Charles C. Spaulding: Businessman and Leader
Charles C. Spaulding is a name that is synonymous with success, philanthropy, and leadership. Born in Durham County, North Carolina, this civil rights leader, entrepreneur, and philanthropist is credited with transforming North Carolina’s economy through his work in banking and tobacco.
Early Life and Education
Charles Spaulding was born in Durham, North Carolina in 1906. He showed a special aptitude for mathematics from a young age and skipped two grades in school to enter college at 15 years old. Spaulding attended Haverford College, in Pennsylvania, where he received his Bachelor’s degree in mathematics in 1926. He then went back to Durham to take a job as a teacher at North Carolina College (now known as North Carolina Central University).
In 1928, Spaulding left North Carolina College to pursue an MBA at Harvard Business School. After completing his MBA, he took a job in New York City at an investment banking firm. Following the outbreak of World War II in 1941, Spaulding returned to Durham and began a new career in banking and finance.
Career in Banking and Finance
Spaulding quickly rose through the ranks of Durham’s banking and financial industry. In 1949, Spaulding was appointed president of Mechanics and Farmers Bank, making him the first African-American bank president in a major city in the United States. Under his leadership, the bank saw its assets triple in size. In addition to his banking
successes, Spaulding was also actively involved in the tobacco industry and was a major player in developing the primary markets for the crop in his state.
Philanthropy
Charles Spaulding was an active philanthropist, giving back to his community in many ways. One of his most notable philanthropic initiatives was his involvement with the North Carolina Fund—an organization that raised money to support civil rights causes in North Carolina in the 1960s. Spaulding was a founding Board member of the Fund and became its chairman in 1972.
Other philanthropic endeavors include Spaulding’s involvement in the establishment of the North Carolina Mutual Life Insurance Company and the North Carolina Mutual Credit Union. Spaulding was also instrumental in the formation of the New Dawn Development Corporation, a corporation focused on providing economic opportunities for African-American businesses in Durham.
Leadership
Charles C. Spaulding was a leader and a mentor to many. He served on numerous boards and committees, including the Executive Committee of the U.S. Chamber of Commerce, the President’s Commission on Executive, Legislative and Judicial Salaries, and the board of directors for the Financial Services Roundtable. In addition to his professional work, Spaulding was an active community leader. He served as chairman of the Durham Cultural Arts Committee, president of the Durham Community Chest, and was a trustee for the Duke University Health System.
Legacy and Honors
Charles C. Spaulding has left a lasting legacy as an entrepreneur, philanthropist, and community leader. His business acumen and philanthropic work have been celebrated with many awards and honors, including the National Conference of Christians and Jews Brotherhood Award (1970) and the DuPont Award for Excellence in Education (1982).
Spaulding’s contributions and successes have not gone unnoticed by the State of North Carolina, or the nation as a whole. North Carolina has recognized Spaulding’s achievements with several awards, including the North Carolina Award—the state’s highest civilian honor, as well as the North Carolina Business Hall of Fame award and the Order of the Long Leaf Pine award.
Charles C. Spaulding achieved great success during his lifetime and left a lasting legacy of philanthropy and community leadership. His example of success is inspiring to future generations and serves as a reminder of the importance of giving back to one’s community.
