Gerald R. Wallace

LOWELL - Gerald R. Wallace, 68, a leading banker in Lowell for more than 40 years and one of the city's most prominent civic leaders, died unexpectedly at his home in Chelmsford yesterday, Aug. 14. He was the husband of Frances (Koehler) Wallace.

Mr. Wallace, who at the age of 36 became the youngest president in the history of the Lowell Five Cent Savings Bank, was an early leader in the revitalization of the city of Lowell. He was the treasurer of the Lowell Plan for many years and a confidant of the late U.S. Sen. Paul E. Tsongas on many of the projects that changed the image of the city.

Under his leadership, the Lowell Five became one of the strongest savings banks in Massachusetts. The bank also has long been recognized for its community involvement.

A graduate of Lowell High School, he also graduated from Bentley College with a degree in accounting and attended the Graduate School of Savings Banking at Brown University. Mr. Wallace was also a U.S. Army veteran.

He was long active in the governing boards at Lowell General Hospital, having served as chairman of the board for a number of years and was currently leading the hospital's executive committee.

In addition to his role at the Lowell Plan, he was a member of the executive committee at the Lowell Boys Club, the William North Lodge A.F. & A.M., Vesper Country Club and North Conway Country Club, and was once recognized as Man of the Year by the Greater Lowell Council of the Boy Scouts of America. He also served on the Finance Committee in Chelmsford for many years.

He met his wife, Frances E. (Koehler) Wallace, at Lowell High School 50 years ago. The couple maintained homes in Chelmsford and in Jackson, N.H.

In addition to his wife, he is survived by two sons, Jay R. Wallace and his wife, Virginia of Danvers, and David E. Wallace and his wife Christina, of Dunstable; a daughter, attorney Tracey (Wallace) Cody and her husband William E., of North Chelmsford; four grandchildren, Stephanie and Benjamin Wallace of Danvers and Jillian and Chelsea Cody of Chelmsford; five brothers, William Wallace and his wife Ann of Myrtle Beach, S.C., Lawrence Wallace of Orlando, Fla., Kendall M. Wallace and his wife Esther of Lowell, Robert M. Wallace and his wifeFrances of Tyngsboro, and David C. Wallace and his wife Gail of Lowell; and his sister, Fern Childs of Dunstable.

His brother, Claude G. Wallace of Lowell, died July 4. He was also the brother of the late Donald Wallace, Raymond Wallace, John Wallace, and Francis Wallace.