Gerald F. Fitzgerald
Gerald Francis Fitzgerald | |
|---|---|
| Born | Template:Birth date Chicago, Illinois, U.S. |
| Died | October 30, 2010 (aged 85) |
| Occupation | Banker |
| Known for | Founder of Suburban Bancorp, pioneer in Illinois banking |
Gerald Francis Fitzgerald (July 6, 1925 – October 30, 2010) was a prominent American banker and the visionary behind Suburban Bancorp, Inc., a publicly traded multibank holding company comprising 13 banks and 30 branches, which was acquired by Bank of Montreal in 1994. He was a pioneer in Illinois banking, introducing the state’s first ATM in 1968 and founding one of Illinois’s earliest multibank holding companies in 1982.
Early life and education
Fitzgerald was born in Chicago and grew up in Oak Park, Illinois. He completed his secondary education at Fenwick High School before serving as a combat engineer with the U.S. Army during World War II. He graduated from Northwestern University in 1949 with a Bachelor of Science degree in commerce.
Following his graduation, Fitzgerald briefly joined his family’s Premier Printing Company. Subsequently, he established the public relations agency Fitzgerald & Cooke, which later became part of Hill & Knowlton.
Banking career
Fitzgerald’s banking journey began in 1957 when he joined the board of the First National Bank of LaGrange, igniting his passion for the industry. By 1961, he had acquired two suburban Chicago banks—the Lake Villa Trust and Savings Bank and Palatine National Bank. Over the next thirty years, he founded five additional banks from the ground up and acquired several others, expanding his network to encompass 13 banks operating across Cook, Lake, McHenry, DuPage, and Kane counties with a total of 30 branches.
After Illinois enacted legislation in 1982 permitting multibank holding companies, Fitzgerald consolidated his banking enterprises under Suburban Bancorp, Inc., becoming one of the state’s early adopters of this organizational model. He spearheaded its initial public offering on the NASDAQ in 1986.
Widely acknowledged for his leadership in branch-style banking and early adoption of technologies such as ATMs, Fitzgerald maintained a conservative lending philosophy paired with sound financial stewardship. In 1994, Suburban Bancorp was acquired by Bank of Montreal through a $246 million all-stock transaction.
Banking philosophy
Known for his conservative banking principles, Fitzgerald emphasized maintaining strong liquidity and restricted loans to no more than half of total deposits. He favored borrowers who committed to rapid mortgage amortization, approving only those mortgages with terms not exceeding 15 years—and never beyond 20 years—to ensure clients were financially disciplined and focused on debt reduction. Having endured six economic recessions during the latter half of the twentieth century, Fitzgerald later voiced criticism regarding the banking sector’s drift toward riskier practices.
Personal life
Fitzgerald married Marjorie Gosselin in 1949; together they had five children, four of whom pursued careers in banking. His son Peter Fitzgerald served as U.S. Senator from Illinois between 1999 and 2005 and founded Chain Bridge Bank, N.A., located in McLean, Virginia, in 2007.
In addition to banking, Fitzgerald was involved in thoroughbred horse racing and operated Bank Note Farm for breeding and racing purposes. He named several horses after financial terms such as One Over Prime. An avid collector, he amassed rare books, maps, and old master artworks. In retirement, he authored Africa by Air, detailing his aerial tour around Africa in 1973.
Fitzgerald also provided consultancy services to NATO in 1976 and held a position on the Illinois Racing Board from 1968 to 1971. His professional archives are preserved at Chicago's Newberry Library.
Philanthropy
Fitzgerald contributed to several charitable organizations, including Hôpital Albert Schweitzer in Gabon, Northwestern University, the Newberry Library, and the Little Sisters of the Poor.