Eugene P. Heytow, 76, Business Leader, Champion of Israel

CHICAGO, Aug. 30 /PRNewswire/ -- When Life magazine sought to define a new generation of 1960s businessmen, it profiled 30 year-old Chicago native Eugene P. Heytow.  Perched on the balcony of his sterling new Michigan Avenue hotel, The Essex; meeting with powerful Mayor Richard J. Daley; giving directions to associates twice his age at The Ascot House; the photo series illustrated one man's amazing rise to prominence burnished with the promise of youth.

He didn't disappoint.  Mr. Heytow emerged as one of Chicago's business masters, civic leaders and political power brokers for the next four decades.  In 1964, he acquired ownership of the Metropolitan State Bank in Chicago and in 1966 led investors in buying what is now Amalgamated Bank of Chicago of which he was chairman of the board upon his death.   As a union bank leader, Mr. Heytow rose to become a strong advocate of Chicago's labor organizations.  

"Gene was an entrepreneurial leader who was the driving force behind Amalgamated Bank's unique positioning and growth.  His legacy, in part, will be defined by his vision of helping tens of thousands of America's working men and women access needed banking and financial services.  We are fortunate to be able to carry on that legacy in the years ahead," said Robert M. Wrobel, president and chief executive officer of Amalgamated Bank, who, in addition, was named Mr. Heytow's successor as chairman of the board of the Bank's holding company.

In 1972, Heytow became the major owner of the McCormick Center Hotel (which was later replaced by the McCormick Place expansion in the mid 1990s).  In 1976, he bought control of the former Oak Brook Bank which he led for nearly 30 years.  

In 1980, he was named chairman of the board of the Metropolitan Fair and Exposition Authority overseeing the management of McCormick Place.  This, his highest-profile civic role, reflected his awareness that with his success came responsibility.  In addition, he served as a member of the Illinois Capital Development Board which oversaw the construction of the State of Illinois Building, now known as the Thompson Center.

His civic mindedness was evidenced by his leadership in supporting the state of Israel.  In 1980, future Israeli Prime Minister Ariel Sharon personally presented him with the State of Israel Bond Man of the Year.  During this time, Mr. Heytow worked closely with Israeli war hero General Moshe Dayan raising more than $35 million for Israel.

Mr. Heytow liked to recount his visit to Israel at the request of former Prime Minister Golda Meir.  Over tea at her farm house in the Israeli countryside, the Prime Minister gently, but firmly, convinced him to continue his important work for Israel.

In Chicago politics, Mr. Heytow was a friend and confidant to both Mayor Richard J. and Richard M. Daley. William M. Daley served as president of Amalgamated Bank from 1989 to 1993, before joining President Clinton's cabinet as Secretary of Commerce.

Mr. Heytow was born in 1934 and lived in Chicago most of his life.  He graduated from Harvard College in 1955 and is a past president of the Harvard Club of Chicago.  He received his law degree from the University of Chicago in 1958.  

He is survived by his sister, Francie Ann Gecht; his son, Andrew Heytow; his daughter, Pamela Krugman and three grandchildren.  In lieu of flowers, donations are welcomed to the Helen Woodward Animal Center.  

A memorial service for Mr. Heytow will be held in Chicago this fall, time and location to be announced.

SOURCE Amalgamated Bank of Chicago