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Homer Smith enlisted in the U.S. Navy on November 9, 1943, and entered the U.S. Naval Academy on July 22, 1945. Smith graduated with a commission as an Ensign on June 3, 1949, and then served aboard the destroyer USS Frank E. Evans (DD-754) from July to December 1949, and then on the destroyer USS Hank (DD-702) from December 1949 to July 1950. He then entered Flight School at NAS Pensacola, Florida, in August 1950, and was designated a Naval Aviator in August 1951. After additional training, Smith was assigned to VF-33, where he flew the F9F-6 Cougar from January 1952 to October 1954, when he transferred to NAS Akron, Ohio. In July 1956, Lieutenant Smith entered the U.S. Naval Postgraduate School at Monterey, California, followed by service as an instructor with the Navy ROTC unit at the University of Southern California from June 1958 to July 1959. He then joined VA-125 in July 1959, followed by VA-155, flying the A4D Skyhawk, from January 1960 to December 1961, when he joined the staff of Carrier Air Group 15 (CVG-15). Lieutenant Commander Smith next attended Naval War College at Newport, Rhode Island, from August 1962 to July 1963, followed by service as an instructor at the U.S. Naval Academy from July 1963 to January 1965. He then joined VA-125 at NAS Lemoore, California, in February 1965, before taking command of VA-212 later that year. Commander Smith began flying combat missions in Southeast Asia off the aircraft carrier USS Hancock (CVA-19) in December 1965, and finished his first tour in July 1966. He returned for his second tour in February 1967 aboard the aircraft carrier USS Bon Homme Richard (CVA-31), and was forced to eject over North Vietnam while flying his 200th combat mission, and was captured on May 20, 1967.

Captain Smith was tortured to death by his North Vietnamese captors on May 21, 1967, and his remains were returned to the United States on March 13, 1974. He was buried at the U.S. Naval Academy Cemetery in Annapolis, Maryland
- Navy Cross
- Silver Star
- Legion of Merit
- Distinguished Flying Cross (4)
- Prisoner of War Medal