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By TOM CAMPBELL

For years, Charlotte and North Carolina boasted that two of the top four banks in the country were headquartered here. Coupled with other strong regional and community banks, this state was a major financial center.

Losing Wachovia's corporate headquarters took some luster from that claim, but it appears we are in danger of losing the corporate headquarters of Bank of America; that loss could be devastating.

Consider the evidence. According to Bloomberg News, the investment banking and wealth-management businesses make up half of all Bank of America revenues and are already headquartered in New York. Home loans and insurance account for 14 percent of revenues and are headquartered in California.

Consumer banking amounts to 11 percent of revenues and is headquartered in Boston, and the credit card division, which earns 23 percent of revenues, is based in Wilmington, Del. Ninety-eight percent of Bank of America's revenue comes from units already headquartered outside Charlotte.

BofA is a troubled bank. The makeup of the board of directors has changed dramatically; nine members have resigned over the past two years, with only one member currently residing in North Carolina. CEO Ken Lewis resigned under pressure and the search for a new CEO is under way. Several prospects have reportedly turned down the job, presumably because they do not want to live in Charlotte. We think that only part of the reason.

Previous management decisions, a vocal and active government presence in current decision-making, the sluggish health of our economy, new restrictions on executive compensation and the difficulty in managing this large and somewhat dysfunctional bank make this a daunting challenge to a new CEO. Much is at stake in this decision.

The search committee need not complicate its task. Nothing would restore stockholder confidence, market confidence and employee confidence more than pleading with former Chairman Hugh McColl and former CFO Jim Hance to return to lead the bank. These two, along with many others, built this bank into a financial power.

If they would come back, even if only for a year or two, they could right the ship, pay back the TARP funds and put Bank of America back on a sound course. McColl and Hance would likely insist that Charlotte continue to be headquarters.

Bank of America employs 15,000 in Charlotte, a highly significant contribution to the economy. A larger contribution is the role that senior executives and the bank played in guiding community organizations, making financial contributions to charities, paying taxes and contributing to the overall economy.

The bank's fortunes and that of the community were hitched together. In all likelihood many jobs would remain if BofA moved corporate headquarters to New York, but the bank would never have the same impact on the community or even on our state.

More devastating would be the damage to morale. Banking helped build this city and this state, playing a large role in creating a positive and progressive attitude. Coupled with the effects of a bad economy and growing evidence of government corruption the loss of Bank of America would be a setback hard to overcome.

Decisions are being made at this moment that could determine the future for this bank and for where it will be headquartered. We call on Gov. Bev Perdue, our congressional delegation, stockholders, employees, customers and every citizen to use every influence to keep Bank of America's headquarters in Charlotte. This rescue effort is worthy of our best.

Tom Campbell is creator/host of NC SPIN, a weekly discussion of state issues airing at 6:30 a.m. Sundays on WFMY (Channel 2). Contact him at www.ncspin.com.