Richard Frederick Schaub Obituary

Richard Frederick  Schaub
Richard Frederick Schaub

February 12, 1932 - May 12, 2020
Born in Bound Brook, New Jersey
Resided in Bridgewater, New Jersey

Obituary

“Leave your campsite better than you found it” was a phrase often heard by Dick Schaub’s sons during their formative years in the Boy Scouts. It was sound advice from their father, whose life was characterized by devotion to his family, his profession and public service.

Richard Frederick Schaub was born in Bound Brook, on February 12, 1932. He died on May 12, 2020 at R.W. Johnson University Hospital Somerset, Somerville, from surgical complications. He was the middle son of Edward Frederick Schaub and Hazel Bennett Schaub, and was raised over his family’s bakery in Raritan. He graduated from Somerville High School in 1949, and enrolled at Marietta College prior to joining the U. S. Air Force. He married the former Charel Young in 1953, and they lived in Denver for the balance of his enlistment. They returned to Somerville in 1954, and he resumed his education, graduating from Rutgers University.

Following a brief stint in insurance, he took a position at the former First National Bank of Somerset County, and later worked for Franklin State Bank before joining the New Jersey Department of Banking. He was appointed Banking Commissioner by former Republican Governor William T. Cahill in 1972, and continued to serve under Democratic Governor Brendan T. Byrne. As a regulator, he enforced the core principles of safety and soundness, and advocated for greater opportunities for local banks by easing the geographic restrictions that prevented them from growing large enough to serve the expanding needs of other New Jersey businesses, in a market that was dominated by larger New York and Philadelphia banks.

Dick returned to the private sector in 1976 when he was appointed President of the Hunterdon County National Bank in Flemington, New Jersey. With his team’s support, the bank transitioned into a progressive organization dedicated to serving the financial needs of both individuals and the growing commercial enterprises in the region.

During his years in Hunterdon County, Dick became active within the New Jersey Bankers Association and, through that organization, continued to advocate for greater opportunities for local banks. He was elected Chairman of the NJBA in 1983, which was a career pinnacle.
Following several mergers, Dick stepped back to the regulatory/oversight side of the banking industry, concluding his professional career with the Resolution Trust Corporation, the federal agency formed to manage the aftermath of the savings and loan crisis of the early 1990s.

Dick’s approach to community service mirrored his professional stance in that people and organizations will succeed when provided with the tools and a reasonable opportunity to do so. To that end, he served many years as a Trustee of Raritan Valley Community College, Branchburg, and twice took on the role of Interim President during critical transition periods. He also was a long serving member of the Board of Trustees of Somerset Medical Center, and served on boards and committees of the Hunterdon Medical Center, New Jersey Hospital Association, Healthcare Insurance Exchange, and countless other organizations.

In his personal life, Dick was an avid golfer, a private pilot, and enjoyed fishing with his friends at the Pequest Anglers Club in Buttzville, and at Northeast Carry on Moosehead Lake in Maine. One of his greatest joys was spending time with his family at his camp on Pleasant Pond in Caratunk, Maine.

Dick was predeceased by his parents, his two brothers, John and Douglas, and many close friends.

He is survived by his three sons and their wives: Rick and Sue Schaub of Washington Crossing, Pennsylvania, Mark and Anne Schaub of Newtown, Pennsylvania, and Kurt and Tanya Schaub of Livermore, Maine; six grandsons, four granddaughters-in-law, two great granddaughters, and his former wife, Charel.

His family thanks the community at Laurel Circle independent living in Bridgewater for their care and friendship, and especially his long-time companion, Sheila Wilson.

A private graveside service will be held for immediate family only. There will be a celebration of life for family and friends at a date to be announced once COVID-19 restrictions are relaxed. Arrangements by Bruce C. VanArsdale Funeral Home, Somerville.

Dick’s sons respectfully ask that, in lieu of flowers, contributions may be made to Raritan Valley Community College Foundation, 118 Lamington Road, Branchburg, NJ 08876, or to the Pleasant Pond Protective Association, P.O. Box 36, Caratunk, ME 04925.

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