Banking pioneer Gene Rainbolt leaves legacy at 95

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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.

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in academia before serving in the Army in Korea and Japan, however, he is best known for revolutionizing Oklahoma’s outdated and backward banking system, a feat that took nearly 30 years to achieve.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.

Legacy of giving

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.

Largest state-chartered bank

By 1989, Rainbolt had founded BancFirst, which has grown to become the largest…