The Celebration of the Lifeof

Walter H. ClarkBorn into Time Born into EternityJune 5, 1928 November 15,2018

SATURDAY, DECEMBER 1, 2018

VISITATION: 10:00 AM FUNERAL: 11:00 AM

THE CONGREGATIONAL CHURCH OF PARK MANOR7000 South Dr. Martin Luther King, Jr. Drive

Chicago, Illinois

The Reverend Dr. Terrill N. Murff, Senior Pastor & Teacher

Journey of a Banker

Navigating the obstacles of segregation in his childhood and the volatility of the savings & loan crisis in his career, throughout it all Walter Hill Clark was always the embodiment of a “consummate gentleman”.

Walter was born in Athens, GA. on June 5, 1928 to his parents John Q. Clark, Sr. and Buelah Hill. His father and mother met and wed at Wilberforce University in Ohio in 1926, coming respectively from

Grace, MS. and Athens, GA. After being born in Athens, Walter and his parents moved to Carbondale, IL. where he was raised along with his brother “Johnny” (John Q. Clark, Jr.). At Attucks Community High School in Carbondale, Walter & his brother played on the 1943 Southern Illinois Conference of Colored High Schools (SICCHS) tournament championship team, which was coached by their father who was coach, science teacher, and last but not least, principal of the high school for decades.

In the 1940s, segregation prevented black teams from playing the local white teams so that teams had to travel so far that overnight stays with families of the opposition teams would be required. Sportsmanship became a pre-requisite for every game, since hard tactics would not bode well against a player whose mother would be feeding you after a game. How Walter Clark and his peers competed in high school impacted how they conducted themselves off the court later in life. One competitor in high school became a lifelong friend to Walter and later introduced him to his future wife.

After graduating from Attucks in 1945, Walter & his brother Johnny lived in California to establish residency in order to attend UCLA at in-state tuition. Walter enrolled in Compton Junior College in LA and earned a two-year degree along with playing on a basketball team that won the 1947 National Junior College Championship. While traveling with that team, even though Walter was one of the few blacks on the team, the team was not allowed to stay at a motel while on the road. After Compton, Walter enrolled at UCLA pursuing a degree in accounting. His love for basketball still persisted and in 1948 he tried out for the new basketball coach at UCLA – John Wooden. Unfortunately, his exploits in Carbondale did not translate to a spot even on the bench at UCLA. However, he became a lifelong fan of UCLA and especially John Wooden, as Wooden’s humble demeanor matched those of his parents.

Walter attended UCLA for two years, and for family reasons transferred to Southern Illinois University in Carbondale where he earned a degree in Accounting in 1951. In 1952, Walter moved to Chicago and started as a teller at the black owned Savings & Loan – Illinois Service Federal. His career there was cut short by serving active duty overseas in the Korean War.

Returning from the war to Chicago, in 1955 Walter started a 30-year career at First Federal Savings & Loan Association where he rose from accounting clerk to the position of Executive Vice President and a seat on the Board of Directors.

When Walter first started at First Federal he was the first African American to be employed there. Although he had obtained an MBA in Accounting from DePaul University in 1958, Walter languished for years in the same position and had considered leaving the Association. In 1963, First Federal installed a new Chairman, E. Stanley Enlund, who brought with him a new culture – recognizing and rewarding talent. Every two years or less, Walter had a significant promotion within the Association and rapidly became the

Chief Investment Officer managing the assets of the largest S&L in Chicago and one of the largest S&Ls in the country. In 1971, First Federal sponsored Walter to attend the Harvard School of Business in its Advanced Management Program and in 1973, Walter was elected to the Board of Directors.

