Colonial Savings founder James S. DuBose dies at 93
Colonial Savings founder James S. "Jimmy" DuBose died after a yearlong battle with cancer. He was 93.
DuBose served as chairman emeritus of Colonial Savings, Colonial National Mortgage, Colonial Life Insurance Co. of Texas, Colonial Mortgage Insurance and DuBose & Associates Insurance Agency.
He also was a member of the Mortgage Bankers Association and its Texas state affiliate. Colonial President David Motley is the current chairman of the MBA.
DuBose served in the Army Air Corps during World War II, attended Texas Christian University and graduated from University of Texas in Austin with a business degree. After working for a sawmill and for an insurance agency, DuBose founded Fort Worth Mortgage Corp. in 1952 to provide home loans to growing postwar communities in North Central Texas.
After FWMC acquired Colonial Savings & Loan of Lewisville, Texas, in 1971, the merged company became among the first in home lenders to offer low-down-payment loans.
DuBose founded CU Members Mortgage to provide credit unions with mortgage origination and servicing in 1982.
Colonial was able to weather the savings and loan financial crisis in the 1980s by avoiding speculative commercial business, according to the company.
DuBose outlived his first wife, Joy Grimes DuBose, to whom he was married for 53 years; his daughter, Gwynne DuBose Keyland; and three brothers: Edward A. DuBose III, John Barcus DuBose and William Shelton DuBose.
He is survived by his second wife, Carroll Holliday DuBose; his son and current Colonial Chairman Jim DuBose and his wife, Tori Adams; three stepdaughters and their spouses, Jennifer Beedlow and her husband, Mark; Amy Moody and her husband, Jim; and Marla Allred and her husband, Mark; and their families. DuBose also is survived by four grandchildren and five great-grandchildren.