Professional Profile: Wallace Baxter - 1967

Name: Wallace Baxter - 1967

Title: Senior Vice President in charge of real estate

Company: Charlestown Savings Bank

Location: Boston, MA

Birthplace: Somerville, Mass. - 1906

Education: Somerville High School It is difficult to discuss too many new developments in the New Boston area without running into a mortgage by the Charlestown Savings Bank, which currently carries a mortgage portfolio of over $250 million dollars. Possibly, some of Charlestown’s success in this field can be attributed to its Senior Vice President in charge of real estate, Wallace Baxter, 43 years with the bank. “Wally” joined Charlestown as a messenger for $50 per month in 1924. “We were a $44 million bank in those days and quote $365 million today. It took the bank 100 years to reach its first $100 million; 8 years to reach its second and 2 years to reach its third.” During the depression years, Baxter was pressed into the service of the real estate department, and has been there ever since. One of the few banks in the country that continued to advertise available money during the ‘light money’ situation, Wally says, “Location, advertising and management have been the keys to our success. The slogan, ‘That’s My Bank’ proved itself during this troubled period, and our deposits kept rolling in.” Married with two sons, Wally lives in Melrose and is treasurer of the N.E. Baptist Hospital, a Mason, and also a member of Aleppo Temple. An appraiser and a member of the GBREB, Baxter is respected as one of New England’s real estate banking experts.