Walter Clark’s contributions to the Savings & Loan industry exceeded the scope of his positions at First Federal. In the 1970s Walter worked with Salomon Brothers on a new financial product called Mortgage Backed Securities (MBS). MBS allowed lending institutions to sell their mortgages so that their lending was not limited to the deposits at their institution. In the 1970’s Walter was in demand as a lecturer on MBS with Salomon speaking to S&Ls and investors across the country. In 1979, Walter testified in D.C. before the Congressional Ways and Means Committee on the merits of municipal mortgage revenue bonds, a product developed by Salomon Brothers with First Federal as the first issuer. The outcome of his work was the increase in liquidity for mortgage lenders which expanded the opportunities for millions more people to be able to afford a home.

His financial acumen began getting recognized on a national basis, as the 11 largest S&Ls in the country formed a Peer Group Association and named Walter as chairman for four straight years. The volatility in the industry starting in 1980, increased the demand for his services. Walter’s accomplishments attracted him to the advisors of President Jimmy Carter who asked him to be the Chairman of the Federal Home Loan Bank Board in Washington, D.C.. However, for personal reasons he did not accept the appointment.

Although he was never a political person, Walter looked at civic involvement as a duty. In 1982, Walter became the finance chairman of the Harold Washington Mayoral Campaign. Relying more on small donations rather than large bundled campaign contributions, the grass roots campaign elected the first African American mayor of Chicago. Ironically, as Walter served as the finance chair for the Democratic Harold Washington, his boss at First Federal – E. Stanley Enlund - was the finance chair for Washington’s Republican opponent - Bernard Epton. As in his high school basketball days, Walter was able to dine with his opponent after the competition.

In 1986, Walter was appointed Chairman of the Board of the Chicago Transit Authority (CTA) – the second largest public transit company in the United States. Before his tenure, the CTA was known for its politicized culture. Potential employees at the CTA needed a political sponsor to get a job. After an employee was hired, the same sponsor would involve themselves in the promotion of that employee their entire career. In his short tenure at the CTA, Walter let it be known that the Human Resources Department at the CTA resided internally inside the CTA – not at City Hall, not at the County, and not in Springfield.

Concurrent with his tenure at the CTA, Walter was a Vice President in Public Finance and Asset Management with Bear Stearns from 1986 to 1990. He generated new account relationships with the City of Chicago, Chicago Park District, United Airlines, and the Public Building Commission of Chicago. In 1988, Walter worked on the $150 million bond financing for Comiskey Park for the Chicago White Sox.

Walter’s work at the CTA was cut short by tragedy as his only daughter, Jaunine, contracted leukemia in the spring of 1988. Focusing on the recovery of his daughter, Walter resigned from his position in 1988. Unfortunately, his daughter passed shortly after his resignation. Walter and his church of 30 plus years, The Congregational Church of Park Manor, initiated an annual concert in Jaunine’s honor. With the financial contributions of church members, friends, and family, the Jaunine C. Clark Cytogenetics Laboratory was established at Northwestern Memorial Hospital in 1994. The work of the laboratory focuses on cures for leukemia and 24 years later is still contributing to research in the field.

Supporting Walter’s rise in finance was the love of his life, Juanita Dillard who he first met on a double date arranged by the girlfriend of his downstate basketball rival Austin Cross. Juanita and Walter married on July 13, 1957 after one year of courtship. Their first child, Hilton Pierre was born on August 8, 1958 and the second child, Jaunine Charis was born one year and one day later on August 9, 1959. During the summer months, Walter would drive the family cross country on long vacations. His long hours at work did not distract him from being a devoted husband and father.

Preceded in death by his daughter, Jaunine Charis Clark, his brother, John Q. Clark, Jr. and his parents John Q. and Beulah Clark, he is survived by his wife, Juanita E. Clark, son, Hilton P. Clark, nephews Dr. Jeffrey Clark and Craig Lambert, nieces Bettyna Lambert Virgous, Randi Wilson and Lesly Wilson and a host of friends and extended family.

