Frank P. and Mary Jean Smeal
Frank P. Smeal, who with his wife Mary Jean made numerous contributions to Penn State, provided a generous gift in 1990 to form The Mary Jean and Frank P. Smeal College of Business.
At the time, the Smeals' gift to the College of Business was the largest individual donation in the University's history. It created five endowed chairs as well as a separate endowment for program excellence. Mr. Smeal was also instrumental in creating the Goldman Sachs & Co. and Frank P. Smeal University Endowed Fellowship in Business Administration.
In addition to their gifts for business education, the Smeals helped establish an endowed faculty chair in literary theory and comparative criticism, the Katey Lehman Creative Writing Awards, and the Henry W. Popp Graduate Assistantship in Botany and Plant Pathology.
The first chairman of Smeal College's Board of Visitors, Mr. Smeal received the University's Distinguished Alumnus Award in 1974 and was named Alumni Fellow of the College of the Liberal Arts in 1986. Penn State DuBois honored him as Outstanding Alumnus in 1987. He was also a member of the Laurel Circle of the University's Mount Nittany Society.
Mr. Smeal began his career at Guaranty Trust Company, which later became part of Morgan Guaranty Trust. During his thirty-year career with the Wall Street firm, he advanced to executive vice president and treasurer and was instrumental in counseling New York City through its financial crises in the mid-1970s.
In 1977, Mr. Smeal left his post at Morgan Guaranty Trust for Goldman Sachs & Co., where he became partner and member of the company's senior management committee, as well as managing director of the fixed-income department. Often referred to as the "dean of the municipal bond market," Mr. Smeal retired from Goldman Sachs in 1985.
Mr. Smeal, born on August 7, 1918, in Sykesville, Pennsylvania, graduated Phi Beta Kappa from Penn State in 1942 with a degree in economics and went on to earn an M.B.A. from Harvard and a law degree from New York University. Mr. Smeal died in 2003, and Mrs. Smeal died in 1998.