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Concept
Frank C. Rathje
Résumé
Frank Rathje (August 20, 1882 – February 24, 1967) was a Chicago banker who served as president of the American Bankers Association and the Illinois Bankers' Association during World War II. He founded the Mutual National Bank of Chicago and the Chicago City Bank and Trust Company.
Frank C. Rathje was born on August 20, 1882, in Bloomingdale, Illinois, to Louisa (née Ehlers) and William Rathje of Hanover, Germany. He attended St. John's Northwestern Military Academy in 1903 but was forced to drop out due to a lack of funding. In 1959, St. John's Northwestern presented him with an honorary degree.
Rathje attended night classes at Northwestern University Law School where he received his Juris Doctor. One of his first cases was before judge and Commissioner of Baseball, Kenesaw Mountain Landis. On June 19, 1946, he was given an Honorary Doctorate of Business Administration by Northwestern University. He also received an Honorary Doctorate from Monmouth College.
Rathje founded the Mutual National Bank of Chicago, Illinois, in 1917. Upon Rathje's death, the bank merged with the LaSalle Bank. Rathje was simultaneously President of the Chicago City Bank and Trust Company. These banks were 2 of the 34 Chicago banks that were allowed by the U.S. Treasury to remain open during The Great Depression and after the banking moratorium in 1933. Rathje is credited with predicting the imminent economic collapse. He prevented a run on his banks by raising capital through the sale of bonds and commercial real estate. These achievements led Rathje to be elected president of the American Bankers Association in 1945, succeeding Warren Randolph Burgess of New York City. In this capacity, Rathje would consult with President Harry S. Truman and his cabinet regarding economic recovery strategies.
Rathje served as President of the Transportation Association of America and was a member of the Chicago Plan Commission from 1937 to 1954 after the passing of former commissioner Charles Wacker.
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