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48-737: ImaginOn hosts the Spangler Children's Library; the Teen Loft, a library for the teens of Mecklenburg County; Time Warner Tech Central; the Story Lab, a collection of interactive multimedia workstations exploring the arts of narrative; Studio I, an audio/video recording and animation studio; the Hugh McColl Family Theatre (seating capacity 570); and the Wells Fargo Playhouse (seating capacity 250), as well as administrative offices for

96-599: A "near"-bank status which situates them legally very close to the US savings and loan associations , UK building societies or other non-bank deposit-taking institutions such as credit unions . According to the Canadian Office of the Superintendent of Financial Institutions , "trust and loan companies are financial institutions that operate under either provincial or federal legislation and conduct activities similar to those of

144-760: A Charlotte-based private equity firm , founded McColl Garella (2002–2006) an investment banking company serving firms owned by women, opened Charlotte-based McColl Fine Art in 2003, and partnered to create New York-based MME Fine Art in 2005. McColl subsequently established and was chairman of MBL Advisors Holdings, LLC (McColl Brother Lockwood), a Charlotte-based company with his son-in-law, Luther Lockwood, as managing principal and providing wealth transfer planning, business succession and executive benefits services to business owners and public company executives. In 2009, McColl Partners joined an international network of investment banks called Clairfield Partners, which collaborates on international deals. McColl has been on

192-490: A bank or a law firm , and which specializes in being a trustee of various kinds of trusts. The "trust" name refers to the ability to act as a trustee – someone who administers financial assets on behalf of another. The assets are typically held in the form of a trust , a legal instrument that spells out who the beneficiaries are and what the money can be spent for. A trustee will manage investments, keep records, manage assets, prepare court accounting, pay bills (depending on

240-498: A bank". Deposits and GICs are insured by the Canadian Deposit Insurance Corporation in the same manner as bank deposits. While Canadian trust and loan companies nominally cannot accept retail deposits or issue debentures , they may receive money on deposit in trust, repayable on demand or after notice. As no statute prevents the companies from according chequing privileges to their depositors, effectively

288-461: A banker and sister of former Congressman John Spratt (D-SC) . They have three children, Hugh Leon McColl III (1960- ), John Spratt McColl (1963- ), and Jane Bratton McColl Lockwood (1967- ) and eight grandchildren. McColl is member of Augusta National Golf Club . In 2005 McColl, an avid quail hunter, leased 60,000 acres (240 km ) of the Kenedy Ranch , a Texas Longhorn -cattle ranch in

336-624: A burned out church on North Tryon Street with the express purpose of converting it into an artist's residency. With McColl's support, and working with FMK Architects and Charlotte's Arts & Science Council, the structure was completely refurbished and eventually became the McColl Center for Art + Innovation . In 1991, McColl purchased, restored, and relocated one of his great-grandfather Duncan Donald McColl's homes in Bennettsville, South Carolina and then donated it to Marlboro County. It became

384-517: A call to action for human dignity, justice and moral courage. In 2008, McColl was named South Texan of the Year, and in 2009, McColl received the North Carolina Award for public service. Trust company A trust company is a corporation that acts as a fiduciary , trustee or agent of trusts and agencies. A professional trust company may be independently owned or owned by, for example,

432-842: 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." After handing off day-to-day bank operations in 1999 and fully retiring from Bank of America in 2001, McColl partnered with other Charlotte banking executives to form McColl Partners , an investment banking firm which advises mid-sized companies on mergers and acquisitions with offices in Charlotte and Dallas, co-founded Falfurrias Capital Partners in 2006,

480-617: A minor's property until adulthood or as conservator of the estate of an adult unable to handle his or her own finances. Some trust companies are formed not merely for the benefit of a minor or an individual trustee, but for the preservation of nature or historic sites. A trust department provides investment management, including securities market advice, investment strategy and portfolio management , management of real estate and safekeeping of valuables. The trust company may also provide escrow services, invest education or retirement funds or hold 1031 Exchange proceeds where cash from

