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Gerald F. Fitzgerald

Gerald Francis Fitzgerald (July 6, 1925 – October 30, 2010) was an American banker and father of former U.S. Senator Peter Fitzgerald. Gerald Fitzgerald was the founder and chairman of Suburban Bancorp, Inc., a publicly traded multibank holding company with 13 banks and 30 locations when Bank of Montreal acquired it by merger in 1994.[1] He brought the first ATM to Illinois in 1968 and established one of the first multibank holding companies in Illinois in 1982.[2]

Early life and education edit

Fitzgerald was born on July 6, 1925, in Chicago and raised in Oak Park, Illinois. After graduating from Fenwick High School, he served overseas in the U.S. Army during World War II.  He was a combat engineer with the 1271st Engineer Combat Battalion and participated in the Ardennes-Alsace and Rhineland Campaigns.  Following the war he received a B.S. in commerce from Northwestern University in 1949.[3]

After graduating from Northwestern, Fitzgerald worked briefly for his family’s business, Premier Printing Company.[1]  He then started his own public relations firm in Chicago, Fitzgerald & Cooke, which later became part of Hill & Knowlton.[2]

Banking career edit

In 1957, Fitzgerald was elected to the board of directors of the First National Bank of LaGrange in LaGrange, Illinois stemming from his family’s holdings in the Oberwortmann Banks. His experience serving on that board piqued his interest in banking.[4] In 1961, Fitzgerald acquired two banks in the Chicago suburbs, Lake Villa Trust and Savings Bank and the Palatine National Bank. Over the next three decades, when Illinois was still a unit banking state, he founded five suburban Chicago banks de novo and led the acquisition of many others, ultimately creating a network of 13 banks with 30 locations in Cook, Lake, McHenry, DuPage and Kane County, Illinois. 

When Illinois law changed in 1982 to allow a single holding company to own multiple banks, Fitzgerald brought all of his banks under the umbrella of Suburban Bancorp, Inc., one of Illinois’s first multibank holding companies.[1] In 1986, Fitzgerald led the initial public offering of Suburban Bancorp, Inc.[5] It was listed on the NASDAQ.[4] In addition to being a leader in branch-style banking and technology such as the ATM, Fitzgerald was known in the industry for his prudent approach to lending and his financial management practices. “He was known in financial circles as an expert on bank planning, automation and profitability,” according to one Chicago area banking consultant.[1] In 1994, Bank of Montreal acquired by merger Fitzgerald’s Suburban Bancorp, Inc. in all-stock transaction worth $246 million.[2]

Banking philosophy edit

Fitzgerald had a reputation as a conservative banker. He maintained that a bank should maintain superior liquidity at all times and never lend out more than 50 percent of its deposits.[6] He also believed that borrowers who amortized their mortgages as quickly as possible had better financial character than those who sought long amortizations or the lowest possible monthly payments. His banks would only extend mortgages that amortized in 15 years or less and would not make any loans with an amortization period longer than 20 years.[3] “He wanted people who were bothered by debt and would pay it down as fast as possible,” his son Peter Fitzgerald said.[2]

After guiding his banks through six recessions during the second half of the 20th century, Fitzgerald in his later years “thought the banking industry had . . . become reckless and it was unrecognizable to him,” according to Peter Fitzgerald.[3]

Personal life edit

In 1949, Fitzgerald married Marjorie Gosselin Fitzgerald whom he met at Northwestern University. They were married for 61 years and had five children: Gerald F. Fitzgerald, Jr., James G. Fitzgerald, Thomas G. Fitzgerald, Julie Fitzgerald Schauer, and Peter G. Fitzgerald. His four sons followed him into banking. Peter Fitzgerald served as U.S. Senator from Illinois from 1999 to 2005.[2] Senator Fitzgerald founded Chain Bridge Bank, N.A. in McLean, Virginia, in 2007.[7]

Fitzgerald owned thoroughbred racehorses as well as a thoroughbred breeding farm and racing stable called Bank Note Farm. He named his horses after banking terms, such as One Over Prime and Disintermediation. He also collected rare books and maps, compiling an extensive collection of old masters paintings and portraits.[8] In retirement he authored the privately published book, Africa by Air, about his 1973 circumnavigation of Africa.

