Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Thomas Storrs Aug. 25, 1918 - Feb. 10, 2012 Set Stage for Bank of America

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Thomas Storrs Aug. 25, 1918 - Feb. 10, 2012 Set Stage for Bank of America

Article excerpt

Thomas Storrs, whose determination to expand North Carolina National Bank beyond state borders laid the foundation for today's Bank of America Corp., has died. He was 93.

Mr. Storrs died Feb. 10 in Charlotte, N.C., according to a notice in The State newspaper of Columbia, S.C. No cause was given.

As chairman and chief executive officer from 1974 to 1983 of NCNB Corp., the Charlotte-based parent of North Carolina National Bank, Mr. Storrs set his sights on challenging federal laws that generally limited a bank's operations to its home state.

In 1982, using a quirk in Florida law, he successfully arranged the acquisition of three Florida banks, beginning with First National Bank of Lake City, with $24 million of assets, and Gulfstream Banks Inc. of Boca Raton, with assets of $665 million, according to accounts in the New York Times.

When he retired in 1983, he handed the reins to Hugh McColl Jr., who would lead an acquisition spree that culminated with the 1998 merger of NationsBank Corp. …

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