Jerry Wallace

Jerry Norton Wallace died Sunday, August 22, 2004. He was born October 19, 1920, the first of two sons, to Vesta and Alec Wallace in Hill County, Texas. He was preceded in death by his parents and by his brother A. G. Denny Wallace. He is survived by his son John Mack Wallace, by numerous cousins, nieces, nephews and friends, and by his sweetheart and companion Janice Galloway. When recently asked to tell something about his life, Jerry listed the following facts: "I was born October 19, 1920 in Frazierville, Hill County, Texas. My paternal grandmother was a Frazier. My Father Alec was a farmer in Hill County. I went to Texas A & M, graduated in 1943, and went into the Army, where I was an Infantry Rifle Platoon leader with Patton's Third Army in France. I separated from the Army in 1946. I was recalled to duty for the Korean Conflict in 1951. After that, I separated again from the Army in 1954 and came to Austin. I was in mortgage banking in Austin until 1976, when I petered out and retired. It took me until 1986 to find Jan. Been happy ever since!" Although factual, this stark outline hardly tells the story of the man. He often said that, second only to his parents, Texas A & M was the greatest positive influence in his life, teaching him to strive, giving him the confidence to achieve. Upon graduation he went into the Army and ultimately to Europe with Patton's Third Army. He went ashore in France in August 1944. The following account is from a newspaper at the time: "On the morning of 2nd September, Company K was surprised by concentrated, extremely heavy fire from tanks, mortars, artillery and machine guns. Due to the unexpectedness of the attack, there was some confusion throughout the company, but Lt. Wallace, immediately realizing the situation and displaying excellent initiative, reorganized two squads of riflement and moved directly to the right flank of the company. Here he encountered a number of enemy and gave battle and drove back those enemy who had moved in. Lt. Wallace's success in the operation was achieved during constant extremely heavy artillery, mortar and machine gun fire." He was awarded the Bronze Star. On September 13 he was wounded by a grenade and awarded a Purple Heart. After serving a second stint in the Army, Jerry moved to Austin and went into mortgage banking, a career he loved. In 1960 he went to work for D. L. Welch Mortgage Co. He bought the company and changed the name to Capitol Mortgage Bank in 1964. In addition to the mortgage bank, he bought Savings and Loans and insurance interests. He was also a developer of subdivisions and built some commercial buildings and apartment complexes. In the early 1970's he restored and renovated the first historic building on Congress Avenue for commercial use and moved his Mortgage Bank into it. After his retirement, which was made necessary by a series of heart attacks, he pursued many other interests - collecting antiques, art and rare books. He also began acquiring farm land in Hill County and "playing cowboy," breeding registered Brangus cattle. Hill County always had a special place in his heart, and he generously gave back to the community. He donated the land and funding, and actively participated in the planning for Wallace Park in Hillsboro. He also made contributions for the Wallace Youth Agricultural Center and for the cleanup and restoration of the Old City Cemetery. Education was a priority of his, and he made many monetary gifts to schools, libraries and deserving young people. He established a scholarship fund at Southwest Baptist Seminary in Fort Worth which provides four or five scholarships each year. Perhaps the gift of which he was most proud was the gift of 20 acres to Hill College for an expansion of the campus and construction of the Wallace School of Technology and Health Care. Jerry often said, "A man who doesn't take care of his land, who doesn't leave things better than he found them, doesn't deserve to own it." This philosophy applied to so much more than land ownership. It can truly be said of this good and generous man that he left things better than he found them. A special, heartfelt thanks to Dr. Michael Shapiro and his exceptional staff, and to the compassionate and wise Valerie Edwards of Southern Care Hospice.