Former Troy University Trustee and business and community leader Wallace D. Malone, Jr. passed away on Oct. 25. He was 90 years old.  

Malone, the former chairman and chief executive officer of SouthTrust Corporation, served as a member of the board of then-Troy State University from 1975-1995. Two buildings — one on the Dothan Campus and one on the Troy Campus — are named in his honor. In addition, the Wallace D. Malone, Jr. Distinguished Faculty Award was endowed to annually recognize those exceptional faculty members who, through meritorious and selfless service and dedicated research, transform vision into reality.

“Wallace D. Malone was a wonderful friend and a giant of a man,” said Dr. Jack Hawkins, Jr., Chancellor. “Wallace served on our board for many years and was generous in sharing his talent, time and treasure. Our thoughts and prayers are with his family. May our dear friend rest in peace.”

Troy University Trustee Gerald Dial served alongside Malone on the TROY Board for nearly four years and would later follow in his footsteps as the board’s President Pro-Tem.

“I remember the first meeting I attended after being named to the board was at his bank building in Dothan. I was kind of taken aback because at the time he was really at the height of his banking career,” Dial said. “Mr. Malone had a real enthusiasm and interest in TROY, and he was dedicated to seeing the university grow and succeed. His service and leadership were instrumental in helping to transform TROY into one of the nicest college experiences, certainly in the south but maybe even the entire country.” 

Troy University Foundation Board President Jeff Coleman called Malone “a titan of the banking and finance industry,” saying his impact was felt throughout Alabama, the Southeast and the country.

“Mr. Malone had such a tremendous impact on our state, our region and the country,” Coleman said. “He was such a visionary and a hard worker. He touched so many lives and, through his service on the Board of Trustees at TROY, he was an integral part of the University’s growth and success. He truly epitomized that Trojan warrior spirit.”

Born in Dothan in 1936, Malone graduated from Dothan High School before going on to earn a bachelor’s degree in business from the University of Alabama in 1957. Upon graduation, he worked for one year for a small bank in Enterprise before pursuing his Master of Business Administration degree from the Warton School of Business at the University of Pennsylvania.

Malone returned to Dothan and joined his father at the family bank, First National Bank of Dothan. He was named chairman and CEO in 1968 after his father’s death. In 1972, Malone joined Guy Caffey, Jr., president of Birmingham Trust National Bank, to organize SouthTrust.

Malone was named chairman and CEO in 1981 and helped to grow SouthTrust into a Fortune 500 company and one of the top 20 banks in the U.S. with more than $53 billion in assets, over 700 banking locations across nine states and approximately 12,500 employees. He was inducted into the Alabama Academy of Honor in 1986 and was a 2001 inductee into the Alabama Business Hall of Fame.

Malone is survived by his beloved wife, Ocllo Smith Malone; his six children, W. Davis Malone III (Susan), Frances R. Jay (Brad), Catherine M. Wilson (Scott), S. Lee Kuwica, Alyson D. Malone, and Ocllo R. Mason (Paul); 17 grandchildren; and nine great-grandchildren.

A memorial service will be held at 12:00 p.m. on Wednesday, November 4, 2026, at First Baptist Church of Dothan, with Dr. Taylor Rutland officiating. The family will receive friends from 10:00 until 11:45 a.m. at the church prior to the service. A private family burial will be held at Dothan City Cemetery.