Patriarch passes Banker, philanthropist Elmer Rasmuson played a prominent role in state's economic development

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1 AnchorageDailyNews(AK) Sunday,December3,2000 Author/Byline:SheilaToomeyDailyNewsReporter;Staff Edition:Final Section:Nation Page:A1 Patriarchpasses Banker,philanthropistElmerRasmusonplayeda prominentroleinstate'seconomicdevelopment Correction:CORRECTIONAnA 1storyonSundayaboutElmerRasmusonincludedan incorrecttitlefordianekaplan.sheistheadministratoroftherasmusonfoundation. ElmerRasmuson,patriarchofthestate'slargestbankandmodernAlaska'sbiggest philanthropist,diedfridaynightinaseattlehospital.hewas91yearsold. Rasmusonsuccumbedtocongestiveheartfailure,likelybroughtonbytheaftermath ofgallbladdersurgeryseveralweeksago,saidhissonedward. Hiswife,MaryLouise,andthreechildrenwereathisbedsideattheVirginiaMason Clinic.Afuneralistentativelyplannedfor3p.m.FridayattheFirstPresbyterian Churchon10thAvenue. Rasmuson,whobeganlifeasthesonofmissionaryimmigrants,leavesapersonal fortuneestimatedatmorethan$400million,allofitearmarkedforcharity,hisson said. Fromrelativelyearlyinhislife,Rasmusonusedhismoneytosupportartsand educationthroughoutthestate,mostnotablytheuniversityofalaska,wherehe servedasaregentfrom1950to1969,andmuseumsinanchorageandfairbanks. ''Havingprovidedsubstantiallyforthemembersofmyfamily,Idecidedsomeyears agothatmyentireestatewouldbechanneledtocharitableandpublicbenefit,''he toldcelebrantsathis90thbirthdayparty.atthateventheannouncedthetransferof $50millioninNationalBankofAlaskastocktotheAnchorageMuseumFoundation andanother$40milliontothefamilyfoundationinthehopethehecouldsee''some oftheseworthwhileprojectscometofruitionduringmyactivelifetime.'' Andwhatalifetimeitwas. Rasmuson'spersonaljourneymirroredthehistoryofAlaskaasitmovedfromraw westernterritoryto21st centurypacificplayer.thefamilybankbothprofitedfrom andcontributedtothetransformationofacollectionofsettlementswhere fishermen,minersandmissionariesekedoutsubsistencelivesintoahighly centralizedsocietywithbillionsinthebank.

2 BorninYakutatin1909toSwedishmissionaryteachers,Rasmusonwasdelivered byamidwifebecauseabadstormkepttheboatcarryingthedoctorfromdocking. Hisarrivalwasn'tofficiallyrecordedfor20years,notuntilheneededabirth certificatetogetapassport. ButRasmuson'sparentsneverallowedtherudelifeofthefrontiertosabotagetheir loveforlearningortheeducationoftheirchildren,elmerandhisoldersister Evangeline.Inamemoirpublishedearlierthisyear,Rasmusondescribedhisfather, E.A.Rasmuson,asalearned,disciplinedmanwhokepthispersonaldiaryinGreek, wholearnedlawandbankingthroughcorrespondencecourses. After10yearsinAlaska,E.A.RasmusonmovedhisfamilytoMinneapolis,where severalofhisrelativesfromswedenhadsettled.hepassedthebarthere,buthis wife,jenny,wantedtoreturntoalaska,sothefamilymovedtojuneauin1915. E.A.soondiscoveredthereweretoomanylawyersinJuneautomakeagoodliving, sohetookamagistrate'sjobinskagway,andthat'swhereelmergrewup. Itwas1916whentheyarrivedandSkagwayhadfallenintothedoldrumsofapost GoldRushbust.Theoriginalsofthewestern stylebuildingsthattouristsnowvisit wereboardedup,andtheeconomywasdependentonthevagariesoftherailroad business.thememoryofsoapysmithwasstillfresh,andrasmusonremembered ''MaPullin''ridingSoapy'swhitehorseinparades.Thefamilyremaineddeeply religious,andmuchofliferevolvedaroundthepresbyterianchurch. BecauseE.A.wastheonlylawyerintown,itwasnaturalforhimtobecomethe attorneyforthenewbankofalaska,foundedin1916byagroupofnewyork financiers.itwasn'tmuchofanedifice fourwallsandusuallytwoemployees,but thischanceconvergenceoftimeandplacesealedthedestinyofthreegenerationsof Rasmusons. ''IcannotsaythatIhadahappychildhood,''Elmerwroteinhismemoirs.''Iamsure Iwasintrospectiveandquiteshy.Isufferedfromtheunnervingafflictionof stammering.''buthisshynessmaskedanunusualdeterminationandanabiding confidenceinhisownintellectandabilities. ''Ididnotbecomearebel,''hewrote,''butwasdeterminedtosucceedinthe conventionalsocialstructure.iwasasmallboyseeinglifethroughapicketfence, frustratedbythebarriersbutconfidentofenteringthedesiredlandicouldglimpse beyond.'' ''Thisbeliefthathewasgoingtoprevail''ishowhistorianTerenceColeputit.Coleis co authorof''bankingonalaska,''acompanionvolumetorasmuson'smemoirs. ''Hewasalwaysamazinglyoptimisticaboutthefuture,''Colesaid.''Hesaw opportunityeverywhere.''

