Obituary for Wallace Davis Malone Jr.
Wallace Davis Malone Jr.
Wallace Davis Malone Jr., devoted husband, father, grandfather, and respected Alabama business and community leader, passed away on October 25, 2026, at the age of 90.
Born in Dothan, Alabama, Wallace was the son of Wallace D. Malone Sr. and Alice Mae Dee Malone. He grew up on his family’s farm, where his father pursued his interests in banking, farming, and exploring the world. One of Wallace’s fondest memories of his father was a road trip they took with friends from Dothan all the way to Alaska and back in the late 1940s. He shared a particularly close bond with his many cousins from Dothan, relationships he treasured throughout his life. As a teenager, he served as a Congressional Page in Washington, D.C., before graduating from Dothan High School. He went on to earn his undergraduate degree from the University of Alabama and an MBA from the Wharton School at the University of Pennsylvania.
Wallace joined First National Bank of Dothan in 1959, following in the footsteps of his father and grandfather. In 1971, while leading the family bank, he was appointed to the Board of Directors of the Birmingham Branch of the Federal Reserve Bank of Atlanta. The following year, he helped establish a bank holding company that brought together First National Bank of Dothan and three other Alabama banks. With approximately $500 million in assets at its founding, the company would eventually become SouthTrust Corporation.
Serving first as President and later as Chairman and Chief Executive Officer, Wallace guided SouthTrust through more than three decades of remarkable growth. Under his leadership, SouthTrust became a Fortune 500 company with more than $53 billion in assets, over 700 banking locations across nine states, and approximately 12,500 employees. By 2004, SouthTrust ranked among the 20 largest bank holding companies in the United States.
Beyond its financial success, Wallace took great pride in the people and culture of SouthTrust. He believed in hiring talented individuals, setting high standards, and creating an environment where employees could thrive. The loyalty he inspired endured long after his retirement. Former employees have often told his family that their years at SouthTrust were among the happiest and most rewarding of their professional lives.
Wallace’s contributions to business and his home state earned him numerous honors, including induction into the Alabama Academy of Honor, the Alabama Business Hall of Fame, and the Birmingham Business Hall of Fame. His commitment to helping others extended well beyond banking to education, healthcare, and community service. He served on numerous charitable, educational, and civic boards, including those of Troy University, Samford University, the Eye Foundation Hospital, Baptist Health System of Birmingham, the University of Alabama Health Services Foundation, UAB Health System, the Salvation Army Advisory Board, the Alabama-Florida Boy Scout Council, the Greater Alabama Boy Scout Council, and the United Way.
Through The Malone Family Foundation, he supported educational institutions and initiatives that created opportunities for future generations. He was also a faithful supporter of First Baptist Church of Dothan and Mountain Brook Baptist Church in Birmingham.
In 1978, Wallace married Ocllo Boykin Smith of Mobile, Alabama. Their 48 years together were marked by love, devotion, and a shared enjoyment of travel and time with family and friends. Ocllo brought out a lighter, more playful side of Wallace that those who knew him primarily through business might not have expected. She accompanied him throughout his career, meeting U.S. Presidents, members of Congress, fellow CEOs, and SouthTrust employees across the Southeast. Like Wallace, Ocllo treated everyone she encountered with the same genuine interest, warmth, and respect, regardless of their position. Amid the demands of their busy lives, she made certain that each of their six children’s birthdays and milestones were celebrated and made to feel special. She was the love of his life, and she remained by his side, holding his hand until his final moments.
Wallace was never one to sit idle. Even during his busiest years at SouthTrust, he enjoyed tackling projects around the house, whether it was attaching a satellite dish to the roof or digging and installing his own sprinkler system. After more than four decades in banking, he returned to his agricultural roots on his farm in Campbellton, Florida. There, he found great satisfaction in improving the property, clearing land and mending fences himself. His enthusiasm for hands-on work reflected the same curiosity, determination, and work ethic that had characterized his professional life.
Family remained central to Wallace’s life despite the considerable demands of his career. He was home for dinner most evenings and took a genuine interest in his children’s education, careers, and aspirations, often staying up late to help them study for tests, offer constructive feedback on their writing, or guide them through professional transitions. He offered thoughtful, direct advice and encouraged each of them to pursue their goals with determination. Even in his later years, he rarely ended a conversation without asking, “What can I do for you?” or “How can I help you?” It was a simple expression of the care and support his family could always count on.
Known affectionately as “Opa” to his grandchildren, Wallace cherished his growing family. He was an avid skier, and annual family ski vacations, complete with incredibly competitive card games, became a treasured tradition. He also enjoyed bird hunting and traveling the world extensively with Ocllo and close friends.
The family is deeply grateful to the caregivers who provided Wallace with compassionate care, particularly Ree Scott, whose patience, kindness, and genuine affection brought comfort to Wallace and his family. The family also extends its sincere appreciation to CareFirst Home Care and ACG Hospice for their care and support.
Wallace was preceded in death by his parents, Wallace D. Malone Sr. and Alice Mae Dee Malone; his sister, Roberta Malone Henderson; and many cousins from Dothan with whom he shared lifelong bonds of affection and friendship.
He 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. The services will be livestreamed, and a link will be made available closer to the service date.
In lieu of flowers, the family requests that contributions be made to First Baptist Church of Dothan, 300 W. Main Street, Dothan, Alabama 36301, or online at www.fbcdothan.org.