CIVIC ACTIVITIES

Chairman, Mayor’s Link-Development Committee, City of Chicago Commissioner, Commercial District Development Committee, City of Chicago Charter Member of School Finance Authority – Chicago Board of Education Travelers Aid Society – President of Board of Directors (1971-1979) - Vice President and Board Member (1967-1970) Board of Directors, College of Business Administration, University of Illinois at Champaign and Chicago (1969) Chairman, Investment Committee, Union League Club of Chicago Member of Financial Executives Institute Member of Economic Club of Chicago Investment and Strategic Planning Committees of YMCA of Metropolitan Chicago

COMMUNITY

Member since 1956 of the Congregational Church of Park Manor, where he was married in 1957. Served as Chairman of Trustee Board, and Financial Secretary Member of Union League Club of Chicago since 1975. Community Renewal Society – Member of Board of Directors 1967-1970

MEMBERSHIPS

National Society of Controllers and Financial Officers of Savings Institutions Member of Beta Boule of Sigma Pi Phi since 1992 serving as Sire Archon. Royal Coterie of Snakes Alpha Phi Alpha Fraternity 71 Club

AWARDS/DISTINCTIONS

Charter member SIU Business Hall of Fame DePaul Distinguished Alumni 1976

PUBLICATIONS

“Management of Liquid Assets in Our Association” published in 1969 issues of Controller’s Society

Order of ServiceThe Reverend Dr. Terrill N. Murff, Senior Pastor & Teacher

The Prelude George Cooper

The Opening Sentences Reverend Dr. Terrill N. Murff

Hymn of Consolation George Cooper

Prayer of Invocation Reverend Dr. Murff

Musical Selection “Peace in the Valley” Ragina Bunton

The Holy Scripture Reverend Dr. Murff

The Old Testament Ecclesiastes 3: 1-4, 11-13 The New Testament II Timothy 4: 7-8

Poem “Well Done” Reverend Dr. Ozzie E. Smith, Jr., Musical Interlude Senior Pastor, Covenant United Church of Christ

Obituary (Read Silently)

Acknowledgements Reverend Dr. Murff

Resolutions The Congregational Church of Park Manor

Musical Selection “Move on Up a Little Higher” Abraham Smith

Tributes Lester McKeever George Howard Manford Byrd Hilton Clark

Musical Selection “Dream the Impossible Dream” Ragina Bunton

The Eulogy Reverend Dr. Terrill N. Murff

The Prayer of Thanksgiving Reverend Dr. Murff

Closing Hymn George Cooper

INTERMENTOAK WOODS CEMETERY, 1035 E. 67th Street, Chicago, IL

Pallbearers

Dr. Jeffrey Clark Heathcliffe CookCraig Lambert Joseph MaxwellMarlon Maxwell James Price

Honorary Pallbearers

Billy Bradley Hon. Roland W. BurrisDr. Manford Byrd Dr. Gomez CharlestonDr. Roosevelt Collins Dr. Rosecrain CollinsAlan Heard Glen HeardGeorge Howard Lester McKeeverJohn Peck Leon Robinson

Acknowledgements

The family wishes to thank all of you who have joined them on this occasion of lifting up the life and memory of Walter H. Clark. Each act of kindness will be acknowledged by the family at a later date.

In lieu of flowers, donations can be made to any of the following institutions:

Alzheimer’s Association of Chicago225 N. Michigan Avenue – 17th FloorChicago, IL 60601Online donation can be made at “www.alz.org/tributes”In the memo section of your check or online donation, please indicate “In memory of Walter H. Clark”

Northwestern Memorial Hospital541 N. Fairbanks CourtChicago, IL 60611In the memo portion of your check please indicate the following: “NMH 7715T – Jaunine Clark Lab”

Kellog School of Management – Northwestern UniversityGift and Record Services1201 Davis StreetEvanston, IL 60208In the memo portion of your check please indicate the following:“Jaunine Clark Fund – ID# 43140000132001”

Unity Funeral Parlors, Inc. 4114 S. Michigan Avenue, Chicago, IL, 60653 – (773) 624-2703Norman J. Williams – President – Funeral Director

Brenda L. Thacker – Funeral Director