James C. Purnell, black banking pioneer in Seattle, dead at 84

Received by Newsfinder from APMar 28, 2005 7:18 Eastern Time * Editors Note SE Locals Out SEATTLE (AP) _ James C. Purnell, a Navy construction engineer who became a black lending industry entrepreneur and helped establish Washington state’s first black-owned bank, is dead at 84. Purnell died Thursday, eight days after he was hospitalized because of chest pains, friends and relatives said. He grew up in poverty in Memphis, Tenn., and was 20 when he followed his father to Seattle in 1941, accompanied by his wife and 1-year-old daughter, because his father told him there was more opportunity for blacks in the city. While serving in the Navy from 1946 to 1967, he joined the all-black Masonic Prince Hall Grand Lodge, joined other lodge members in opening the Sentinel Credit Union in 1958 and managed it for 12 years. Ten years later Purnell and his wife were among the 10 founders of Liberty Bank. Purnell was president of the bank from 1972 until 1986. He also was president of the National Bankers Association, a trade organization for minority-owned banks, and met with President Carter in 1977 to advocate for better financial services in minority areas and for more minority-owned financial institutions. That year, following reports on the practice of redlining _ a refusal of many banks to provide loans or other financial services in poor, predominantly minority neighborhoods_ Congress adopted the Community Reinvestment Act to encourage greater bank investment in such places. Sentinel eventually merged with the credit union of the National Association for the Advancement of Colored People, which in turn was absorbed by another entity that became 1st Security Bank of Washington. After a series of financial setbacks, Liberty Bank was absorbed by KeyCorp of Cleveland. “Now more people have access to financial services because of Liberty and what they did,” said former Mayor Norm Rice, a banker who described Purnell as a mentor. “If there hadn’t been a James Purnell and a Liberty Bank, you mightn’t have gotten the attention necessary for African Americans to move into the financial mainstream.” Survivors include his wife of 67 years, Mardine Purnell; daughters Carolyn Jean Purnell and Mardine Michelle Purnell-Hepburn, both of Seattle, and two granddaughters. A memorial service was set for Monday at Bleitz Funeral Home.