Born near Šakiai, he was educated at the Institute of Commerce and Industry in St. Petersburg. Together with his brother he established a bank in Kaunas in 1912. They pursued a policy of buying estates from bankrupt owners, subdividing them, and then selling the land to smaller-scale Lithuanian farmers; this was credited with placing these lands out of the reach of Russian colonists. He served in the Vilnius Conference in 1917 and was elected to the Council of Lithuania, signing the act of independence in 1918.
In 1920 Vailokaitis was elected to the Constituent Assembly on the Christian Democratic Party ticket; he served as chairman of the budget and finance commissions. His commercial pursuits included the founding of Ūkio Bankas (The Farmer's Bank), the joint stock trading company Metalas, and several import-export companies.
- "Vailokaitis, Jonas". Encyclopedia Lituanica VI: 23. (1970-1978). Ed. Simas Sužiedėlis. Boston, Massachusetts: Juozas Kapočius. LCC 74-114275.
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