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Wilmington Trust

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BUSINESS
February 24, 2010 | By Harold Brubaker INQUIRER STAFF WRITER
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.
BUSINESS
February 8, 2009 | By Harold Brubaker, Inquirer Staff Writer
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.
NEWS
September 12, 1993 | By Vyola P. Willson, INQUIRER CORRESPONDENT
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.
NEWS
July 23, 2010 | ASSOCIATED PRESS
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.
BUSINESS
January 18, 1986 | By Alexis Moore Love, Inquirer Staff Writer
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.
BUSINESS
February 21, 2013 | By Joseph N. DiStefano, Inquirer Staff Writer
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.
BUSINESS
November 2, 2010 | By Harold Brubaker, Inquirer Staff Writer
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.
BUSINESS
May 2, 1987 | By Janet L. Fix, Inquirer Staff Writer
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.
BUSINESS
November 2, 2010 | By Joseph N. DiStefano, Inquirer Staff Writer
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.
BUSINESS
July 18, 2009 | By Harold Brubaker INQUIRER STAFF WRITER
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.
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BUSINESS
February 9, 2016
Wilmington Trust, Philadelphia, is expanding its wealth advisory team in the Philadelphia region with three new senior leaders. Joe Cozza was hired as a senior private client adviser, Marc Dinacci and Kevin Zosulis as senior investment advisers. Each was hired as a managing director. Cozza had been managing director in JP Morgan's Philadelphia office for nearly 20 years. Dinacci had been a global investment specialist at JP Morgan. Zosulis had been senior director and team leader for BNY Mellon Wealth Management.
BUSINESS
May 9, 2015 | By Joseph N. DiStefano, Inquirer Staff Writer
One of the bank bosses accused of lying to investors and regulators says it was a long-standing practice at the former Wilmington Trust Corp. to claim that millions of dollars in "turd loans" to developers were being paid - even when they were not. It wasn't the only bank that collapsed amid the late 2000s financial crisis. Lehman Bros., Wachovia, National City and others were also overwhelmed by bad loans. But Wilmington Trust, the biggest bank still based in the Philadelphia area when regulators forced its discount sale to M&T Bank Corp.
BUSINESS
March 5, 2015 | By Joseph N. DiStefano, Inquirer Staff Writer
WSFS Financial Corp. , one of the biggest banks still based in the Philadelphia area, on Tuesday agreed to pay $92 million for Broomall-based Alliance Bancorp Inc. , which operates eight branches in Delaware and Chester Counties. The price works out to $22 a share, a 10-year high for Alliance, which has lately traded around $17, but less than the nearly $24 that Alliance was worth at its 2004 peak. With low interest rates squeezing small lenders, Alliance has been under pressure to find a buyer since 2013, when Illinois-based PL Capital Advisors bought 9 percent of the shares and threatened to run its own candidate against one of Alliance's incumbent directors.
BUSINESS
September 13, 2014 | By Joseph N. DiStefano, Inquirer Staff Writer
M&T Bank , which took over Wilmington Trust Corp. as Delaware's largest bank was on the edge of financial collapse three years ago, agreed Thursday to pay $18.5 million to the Securities and Exchange Commission to settle charges against Wilmington Trust. Accounting disclosure and fraud charges faced the bank because of "improperly" excluded loan losses of $300 million from its quarterly reports after the 2008 financial crisis, the SEC said. The deal follows a string of federal bank fraud prosecutions in Wilmington and Philadelphia against former Wilmington Trust officers and private developer clients.
BUSINESS
July 18, 2014 | By Joseph N. DiStefano, Inquirer Staff Writer
Another former lender for Wilmington Trust Co. - Delaware's dominant bank before it drowned in a sea of unpaid loans and was salvage-sold at a bargain price in 2010 - has been indicted by federal prosecutors in connection with alleged illegal lending to developers. Peter W. Hayes worked for the bank for 20 years before leaving in 2011. The indictment says Hayes lent $195 million to a developer while he was secretly invested in the developer's properties, and accuses him of using "false" and insufficient documents to justify loans that the developer didn't repay.
BUSINESS
May 20, 2014 | By Erin E. Arvedlund, Inquirer Columnist
If you are considering putting money aside for your children or grandchildren, you might think a trust is a good idea. But a 529 plan is probably a better one. So says financial planner Carol Kroch, of Wilmington Trust, a division of M&T Bank. Partly, that's because income tax rates on a trust are so much higher - in some cases effectively 45 percent. Putting money aside for education can take money out of your estate. "Compounding is an incredible thing, and if you start early on behalf of your child or grandchild, the account will recover from setbacks in the markets over time," Kroch says.
NEWS
March 9, 2014 | By Jeremy Roebuck, Inquirer Staff Writer
Michael Pouls, a Main Line developer whose name had for many become synonymous with the borrow-and-spend excesses of the early 2000s, saw his wave of prosperity come crashing down Friday as a federal judge sentenced him to eight years in prison for bank fraud. U.S. District Judge Paul S. Diamond cut down arguments that Pouls' prosecution was motivated by postrecession "class hatred" and instead referred to the 52-year-old as a "liar and a thief" caught by the economic downturn. "He's not being punished for his success," the judge said.
BUSINESS
December 18, 2013 | By Erin E. Arvedlund, Inquirer Columnist
The U.S. equity market is on a tear and has now gone 82 weeks without a three-week losing streak - one of the longest rallies in the past 40 years. Will the streak end? Possibly, but in any case, you've probably made some serious profits in stocks in 2013, and now is the time to rebalance - meaning, sell some equities, take some money off the table. But do so in a tax-efficient way, advises Donald DiCarlo, managing director of wealth advisory services for Wilmington Trust in Villanova.
BUSINESS
October 8, 2013
The Propane Education & Research Council , a Washington trade group, elected Paula Wilson chair. She is director of marketing at AmeriGas Propane in Valley Forge and is a member of the Women in Propane Council. Michael L. Krancer , partner and energy, petrochemical, and natural-resources practice group leader at Blank Rome L.L.P., has been appointed to the University of Houston Energy Advisory Board . Pennsylvania Academy of the Fine Arts , Philadelphia, elected the following members to its board of trustees: Elliot Clark , chairman and CEO of SharedXpertise Media L.L.C.; William J. Farrell 2d, executive vice president of Wilmington Trust; Bill Hankowsky , chairman, president, and CEO of Liberty Property Trust and a partner in Interstate General Media Inc., publisher of The Inquirer, Philadelphia Daily News, and Philly.com; Charles Mather , trustee emeritus, president of Mather & Co.; Dorothy Mather Ix, senior vice president at Bollinger Inc.; Brett Matteo, managing director of the PFM Group; and Sashi Reddi , vice president and general manager of big data and analytics at Computer Sciences Corp.
BUSINESS
February 21, 2013 | By Joseph N. DiStefano, Inquirer Staff Writer
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.
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