Wilmington Trust

Wilmington Trust
Company typeSubsidiary
IndustryFinancial
Founded1903; 121 years ago (1903)
FounderT. Coleman du Pont
HeadquartersWilmington, Delaware, U.S.
ProductsGlobal Corporate and Institutional Services, Private Banking, Investment Management, Fiduciary Services, Family Office
AUMUS$176 billion (March 31, 2023)
Number of employees
2,672
ParentM&T Bank
Websitewilmingtontrust.com

Wilmington Trust is one of the top 10 largest American institutions by fiduciary assets.[1] Wilmington Trust is currently a provider of international corporate and institutional services, investment management, and private banking. The firm was founded on July 8, 1903, as a banking, trust, and safe deposit company by DuPont president T. Coleman du Pont. In 2010, it became a subsidiary of M&T Bank.

History

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. It paid its first dividend (2.5%, $1.25 per share) on August 1, 1908. The company’s first merger occurred on July 15, 1912: the acquisitions of the First National Bank and the National Bank of Wilmington and Brandywine made 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]

On November 1, 2010, Wilmington Trust announced a merger with M&T Bank, of Buffalo, New York. The deal valued the 107-year-old company at $3.84 a share, or 46 percent less than its closing price on Oct. 29. Investors received 0.051 shares of Buffalo-based M&T for each Wilmington share.[4]

In 2011, it announced its intention to "voluntarily de-list" from the NYSE upon completion of its merger with M&T Bank.[3]

Wilmington Trust is one of the largest holders of fiduciary assets in the United States.[5]

On May 3, 2018, top executives of Wilmington Trust were found guilty by the United States Department of Justice for falsifying bank records.[6][7] The four executives received "three- to six-year prison terms".[8] However, the executives’ convictions were later vacated by the Third Circuit Court of Appeals.[9] The three-judge panel acquitted the defendants of the majority of the charges against them, and it ordered a new trial for the remaining charges. The Department of Justice declined to retry the case.[10]

Offices

The Wilmington Trust Headquarters is in the converted post office on Rodney Square in downtown Wilmington.[11] It has domestic offices in New York City, Los Angeles, Boston, Philadelphia, Las Vegas, Phoenix, Atlanta, Baltimore, Beverly Hills, Stamford, Connecticut; Palm Beach, Florida; West Chester, Pennsylvania; Bethlehem, Pennsylvania; Villanova, Pennsylvania; Jacksonville, Florida; Birmingham, Alabama, and Charleston, South Carolina.

Internationally, Wilmington Trust has offices in Dublin, Frankfurt, Paris, and London.

Its branch in Newark, Delaware was added to the National Register of Historic Places in 1982.[12]

See also

References

  1. ^ "Archived copy" (PDF). Archived from the original (PDF) on June 16, 2016. Retrieved June 12, 2016.{{cite web}}: CS1 maint: archived copy as title (link)
  2. ^ Robin Sidel (November 27, 2010). "How Loyalty to Customers Led to Storied Bank's Fall". Wall Street Journal. Business. Retrieved April 17, 2011.; first 100 words of article available without login.
  3. ^ a b c d Eric Ruth (April 22, 2011). "Delawre (sic) banks: Wilmington Trust to leave stock tickers". News Journal. Wilmington, Delaware: Gannett. Retrieved April 23, 2011.
  4. ^ Mildenberg, David; Mider, Zachary R. (November 2, 2010). "M&T to Acquire Wilmington Trust for $351 Million". Bloomberg.
  5. ^ "Wilmington Trust Hires Linden for Collateral Management Role | FINalternatives". www.finalternatives.com. Retrieved August 17, 2016.
  6. ^ "Statement of U.S. Attorney David C. Weiss On The Guilty Verdict In U.S. v. Wilmington Trust Corporation et al". DOJ. May 3, 2018. Retrieved September 4, 2020.
  7. ^ "Criminal Action No. 15-23-RGA". United States District Court for the District of Delaware. August 2, 2016. Retrieved September 4, 2020.
  8. ^ "Wilmington Trust Execs Get 6-Year Prison Terms For Fraud - 2 More Ex-Wilmington Trust Execs Get Years Behind Bars". Law360. Retrieved September 4, 2020.
  9. ^ "3rd Circ. Undoes Wilmington Trust Fraud Convictions - Law360". www.law360.com. Retrieved September 24, 2022.
  10. ^ "Feds Drop Wilmington Fraud Case After 3rd Circ. Defeat - Law360". www.law360.com. Retrieved September 24, 2022.
  11. ^ "Company Overview of Wilmington Trust, National Association". bloomberg.com. Retrieved March 14, 2016.
  12. ^ "National Register Information System". National Register of Historic Places. National Park Service. March 13, 2009.

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