HIGHEST-PAID U.S. BANKERS INCLUDE 2 YOU'LL RECOGNIZE

                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: FRIDAY, April 2, 1993                   TAG: 9304020184
SECTION: BUSINESS                    PAGE: A-7   EDITION: METRO 
SOURCE: Knight-Ridder/Tribune
DATELINE: CHARLOTTE, N.C.                                LENGTH: Medium
HIGHEST-PAID U.S. BANKERS INCLUDE 2 YOU'LL RECOGNIZE
Hugh McColl Jr., chairman of NationsBank Corp., and Ed Crutchfield, chairman of First Union Corp., ranked among the highest paid bankers in the nation last year.
Both companies operate offices in Western Virginia. First Union is parent of Roanoke-based First Union National Bank of Virginia, formerly Dominion.
McColl, head of the country's fourth-biggest bank, was paid $3.63 million, more than $1 million above his 1991 pay.
Crutchfield was paid $3.07 million, nearly triple his 1991 pay.
NationsBank declined to discuss McColl's pay, disclosed in the company's proxy statement, which was mailed Monday to shareholders in preparation for the company's annual meeting.
"Anything we've got to say about anyone's compensation is in the proxy," a spokesman said.
Chemical Banking Corp. in New York and BankAmerica Corp. of San Francisco both are bigger than NationsBank and First Union and conceivably could pay their top executives more. Neither has released its proxy yet.
Executive-pay experts said McColl's and Crutchfield's pay must be judged against improvements in their company's stock prices. Shares of both companies are near record highs.
McColl's base salary of $700,000 was unchanged from 1990 and 1991. But he got a $1.8 million bonus, $870,000 in stock grants and $256,077 in other compensation.
He also was awarded 100,000 shares of NationsBank stock worth $4.35 million in January. Based on NationsBank's closing price Wednesday of $54.625, those shares are worth $5.46 million.
McColl has ownership of 20,000 of those shares, worth $870,000, each year for the next five years. Yet he receives dividends on all 100,000 shares, or $151,000 a year. This is not included in his annual pay, nor is the full value of the stock award. McColl also cashed in stock options worth $1.79 million, which also is not included as part of last year's pay.
Crutchfield's pay included a base salary of $750,000, up from $650,000 in 1991. He also got a bonus of $750,000, his first since 1989.
Crutchfield was given stock worth $1.09 million, stock options worth $378,656 and other pay of $104,421. He also cashed in stock options for $478,466 last year, which was not counted as part of 1992's pay package.

by Bhavesh Jinadra by CNB