Wilmington Trust
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| Type | Subsidiary |
|---|---|
| Industry | Financial |
| Founded | 1903 |
| Headquarters | Rodney Square in Wilmington, Delaware |
| Key people | Donald E. Foley, CEO & Chairman & Robert V.A. Harra Jr., President & COO |
| Products | Banking |
| Employees | 2,672 |
| Parent | M&T Bank |
| Website | www.wilmingtontrust.com |
Wilmington Trust was founded on July 8, 1903 as a banking, trust, and safe deposit company by DuPont president T. Coleman du Pont.
On November 1, 2010, Wilmington Trust announced a merger with M&T Bank, of Buffalo, NY. The deal values 107-year-old Wilmington Trust at $3.84 a share, or 46 percent less than its closing price Oct. 29. Investors will get 0.051 share of Buffalo-based M&T for each Wilmington share.[1]
Contents |
[edit] History
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This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (April 2011) |
Wilmington Trust was founded on July 8, 1903 by T. Coleman du Pont, then the president of DuPont to manage the growing fortune of the duPont family.[2] DuPont opened the business in the dining room and parlor of a former private residence at 915 Market Street in Wilmington, Delaware with a handful of investors and $500,000 in market capitalization.[3]
In 1907 the company moved to the DuPont Building at Tenth & Market Streets and paid its first dividend (2.50% or $1.25 per share) on August 1, 1908. The company’s first merger occurred on July 15, 1912 with the acquisitions of the First National Bank and the National Bank of Wilmington & Brandywine, making it the largest bank on the East Coast. In 1971, it became one of the founding members of NASDAQ.[3] In 1999, it moved its listing to the New York Stock Exchange (NYSE).[3] In 2011, it announced its intention to "voluntarily de-list" from the NYSE upon completion of its merger with M&T.[3]
Evidence suggests that loyalty of customers to the bank which was among its hallmarks has waned considerably since its merger with M&T in 2010.[4]
[edit] Company structure
The Bank is divided into 3 sections: Regional Banking, Corporate Client Services and Wealth Advisory Services.
1) Regional Banking services to commercial clients throughout the mid-Atlantic region as well as providing consumer services to clients in the immediate Delaware region.
2) Corporate Client Services caters to the needs of institutional clients in over 86 countries.
3) Wealth Advisory Services caters to high-net-worth clients throughout the United States and in 35 other countries.
For 2007, net income was stated at $182 million. Additionally, combined assets under management totaled $49.8 billion by the end of 2007, an increase of 11% from 2006.
[edit] Offices
Currently, the corporate headquarters for Wilmington Trust is in the converted post office on Rodney Square in downtown Wilmington, Delaware.
In addition, it has domestic offices located in New York City, Los Angeles, Boston, Philadelphia, Las Vegas, Phoenix, Atlanta, Baltimore, Beverly Hills, Stamford (CT), Palm Beach, West Chester (PA), Bethlehem, PA, Villanova (PA) and Charleston (SC).
Internationally, Wilmington Trust has offices in the Cayman Islands, Channel Islands, Dublin, Frankfurt, London, Luxembourg and the Netherlands.
Wilmington Trust operates a virtual, direct savings division known as, WTDirect.
Its main branch in Newark, Delaware was added to the National Register of Historic Places in 1982.[5]
[edit] Sources
- ^ Mildenberg, David; Mider, Zachary R. (2 November 2010). "M&T to Acquire Wilmington Trust for $351 Million". Bloomberg. http://www.bloomberg.com/news/2010-11-01/wilmington-trust-to-be-bought-by-m-t-for-351-million-below-market-value.html.
- ^ Robin Sidel (27 November 2010). "How Loyalty to Customers Led to Storied Bank's Fall". Wall Street Journal: Business. http://online.wsj.com/article/SB10001424052748704008704575638991777618082.html. Retrieved 17 April 2011.; first 100 words of article available without login.
- ^ a b c d Eric Ruth (22 April 2011). "Delawre (sic) banks: Wilmington Trust to leave stock tickers". News Journal (Wilmington, Delaware: Gannett). http://www.delawareonline.com/article/20110423/BUSINESS/104230312/-1/NLETTER01/Wilmington-Trust-to-leave-stock-tickers. Retrieved 23 April 2011.
- ^ Maureen Milford (17 April 2011). "Delaware banks: Wilmington Trust's woes driving loyal clients away". News Journal (Wilmington, Delaware: Gannett): DelawareOnline. http://www.delawareonline.com/article/20110417/BUSINESS/104170368/-1/NLETTER01/Wilmington-Trust-s-woes-driving-loyal-clients-away. Retrieved 17 April 2010.
- ^ "National Register Information System". National Register of Historic Places. National Park Service. 2009-03-13. http://nrhp.focus.nps.gov/natreg/docs/All_Data.html.
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