Stephen McLin
Stephen McLin | |
|---|---|
| Born | United States |
| Occupation(s) | Banking executive, engineer |
| Years active | 1968–circa 2019 |
| Known for | Key strategist in Bank of America acquisitions; head of America First Financial Fund; board member of Charles Schwab Corporation |
Stephen McLin built a distinguished career in banking after initially training as an engineer.
As the oldest sibling among six children, McLin was raised in a military family, his father being an Air Force physician. His upbringing involved frequent relocations, including nearly three years spent in Wiesbaden, Germany. He completed his secondary education in Laredo, Texas in 1964 and obtained a bachelor's degree in chemical engineering from the University of Illinois at Urbana–Champaign in 1968.
Career
Following his undergraduate studies, McLin began his professional journey at Atlantic Richfield (ARCO). He then advanced his education at Stanford University, earning a master's degree in mechanical engineering in 1970 and an MBA by 1972, marking a transition toward the financial sector.
McLin dedicated a significant portion of his career to Bank of America (BofA), where he quickly progressed from assistant vice president to chief strategist within seven years. He played a pivotal role in several high-profile acquisitions, notably BofA's 1981 acquisition of the Charles Schwab Corporation, a transaction that set a precedent in federal banking regulations. Additionally, he managed BofA’s purchase of Seattle-based Seafirst Bank, which was facing financial difficulties, enabling the bank to extend its reach beyond California. McLin introduced “shrink-to-fit financing,” an innovative approach designed to reduce BofA’s exposure to risks associated with Seafirst’s energy sector challenges.
By 1985, McLin ranked as the third highest-paid executive at BankAmerica, earning $285,330. The following year, he was appointed executive vice president of BankAmerica Corp., a subsidiary of Bank of America. Throughout his tenure with Bank of America, America First, and STM Holdings, LLC, McLin successfully negotiated over 40 transactions involving assets valued at more than $32 billion.
At age 40, in 1987, McLin departed from BofA to head America First Financial Fund. There, he secured $100 million in equity capital to acquire two savings and loan institutions located in Northern California. Over its ten-year lifespan, America First delivered upwards of $500 million in dividends and returns to its investors.
Upon retiring at 51 years old, McLin established the McLin Family Foundation and served on the board of the Schwab from 1988 until 2019.