Compiled By Jim Bailer '85

CHARLOTTE-- Hugh Leon McColl, Jr. was born June 18, 1935, in Bennettsville, S.C. He earned a bachelor’s degree in business administration at the University of North Carolina at Chapel Hill in 1957. After serving as an officer in the U.S. Marine Corps, he joined Bank of America’s predecessor in 1959 as a management trainee. Within 15 years, he was named president of the bank. In 1983, he was elected chairman, president and chief executive officer of the corporation.

When McColl became chief executive of predecessor NationsBank in 1983, the bank had $12 billion in assets, $8 billion in deposits and a market capitalization of $700 million. The company operated in two states, employed 7,600 associates and generated net income of $92 million.

Seventeen years later, Bank of America has $633 billion in assets, $347 billion in deposits, $44 billion in shareholders’ equity, operating net income for 1999 of $8.2 billion and a market capitalization of $84 billion, making it one of the most highly valued financial services companies in the country and in the world. The company now operates retail branches in 21states and the District of Columbia, employs more than 155,000 associates, has relation-ships with 30 million households and serves 2 million businesses in the U.S. and 37 other countries.

In guiding Bank of America to more than 50-fold growth during his tenure, McColl has built the company into a model for financial services. The company is a technology leader, and was one of the first banks to offer services through personal computers and the telephone.

Acting on the conviction that his company’s health depends on the health of its communities, McColl has led Bank of America to reinvest its resources across the franchise.

Hugh L. McColl, Jr. UNC Class of '57 Photo courtesy of Bank of America

Bank of America has committed to invest $350 billion over 10 years in economically underserved communities. The company also is recognized as the nation’s leader in expanding relationships with minority- and women-owned companies.

Under McColl’s direction, Bank of America has broken new ground in helping associates lead balanced, healthy lives. Through its Volunteer Time for Schools initiative, Bank of America grants associates up to two hours of paid time each week to volunteer in local schools. Working Mother magazine has honored McColl and Bank of America for the company’s progressive work-and-family programs.

Bank of America serves commercial and institutional clients through a worldwide network of corporate finance and investment banking offices. Understanding the importance of broad client relationships, Bank of America and its management team built a wholesale banking unit to provide complete corporate finance product offerings.