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Subject: Frank P. Smeal, Wall Street executive

New Jersey
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Date Posted: April 10, 2003 9:02:56 EDT

Frank P. Smeal, a former Wall Street executive who donated millions of dollars to Penn State University, died Tuesday after a long illness. He was 84.

Smeal and his late wife, Mary Jean, gave more than $11 million to Penn State, endowing a fellowship in business administration, a faculty chair in literary theory and comparative criticism, a creative writing award and a graduate assistantship in botany and plant pathology.

But they probably are best known for giving $10 million for Penn State's College of Business, the largest individual donation in the university's history. The college was later renamed the Mary Jane and Frank P. Smeal College of Business Administration.

After serving in the army for four years, Smeal joined Guaranty Trust Company, which later became part of Morgan Guaranty Trust, where he worked for 30 years, eventually becoming executive vice president and treasurer.

Smeal left Morgan Guaranty Trust for Goldman Sachs & Co. in 1977, where he became partner and a member of the company's senior management committee. He retired in 1985.

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