Schanbacher, a public accountant, moved to Birmingham to serve as comptroller for Loveman's in 1936. He was widely respected as a community leader, serving on the Committee of 100 and on the board of the Birmingham Community Chest. He also supported the Birmingham Civic Symphony Orchestra as president of its association and headed fund drives for the YMCA and the Birmingham Zoo.
Schanbacher died of a heart attack while being driven home by an employee. He was survived by his wife, Ella, two sons, two daughters and one grandson. He was buried at Elmwood Cemetery.