Charles Cawley Net Worth

January 19, 2023
2 mins read
Charles Cawley visiting the UD's new Venture development center, and giving a presentation on entrepreneurship

Charles Michael Cawley was born on 15 August 1940, in Beverly, Massachusetts USA, and was a businessman, best known for being a founding member of Maryland Bank (MBNA), which he helped create in 1982, and controlled it until its Bank of America acquisition in 2006. All of his efforts helped put his net worth to where it was prior to his passing in 2015.

How rich was Charles Cawley? As of mid-2017, sources inform us of a net worth that is at $500 million, mostly earned through a successful career in the banking industry. Aside from his work with MBNA, he also did various philanthropic works. All of these achievements ensured the position of his wealth.

Charles Cawley Net Worth $500 million

Charles attended Georgetown University and after graduating, would start working for Maryland National Bank. In 1982, he created the Maryland Bank National Association (MBNA) which he started with a small team. They worked out of a converted A&P supermarket in Ogletown, Delaware. After a year, he then introduced the concept of affinity credit cards, which are credit cards branded with an organization’s imagery. He then convinced Georgetown University to sponsor affinity credit cards for its members. As the years passed, his net worth continued to increase and company would go public in 1991. Charles assigned Alfred Lerner as the CEO and chairman of the company, while he focused on the operations. In 1997 they hired Kroll, Inc. to investigate Charles wealth, followin the construction of luxurious homes, including one with a 16 car garage for a showcase of classic cars. The investigation yielded no negative results. Meantime, MBNA would become the world’s largest independent credit card issuer with a specialization for affinity cards.

In 2002, a board of directors meeting took place which pointed out discrepancies and scandals regarding executive compensation; Cawley’s suggestions were rejected. Despite that, he was promoted to become CEO after Lerner passed away, however, due to problems with the board of directors, he decided to retire. Even before retiring, his net worth had grown to a significantly high point.

Charles was later awarded a Doctor of Humane Letters by the University of Maine thanks to his efforts in establishing the Northeast Regional Marketing Center. His family has also been known to work in the area, with his grandfather once operating dress factories in Camden and Belfast. Charles was well known for spending his time there especially during his youth. In 2005, he was inducted into the Junior US Business Hall of Fame.

For his personal life, it is known that Cawley was married to Julie Murphy, but they divorced in 2015. He did a lot of charity work and is known for making a significant donation to Saint Benedict’s Preparatory School as mentioned in The Short and Tragic Life of Robert Peace. The two have been known to be close friends. He also made political donations to George W. Bush, George H. W. Bush, and Joe Biden. Cawley passed away in 2015 at his home in Camden, Maine at the age of 75.

Daniel Wanburg

As the Managing Editor at Net Worth Post, I lead a talented team in delivering compelling content on the lives and achievements of influential figures. With a keen eye for detail and a passion for storytelling, I oversee the production of insightful biographies that resonate with our audience. My role involves not only managing the editorial process but also conducting research, crafting engaging narratives, and ensuring the accuracy and quality of our publications.

At NetWorthPost, we strive to provide our readers with in-depth profiles that offer valuable insights into the worlds of business, entertainment, and beyond. Through meticulous research and captivating storytelling, we bring to light the remarkable journeys and successes of individuals who inspire and captivate us.

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