Philip J. Shannon Jr.

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Philip J. Shannon Jr., 72, retired co-founder and CEO of loan software firm Online Financial Corporation and president of the Philip and Mary Shannon Foundation, passed away suddenly Dec. 30, 2010, at his home on Lake Lanier.
Mr. Shannon was born April 24, 1938, in Bayonne, N.J. He graduated in 1960, with a degree in business from Seton Hall University, with which he started his career in the emerging technology industry first as a systems manager for Olivetti of America, then as sales manager of Docutel Corporation. In 1984, Mr. Shannon moved from Bernardsville, N.J., to Atlanta, with his family to co-found the pioneering Online Financial Corporation with his good friend, the late Jack Wells. The innovative programs written by Mr. Wells and sold by Mr. Shannon are still used in banks in nearly all of the 50 states today. Mr. Shannon never fully retired. After selling his company in 1992, he embarked upon ventures that took him all over the world in the service of family, neighbor, and God. Mr. Shannon was an ardent believer in education. He acted on Seton Hall University's Board of Regents, during which time he established the Philip and Mary Shannon Foundation, providing multiple student scholarships and presenting the Philip and Mary Shannon Speaker Series in partnership with Seton Hall's School of Diplomacy and International Relations. From 2001-2004, the speaker series featured New York Times columnist Thomas Friedman, presidential historians Michael Beschloss, Robert Caro, Doris Kearns Goodwin, and David McCollough, and former president of the Soviet Union and Nobel Prize winner Mikhail S. Gorbachev.
Mr. Shannon's favorite pastime was boating with family and friends, most recently in the Florida Keys, where he was a member of the advisory board of Mote Marine Laboratory and founder of the grassroots, activist planning group, "Citizens Not Serfs." This most recent campaign, on which he was working at the time of his death, advocates for the environmental preservation of the Florida Keys. Mr. Shannon was an active parishioner of The Church of Good Shepherd in Cumming, and St. Peter, Big Pine Key, Fla.
Loving survivors include his wife of 46 years, Mary Jean McMahon of Cumming. In addition, he is survived by his son, David; daughter-in-law, Julie; granddaughters, Audrey and Lily of Milton; son, Liam; daughter-in-law, Laura; granddaughters, Abigail, Olivia, and Fiona of Atlanta; son, Eamon; daughter-in-law, Jennifer; grandson, Finn of Honolulu, Hawaii; daughter, Brettany of Los Angeles, Calif; and sister, Rita of North Arlington, N.J.
Services will be held Wednesday, Jan. 5, at 2 p.m. at St. Peter Chanel Catholic Church in Roswell with the Rev. Father Peter Rau officiating. Family will receive friends Tuesday, Jan. 4, from 6-8 p.m. at the McDonald and Son Funeral Home and Crematory in Cumming. Please refer to and for directions.
In lieu of flowers, donations can be made to Catholic Relief Services at
Condolences may be expressed online at
McDonald and Son Funeral Home and Crematory is in charge of arrangements.
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McDonald and Son Funeral Home and Crematory - Cumming
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Cumming, GA 30040
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Published in from Jan. 3 to Jan. 6, 2011