Fitzgerald was a consultant to NATO in 1976 and served on the Illinois Racing Board from 1968 to 1971.[3]

Fitzgerald's records, along with other materials related to his career, are currently housed at the Newberry Library in Chicago.[9]

Philanthropy edit

Fitzgerald was a benefactor to Hôpital Albert Schweitzer, a missionary hospital in Gabon, as well as Northwestern University, the Newberry Library, and the Little Sisters of the Poor.[2]

References edit

  1. ^ a b c d reporter, Margaret Ramirez, Tribune (November 2, 2010). "Gerald F. Fitzgerald, 1925-2010". chicagotribune.com. Retrieved May 16, 2019.{{cite web}}: CS1 maint: multiple names: authors list (link)
  2. ^ a b c d e f "Gerald Fitzgerald, banking figure, has died". Crain's Chicago Business. November 1, 2010. Retrieved May 16, 2019.
  3. ^ a b c d Peterson, Eric (November 1, 2010). "Father of former Sen. Fitzgerald dies". Daily Herald. Retrieved May 16, 2019.
  4. ^ a b Arnold, Jack (1994). History of Suburban Bancorp Inc.
  5. ^ Marsh, Barbara (October 20, 1986). "On the Prowl: Gerry Fitzgerald Builds Suburban Bank Empire". Crain's Chicago Business.
  6. ^ "Sage Financial Advisor". Daily Herald Suburban Business. January 2011.
  7. ^ "Where Candidates Stash Their Cash". May 15, 2019. Retrieved May 16, 2019.
  8. ^ Karrow, Robert, ed. (2000). The Gerald F. Fitzgerald Collection of Polar Books, Maps, and Art at The Newberry Library. Chicago: The Newberry Library.
  9. ^ Gerald F. Fitzgerald Suburban Bancorp Records, The Newberry Library, Chicago. https://archives.newberry.org//repositories/2/resources/1087 Accessed July 17, 2023.