3 Outsideofthemovie''It'saWonderfulLife,''bankersrarelyarebelovedfigures,and Rasmusonhadhisshareofcritics.Hisreserveandself confidenceweresometimes dismissedasarrogance.hehadamoralcertitudegroundedinhisreligious convictionsandthevalueswilledtohimbyhisparentsthatirkedsomepeople. Hedidn'tsufferfoolsgladly,saypeoplewhoworkedwithhim,andlikeanybanker, hehadtosaynotoalotofpeopleovertheyears. Becauseofhisnaturalreserveandthenatureofthebankingbusiness,Rasmuson didnotrespondtocritics,colesaid,''soyouonlyhearthepeoplewhoareangry.'' Cole,aprofessorattheUniversityofAlaska,workedcloselywithRasmusonfor morethan10years.''withoutquestionthisisthesmartestpersonievermetinmy life,''hesaidsaturday.''thisisnotjustsomerichguywhocountshismoney...this issomebodywhoisinterestedineverythingallthetime.'' Peoplewhoknewhimpersonallyagree.JackConwayandElmermetwhenthey werechildreninskagway.theyremainedfriendsovertheyears,working,hunting, fishingandtravelingtheworldtogetherwiththeirwives. ''Hewasawonderfulman,oneofthosefriendsthatyouadmireandyou'rejust happythatyouknowhim,''conwaysaid.''hemadefriendseverywhere.'' DianeKaplancametoknowElmeronlyrecentlywhenshebecamepresidentofthe RasmusonFoundation. ''Hewasveryprincipled,andhedidn'tcarewhatanyoneelsethought.Idon'tcare whoitwas,''kaplansaid.''peoplewereveryrespectfulofhimbutverynervoustoo. TheveryfirsttimeImetwithhim,Iknockedonthedoorandexpectedhimtogive mefiveminutes.iwasinthereformorethantwohours.thediscussionwould alwaysgetintophilosophyandhistory.ireallytreasuredthosehourswithhim.'' ''ElmerwasthemosttalentedmanIeverknew,''saidSen.TedStevens.Hewasthe firstchairmanofthenorthpacificfisherymanagementcouncil,afounderofthe AnchorageMuseumofHistoryandArtandthefirstchairmanoftheAlaska PermanentFund.Hisgifts''haveensuredthatAlaskansforgenerationstocomewill haveaccesstooneofthefinestcollectionsofart,historyandliteratureinour nation,''stevenssaid. Todeveloptheintereststhatlaterfueledhisphilanthropy,Rasmusonhadtoleave theterritory. Whenheandhissisterwereteenagers,theirmothermovedwiththemtoSeattleso theycouldattendahighschoolthatwouldgivethemabetterleguptoagood collegethanasmall townalaskaschool.bythenelmerhadbegunworkingaseries ofjobsathisfather'sbanks teller,janitor,manager inskagway,ketchikan,

