2 days Ago By Heide Brandes
Gene Rainbolt, a towering figure in Oklahoma’s banking industry and a dedicated civic leader, died Thursday at 95. Born and raised in Norman, Rainbolt’s life and career were marked by a relentless drive to revolutionize the banking sector and a deep commitment to his community. Gene Rainbolt’s service to the community includes civic and economic development, along with youth, medical, zoological, arts and banking organizations.
(Oklahoma Hall of Fame) Born Feb. 20, 1929, as Harry Eugene Rainbolt to Bertie and Clark Rainbolt, the youngest of four children, Rainbolt was raised in a single-parent home during the Great Depression. He had a promising career in academia before serving in the Army in Korea and Japan, however, he is best known for revolutionizing Oklahoma’s outdated and backward banking system, a feat that took nearly 30 years to achieve.
“After graduation from OU, I received an ROTC Commission as a 2nd Lieutenant and served in Korea in the 981st Field Artillery Battalion in 1953 and 1954,” Rainbolt wrote in his own obituary. “In mid-1954, I transferred from Korea to Okinawa, Japan, where (wife) Jeannine joined me as we continued our maturing process. This was an exceptionally happy time of our lives, with the entire world opening its doors.
” In 1955, Rainbolt returned to OU and ultimately received an MBA. In 1959, Professor James Murphy facilitated his entry into the banking business. “Consequently, Professor Murphy came to be the most impactive external person in my adult life, setting the stage for a career that lasted 60 years,” Rainbolt wrote.
Rainbolt built the largest state-chartered bank in Oklahoma but also helped dozens of overlooked-yet-promising children attend university. He challenged the Oklahoma Legislature, and he adopted a mission to create a state in which every child could have the opportunity to succeed. Rainbolt said his mission in life was to create a better future for the youth in Oklahoma, aiming to “create an Oklahoma in which every child would have the opportunity to become all he or she could become.
” “Gene had a tremendous and positive impact on our state,” Senate Democratic Leader Julie Kirt, D-Oklahoma City, said. “His long-standing work for quality education for all was especially focused on every Oklahoma child having opportunities – that’s key to helping create a more prosperous future. Oklahoma is better for his life and service, and we join his family and loved ones in mourning his passing.
” Rainbolt’s journey in banking began in 1962 when he acquired his first bank, the First American Bank in Purcell. This initial venture set the stage for a series of strategic acquisitions that would eventually lead to the formation of United Community Corporation in 1985, Oklahoma’s first multi-bank holding company. By 1989, Rainbolt had founded BancFirst, which has grown to become the largest state-chartered bank in Oklahoma, boasting assets of $7.
3 billion and offices in 59 communities across the state. Rainbolt’s influence extended far beyond the banking industry. He was a staunch advocate for improving and diversifying Oklahoma’s economy, focusing on health, education, access to capital and infrastructure development.
His efforts in these areas were recognized through numerous awards and honors, including the Distinguished Service Award and an Honorary Doctorate from his alma mater, the University of Oklahoma. Rainbolt was also inducted into the Oklahoma Hall of Fame in 1999 and received Honorary Doctorates from Oklahoma Baptist University, Oklahoma City University, and Oklahoma Christian University. Throughout his career, Rainbolt remained committed to the principle that every child in Oklahoma should have the opportunity to reach their full potential.
This philosophy drove his involvement in various civic, economic development and educational initiatives. “Gene Rainbolt was my constituent and friend,” said state Sen. Carri Hicks, D-Oklahoma City.
“It is with deep sadness that we mourn the passing of this visionary leader whose unwavering commitment to Oklahoma City transformed our community and state for the better. His legacy of philanthropy, innovation, and dedication to education will continue to inspire future generations to come.” He served as President of the Oklahoma Bankers Association, Chairman of the Academy for State Goals and the Oklahoma State Chamber of Commerce and was a founding director of Calm Waters.
Rainbolt’s impact on Oklahoma’s banking industry was profound. According to the Oklahoma Historical Society, he dedicated much of his career to modernizing the state’s outdated banking systems. His leadership and vision helped transform BancFirst into a model of customer and employee loyalty.