528-766: A new home for the Marlboro County Chamber of Commerce and The South Carolina Cotton Trail. In 1998 and 2004, Jane Spratt McColl, with Hugh McColl, donated 400 acres (1.6 km ) on the Catawba River in York County, South Carolina near Rock Hill, South Carolina for an environmental museum, possibly to be named the Museum of Life and the Environment, with building design by architect William McDonough . Rick Hendrick had started The Hendrick Automotive Group in 1976 as

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576-538: A pardon from President Bill Clinton . McColl wrote to Clinton recommending a pardon for Hendrick and subsequently announced on December 7, 2000, Bank of America Foundation would donate $ 500,000 to the Clinton Foundation. On December 21, 2000, Clinton granted a pardon to Hendrick. McColl denied having a role in the bank foundation's contribution to the Clinton library, saying the foundation had also donated $ 500,000 to

624-707: A professorship at the University of North Carolina at Chapel Hill School of Information and Library Science in honor of his mother Frances Pratt Carroll McColl and sister Frances Carroll McColl Covington (1932–1990). "My mother taught everyone in the family to love books, and we have prospered from having access to them and, perhaps more important, knowing where to turn to find the information we need." Recalling hours his mother spent reading to her four children in Bennettsville, S.C., McColl said, "I think we were educated far beyond my school system." In 1995 Bank of America bought

672-494: A single Chevrolet dealership in Bennettsville, South Carolina (McColl's home town), and sat on the Board of Directors during McColl's tenure as chairman of NationsBank, which in turn became Bank of America with McColl as chairman and CEO. Hendrick later pleaded guilty to mail fraud and admitted to giving hundreds of thousands of dollars, automobiles, and houses to American Honda Motor Company executives — eventually requesting

720-408: A wide variety of activities for visitors under 19 years, and adults accompanied by a child. The Spangler Children's Library is located on the first floor of ImaginOn and contains a large collection of books and materials appealing to children from birth through fifth grade. The Spangler Library also hosts collections of special interest to teachers, parents, and caregivers. The McColl Family Theatre

768-428: 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 . McColl became President of NCNB in 1974 at age 39. In 1982,

816-406: 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. McColl was elected student council president at Bennettsville High School, and class president in his senior year (1953). He

864-644: Is a proscenium theater with trapped stage and single purchase fly system. There are 420 seats in the orchestra and an additional 150 seats on the balcony level. Children's Theatre of Charlotte uses the McColl Family Theatre (as well as the Wells Fargo Playhouse) to stage a full season of professional theatre for families. "The Lion, the Witch and the Wardrobe" opened the 2005 season. The Wells Fargo Playhouse

912-502: Is designed as a theater with a modified thrust configuration and a reconfigurable proscenium. Its 250 seats are regularly filled for performances by Children's Theatre of Charlotte, as well as film series and other programs sponsored by either the Library or the Children's Theatre of Charlotte. Hugh McColl Hugh L. McColl Jr. (born 18 June 1935) is a former business executive who was

960-807: Is president of Charlotte-based McColl Foundation. Many of McColl's philanthropic contributions have focused on his family. He endowed the Charlotte Children's Theatre which includes the McColl family Theater , funded the McColl Center for Visual Art (a Charlotte-based organization that promotes the visual arts in the Southeast), endowed an English professorship at the Norfolk Academy , Norfolk, Virginia in honor of first cousin Edith Pratt Breeden (Patty) Masterson (1922–1997, attorney, teacher), and endowed

1008-410: Is the right of freedom of speech, the right to be who we are. Two books have been written about McColl: A 2008 book, Dearest Hugh:The Courtship Letters of Gabrielle Drake and Hugh Mccoll, 1900–1901 edited by Suzanne Cameron Linder Hurley, recounts via their letters the courtship of his grandparents, D.D.McColl and Gabrielle Palmer Drake McColl (1882–1964). Suzanne Hurley later wrote a book detailing

