Frank Smeal
Frank Paul Smeal | |
|---|---|
| Born | 7 August 1918 Sykesville, Pennsylvania, U.S. |
| Died | 8 April 2003 (aged 84) Rumson, New Jersey, U.S. |
| Occupation(s) | Philanthropist, investment banker |
| Known for | Partner at Goldman Sachs; philanthropy to Penn State University |
Frank Paul Smeal (August 7, 1918 – April 8, 2003) was a philanthropist and partner at Goldman Sachs.
Early life and education
Originating from Sykesville, Pennsylvania, Smeal was the son of a coal miner and attributed his mother as the driving force behind his pursuit of higher learning. To finance his education, he balanced part-time work with a mortgage on his parents' residence, frequently hitchhiking five miles each day. Determined to avoid following in his father's mining footsteps, he remarked, "That's why Penn State is my first love after my wife and family. It gave me the education I needed."
He completed his economics degree at Pennsylvania State University in 1942, graduating Phi Beta Kappa. Subsequently, he obtained an MBA from Harvard University in 1947 and earned a law degree from New York University in 1952.
Career
During a 38-year tenure on Wall Street, Smeal was a limited partner at Goldman Sachs with a focus on the municipal bond sector. His role as executive vice president and treasurer at Morgan Guaranty Trust Company included significant advisory responsibilities during New York City's fiscal crisis of 1975–76. In 1977, he became a partner and joined Goldman Sachs' senior management committee before retiring in 1985.
He held leadership positions such as president of the Municipal Bond Club of New York and chaired the Government and Federal Agencies Securities Committee under the Public Securities Association. Additionally, Smeal served as treasurer for both the United Chapters of Phi Beta Kappa and its Foundation. His community involvement extended to chairing the Greater New York Councils of Boy Scouts of America, Penn State Development Councils, and the Citizens Budget Commission in New York City. He was also a board member of the Mount Nittany Society.
Philanthropy
Smeal's charitable contributions were primarily directed toward Penn State, funding fellowships in business administration, establishing a faculty chair in literary theory and comparative criticism, supporting a creative writing prize, and providing a graduate assistantship in botany and plant pathology. In 1989, he and his wife Mary Jean gifted $10 million to Penn State, resulting in the business school being named the Smeal College of Business in their honor.
Personal life
Together with his wife Mary Jean Popp from State College, Pennsylvania, Smeal had two children: Mary Margaret and Henry. He passed away at age 84 on April 8, 2003, at his residence in Rumson, New Jersey following a prolonged illness.