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.
May 9, 2015 |
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.
March 5, 2015 |
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.
September 13, 2014 |
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.
July 18, 2014 |
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.
May 20, 2014 |
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.
March 9, 2014 |
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.
December 18, 2013 |
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.
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.
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.