Former Bank Chief Moves to Northwest Florida

The former chief executive of SouthTrust Corporation, Wallace Malone, has sold his Birmingham home for $1 million and moved to the Florida Panhandle.

Malone retired in January from North Carolina-based Wachovia, which bought SouthTrust in a 2004 deal that was worth nearly $15 billion.

The merger resulted in the loss of 1,700 jobs in Birmingham. With his departure, Malone received a severance package worth $135 million.

Corporate compensation experts criticized the package and Malone later said he would use $100 million of his money to establish a charitable foundation that would mostly make grants to benefit education.

An assistant, Rosemary Spain, says Malone moved to Navarre, Florida, and is relocating the foundation to his new home.


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