05/20/2008

Associated Press

Walter R. Davis, a farmer's son from North Carolina turned Texas oil tycoon and philanthropist who became a major donor to the University of North Carolina at Chapel Hill, has died. He was 88.

Davis died Monday night following a period of declining health, said his son-in-law, Bob Eubanks. A funeral is scheduled for Friday at the Chapel of the Cross in Chapel Hill. Davis' survivors include his wife, Joanne.

A native of Pasquotank County in eastern North Carolina, Davis made his fortune in the Texas oil industry before returning to his home state.

Davis served on the board of trustees at the University of North Carolina at Chapel Hill for 16 years, and as board chairman for two. He fought state lawmakers for the $32 million generated from the sale of university utilities, money that helped build the school's high-rise Walter R. Davis Library.

His donations helped fund construction of the Smith Center, the school's basketball arena, and a scholarship program that aided students who agreed to teach in low-income areas in his native northeastern North Carolina.

In 1999, when student body president Nic Heinke asked fellow board of trustee members for donations to assist victims of Hurricane Floyd, he collected $400 until Davis offered up a check for $100,000.

The News & Observer of Raleigh reported Tuesday that Davis asked that the money be used to help displaced students at hard-hit East Carolina University in Greenville.