[ by Howard Haykin ] John Medlin Jr., one of Wachovia Corp.'s most well-respected executives and a state banking icon, died Thursday at 78.  According to his family, he died of a heart attack suffered while playing tennis at Grandfather Mountain. Mr. Medlin had worked at Wachovia for 41 years, serving as CEO  for 17 years until retiring on 1/1/94.  He retired after 10 years as chairman in 1998. Took Wachovia National, Grew Its Total Assets. John Medlin was known to be a conservative, no-nonsense businessman who turned a large Winston-Salem community bank into a blue-chip powerhouse in the Southeast.  During his time as CEO, Wachovia's total assets rose tenfold to $33 billion, making it among the 25 largest U.S. banks.

"John was widely regarded as the leading banker of his generation." -- Rodgin Cohen, a close friend and Chairman of Sullivan & Cromwell.

The amount of Wachovia stock held in the local community for decades was a testament to the trust that investors, both rich and middle-class, placed in Mr. Medlin's ability to steer clear of the risk of what's hot and trendy in banking circles. Stan Kelly, Wells Fargo's regional president for the Carolinas, remembers Mr. Medlin as "a legendary banker and an icon in the business community. He represented the heart and soul of our company for many of us who grew up with Wachovia." John Stumpf, Chairman and CEO of Wells Fargo, called Mr. Medlin "an incredible, wise, bigger-than-life leader of the financial-services industry." Even 18 years after he retired as CEO, Mr. Medlin's firm handshake and gracious smile remained the most lasting presence of the Wachovia way of doing business. Mr. Medlin stayed busy in retirement, sharing his expertise with the likes of the Federal Reserve, the U.S. Treasury, the Federal Deposit Insurance Corp., and the Securities and Exchange Commission. Wachovia Corp. was sold in 2001 to First Union Corp., and then to Wells Fargo & Co. when Wachovia was collapsing in the financial crisis of 2008. [Winston-Salem Journal, 6/7/12]