<P> Population grew again during World War I, when the U.S. government established Camp Greene north of present - day Wilkinson Boulevard . Many soldiers and suppliers stayed after the war, launching an urban ascent that eventually overtook older city rivals along the Piedmont Crescent . </P> <P> The city's modern - day banking industry achieved prominence in the 1970s and 1980s, largely under the leadership of financier Hugh McColl . McColl transformed North Carolina National Bank (NCNB) into a formidable national player that through aggressive acquisitions became known as NationsBank, eventually merging with BankAmerica to become Bank of America . First Union, later Wachovia in 2001, experienced similar growth before it was acquired by San Francisco - based Wells Fargo in 2008 . Measured by control of assets, Charlotte is the second largest banking headquarters in the United States, after New York City . </P> <P> On September 22, 1989, the city took a direct hit from Hurricane Hugo . With sustained winds of 69 mph (111 km / h) and gusts of 87 mph (140 km / h) in some locations, Hugo caused massive property damage, destroyed 80,000 trees, and knocked out electrical power to most of the population . Residents were without power for weeks, schools were closed for a week or more, and the cleanup took months . The city was caught unprepared; Charlotte is 200 miles (320 km) inland, and residents from coastal areas in both Carolinas often wait out hurricanes in Charlotte . </P> <P> In December 2002, Charlotte and much of central North Carolina were hit by an ice storm that resulted in more than 1.3 million people losing power . During an abnormally cold December, many were without power for weeks . Many of the city's Bradford pear trees split apart under the weight of the ice . </P>

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