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1056-598: The Falfurrias ranch area of Kenedy County, Texas. In 2010, UNC-TV conducted a series of interviews with McColl, titled Biographical Conversations with Hugh Leon McColl Jr. , to air in three segments. McColl entered the South Carolina Business Hall of Fame in 1990, in 1997 he was voted Tarheel of the Year, in 2005 he entered the North Carolina Business Hall of Fame, and in 2007, entered

1104-761: The Junior Achievement U.S. Business Hall of Fame. McColl was named "Family Champion" by Working Mother magazine (1993), he earned the Pioneer Award from the Organization for a New Equality (1996) and won the Applause Award from Women's Business Enterprise National Council (2001). In 2005, McColl won the Echo Foundation Award Against Indifference , founded in 1997 to carry the message of Nobel Peace Prize winner Elie Wiesel —

1152-648: The Kenan-Flagler Business School at UNC-Chapel Hill was named the McColl Building upon its completion in 1997 in recognition of McColl's efforts on behalf of his alma mater. McColl has mentored students of the McColl Business School at Queens University of Charlotte where he served on the Board of Trustees for 19 years (1991–2005). McColl gave the initial for Charlotte's Teaching Fellows Institute, and McColl's daughter, Jane McColl Lockwood,

1200-454: The University of North Carolina at Charlotte , described this transformation in 2005 as "the most significant banking story of the late 20th century." 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

1248-540: The 2007 and the 2008 Young Adult Public Service Announcement contests sponsored by the Collaborative Summer Reading Program were produced by teens using Studio I. The Loft also contains collaborative spaces for teens to work together on projects and a library with the latest in DVDs, books, graphic novels, and CDs of interest to teens. Tech Central is a computer lab for teens with over thirty computers and

1296-454: The CEO of NationsBank and the former chairman and the first CEO of Bank of America . 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". Tony Plath, director of banking studies at

1344-620: The Children's Theatre of Charlotte and library staff. ImaginOn is notable as the first LEED -certified public facility in Mecklenburg County. ImaginOn is certified as a 'green' building at the silver level by the U.S. Green Building Council . The Loft is a 4,000-square-foot (370 m) space on the third floor of ImaginOn dedicated to teens. Also on the third floor is Studio I, an animation and sound studio that teens can use to produce stop-motion and computer-generated animations as well as accompanying sound tracks. The national winners of

1392-456: 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). In April 1998, under McColl's direction, NationsBank bought San Francisco -based BankAmerica. Although NationsBank was

1440-439: The bank made its first major out-of-state purchase—First National Bank of Lake City, Florida. 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. Most of those were orchestrated by McColl, who became CEO in 1983. NCNB made national headlines with its purchase of

1488-557: The board of directors of Sykes Enterprises Inc., Canal Industries; Atrium Health , formerly Carolinas HealthCare System; Charlotte Center City Partners; Charlotte Latin School from 1977 to 1982, Cousins Properties , Inc.; Faison Associates; Foundation for the Carolinas; General Parts, Inc.; NuTech Solutions Inc.; Harris Teeter ; and Sonoco Products Company. McColl has supported a broad range of academic, civic and arts causes for Charlotte,

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1536-417: The bondholders), and is the entity which monitors the company to ensure it is meeting covenants. In the event of the company's bankruptcy, the corporate trust company represents the interests of the bondholders and acts to recover as much of the loan proceeds as possible. In Canada, trust companies have historically provided many of the same services as the big-five banks . They are legally not banks, but hold

1584-531: The brains for farming." McColl married after college. 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 . In 1960,

1632-430: The company monthly, and monitors the financial conditions of the company to ensure that it is meeting all its agreed upon conditions (for example, that its ratio of profits to expenses stays above a certain amount). However most large companies borrow money not from banks, but by selling bonds. When the company sells bonds, a corporate trust company can handle the acceptance of payments from the company (which it passes on to

1680-542: The courts and distributing wealth to beneficiaries. Estate planning is usually also offered to allow clients to structure their affairs so as to minimize inheritance taxes and probate costs. In the United States, one of the primary profit centers for a trust company is commissions earned from selling various types of insurance products designed to minimize the estate tax charged to a person. A trust officer may provide guardian and conservator services, acting as guardian of

