Professional Profile: Frederick Scott - 1973

Name: Frederick Scott - 1973

Title: Vice President

Company: First National Bank

Location: Boston, MA

Birthplace: Elora, Ontario

Frederick J. Scott got his start in the banking world when the local manager of the Royal Bank of Canada recruited him out of high school. He’s a native of Elora, Ontario, where he grew up and was educated. Now a resident of Melrose, MA, with his wife Barbara, his son Rick is following in his footsteps, he’s with the Maine National Bank in Portland. He started with the Royal Bank in 1937 and then in 1941 he joined the Royal Air Force bomber command in England. Later, he was transferred to the RCAF and flew submarine patrols out of Rekyavik, Iceland. He returned for another year with the Royal Bank and from 1946 to 1956, he managed a Canadian real estate development and management company. Currently a vice president of First National Bank of Boston, Fred joined the institution in 1956 and moved up to assistant R.E. officer four years later. In 1965, he was made a mortgage loan officer, was named a RE office in 1967 and was promoted to assistant vice president in 1968. Looking at the apartment construction industry, Fred feel you can’t ignore the statistics in other areas of the country which indicate that condominiums will predominate in new construction as well as conversions. “Developers are taking capital gains where rent control exists. Good management and net annual cost figures that stand up as originally presented to the buyer are two main ingredients to public confidence in purchasing condos,” he said. As for shopping centers, he feels sophisticated developers will continue to build in New England. Surplus land at existing centers will be used for expansion and less populated areas will also see some new shopping facilities. “Don’t forget,” he said. “The bottom line dictates the changed image on Wall St. and is a major factor for expansion.” Although the Rte. 128 and other industrial areas have lagged behind the economy they are now beginning to respond. Whenever he has time, Fred like to travel to the eastern shore area of Chesapeake Bay for some hunting and fishing. He is a member of the American Inst. Of Banking, Bank Officers Assn. of Boston, Mortgage Finance and Boston Affairs Committees of the Greater Boston R.E. Board and ICSC.