In the short period of his tenure as vice wing commander, Colonel Malmstrom greatly endeared himself to the community of Great Falls.
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Colonel Malmstrom was killed in a military aircraft accident on August 21, 1954, near the city of Great Falls.
Originally named Great Falls Army Air Base, later Great Falls Air Force Base, the facility was renamed Malmstrom Air Force Base on 1 October 1955 in honor of Colonel Einar Axel Malmstrom (1907–1954).
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On 21 August 1954 the 407th SFW Vice Commander, Colonel Einar Axel Malmstrom, died when his T-33 Shooting Star trainer crashed approximately one mile west of the Great Falls Municipal Airport.
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