The philanthropist was born and raised in Chicago, where he was one of two Jewish students attending a prep school there in the 1930s. He and his family lived in one of the approximately 100 luxury apartment buildings that line the city's Lake Shore Drive.
Krancer admits that the anti-Semitism he was exposed to as a child served as a catalyst for him to support Jewish causes. But there is another key element in Krancer's philanthropy – the influence of his uncle, the late Walter Annenberg.
Krancer served as regional advertising director for TV Guide, one of the publications of his uncle's publishing empire. He later joined the investment firm of Advest, and became a member of its board.
In the local Jewish community, he serves on the board of Albert Einstein Healthcare Network/MossRehab. He is also a member of the Einstein Society, which honored him and his late wife, Anne, at the group's annual dinner in 1998. In addition, he sits on the board of the Jewish Community Centers of Greater Philadelphia, and is a member of Temple Brith Achim in King of Prussia.
Krancer has two children – the Hon. Michael Krancer and Wendy Twing – and four grandchildren. He recently married the former Evelyn Rossman.
Twenty years ago, he chose to winter in Boca Raton, Fla., and also extended his generosity to that area.