A principled man and devourer of books, Elmer Rasmuson helped his mother, Jenny, create the Foundation. He studied business and economics, graduating magna cum laude from Harvard in 1930 before earning a master’s degree. His business mentor was Arthur Andersen. Elmer was on track to become a partner at the giant accounting firm when his father’s ailing health drew him back to Alaska and the family’s sizeable investment in what was by then National Bank of Alaska. As a visionary and head of the bank, he altered the economic landscape of the state through savvy business decisions and extraordinary generosity.

Politics represented another part of his multifaceted life. Unimpressed with the city’s response to the devastating 9.2 magnitude earthquake of 1964, he ran for mayor of Anchorage, won and oversaw the rebuilding of the city. A lifetime member of the NAACP, he embraced social justice. Under his term as mayor, the Human Rights Committee was created, and the city’s first fair housing ordinance banned discrimination. He ran for U.S. Senate and beat Ted Stevens in the 1968 Republican primary only to lose to Democrat Mike Gravel.

A pilot and sailor on the side, his extensive list of accolades and accomplishments includes being appointed by President Richard Nixon to the International North Pacific Fisheries Commission. Closer to home he helped create Alaska’s world-class museum, the Anchorage Museum at Rasmuson Center. Elmer celebrated his 90^th birthday by giving away $90 million — $40 million to Rasmuson Foundation and $50 million for a museum expansion. 

“Elmer was the most talented man I ever knew,” said his one-time rival, the late Sen. Stevens. His gifts “have ensured that Alaskans for generations to come will have access to one of the finest collections of art, history and literature in our nation.”

Elmer lost his first wife, Lile, mother of their three children, to cancer in 1960. He and his second wife, Mary Louise, made a formidable team committed to civil service and generous giving. Elmer encouraged his son to sell National Bank of Alaska to Wells Fargo in 1999. When he died a year later, he left most of his wealth, $400 million, to Rasmuson Foundation.

Obituary in the Seattle Times: Elmer Rasmuson, Alaska banker, dies at 91