Legendary Citizens Trust banker and Atlanta businessman, I. Owen Funderburg passes away

By wire reports

Posted 8:01AM on Tuesday, January 29, 2002

ATLANTA - Citizens Trust Bank mourns the loss of one of the nation's most talented bankers and its former chief executive officer, I. Owen Funderburg. Mr. Funderburg was born on August 24, 1924, and passed away at his home on January 26, 2002. His early education was spent in the public school systems of Monticello, Georgia. He received his A.B. Degree in Business Administration from Morehouse College in Atlanta, Georgia, in 1947. After completing Morehouse, he obtained a position as a teller at Mechanics and Farmers Bank in Durham, North Carolina, in 1948. In 1959, he graduated from Rutgers University in New Brunswick, New Jersey, with a graduate degree in banking and eventually became Cashier and a Board member of Mechanics and Farmers before leaving for Gateway National Bank in St. Louis, Missouri, in 1966. Mr. Funderburg served as Gateway's chief executive officer and a member of the Board of Directors from 1966 until 1974 when he was recruited to become president and chief executive officer of Citizens Trust Bank in Atlanta, Georgia. He grew Gateway from $2.5 million to $20 million in his nine-year career there before coming to Citizens Trust. During his tenure at Gateway Mr. Funderburg was first elected chairman of the National Bankers Association (the trade group for the nations minority and women owned banks) to a two-year term in 1971. He was again elected to serve as Chairman in 1981. Mr. Funderburg was faced with a serious dilemma after taking the helm of Citizens Trust Bank on January 9, 1975. Citizens Trust was suffering from depleted capital and in dire need of restructuring. Under his leadership the Bank issued a series of preferred stock and capital notes to Atlanta area banks, the Ford Foundation, Minbank and other financial institutions totaling $3,000,000. At the beginning of 1976, the Funderburg administration began taking strong corrective actions and implementing new systems. The Bank's first electronic data processing system was implemented under his leadership. The Bank also began aggressively cleaning up outstanding legal matters that had been running up expenses and lawyers fees. The Trust Department needed work and Funderburg gave additional attention to its needs. While engineering the turn around, Mr. Funderburg was also aggressively pursuing deposits and new business for the Bank. The Bank grew during these tough times by $6 million from 1975 through the end of 1976. The following year in 1977, the Bank started showing monthly profit. In November of 1979, Mr. Funderburg was elected to the board of RCA Victor Corporation. At this time he was one of the few African Americans elected to the board of a major Fortune 500 corporation. In June of 1985, Citizens Trust Bank was named "Bank of the Year" by Black Enterprise Magazine. This article touted the effective management style of Mr. Funderburg and the advances made by the Bank during his administration. He led the Bank's first major expansion project in its history. Citizens Trust Bank became one of the first Banks in the Atlanta market to open branch offices in supermarkets. The Bank opened and operated as many as five such branch offices in the late 80s and early 90s. By now the Bank had strong capital, and Funderburg continued to push quality commercial projects that improved communities, and he brought in new entrepreneurs that helped revitalize neighborhoods. By 1990, the Bank was solidly over $100 million in assets and frequently challenged Freedom National Bank in New York and Seaway National Bank in Chicago for the position as the largest black-owned commercial bank in the country. In late 1991, I. Owen Funderburg announced his retirement and brought to a close a legendary seventeen-year run as president of Citizens Trust in 1992. Mr. Funderburg had a long distinguished history of community and public service to both professional and civic organizations. He supported Central Atlanta Progress, the Atlanta Chamber of Commerce, the Action Forum, the Commerce Club, the National Urban League and the Cooperative Assistance Fund. He was welcomed into retirement with numerous honors. In February of 1992, his alma mater, Morehouse College honored him with its Life Time Achievement "Bennie" Award (one of the highest honors bestowed by the college). Also that year, the Bank honored him with a ceremony celebrating his accomplishments.