Frank C. Rathje

Frank Rathje
Born	Template:Birth date Bloomingdale, Illinois, U.S.
Died	February 24, 1967(1967-02-24) (aged 84)
Occupation(s)	Banker, business executive
Known for	President of American Bankers Association; founder of Mutual National Bank of Chicago and Chicago City Bank and Trust Company

Frank Rathje (August 20, 1882 – February 24, 1967) was a prominent banker based in Chicago, who held the presidency of both the American Bankers Association and the Illinois Bankers' Association during the period of World War II. He established the Mutual National Bank of Chicago as well as the Chicago City Bank and Trust Company.

Childhood and education

Born on August 20, 1882, in Bloomingdale, Illinois, Frank C. Rathje was the son of Louisa (née Ehlers) and William Rathje, originally from Hanover, Germany. He enrolled at St. John's Northwestern Military Academy in 1903 but had to discontinue his studies due to financial difficulties. In recognition of his achievements, St. John's Northwestern later conferred upon him an honorary degree in 1959.

Rathje obtained his Juris Doctor degree from Northwestern University Law School by attending evening classes. Among his early legal experiences was a case before Judge and Baseball Commissioner Kenesaw Mountain Landis. In 1946, he received an Honorary Doctorate of Business Administration from Northwestern University and was also honored with a doctorate from Monmouth College.

Career

In 1917, Rathje launched the Mutual National Bank of Chicago while simultaneously holding the presidency of the Chicago City Bank and Trust Company. These two institutions were part of a select group of only 34 Chicago banks authorized by the U.S. Treasury to continue operations during The Great Depression following the 1933 banking moratorium. Foreseeing the impending economic downturn, Rathje took measures to avert bank runs by securing additional capital through bond issuance and leveraging commercial real estate assets.

His distinguished leadership led to his appointment as president of the American Bankers Association in 1945, succeeding Warren Randolph Burgess. In this capacity, he provided counsel to President Harry S. Truman and his administration on strategies for economic recovery.

Rathje also held the position of President of the Transportation Association of America and served on the Chicago Plan Commission from 1937 until 1954, succeeding former commissioner Charles Wacker.

He encapsulated his approach to business in five key values: fairness, frankness, foresight, force, and faith.

Personal life

On October 16, 1915, Rathje wed Josephine Logan from New York City. The couple had four children: Theron, Josephine, Shirley, and Frank Jr., who later became Chairman of Illinois Valley Bancshares and is commemorated by Rathje Hall at Grinnell College as well as Rathje Track in Princeton, Illinois. Frank Rathje Jr. died in Fond du Lac, Wisconsin on May 10, 2012. Additionally, Rathje was uncle to Sue Rathje Block and John Rusling Block, who served as United States Secretary of Agriculture under President Ronald Reagan.

A generous benefactor in Chicago, Rathje left a significant portion of his estate to the Glenwood School for Boys and Girls located in Glenwood, Illinois, which named its campus in St. Charles, Illinois the Rathje Campus in 2000. He acted as President of the Union League Club of Chicago, where he made notable contributions to its art collection including a portrait of Abraham Lincoln painted by John Doctoroff. His wife's family, Frank and Josephine Logan, were influential philanthropists known for awarding the annual Logan Medal of the Arts at the Art Institute of Chicago to artists such as Edward Hopper, Andy Warhol, and Willem de Kooning. Rathje was involved with several organizations including the Freemasonry, Medinah Temple, Beverly Country Club, South Shore Country Club, and The Chicago Club.

An enthusiastic outdoorsman, he pursued hunting expeditions throughout states west of the Mississippi River and internationally. He served as president of the Big Sand Lake Hunting and Fishing Club in Phelps, Wisconsin and belonged to the Adventurers' Club of Chicago.

Beyond banking, Rathje owned agricultural properties specializing in cattle and grain farming within rural areas of Illinois. He held the presidency of the Percheron Horse Association of America and was a member of the Saddle and Sirloin club.