Wallace, Fitzhugh Lee

Dates

• Existence: 1898-1986

Biography

Born in 1898, Fitzhugh Lee Wallace, Sr. attended East Tennessee Normal School and Emory and Henry College before beginning his career as a bank clerk in Johnson City, Tennessee. By 1926, Mr. Wallace organized the Franklin Guaranty Bank and served as its only president until it was absorbed by Hamilton Bank. Mr. Wallace continued to serve on Hamilton Bank’s Board of Directors until his death in 1986. In addition to banking, Mr. Wallace was active in a number of local business endeavors most notably with Summers Hardware Supply and Company. In 1936, Mr. Wallace reorganized the company after bankruptcy and served as President and stockholder until 1971, at which time he became the Chairman of the Board and Chief Executive Officer. After 1971, Mr. Wallace appointed his children, Fitzhugh Lee Wallace, Jr. and Gwen Wallace to oversee the daily operations of the hardware supply company until they sold the business in 1992.