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John McChrystal Wallace (1893-1989) was the son of William Ross and Annie McChrystal Wallace. A prominent banker and philanthropist, Wallace was also a Salt Lake City mayor and Utah senator. He graduated from the University of Utah in 1916 and received his master of business administration from Harvard Graduate School in 1921. He served with distinction as a commissioned lieutenant in World War I and later was a civilian aide to the U.S. Secretary of the Army. He was president and chairman of Walker Bank and founder of the organization that became First Interstate Bank. He was also a long-time board member of Westminster College and Western Airlines. In 1986, he was honored by Harvard for his 65 years as a entrepreneur. Wallace was a Shriner, a member of the Rotary Club, Amercian Legion, Wasatch Lodge, Chamber of Commerce, Sigma Chi Fraternity, and the Salt Lake Country Club. Among the charities that Wallace and his wife, Glenn Walker Wallace, supported were Holy Cross Hospital, Ballet West, the Utah Symphony, United Way, and the Salt Lake Homeless Shelter. In 1926, Wallace co-founded the Salt Lake Community Chest. In 1963, he was inducted into the Most Venerable Order of the Hospital of St. John of Jerusalem. In 1987, John was honored as a "United Way Exemplar," and he and Glenn were honored by the Catholic Community Service Council.

William Wallace (1865-1957) was the son of Henry and Elen Harper Wallace. He attended the University of Deseret and received a normal degree in May 1880. He went into business with his father and achieved early success. He married Annie McChrystal, a daughter of John and Sarah Ann McChrystal, on 7 March 1890. Wallace was honored many times for his devoted years of service in reclamation work, especially on irrigation and water projects. He was appointed to a committee which promoted the use of waste water by Governor William Spry in 1910. Wallace was named chairman of the Utah Water Storage Commission in 1923. He also served as a member of the Colorado River Commission and was for many years the president of the Utah Water Users Association. William also represented Utah on the board of directors of the National Reclamation Association. In 1934, he was named "First Citizen of Utah" by the Salt Lake Advertising Club. He was a member of the Olds Folks Central Committee, the Salt Lake Rotary Club, the Alta Club, and the Country Club. He received honorary doctorate degrees from the University of Utah and the Utah State Agriculture College. Wallace was active in the Democratic Party, serving as state chairman and as Democratic national committee man.