Professional Profile: Preston Breed - 1966

Name: Preston Breed - 1966

Title: Senior V.P.

Company: State Street Bank and Trust Co.

Location: Boston, Mass.

Birthplace: Lynn, Mass. – 1908

Education: H.S.; Phillips Academy (’25); Harvard College (B.A. ’29); Harvard Bus. Sc. (M.B.A. ’32 – with ‘high distinction’); N.Y.U. (night school ’32 – ’36 – real estate and banking) It was during the Depression that Preston first turned to money, working in New York’s Irving Trust Co. as a credit trainee. After 1937, Preston returned to the familiar Cambridge landscape and Harvard University; not as a student, but as assistant to the treasurer, Business Manager, researcher in wartime radar and, ultimately, assistant to the administrative V.P.: “Working for Harvard was very pleasant but not a place for business school grads looking for a career. I was using my banking skills better by turning to banking – life was too pleasant so I got into more of a challenge.” In 1949, he began moving in banking circles, as treasurer of Boston’s Provident Institution for Savings. And 7 years later, Preston’s business card read Senior V.P. of the State Street Bank and Trust Company. Currently in this capacity, Preston oversees the commercial and industrial real estate lending activities and supervises the “loan warehousing” operations which, in effect, lends money to mortgage companies which lend money to people. He states: “Real Estate lending is a customer service and a vehicle for procuring new customers for the bank. Our biggest recent loan is the $32 million loan for the State Street Bank Building.” A prolific writer and well-known lecturer in his field, Preston has contributed articles and delivered speeches to major newspapers and banking organizations. He enjoys writing as a way of focusing his thoughts. It’s “good discipline.” A man who worked intimately with figures in the business realm, Preston also enjoys the art of figure skating. He was New England dance champion in figure skating in 1959.