E. Norman Torry was born in Boston, Massachusetts on May 13, 1922. His grandfather was a well-known Boston poet and his father a noted economist. Torry attended public schools in Dorchester and attended the University of Pennsylvania from 1938-1942
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In 1942, while serving in the United States Army Air Force, Torry worked as a news reporter for the Army's Armed Forces Radio Service (AFRS). In 1946 Torry opened his first bank branch in an attic at his home in Cambridge, Massachusetts. In 1948, Torry began selling insurance policies for Prudential Insurance Company at his bank branch.
In 1950 he sold his bank, and established E. Norman Torry & Co., Inc., a private investment firm which served as a source of capital for a number of early stage companies, including DEC and RotoVision. In 1955 Torry started investing in real estate and mortgage backed securities through his company, which he renamed The Torry Corporation.
In 1972, the company was sold to General Re Corporation for $149 million in stock and cash. Torry retired from active management of The Torry Corporation in 1980, but remained Chairman until 1986.