Richard “Dick” Carolan of Barrington and Narragansett, RI was born in Boston, MA. Dick attended Brookline Public Schools and was a proud graduate of the Class of 1953. While at Brookline he made lifelong friends, was a 3 sport athlete and captained both the football and basketball teams. He was a Boston Globe All State football player and was inducted into the Brookline High School Athletic Hall of Fame.
Upon graduation from BHS, he took a postgraduate year at Kimball Union Academy and then enrolled at Brown University on an ROTC scholarship where his 68 year devotion to his alma mater began. He quickly distinguished himself on the gridiron and was the starting center and linebacker as a sophomore when he was recognized as the “Ironman” that season as well as a 2nd team All Ivy member.
While at Brown he was introduced by teammate Paul Choquette to his beautiful cousin, Mary Louise Gilbane, and their magnificent partnership began. After graduation in 1958 their courtship was long-distance as Dick was commissioned as an Ensign in the US Navy and assigned to the aircraft carrier USS Essex CVA-9. During his 2 year tour of duty he was promoted to an Officer Of The Deck while he operated in the Pacific Ocean and Mediterranean Sea. Upon returning from his tour around the world, he and Mary Lou were married, started their family and eventually settled in Barrington, RI.
Dick’s investment banking career began at Kidder Peabody in Boston and in 1969 he formed his own firm, Carolan & Co., Inc., specializing in underwriting Rhode Island tax-exempt bonds. He worked closely with governors John Chafee, Phil Noel and Joseph Garrahy in developing quasi-state agencies such as Rhode Island Health and Education Building Corporation, Rhode Island Housing and Mortgage Finance Corporation, Rhode Island Student Loan Authority and several other tax exempt bond issue entities. Dick remained in the municipal bond business for over 50 years and merged his firm with Oppenheimer & Co in 2003.
While his career was important, it pales in comparison to his love of his family, commitment to the community and loyalty to Brown University. His day always began by checking in with his family and continued on until he was positive he knew where and what each of his 5 children, 18 grandchildren and 5 great grandchildren were up to. As a young father, he coached Barrington youth hockey, football and baseball and rarely missed any opportunity to watch his family perform or compete. In 1983 he co-founded the Brown University Sports Foundation and was especially proud that the foundation's endowment has grown to over $200 million. His other accomplishments include officer positions with the National Association of Securities Dealers, Securities Industry Association, Trustee Emeritus of Brown University, President of the Brown Football Association and former director of Almac’s Supermarket, Lee Engineering, Barrington YMCA and Gilbane Building Corp.
After the death of Mary Lou in 1999, he established an endowment fund in her memory at the Brown Medical School for scleroderma research.
He is survived by his son Richard Carolan, Jr. and his wife Carolyn of Barrington, RI, daughters Catherine Daniel and her husband John of Wellesley, MA, Marie Anderson and her husband John of Barrington, RI, Midgley Berkery and her husband John of Barrington, RI, Amy Tyree and her husband John of New York, NY, his brother Francis Carolan and his wife Susan of Naples, FL and his companion Paula Migliaccio of Barrington, RI.
He is predeceased by his parents Francis and Marie (Schram) Carolan and his sister Gail Norris and brother-in-law John Norris.
A Mass of Christian Burial will be held on Friday, June 3, 2022 at 10:00 AM, in St Luke’s Catholic Church,108 Washington Road, Barrington, RI 02806. Arrangements are being made by Smith-Mason Funeral Home.398 Willett Ave Riverside, RI 02915. In lieu of flowers, gifts in Dick’s memory may be made to either The Mary Louise Gilbane Carolan Fund or The Carolan Family Football Endowment at Brown University.
Donations for either funds can be sent to:
Providence, RI 02912
Or, online donations for the Carolan Family Football Endowment can be made at: bit.ly/Brown-Football