4 CordovaandAnchorage.HealsotraveledwithhisfamilytoEurope toparis, Versailles,Switzerland,SwedenandRome,where,whenhewas13,thefamilyhad enoughstatustogetanaudiencewiththepope. ElmergraduatedfromQueenAnneHighSchoolin1925,workedforayear,spent twoyearsattheuniversityofwashington,thentransferredin1928toharvard. AttendingHarvardwas''theturningpointinmylife,''hewrote.Formostofthenext 15years,helivedandworkedOutside,inNewYork,NewJerseyandTexas,studying banking,accountingandeconomicswithsomeofthebestmindsinthefields.he devouredbooks,knowledgeofallkindsandovertheyearsbecameapilot,abig gamehunterandanaccomplishedsailor.heevenplayedthesaxophoneandbanjo forawhile. In1931,afterElmerhadcompletedayearofgraduatestudies,E.A.askedhimto comehometohandleacrisis.themanagerofthecordovabranchhadembezzled almostallthemoneythebankhadandspentittryingtokeepacanneryheowned afloat.whenitdidn'twork,heburnedthebank'sbooks,wenttolosangelesand shothimselftodeathinahotelroom.elmerspentmonthsreconstructingthebooks andkeptthebankoperatinguntile.a.couldsellittoalocal,moresuccessful competitor. Elmerwas23yearsold. AfterfinishinggraduatestudiesatHarvard,ElmerwenttoworkforArthur Anderson&Co.,eventuallyoneofthelargestaccountingfirmsinthecountry. Andersonbecameamentor,andinlateryearsElmerlistedhimandhisfatherasthe twomostinfluentialpeopleinhislife. In1939,ElmermarriedLileBernardofNewJersey,andin1940Andersonsenthim tohouston,texas,todevelopthecompany'staxdivision.hebecameenoughofan expertinpetroleumtaxation,workingmostlyfortexaco,thathewroteabookon thesubject. In1943,E.A.,sufferingfromheartdisease,askedElmertocomebacktoAlaskato runthefamilybusiness.e.a.diedsixyearslater,andthebankbelongedtoelmer. Cole'shistoryofRasmusonandNBAtakes500pagesandis,inessence,thestoryof thealaskaeconomyforthepast50years.thoughthegreatdepressionwastough onalaskabanks,itkilledonlyonesmallalaskainstitution.nbaheldonandgrew steadilyoverthenextfewdecades. Therecessionofthe1980s,however,killedmorethanadozenAlaskabanks.NBA hadresistedthego goeconomicsoftheoilboom,andwhentherecessionended,it hadabsorbedtheaccountsofmostofthefailedinstitutionsandnearlydoubledin size.

5 LileRasmusondiedin1960afteralongfightwithcancer.Thecouplehadthree children:edward;lilegibbons,whowasjustelectedtotheconnecticutstate Legislature;andJudyRasmuson,alsoofConnecticutandanationallyknowndog breeder. In1961,ElmermarriedMaryLouiseMilligan,thennationaldirectoroftheWomen's ArmyCorps. Bythe1960s,NBAwasthelargestbankinAlaska,with16branchesstatewide,and RasmusonwasinvolvedinafieldheunderstoodwellfromhisdaysinTexas:oil.In 1954,agroupoflocalmoversandshakersthatincludedElmerandhisbrother inlaw,robertatwood,publisheroftheanchoragetimes,thestate'slargest newspaper,partneredwithrichfieldoilinaquietarrangementtobuywhatproved tobeextremelylucrativeoilleasesonthekenai. Inthe1960s,Elmeralsoflirtedwithpolitics.Dismayedbywhatheconsidereda disorganizedresponsetothegreatearthquakeof1964,colesaid,heranformayor ofanchorageandserveduntil1967,overseeingmuchofthereconstruction. In1968,RasmusonranintheRepublicanprimaryfortheU.S.Senateandbeathis competition,tedstevens,butthenlostinthegeneralelectiontodemocratmike Gravel.Thatyear,theotherAlaskasenator,BobBartlett,diedandeveryone assumedrepublicangov.wallyhickelwouldappointelmertotheseat.instead, HickelgavethejobtoStevens,whostillhasit.YearslaterHickelexplainedwhy: Rasmusonwasalready''servingAlaskainanimportantwaywithhisbank,''which waslikelytotakemostofhisenergy,hickelsaid.''hewasn'tgoingtowanttostayin Washingtonforverylong.''AlaskaneededasenatorwhowouldmaketheSenatea careerandrisethroughsenioritytoapositionofrealpower,hesaid. ''ElmerwasagreatcitizenofAlaska,''HickelsaidSaturday.''He'llbemissedasa realalaskanwithalonghistory.'' ''WhenIbecameasenator,heremainedagreatfriendandtrulyagreatadviser,'' Stevenssaid. Elmerretiredfromactivemanagementofthebankin1974.Ashehadsucceededhis father,sohissonedwardsucceededhim. In1999,thefamily,whichwasbythendominantshareholdersinanow$3billion bank,solditsinteresttowellsfargo&co.ina$907milliontransaction.theworth ofthefamily'sstockwasestimatedat$450million. Afterward,Elmerfocusedmuchofhisenergyonhowbesttospendthemillions.He settledontherasmusonfoundation.

6 Thoughhisphysicalhealthdeclinedoverthepastyear,hissonsaid,''therewas nothingwrongwithhisbrain.hewasveryproactiveinthefoundation.'' AtKaplan'slastmeetingwithElmer,abouttwoweeksago,Elmertalkedaboutusing thefoundation'smoneytoattractoutsidecharitiestocontributeinalaska,tomake thempartnersinprojects.''hesaidhewantedhismoneytobeusedtoencourage peopletodobiggerthings,''kaplansaid.''thewordsiunderlinedinmynoteswere 'LastingeffectforAlaska,soinyearshencethefoundationwillhavemadea difference.'''