McRae, who was 85, was the retired chairman of the board of First National Bank (now Regions) and CEO of First National Bancorp.
He died died Thursday at a Gainesville nursing home at the age of 85.
McRae had a direct or indirect hand in bringing many of the industries located in Gainesville and Hall County to the community through his association with the Greater Hall and Georgia chambers of commerce, the local industrial development authority, and what was then known as the Georgia Department of Industry and Trade.
"...we have reaped the benefits (of his work) for many years and will continue (to do so) in the future," Kit Dunlap, President and CEO of the Greater Hall Chamber of Commerce said Friday morning. "Ray McRae, in his day and for so many years, was known as 'Mr. Economic Development' not only in Gainesville-Hall County but throughout the state."
One of McRae's contemporaries is John W. Jacobs, Jr, owner of Jacobs Media. He said he remembers when McRae came to Gainesville from Athens as an assistant at First National Bank. He notes that he made a quick rise in the banking industry.
"He had that particular knack of attracting good people to work with," said Jacobs.
And he said McRae's legacy will live for years to come.
"He meant so much to so many people and brought to much to our community," said Jacobs.
McRae was former member of the board of directors of United Cities Gas Company, Elan Corporation , McKibbon Brothers Inc., and the Greater Georgia Life Insurance Company. He was a past president of the Greater Hall Chamber of Commerce, United Way of Hall County and the Gainesville Kiwanis Club; a past Georgia Banking School Trustee; and a former member of the Gainesville State College Advisory Board, Lanier Technical College Advisory Board, Georgia Chamber of Commerce Board of Directors, the Gainesville Bi-Racial Committee, and the Gainesville-Hall County Industrial Development Authority.
He was a member of the Brenau University Board of Trustees from 1970-1982 and received the prestigious Sullivan Award from Brenau in 1972.
Several years ago, Regions Financial Corporation donated $200,000 in unrestricted funds to Brenau University with an eye toward providing scholarship assistance to young women studying business. McRae was one of the current and former Regions (First National) executives singled out for special honors by the school as it presented one of its highest non-academic awards to a corporation for the first time.
McRae was named Gainesville's 1970 Rotary Man of the Year and the Georgia Developer of the Year in 1986.
Memorial Services for McRae will be held at 11 a.m. April 20 at the First Presbyterian Church on Enota Drive in Gainesville. The family will receive friends after the service in the Sweetenburg Hall at the church.
In lieu flowers, for those desiring to do so, the family requests memorials may be made to Good News at Noon Community Health Clinic, 979 Davis Street, Gainesville, Georgia 30501, Eagle Ranch 5500 Union Church Road, Flowery Branch, Georgia 30542, or other charities chosen by the donor.
Brenau President Ed Schrader presents the university´s Distinguished Service Award to Ray McRae, right, retired president of First National Bank of Gainesville, Region´s predecessor, and to Region´s Regional Chief Executive Officer Peter D. (Pete) Mi
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