Arch Glass Mainous
Arch Glass Mainous Sr. | |
|---|---|
| Born | Template:Birth date Kentucky, United States |
| Died | August 17, 1990 (aged 91) |
| Occupation(s) | Banker, insurance leader |
| Known for | Founder of Citizens Union National Bank & Trust Company, First Federal Savings and Loan, Kentucky Family Life; president of Kentucky Bankers Association (1956); executive vice president of American Bankers Association (1955) |
| Spouse | Juanita Nell Cornett |
Arch Glass Mainous Sr. (April 7, 1899 – August 17, 1990) was a prominent American banker and insurance leader who established and managed various banking and insurance institutions in Kentucky. His ventures included the Citizens Union National Bank & Trust Company in Lexington (which later merged), First Federal Savings and Loan of Lexington (now defunct), and Kentucky Family Life (which merged with Jefferson Pilot).
In 1955, he held the position of executive Vice President at the American Bankers Association, followed by serving as president of the Kentucky Bankers Association in 1956.
Mainous was married to Juanita Nell Cornett, daughter of Kentucky political figure William Manon Cornett.
Early life and education
During the late 1910s, Mainous relocated from his family farm to Appalachia, Virginia, where he began working at a bank established by his half-brother Edward Chester Mainous. Edward played a pivotal role in introducing Arch and his siblings into the financial sector. Laz Mainous managed The First National Bank of Appalachia, Arch led Citizens Union National Bank in Lexington, and Ike Mainous served as Assistant Vice President at First National Bank in Bristol, Tennessee.
Following Edward Chester Mainous’s death in 1922, Arch pursued business studies at the institution that later became Sue Bennett College. Subsequently, he joined First National Bank of Miami as head of its savings department, earning recognition for his management skills through several features in the Miami Herald.
Career
While employed at First National Bank of Miami, Arch lost his position after the 1926 hurricane precipitated a bank run that caused an economic downturn in South Florida.
On January 27, 1927, Arch Glass obtained a marriage license in Miami to wed Juanita Nell Cornett. He continued working at First National Bank throughout 1927 while welcoming his first child.
In 1928, Arch returned to Kentucky but left his family at his parents’ residence in Owsley County. He moved to Cleveland, Ohio, where he worked for the Humphrey Company selling popcorn and peanuts in the theater district alongside comedian Bob Hope and his brother.
With assistance from his father-in-law William Manon Cornett—former Deputy Insurance Commissioner—in 1929 Arch secured a role as Trust Examiner with the Kentucky Banking Department. The family then relocated to Georgetown, Kentucky. While inspecting banks in 1931, he evaluated Deposit Guaranty Bank in Lexington. After its insolvency led to closure, Arch settled in Lexington by 1930 and purchased his first home in 1931. When Deposit Guaranty reopened as Citizens Bank and Trust Co. in 1932, Arch accepted the role of Assistant Cashier and began acquiring shares.
Deposit Guarantee becomes Citizens Bank
After Deposit Guaranty Bank’s failure, it was reorganized and reopened under the name Citizens Bank and Trust Co. in 1932. Throughout the following decades, the bank expanded significantly and merged with nearby Union Bank on January 1, 1955, forming Citizens Union Bank.
Arch was named president of the Lexington Clearinghouse—a collaborative organization for check and draft processing. In December 1946, following chairman Thomas C. Bradley’s passing, Arch assumed the chairmanship of Citizens Bank and Trust.
In 1958, the institution transitioned into a national bank under the title Citizens Union National Bank and Trust Company, headquartered on Short Street in Lexington.
Noted for his innovative approach, Arch restructured Citizens Bank during Roosevelt's 1933 banking holiday by issuing preferred stock purchased by the U.S. government. This strategy facilitated growth that positioned it as Lexington’s second-largest bank. His leadership roles included serving as executive vice president of the American Bankers Association in 1955 and president of the Kentucky Bankers Association in 1956. He was instrumental in establishing numerous branch locations across Lexington.
Approaching retirement in 1971, Arch contributed to developing Citizens Bank Square—the city’s first major urban renewal initiative—leading to Citizens Union earning the nickname "The gold bank" due to its distinctive gold glass facade.
In 1982, he sold Citizens Union to Tennessee financier Jake Butcher. Following Butcher’s financial difficulties, ownership changed multiple times before ultimately integrating into Bank One Corporation.
Establishment of First Federal Savings and Loan
In 1935, Arch Glass Mainous registered the name "First Federal Savings and Loan," a mutual association owned by its depositors and created under the US Federal Savings and Loan Act enacted during the New Deal. He held the position of chairman for life. This financial institution remained operational until the early 21st century before ceasing operations.
Creation of Kentucky Family Life
During the 1950s, Mainous was a co-founder of Kentucky Family Life, a company specializing in life insurance. In 1966, this business was sold to Financial Security Corp based in Bowling Green, Kentucky, and it was later integrated into Jefferson Pilot.
Community Engagement
Mainous and his enterprises were deeply involved in community initiatives. In 1942, he collaborated with Kentucky financial leaders to form a 'Bond Defense Group.' His efforts in promoting the sale of US war bonds during World War II earned him a US Treasury medal in 1945.
He held the presidency of the Lexington Chamber of Commerce on several occasions. Through his leadership at Citizens Union National Bank, he played a key role in facilitating banking services that contributed to IBM’s decision to establish a facility in Lexington in 1956, where they manufactured 'Selectric' typewriters. Mainous also served as Treasurer Emeritus for the Oleika Shrine and was instrumental in organizing their annual Shrine Circus, which raised funds for the Shriners Hospital for Crippled Children. Additionally, he was a lifelong member of the Lexington Salvation Army Board and took on lay leadership responsibilities at First United Methodist Church.
Personal Life and Passing
Arch Glass Mainous wed Juanita Nell Cornett, daughter of Kentucky political figure William Manon Cornett, on January 27, 1927, in Miami, Florida. The couple had three children: Joseph Edward Mainous, Jane Carol Mainous, and Arch G. Mainous Jr. Arch passed away on August 17, 1990, roughly four weeks following his wife’s death; both are interred at Hillcrest Memorial Park in Lexington.
His extensive banking career was acknowledged through various media features spanning decades, including articles titled 'Arch Mainous Sr: A banking Career based on caring' and "50 years of banking." Early reports emphasized his progression from agriculture to finance, supported by the influence of his half-brother.