1728-443: The creation of NationsBank and Bank of America. During the 2007–2008 financial crisis , after McColl's retirement, Bank of America was dubbed "too big to fail" and received $ 45 billion in federal government funds. 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 2007–2008 financial crisis directly to McColl's creation of

1776-695: The failed First Republic Bank Corporation of Dallas , Texas from the Federal Deposit Insurance Corporation (1988). Over the next few years, it acquired more than 200 thrifts and community banks, many through the Resolution Trust Corporation program (1989 to 1992). 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 . After

1824-593: The first railroad (the 50-mile (80 km) South Carolina Pacific Railway ) and the first cotton mills in Marlboro County . He also founded the Bank of Marlboro, later headed by his son Hugh L. McColl, (1874–1931), followed by his grandson Hugh Leon McColl. 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

1872-415: The first truly national bank with branches from coast to coast. 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. Their paternal great-grandfather, Duncan Donald McColl (1842–1911) was an attorney who had developed

1920-618: The journey of the McColl Clan's journey from Scotland to Marlboro County. This book took ten years to create. The library the University of North Carolina at Chapel Hill 's South Historical Collection maintains a collection of approximately 8,600 McColl family papers. The South Caroliniana Library at the University of South Carolina maintains the Duncan Donald McColl Papers. On Oct. 3, 1959, McColl married Jane Bratton Spratt McColl of York, South Carolina — daughter of

1968-449: The major banks. Prominent examples include Canada Trust (founded 1864 as Huron and Erie Savings and Loan Society, acquired by Toronto-Dominion Bank in 2000), Montreal Trust Company (established 1889, acquired by Scotiabank in 1994), National Trust Company (established 1898, acquired by Scotiabank in 1997) and Royal Trust (founded 1892, bought by Royal Bank of Canada in 1993). A few small or captive trust and loan companies, such as

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2016-407: The nature of the trust), medical expenses, charitable gifts, inheritances or other distributions of income and principal. A trust company can be named as an executor or personal representative in a last will and testament . The responsibilities of an executor in settling the estate of a deceased person include collecting debts , settling claims for debt and taxes , accounting for assets to

2064-481: 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 . 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

2112-421: The presidential library of George H. W. Bush and $ 225,000 to the library of Ronald Reagan . McColl supported Bill Clinton for president, at one time voted for George W. Bush , and supported Barack Obama for president. Speaking of his political viewpoints, McColl said in 2000, I guess, by today's definition, I'm a liberal. The reason I am is, I believe that a chief guarantee of our country, of citizenship,

2160-442: The sale of US real estate is held in trust (for tax purposes) until used to buy replacement land. Trust companies may also perform corporate trust services. Corporate trust services are services which assist, in the fiduciary capacity, in the administration of the corporation's debt. For example, in a normal bank loan, the lender normally lends money to the company (usually with conditions called " covenants "), accepts payments from

2208-920: The state of North Carolina and the Southeast — strongly encouraging Charlotte's urban redevelopment (enabled by Bank of America's revitalization of Fourth Ward and building of Gateway Village in Third Ward), playing a key role in Charlotte's attracting the Carolina Panthers National Football League and the Charlotte Hornets National Basketball Association franchises, supporting Habitat for Humanity , chairing The Forum for Corporate Responsibility (2003), financing inner-city and minority-owned businesses, encouraging light and high-speed rail, and supporting civil rights and gay rights. The headquarters of

2256-472: The trust companies are at liberty to receive monies which the depositor can treat much like bank savings or chequing accounts. The institution may then employ these assets (less a legally-required fractional reserve ) to issue secured loans , such as mortgages . Once a common feature on Canada's retail banking landscape, free-standing retail trust companies are disappearing; the largest institutions have increasingly fallen prey to consolidation and takeover by

2304-535: 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 in 1957, McColl joined the United States Marine Corps and served a two-year tour of duty until 1959. Honorably discharged, he returned to North Carolina. According to McColl, his father pushed him into banking, saying that he "didn't have

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