Category: Banking and Financial Services

(AP) — Four former executives for the only financial institution to be criminally charged in connection with the federal bank bailout program are facing potential prison sentences ranging from 7 to 11 years. Former Wilmington Trust president Robert Harra Jr., chief credit officer William North, chief financial officer David Gibson and controller Kevyn Rakowski will…

First State Community Loan Fund has announced the expansion of its Corridor Revitalization Fund in Wilmington. The business lending program, launched in 2016, is funded by JP Morgan Chase Bank and provides forgivable loans to entrepreneurs, landlords and developers for opening or revitalizing new restaurants and retail shops in downtown Wilmington. A new $440,000 grant…

JPMorgan Chase today announced an expansion of its branch network to Philadelphia and the Delaware Valley and several new commitments that support economic growth and workforce development in the region. This expansion is part of the firm’s recent $20 billion, five-year investment in its business and local economic growth. Over the next five years, JPMorgan…

One of the great things about being a Delawarean is we can be provincial. We can thrive on the exploits of fellow natives who achieve success beyond our borders. We’ve got Elena DelleDonne in the WNBA. Rich Gannon and Joe Flacco quarterbacking in the NFL. Joe Biden becoming VP. Elizabeth Shue, Judge Reinhold and Ryan…

(AP) — A federal judge on Thursday refused to overturn the fraud and conspiracy convictions of four former executives for the only financial institution to be criminally charged in connection with the federal bank bailout program. In a 56-page ruling, Judge Richard Andrews refused to enter judgments of acquittal for the former Wilmington Trust executives.…

(AP) – Chesapeake Utilities Corp. (CPK) on Thursday reported second-quarter net income of $6.4 million. On a per-share basis, the Dover, Delaware-based company said it had profit of 39 cents. Earnings, adjusted for non-recurring costs, were 48 cents per share. The energy and utility company posted revenue of $136.7 million in the period. Chesapeake Utilities…

(AP) _ Artesian Resources Corp. (ARTNA) on Tuesday reported second-quarter net income of $3.9 million. The Newark, Delaware-based company said it had profit of 42 cents per share. The water resource management company posted revenue of $20.2 million in the period. Artesian Resources shares have decreased 4.5 percent since the beginning of the year. In…

WSFS Financial Corporation and Beneficial Bancorp, Inc. today announced the signing of an agreement to combine. As part of the $1.5 billion deal, subsidiaries WSFS Bank and Beneficial Bank will merge under the WSFS name. The combined company will be the largest, locally-based community bank in the Greater Delaware Valley. WSFS operates 77 offices, including…

AP) — Civic groups in Delaware are pushing for the reform of the state’s popular system for limited liability companies. The News Journal reports the Delaware Coalition for Open Government was joined by several other groups in asking Attorney General Matt Denn to appoint an independent counsel Monday. The independent counsel would identify weaknesses in…

(AP) – InterDigital Inc. (IDCC) on Thursday reported second-quarter earnings of $10.7 million. On a per-share basis, the Wilmington, Delaware-based company said it had net income of 30 cents. The wireless research and development company posted revenue of $69.6 million in the period. InterDigital shares have risen 7 percent since the beginning of the year.…