Elmer Edwin Rasmuson was born in Yakutat, Alaska to Edward Anton Rasmuson (1882–1949) and Jenny Olson Rasmuson, Swedish immigrants and missionaries of the Evangelical Covenant Church who had met in Yakutat. Elmer had an older sister, Evangeline, who born in 1906.

Elmer's father took correspondence courses in law, and in 1915, moved the family to Minneapolis, Minnesota, where he passed the bar examination. The family moved back to Alaska within the year, stopping first in Juneau before settling in Skagway, where Edward found work as a magistrate.

Elmer attended Skagway School. In his memoirs, he called Skagway a "good town in which to grow up." While he was still in school, he worked for the Bank of Alaska, which his father had taken over in 1918. He graduated from Queen Anne High School in Seattle, Washington in 1925, and after a couple of years at the University of Washington, transferred to Harvard University in 1928, earning a Bachelor of Science in 1930 and a Master of Arts in 1935.

He went to work for Arthur Andersen, and in 1939, married Lile Bernard of New Jersey. They had three children: Edward Bernard (born 1940), Lile Gibbons, and Judy.

In 1940, Andersen sent Elmer to work in Houston, Texas, mostly for Texaco. Elmer returned to Skagway in 1943, recalled by his father, who began to suffer from heart disease. Elmer was installed as president of the National Bank of Alaska. In 1945, the bank's headquarters were moved to Anchorage. Edward Anton Rasmuson died in 1949, leaving the bank to his son.

In 1954, together with brother-in-law Robert Atwood (who had married Evangeline in 1932), Elmer invested in Richfield Oil's exploration of the Kenai Peninsula. The investment yielded great profits after oil was discovered in 1957 near the Swanson River.

In 1955, Elmer created, with his mother, the charitable Rasmuson Foundation. It was to become "the most generous private donor in Alaska history." [1]

Elmer's wife, Lile, died of cancer in 1960. The same year, a merger made National Bank of Alaska the largest bank in the state.

In 1961, Elmer married Mary Louise Milligan, national director of the Women's Army Corps.

In 1972, Elmer received the Golden Plate Award of the American Academy of Achievement.^[1]

Critical of government response to the Good Friday earthquake of 1964, Rasmuson ran for Mayor of Anchorage, and was elected. He served a three-year term, overseeing reconstruction of the city. In 1967, he organized the foundation of the Anchorage Historical and Fine Arts Museum, intended to celebrate the 100th anniversary of the Purchase of Alaska.

In 1968, he ran for the U.S. Senate in the Republican primary, beating out Ted Stevens for the party's nomination. But he lost the general election, coming second to Democrat Mike Gravel. Incumbent Senator Ernest Gruening, who had lost his party's nomination to Gravel, placed third.

In 1969, Rasmuson stepped down as Regent of the University of Alaska Fairbanks, a position he had held since 1950. In 1970, the Elmer E. Rasmuson Library was dedicated to his service.

In 1974, Elmer Rasmuson retired from work at the National Bank of Alaska, transferring the business to his son, Edward B. Rasmuson.

In 1980, Elmer Rasmuson was elected as the first chairman of the Board of Trustees of the newly formed Alaska Permanent Fund. ^[2] He would hold this position until 1982.

Elmer E. Rasmuson died December 1, 2000, in Seattle, as a result of congestive heart failure. He concluded decades of philanthropic work by leaving his fortune to charity, including $19 million for the University of Alaska Fairbanks and $400 million for Rasmuson Foundation.

• Obituary from the Anchorage Daily News
• "Elmer Rasmuson in memorium" (Alaska Journal of Commerce)
• "Skagway remembers Elmer Rasmuson"
• "Charity, Inc." (Anchorage Daily News)
• "Elmer Rasmuson. A Life of Service: The papers of Elmer E. Rasmuson." University of Alaska Fairbanks.

• Rasmuson, Elmer E. and Cole, Terrence. Banking On Alaska: The Story of the National Bank of Alaska (2 volumes). University of Alaska Press: Fairbanks.