George C. Wallace was reared in Paducah, where he attended the public schools and afterward continued his education in preparatory schools at Louisville, Kentucky, and in an Episcopal high school at Alexandria, Virginia. In 1911 he entered Princeton University and was there graduated with the degree of Civil Engineer in 1915, on the completion of a four years' course.

He followed his profession for a year in Paducah and during the fall of 1916 he was in Oklahoma City, occupying a position in the office of a furniture concern there. He enlisted for service in the World war on the 11th of May, 1917, going to the Officers' Training Camp at Fort Riley, Kansas, there continuing until August 15, 1917, when he was commissioned a first lieutenant. He was on duty at Camp Funston until June, 1918, and was then sent overseas, where he served for a year with the rank of first lieutenant of the 356th Infantry Regiment, 89th Infantry Division, American Expeditionary Forces. From the 28th of November, 1918, until January 6, 1919, he was in the hospital, suffering with an attack of influenza. He took part in several of the notable offensives toward the latter part of the war, was on the St. Mihiel sector and also at Euvezin and in the Meuse-Argonne offensives. He likewise served on the Rhine with the Army of Occupation and through his varied experiences became familiar with every phase of modern warfare. He was awarded the Purple Heart.

Upon arriving in Memphis from the War in September of 1919 George Wallace became president and general manager of the Richardson Motor Sales Company and also secretary and treasurer of the Standardized Parts Corporation of Memphis before moving to Jackson, Mississippi, in 1929. In 1930 he joined the Capital National Bank that later was to become First National Bank of Jackson where he rose to the position of Executive Vice President. upon his retirement. During his banking career he was the president of the Mississippi Bankers’ Association.