Lyman Nichols Fairbanks III was born on July 7, 1945 in the District of Columbia. He attended and graduated from Roanoke College in 1967 with a degree in Economics and Business Administration. While at Roanoke College, Fairbanks lettered in varsity basketball, was president of Pi Kappa Phi fraternity, and was a member of the Blue Key honor society.
After graduating from Roanoke College, Fairbanks took a leadership role in the Washington D.C. Alumni Chapter. He was a member of the Sections Renovation Committee and has supported the athletic program of Roanoke College through the Maroon Club and the C. Homer Bast Physical Education and Recreation Center. Fairbanks was president of Kenfair Manufacturing Company in Washington, D.C, which is a window shade manufacturer. He served this company throughout his life. Through his efforts, students at Roanoke College stay warmer in dorms form the installation of storm windows from his company.
Fairbanks was on the Northern Virginia Basketball Officials Association for over 30 years, and served on the District of Columbia Air National Guard from 1967-1973 as a staff sergeant. He and his wife Mary Jarmon Fairbanks had one child, Nick Fairbanks IV.
Lyman N. Fairbanks III was awarded the Roanoke College on April 27 for his distinguished service to the college and the community.
Lyman N. Fairbanks III received the Roanoke College Medal in 1985.