Binford attended [[Princeton University]], where he was a member of [[Phi Beta Kappa]]. He was interim president of [[DePauw University]] in 1975-76.<ref>{{cite web|title=Thomas W. Binford Appointed Acting President of DePauw|url=http://www.depauw.edu/news-media/latest-news/details/17866/|website=DePauw University|accessdate=18 May 2017|language=en}}</ref> Although he did not have any prior banking experience, Binford was elected [[chairman]] and [[chief executive officer]] of [[Indiana National Corporation]], the holding company for the largest bank in the state of Indiana, from 1976 to 1981, turning the company around after the company began to loselost money during the [[1973–75 recession]].<ref name="is-1981apr16">{{cite news |url=https://www.newspapers.com/newspage/106347682/ |title=With the job done, Binford steps down |newspaper=[[Indianapolis Star]] |date=April 16, 1981 |page=54 |first=Mike |last=McNamee |via=[[Newspapers.com]] |subscription=yes |quote=After five tumultuous years, Thomas W. Binford is ready for a change. "There's time to step up, and a time to step down," the chairman of Indiana National Corp. said Wednesday. "Five years ago, it was time to step up and do something. Now, it's done." What Binford did was help Indiana National turn itself around. The holding company, owner of Indiana's oldest and second largest bank, was foundering in 1976 when Binford was asked to take off his academic robes and become INB's chairman. Although he had no professional banking experience, he had what one outside expert called "a case study in turnaround management." Throughout those five years, Binford maintained that his goal was to build up Indiana National's management, to set the company on a firm footing and "to work myself out of a job."}}</ref> He was instrumental in bringing the [[Indianapolis Colts|Colts]] to Indianapolis. His greatest contribution was creating an environment in the city of Indianapolis where issues of civil rights and race could be discussed productively and without rancor. A street in northeastern Indianapolis was renamed Binford Boulevard in his honor.
Binford began serving as chief steward during the [[1973 Indianapolis 500]]. His most notable races includes the [[1981 Indianapolis 500]] and the [[1995 Indianapolis 500]]. Binford penalized [[Bobby Unser]] one lap for illegal passes under a caution in 1981. His penalty was overruled by a USAC appeals board 5 months later. In 1995 Binford penalized Jacques Villeneuve early in the race, for a restart violation & later gave a stop-and-go penalty for [[Scott Goodyear]] after Goodyear passed the pace-car on the final restart. The 1995 race was his last one as chief steward before retiring in 1996.
