Peter Townley Buchanan

Peter Townley Buchanan, 88, passed away February 17, 2023, at his home in Hobe Sound, Florida. He was born in Orange, New Jersey on September 12, 1934, to Ruth and Percy Buchanan. Growing up in Elizabeth, New Jersey, he and his cousins forged what would become lifelong bonds with adventures there and on Lake Champlain in Westport, New York. Following the path of his father, Buchanan attended the Pingry School and Princeton University.

After meeting for the first time when they were only 10 years old, Buchanan married his childhood sweetheart, Lane Eichhorn, in 1956. Lane and Peter enjoyed many happy years raising their family in New Jersey. They traveled extensively for work and pleasure, and Lane’s warm personality won them fast friends wherever they went. Lane and Peter were happily married for nearly 40 years until she passed away in 1996. He is survived by his son Richard Buchanan and his wife Ellen, his daughter Lindy Flanagan and her husband David, and four grandchildren: Hunter Buchanan, Tara Buchanan Du and her husband William, Peter Flanagan and his fiancée Chapman Scheller, and Jack Flanagan. He also is survived by his ex-wife, Cheryll Patty.

After graduating from Princeton cum laude, Buchanan spent his entire career at the First Boston Corporation, beginning as a trainee in 1956 and retiring as President and Chief Executive Officer in 1989. He left First Boston in 1957 for a tour of duty in the United States Air Force until his discharge in 1960 with the rank of captain. He then returned to First Boston to become an equity securities trader, which he frequently compared to an all-day poker game. Buchanan was elected a director in 1972, and in 1974 he assumed responsibility for all of First Boston’s sales, trading, syndicate, operations, and administrative activities. He was elected President of First Boston in 1978 and CEO in April 1983.

Buchanan was a director and member of the Executive Committee of the Securities Industry Association from 1978-1981 and served as Vice Chairman in 1981. He also served as a director of the New York Stock Exchange and was a member of the Bond Club of New York serving as its President in 1984. Buchanan was a trustee of Kenyon College, a member of the Advisory Council of the Stanford Business School as well as the Advisory Committee of the Graduate School of Industrial Administration at Carnegie Mellon University, a trustee of the Greater New York Councils of the Boy Scouts of America, and a member of the Executive Committee of the Alzheimer’s Association, serving as its Vice Chairman.

Those who were close to him knew Peter as a true gentleman who was down-to-earth, humble, gracious, and generous. His many good friends loved Peter for his quick wit, dry sense of humor, and his kindness. His colleagues from First Boston often mention his unfailing honesty and fairness. In fact, honesty was his favorite topic when asked to give a speech. He was a firm believer in the power of common sense, sound ethical standards, good judgment, loyalty, and integrity. His position on the values at First Boston was that integrity, honesty, and ethics came above all else. Ever the banker, Peter viewed these character traits as good long-term investments.

In retirement, nearly every day began by making quick work of the New York Times crossword puzzle. Peter was a skilled woodworker and handyman who loved working on projects, including miniature Adirondack chairs for his four grandchildren. His pocketknife was always at the ready for deck repairs or other odd jobs. Peter also liked to say he worked very hard in his varied retirement pursuits, which included fishing, golf, and naps. He loved playing golf with friends and family, and he was an avid fisherman who traveled the globe in pursuit of the next great catch.

The family would like to thank the caregivers at Senior Helpers and Treasure Coast Hospice for their dedication. Their care enabled Peter to stay in his home, where he could continue to enjoy his view of the wildlife and golfers on the 12th hole at Loblolly Pines.

Plans for a celebration of Peter’s life will be announced at a later date.

In lieu of flowers, please consider a donation to The Alzheimer’s Association https://www.alz.org/, Camp Dudley https://www.campdudley.org/, or The Pingry School https://www.pingry.org/.