George Lee Greenwell, 91, passed away Thursday, November 26, 2020 at Wellington Parc of Owensboro. He was born January 5, 1929 in Uniontown, Kentucky.
He was a brilliant entrepreneurial businessman whose tremendous success in life benefitted many. He was a low-profile person, never seeking the limelight, but always working hard to accomplish his goals. A very focused, caring and compassionate man, he loved to work hard and to play hard. He enjoyed playing bridge, billiards, craps, betting the horses, collecting wines and cooking. He was an extraordinarily good chef. He was extremely well known and highly respected within the Savings & Loan industry as well as the Mortgage Banking industry. However, he received his greatest gratification from seeing the businesses he founded grow and prosper while witnessing the same for the employees. He dearly loved his family, the Owensboro community and all his employees across the nation.
He was a man with a humble upbringing in Union County, KY. He moved with his family to Evansville, IN the summer before his senior year in high school. He graduated from Reitz High School in 1947 and from Evansville’s Bramwell Business College in 1949 with an associate degree in accounting. In May 2005 he was awarded an honorary doctorate of law degree from Kentucky Wesleyan College.
He served two years in the US Army being stationed in Japan the majority of the time. After returning to Evansville in 1952, he went to work as a bookkeeper for a sawmill but was uninspired by the challenge and opportunity for growth. Upon learning of a job opening at Carter Mortgage Company, he quickly pursued it. At the conclusion of the first interview with Nick Carter, owner and founder, he accepted a job offer on the spot. It was for far less salary than his current job, but he had found a lifelong friend, mentor and industry that would allow him to quench his burning desire to make his mark in life.
After a successful job performance in a variety of departments, he earned an opportunity to go into sales as a mortgage originator in Southern Indiana and Western Kentucky. He loved this sales position and his performance garnered him the branch manager position of the Owensboro Carter Mortgage office in 1957. He had found his niche and Owensboro had gained a new citizen whose life would make a long and lasting contribution to the community.
Carter Mortgage Company was bought by Old National Bank of Evansville in 1961 and George was asked to move his family back to Evansville. He declined and at age 32 decided to pursue a federal charter to open Lincoln Federal Savings & Loan Association of Owensboro. Upon approval, he had founded the sixth federally chartered financial institution in Owensboro. There were already three commercial banks and two federal savings and loan associations. Lincoln Federal opened in 1961 with $375,000 in assets.
In the early 1970’s, he chartered Lincoln Service Corporation, a federally approved wholly owned subsidiary of Lincoln Federal. By taking advantage of an obscure regulation, he positioned Lincoln Federal, via Lincoln Service Corporation, to do business beyond the borders of Kentucky. His vision of a nationwide mortgage banking company was to be accomplished thru this entity. Once Lincoln Federal reached the asset size to support the subsidiary, it was activated in 1976 opening a retail mortgage production office in Lexington, KY followed by a wholesale production office in San Diego, CA in 1977.
George Greenwell was a true pioneer in the development of wholesale mortgage banking in the United States. The company developed regional wholesale offices to support sales representatives throughout the USA. All retail and wholesale loan production were ultimately serviced in Owensboro providing jobs and growth for the community and people he loved. Upon his retirement as President/CEO of Lincoln Service Corporation in 1987 the company had reached $4.3 billion in mortgage servicing. He remained Chairman of the Board until the merger of the company with Great Financial Savings Bank, FSB, Louisville, KY in 1995. He was a key member of the Great Financial Bank, FSB Board of Directors until its sale to Star Bank, Cincinnati, OH in February 1998. Lincoln Service Mortgage Corporation was then servicing $11 billion in loans.
During his lifetime, he was very giving of his time, talent, and resources to both his community and the industry in which he worked. He was a very strong and outspoken advocate for the Kentucky Housing Corporation which provides home financing for low to moderate income buyers. He was a frequent keynote speaker at various national secondary mortgage market conferences throughout the country for the US League of Savings Institutions and the Mortgage Bankers Association of America. He served on FNMA and FHLMC advisory boards and in the late 1980’s co-founded a national coalition, “Secondary Mortgage Market Support Group”, to lobby politicians in Washington, DC about the importance of a large viable secondary mortgage market for residential loans.
He was a generous supporter of the RiverPark Center and served on its Foundations Board of Trustees for several years.
He served on the Board of Trustees of Kentucky Wesleyan College (KWC) from 1984 to 1993. He chaired the development committee for those nine years. He was Vice-Chairman of the board from 1989 to 1992 and was elected trustee emeritus in 1997.
He helped found the annual community event, “Concert on the Lawn” which is performed each summer by the Owensboro Sympathy Orchestra on the front lawn of KWC. This event is free to the public.
His $1 million gift to KWC for their library was donated to honor his son Howard Greenwell who passed away in 1991 at age 35. This gift was graciously acknowledged by the school by naming the library building in honor of his son.
His legacy of giving will continue in perpetuity in the Owensboro community through the Greenwell Foundation he established several years ago. Its mission is to offer assistance to the poor, disadvantaged and most-challenged citizens of our community in a manner that will bring positive and lasting change to their lives.
However, his biggest gift to our community is the current presence of US Bank Home Mortgage in Owensboro. It is a result of his creating Lincoln Service Corporation which provided the framework for the nation’s 5th largest bank to have its primary residential mortgage servicing platform in Owensboro along with various loan production functions. They currently are servicing approximately $300 billion and rank as the second largest employer in Owensboro/Daviess county.
George was preceded in death by his parents, Alexis “Leck” and Claudine Lilycrap Greenwell; his first wife of 40 years, Joan Kahn Greenwell in 1992; a son, Howard Alan (Crosby) Greenwell in 1991; a brother, Robert “Bob” Greenwell of Sacramento, CA.; a sister, Jane Greenwell Gahagen and her husband, Robert Gahagen of Key Largo, FL.
Surviving are his wife of 26 years, Gertrude “Gertie” Bittel Suddoth Greenwell; a daughter, Ann Greenwell; a grandson, Marius Lee Howard; a great granddaughter, Bryeeona Shyann Howard’; a step-daughter, Lynn Bush, all of Owensboro; two step-grandchildren, Evan & Neal Bush; a step-son, David (Linda) Suddoth; and several nieces and nephews.
A private family service for George Greenwell will be conducted by Father Patrick Bittel of St Martin Catholic church, Rome, KY on Monday, November 30, 2020 at Glenn Funeral Home and Crematory. Burial to follow at Owensboro Memorial Gardens, Owensboro, KY. The number of those attending the funeral service shall be with current health and safety directives. Family and friends shall wear appropriate personal protective masks. For the funeral service please enter the doors near the flagpole on the Breckenridge Street side of the building.
The family will be planning a Celebration of Life at a later time when all of Georges family and friends are able to attend.
Expressions of sympathy may take the form of contributions to the Alzheimer’s Association, 6100 Dutchmans Lane Suite #401 Louisville, KY 40205 and the Wounded Warrior Project, 223 Rosa L. Parks Avenue Suite #301 Nashville, TN 37203.
Memories and condolences for the family of George Greenwell may be left at www.glenncares.com