Age, Biography and Wiki

Hugh McColl was born on 18 June, 1935 in Bennettsville, South Carolina, is an American banker, former CEO of Bank of America. Discover Hugh McColl's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. Learn How rich is he in this year and how he spends money? Also learn how he earned most of networth at the age of 88 years old?

Popular As N/A
Occupation N/A
Age 88 years old
Zodiac Sign Gemini
Born 18 June 1935
Birthday 18 June
Birthplace Bennettsville, South Carolina
Nationality United States

We recommend you to check the complete list of Famous People born on 18 June. He is a member of famous Former with the age 88 years old group.

Hugh McColl Height, Weight & Measurements

At 88 years old, Hugh McColl height not available right now. We will update Hugh McColl's Height, weight, Body Measurements, Eye Color, Hair Color, Shoe & Dress size soon as possible.

Physical Status
Height Not Available
Weight Not Available
Body Measurements Not Available
Eye Color Not Available
Hair Color Not Available

Who Is Hugh McColl's Wife?

His wife is Jane Bratton Spratt McColl

Family
Parents Not Available
Wife Jane Bratton Spratt McColl
Sibling Not Available
Children Not Available

Hugh McColl Net Worth

His net worth has been growing significantly in 2023-2024. So, how much is Hugh McColl worth at the age of 88 years old? Hugh McColl’s income source is mostly from being a successful Former. He is from United States. We have estimated Hugh McColl's net worth, money, salary, income, and assets.

Net Worth in 2024 $1 Million - $5 Million
Salary in 2024 Under Review
Net Worth in 2023 Pending
Salary in 2023 Under Review
House Not Available
Cars Not Available
Source of Income Former

Hugh McColl Social Network

Instagram
Linkedin
Twitter
Facebook
Wikipedia
Imdb

Timeline

1842

Their paternal great-grandfather, Duncan Donald McColl (1842–1911) was an attorney who had developed the first railroad (the 50 mi South Carolina Pacific Railway ) and the first cotton mills in Marlboro County.

1874

He also founded the Bank of Marlboro, later headed by his son Hugh L. McColl, (1874–1931), followed by his grandson Hugh Leon McColl.

1905

McColl was born in Bennettsville, South Carolina, to Hugh Leon McColl (1905–1994), a cotton farmer and banker and Frances Pratt Carroll McColl (1906–1987), an artist.

He is of Scottish Presbyterian descent and had a sister and two brothers.

1907

He declined an offer from his father-in-law, John McKee Spratt (1907–1973), a banker, attorney, and judge, to work at the Bank of Fort Mill, a small family-owned bank.

McColl accepted his father's arranging an introduction to officers at another bank.

Young McColl went to work as a management trainee for American Commercial Bank in Charlotte, North Carolina.

1935

Hugh L. McColl Jr. (born 18 June 1935) is a fourth-generation banker and the former Chairman and CEO of Bank of America.

1939

McColl's father liquidated the Bank of Marlboro in 1939 during the Great Depression.

He later bought a controlling interest in Marlboro Trust Co. As a youth, Hugh McColl went to work part-time at age 14 for the trust company and his father's cotton company, McColl Cotton Mills.

He learned to keep books, securing payments, learning double-entry accounting and driving across North and South Carolina to make deposits.

1953

McColl was elected student council president at Bennettsville High School, and class president in his senior year (1953).

He was voted Best All-Round Boy in his senior class.

His yearbook quotation read: "He who is talented in leadership holds the world's dream in his grip."

After graduating from the University of North Carolina at Chapel Hill, McColl joined the United States Marine Corps and served a two-year tour of duty.

Honorably discharged, he returned to North Carolina.

According to McColl, his father pushed him into banking, saying that he "didn't have the brains for farming."

McColl married after college.

1960

Active in banking since around 1960, McColl was a driving force behind consolidating a series of progressively larger, mostly Southern banks, thrifts and financial institutions into a super-regional banking force, "the first ocean-to-ocean bank in the nation's history".

In 1960, a year after McColl joined American Commercial Bank, the bank merged with Greensboro's Security National Bank, becoming North Carolina National Bank.

Vigorously competitive, McColl deployed a methodical, military approach to transforming the small regional bank, via incremental acquisitions and mergers, into NationsBank and ultimately Bank of America.

1974

McColl became President of NCNB in 1974 at age 39.

1980

This was the first in a wave of mergers and acquisitions during the 1980s.

This was initially a defensive measure intended to make NCNB and other major Southern banks too rich to be taken over by New York money center banks.

1982

In 1982, the bank made its first major out-of-state purchase—First National Bank of Lake City, Florida.

1983

Most of those were orchestrated by McColl, who became CEO in 1983.

1988

NCNB made national headlines with its purchase of the failed First Republic Bank Corporation of Dallas, Texas from the Federal Deposit Insurance Corporation (1988).

1989

Over the next few years, it acquired more than 200 thrifts and community banks, many through the Resolution Trust Corporation program (1989 to 1992).

1991

In 1991, NCNB bought C&S/Sovran of Atlanta and Norfolk, Virginia, which was the result of a merger a year earlier between Citizens & Southern National Bank of Atlanta and Sovran Bank of Norfolk.

The merged bank changed its name to NationsBank.

1992

After the NationsBank merger, the bank acquired Maryland National Corporation (1992), Chicago Research and Trading Group (1993), BankSouth (1995), St. Louis-based Boatmen's Bancshares (1996), Jacksonville, Florida based Barnett Bank (1997) and Montgomery Securities (1997).

1998

In April 1998, under McColl's direction, NationsBank bought San Francisco-based BankAmerica.

Although NationsBank was the nominal survivor and the merged bank was (and still is) headquartered in Charlotte, the merged company took the better-known name of Bank of America.

2004

Among other later acquisitions, Bank of America in 2004 acquired FleetBoston Financial, thus ultimately holding the country's oldest bank charter (1784).

Strategically, McColl blunted opposition to the bank mergers and acquisitions by pledging in advance billion in loans for low-income neighborhoods, particularly with the creation of NationsBank and Bank of America.

2005

Tony Plath, director of banking studies at the University of North Carolina at Charlotte, described this transformation in 2005 as "the most significant banking story of the late 20th century."

2007

During the financial crisis of 2007-2008, after McColl's retirement, Bank of America was dubbed "too big to fail" and received $45 billion in federal government funds.

2012

In 2012, journalist Matt Taibbi described the transition as "a cartoonish arms race of bank acquisitions that would ultimately turn the American business world upside down".

As a young man, McColl along with a colleague had envisioned creating the first truly national bank with branches from coast to coast.

In a 2012 article for Rolling Stone titled Bank of America: Too Crooked to Fail, author Matt Taibbi attributed factors at Bank of America leading up to the financial crisis of 2007–2008 directly to McColl's creation of a coast to coast bank, saying the "concept of an overmassive, acquiring-everything-in-sight, bicoastal megabank was hatched" in a "terminal inferiority complex" and described McColl (along with Ed Crutchfield of then First Union) as having launched "a cartoonish arms race of bank acquisitions that would ultimately turn the American business world upside down."