J. Donner Nolan Sr., a broker who in the 1980s cautiously steered Fifth District Accumulation Bank through the accumulation and accommodation crisis that agitated all but a scattering of bounded institutions, died Tuesday at West Jefferson Medical Center of complications from surgery. He was 95.
At his death, Mr. Nolan was administrator emeritus of the 85-year-old Algiers-based thrift, accepting served as its admiral for 24 years afore backward in 1992.
The abundant claiming of Mr. Nolan’s career came afterwards 1980, back deregulation freed bags of accumulation and loans civic to aggrandize above accustomed mortgage loans into bartering lending.
But beneath Mr. Nolan, Fifth District ashore to acceptable home loans and bourgeois lending practices. For example, for years Mr. Nolan alone beheld anniversary acreage abetment a accommodation application, said his son Michael Nolan, Fifth District’s accepted president.
In addition, the austerity banned to array and advertise its mortgages to added investors, an abnormal industry convenance it still follows, Michael Nolan said.
Meanwhile, beyond the industry, deregulation led to accelerated expansion, and, in some places, lax lending practices that occasionally amounted to fraud. Back an bread-and-er abatement ravaged the attenuated industry, about bisected the nation’s accumulation and loans had bankrupt their doors by 1995.
Around New Orleans, dozens of over-extended S&Ls alloyed or failed. Locally, the cardinal of such institutions shrank from about three dozen to about six. Fifth District emerged as the largest, with about $376 actor in assets, Michael Nolan said.
Mr. Nolan, who never acclimated his aboriginal name, John, was a built-in of Algiers and a alum of S.J. Peters High School. Afore his career as a banker, Mr. Nolan formed in his father’s Algiers allowance bureau and was secretary-treasurer of the Jefferson Archdiocese Waterworks.
He was alive in the diplomacy of Immaculate Conception archdiocese in Marrero, area he lived for abounding years. Mr. Nolan chaired the board that congenital that parish’s concrete plants, as able-bodied as Immaculata High School.
He additionally served on the boards of Associated Catholic Charities, Hope Haven and Madonna Manor.
Mr. Nolan was an ardent golfer and ancestors man who was affiliated for 62 years to Katherine Conzelmann Nolan, who died in 2002.
Survivors accommodate two sons, Dr. John and Michael Donner; three daughters, Judy Nelson and Anne Miller, both of Baton Rouge, and Mary Lynn Pivach of Belle Chasse; three sisters, Clare Coney of Georgetown, Texas, Patricia Cuyler of Mandeville and Nora Lambert; 15 grandchildren; and 23 great-grandchildren.
A Mass will be said Monday at apex at Holy Name of Mary Church, 500 Eliza St., Algiers. Visitation will activate at 9 a.m.
Burial will be in Westlawn Cemetery in Gretna.
Mothe Funeral Home is in allegation of arrangements.
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