Rainbolt’s banks were known for their deep investment in staff care, resulting in some of the most loyal employees in the state. He was an inaugural inductee of the Oklahoma Bankers Hall of Fame in 2018, a chair of the OBA in 1970-71 and a giant in the industry for many decades. “Gene was a mighty presence in not only the banking industry, but the entire state of Oklahoma,” said OBA President and CEO Adrian Beverage.
“His accomplishments in banking are impressive enough but combined with the tireless work he did on behalf of all Oklahomans, his lasting legacy is one of service and dedication to all.” Rainbolt also played a significant role in enhancing entrepreneurial activities at universities in Oklahoma. Rainbolt’s dedication to his community was evident in his numerous philanthropic endeavors.
He was a member of the Leadership Council of the Charles and Peggy Stephenson Oklahoma Cancer Center and served on the Board of Visitors of the M.D. Anderson Foundation.
His commitment to education and healthcare was further demonstrated through his support for the University of Oklahoma, the University of Oklahoma Health Sciences Center, and the Oklahoma Medical Research Foundation. Rainbolt’s enduring drive and curiosity were key to his success. He often emphasized the importance of staying curious, valuing persistence, and having the self-confidence to take advantage of change.
His advice to others was to remain in Oklahoma, where they could have a more significant impact than in larger states like Texas. Oklahoma Attorney General Gentner Drummond expressed his condolences, highlighting Rainbolt’s contributions as a civic leader, innovator in banking, and champion for education. Drummond noted that Rainbolt’s life and work could inspire future generations.
“I am saddened to learn of the death of Gene Rainbolt. One of Oklahoma’s greatest civic leaders, Gene was a proud Oklahoman, through and through – a product of the Dust Bowl who went on to become an innovator in banking, a champion for education and a leading light in philanthropy,” Drummond said. “His contributions to the state he dearly loved are beyond measure.
My thoughts and prayers are with his family and friends. While we grieve his loss, the life of Gene Rainbolt can inspire us all.” His contributions to Oklahoma were recognized through various accolades, including being named one of the “50 Most Powerful Oklahomans” in 2006 and an Oklahoma City/County Historical Society “Pathmaker” in 2004.
“We are deeply saddened by the passing of Gene Rainbolt, a true Oklahoma icon and the founder of BancFirst,” said Chad Warmington, president and CEO of the State Chamber of Oklahoma. “As a driving force in Oklahoma’s banking industry, Mr. Rainbolt’s influence extended far beyond finance.
Even at 90, he continued to be a catalyst for change in Oklahoma, demonstrating his lifelong commitment to the state.” As a former chairman of The State Chamber in 1987, Rainbolt’s leadership and dedication to Oklahoma’s business community was evident. “BancFirst’s long-standing membership and active participation in The State Chamber (David Rainbolt, Gene’s son, was chair in 2010) reflects his deep commitment to the growth and prosperity of Oklahoma,” said Warmington.
“Our thoughts are with his family, friends, and the entire BancFirst family during this difficult time.” Rainbolt’s legacy is also marked by his personal life. He and his late wife, Jeannine, had two children, seven grandchildren, and two great-grandchildren, whom he considered the highlights of his life.
“Adding to that pleasure was witnessing the warm relationship between our children and grandchildren with their respective cousins,” Rainbolt wrote. Rainbolt’s passing marks the end of an era for Oklahoma’s banking industry, but his legacy will continue to influence the state for years to come. In his own words, Rainbolt attributed his enduring drive to be a blessing to others, saying, “Be perpetually curious.
Curiosity brings vision. Value persistence and have self-confidence that you can take advantage of the change that’s in front of us.” In lieu of flowers, memorial contributions can be made to the OU Foundation, 100 Timberdell Road, Norman, OK 73019, for the Jeannine Rainbolt Scholarship Fund supporting Oklahoma students who want to be teachers but need financial support.
“In summation, my specific philosophy of life was: Change the world,” Rainbolt said. “Have some fun. Make some money.
Give it away. Believing the tragedy of death has to do entirely with what was left undone, mine ended with my having done all I could do, but with so much more needed!”.
