions, healthcare facilities, cultural and social entities, and local governments develop, upgrade, expand, and sustain their operations and services.
The Finance Authority was created through the consolidation and elimination of seven state authorities and entities. It is authorized by the Illinois Finance Authority Act to issue tax-exempt and taxable bonds and to make and guarantee non-conventional loans. It does not receive appropriated funding from the state and operates at no cost to the taxpayer.