February 21, 2013 |
Who killed the banks? And why aren't they in prison? It's past three years since Wachovia, National City , and other giant lenders that made too many dumb loans to borrowers who couldn't pay were forced into oblivion in government-aided discount sales to new owners, destroying share values and hometown jobs. Last time banks failed on a big scale - back when George H.W. Bush was president - scores of bad-bank operators and lying business borrowers went to prison. That hasn't happened much under President Obama , whose administration prefers fines and wrist-slapping.
February 24, 2010 |
Federal bank regulators have tightened their oversight of Wilmington Trust Corp., hard hit by bad investments and soured loans to homebuilders, but they did not force it to raise capital, the Wilmington lender said. Wilmington Trust said Monday that it planned to sell $250 million in common stock to strengthen its balance sheet and possibly redeem preferred shares held by the U.S. Treasury. The bank's agreement with regulators, mentioned in its annual report on form 10-K, requires the bank to improve its loan-review process and risk management, tend to current and future capital requirements, and refrain from taking on debt with a maturity of more than one year without approval from regulators.
September 12, 1993 |
Wilmington Trust Co., known as the DuPont family bank, is a step closer to acquiring a second Chester County bank and a bigger share of the Chester County market. Wilmington Trust created a controversy early in 1992 when Sarah W. Hargrove, the state banking secretary, used her discretionary powers to approve the trust company's bid to take over the failed Bank of the Brandywine Valley in West Chester from the FDIC. Now Wilmington Trust is planning to expand in the county through an $11.6 million acquisition of Freedom Valley Bank of West Chester by a Pennsylvania subsidiary.
February 8, 2009 |
Tom Morello, raised in a Mayfair rowhouse as the son of a Philadelphia Naval Shipyard worker, made loads of money in Jersey Shore real estate. And like entrepreneurs everywhere, he is always open to chances to make more. So Morello was intrigued when his Wilmington Trust Corp. adviser suggested an investment in a thoroughbred racehorse business in Kentucky that promised high returns and tax breaks to boot. What's more, Wilmington Trust was willing to lend him the money to get started.
July 23, 2010 |
WILMINGTON - Wilmington Trust posted a wider second-quarter loss Friday, as the regional bank set aside far more money to brace for souring loans. The provision for loan losses in the latest quarter rose to $205.2 million as a result of higher non-performing loans, loan charge-offs, and loans with unfavorable risk ratings. Company shares slid 5 percent. Wilmington Trust said the higher loan losses were driven by weakened financial condition of borrowers, "especially in southern Delaware, where signs of economic recovery remain tentative.
January 18, 1986 |
Wilmington Trust Co. reported that growth in loans and other assets, plus higher income from trust and investment management fees, produced record profits in the fourth quarter and full year of 1985. Net income in the fourth quarter was $7.7 million or 89 cents a share, up from $6.1 million or 72 cents a share in the same period of 1984, the company said in a release on Thursday. Profits for the year were $27 million or $3.15 a share, up from $21.5 million or $2.56 a share in 1984.
November 2, 2010 |
Wilmington Trust Corp., founded by du Pont family members in 1903 and profitable every year until 2008, is selling out at a fire-sale price to M&T Bank Corp., headquartered in Buffalo, because of crippling losses on construction loans for southern Delaware retirement communities. In a deal announced Monday, M&T Bank agreed to pay $351 million - just $3.84 per share - in stock for the Delaware powerhouse, which was worth $2.6 billion three years ago. Not included in the price was M&T's assumption of the $330 million Wilmington Trust still owes the federal government from the 2008 bank bailout.
May 2, 1987 |
Wilmington Trust Co., the biggest independent banking company in Delaware, announced yesterday that it had made an offer to acquire Delaware Trust Co., the state's third-largest bank. Wilmington Trust, with $2.65 billion in assets, has offered to exchange between 28 and 30 shares of Wilmington Trust stock for every share of Delaware Trust stock. Based on Wilmington Trust's closing price of $29.25 yesterday, the acquisition offer for the estimated 206,000 shares outstanding would be worth about $180.
November 2, 2010 |
Delaware's political unrest, which brought reporters flocking to Wilmington for the Election Day test between angry Republican conservatives and frantic allies of President Obama , follows job-destroying business upheavals that have unwound the tight social and economic consensus in what consumer activist Ralph Nader used to call the "Corporate State. " The latest came Monday, the eve of Election Day, with the deep-discount sale of Delaware's dominant bank, money-losing Wilmington Trust Corp.
July 18, 2009 |
Shares in Wilmington Trust Corp. fell nearly 21 percent yesterday after the bank, a major business lender in the Philadelphia region, warned of weak second-quarter results because of loan and investment losses. Wilmington Trust's announcement came the same day two banking giants, Bank of America Corp. and Citigroup Inc., buoyed by asset sales, posted bigger-than-expected profits - but they also revealed mounting problems in their business and consumer loan portfolios. Citigroup added $3.9 billion to its loan-loss reserves, bringing them to 5.6 percent of total loans, according to Standard & Poor's Credit Rating Services.