gerald, fitzgerald, gerald, francis, fitzgerald, july, 1925, october, 2010, american, banker, father, former, senator, peter, fitzgerald, gerald, fitzgerald, founder, chairman, suburban, bancorp, publicly, traded, multibank, holding, company, with, banks, loca. Gerald Francis Fitzgerald July 6 1925 October 30 2010 was an American banker and father of former U S Senator Peter Fitzgerald Gerald Fitzgerald was the founder and chairman of Suburban Bancorp Inc a publicly traded multibank holding company with 13 banks and 30 locations when Bank of Montreal acquired it by merger in 1994 1 He brought the first ATM to Illinois in 1968 and established one of the first multibank holding companies in Illinois in 1982 2 Contents 1 Early life and education 2 Banking career 3 Banking philosophy 4 Personal life 5 Philanthropy 6 ReferencesEarly life and education editFitzgerald was born on July 6 1925 in Chicago and raised in Oak Park Illinois After graduating from Fenwick High School he served overseas in the U S Army during World War II He was a combat engineer with the 1271st Engineer Combat Battalion and participated in the Ardennes Alsace and Rhineland Campaigns Following the war he received a B S in commerce from Northwestern University in 1949 3 After graduating from Northwestern Fitzgerald worked briefly for his family s business Premier Printing Company 1 He then started his own public relations firm in Chicago Fitzgerald amp Cooke which later became part of Hill amp Knowlton 2 Banking career editIn 1957 Fitzgerald was elected to the board of directors of the First National Bank of LaGrange in LaGrange Illinois stemming from his family s holdings in the Oberwortmann Banks His experience serving on that board piqued his interest in banking 4 In 1961 Fitzgerald acquired two banks in the Chicago suburbs Lake Villa Trust and Savings Bank and the Palatine National Bank Over the next three decades when Illinois was still a unit banking state he founded five suburban Chicago banks de novo and led the acquisition of many others ultimately creating a network of 13 banks with 30 locations in Cook Lake McHenry DuPage and Kane County Illinois When Illinois law changed in 1982 to allow a single holding company to own multiple banks Fitzgerald brought all of his banks under the umbrella of Suburban Bancorp Inc one of Illinois s first multibank holding companies 1 In 1986 Fitzgerald led the initial public offering of Suburban Bancorp Inc 5 It was listed on the NASDAQ 4 In addition to being a leader in branch style banking and technology such as the ATM Fitzgerald was known in the industry for his prudent approach to lending and his financial management practices He was known in financial circles as an expert on bank planning automation and profitability according to one Chicago area banking consultant 1 In 1994 Bank of Montreal acquired by merger Fitzgerald s Suburban Bancorp Inc in all stock transaction worth 246 million 2 Banking philosophy editFitzgerald had a reputation as a conservative banker He maintained that a bank should maintain superior liquidity at all times and never lend out more than 50 percent of its deposits 6 He also believed that borrowers who amortized their mortgages as quickly as possible had better financial character than those who sought long amortizations or the lowest possible monthly payments His banks would only extend mortgages that amortized in 15 years or less and would not make any loans with an amortization period longer than 20 years 3 He wanted people who were bothered by debt and would pay it down as fast as possible his son Peter Fitzgerald said 2 After guiding his banks through six recessions during the second half of the 20th century Fitzgerald in his later years thought the banking industry had become reckless and it was unrecognizable to him according to Peter Fitzgerald 3 Personal life editIn 1949 Fitzgerald married Marjorie Gosselin Fitzgerald whom he met at Northwestern University They were married for 61 years and had five children Gerald F Fitzgerald Jr James G Fitzgerald Thomas G Fitzgerald Julie Fitzgerald Schauer and Peter G Fitzgerald His four sons followed him into banking Peter Fitzgerald served as U S Senator from Illinois from 1999 to 2005 2 Senator Fitzgerald founded Chain Bridge Bank N A in McLean Virginia in 2007 7 Fitzgerald owned thoroughbred racehorses as well as a thoroughbred breeding farm and racing stable called Bank Note Farm He named his horses after banking terms such as One Over Prime and Disintermediation He also collected rare books and maps compiling an extensive collection of old masters paintings and portraits 8 In retirement he authored the privately published book Africa by Air about his 1973 circumnavigation of Africa Fitzgerald was a consultant to NATO in 1976 and served on the Illinois Racing Board from 1968 to 1971 3 Fitzgerald s records along with other materials related to his career are currently housed at the Newberry Library in Chicago 9 Philanthropy editFitzgerald was a benefactor to Hopital Albert Schweitzer a missionary hospital in Gabon as well as Northwestern University the Newberry Library and the Little Sisters of the Poor 2 References edit a b c d reporter Margaret Ramirez Tribune November 2 2010 Gerald F Fitzgerald 1925 2010 chicagotribune com Retrieved May 16 2019 a href Template Cite web html title Template Cite web cite web a CS1 maint multiple names authors list link a b c d e f Gerald Fitzgerald banking figure has died Crain s Chicago Business November 1 2010 Retrieved May 16 2019 a b c d Peterson Eric November 1 2010 Father of former Sen Fitzgerald dies Daily Herald Retrieved May 16 2019 a b Arnold Jack 1994 History of Suburban Bancorp Inc Marsh Barbara October 20 1986 On the Prowl Gerry Fitzgerald Builds Suburban Bank Empire Crain s Chicago Business Sage Financial Advisor Daily Herald Suburban Business January 2011 Where Candidates Stash Their Cash May 15 2019 Retrieved May 16 2019 Karrow Robert ed 2000 The Gerald F Fitzgerald Collection of Polar Books Maps and Art at The Newberry Library Chicago The Newberry Library Gerald F Fitzgerald Suburban Bancorp Records The Newberry Library Chicago https archives newberry org repositories 2 resources 1087 Accessed July 17 2023 Retrieved from https en wikipedia org w index php title Gerald F Fitzgerald amp oldid 1206123459, wikipedia, wiki, book, books, library,

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